09.50 a.m. Markets have turned choppy amid huge selloff in IT stocks. Infosys, which has a huge weightage on the Nifty, has fallen over 2 per cent. (Here's why IT stocks are under perssure)
09.28 a.m. The BSE IT index is down over 2 per cent. TCS down over 4 per cent, while Infosys has slipped over 2 per cent. However, Rohit Srivastava of Sharekhan says do not sell IT stocks as they are oversold in the short term. A temporary bounce is expected, may be in a week's time, which should be the right time to sell IT stocks. (Track IT stocks)
09.15 a.m. Markets open higher. Sensex gains 55 points, Nifty up 15 points. TCS falls around 4 per cent after management said Q4 will be weaker than that the December quarter. Basudeb Banerjee of Quant Broking told NDTV that TCS revenues may grow at 2.6-2.8 per cent sequentially in the March quarter as against 3 per cent in the December quarter. Seasonality (weak sales due to holidays and furloughs in western markets) and slowdown in Indian government's expenditure in the IT space are likely to weigh on TCS revenues in the fourth quarter, he added. (Track TCS)
09.10 a.m. Market analyst Sarvendra Srivastava says the Nifty managed to hold 6,500, which is a good sign for bulls. He maintained his targets at 6,700-6,800 with reversals pegged at 6,384.
Mr Srivastava's top trading calls for the day are,
1) Bank of India: Buy with a target of 230 and a stop loss of 199.8.
2) Glenmark: Buy with a target of 590 and a stop loss of 542.4.
3) HPCL: Buy with a target of 320 and a stop loss of 282.4.
09.00 a.m. Rupee opens higher at 61.07 as against Tuesday's close of 61.19 per dollar.
8:25 a.m. Both Sensex and Nifty likely to open higher today, tracking gains on wall street yesterday and positive opening in Asian market today.
At 8:25 a.m. Today the SGX Nifty trading up 19.50 points at 6579.
Both Sensex and Nifty closed marginally up yesterday. Sensex closed at 21832.61(0.10%) up 22.61 points and the 50-share Nifty closed at 6516.65 (0.19%) up 12.45 points yesterday.
Asian Markets are currently trading lower after a positive opening amid cautious backdrop of East-West geo political tension involving Ukraine.
US markets closed higher on Tuesday. Dow Jones industrial average rose 88.97 points or 0.55 per cent to end at 16,336.19. The S&P gained 13.42 points or 0.72 per cent to finish at 1,872.25. The Nasdaq Composite added 53.364 points or 1.25 percent, to close at 4,333.313
(With inputs from Reuters)
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