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Stock Market LIVE Updates: Sensex, Nifty50 in red; Bajaj Finserv, Tech Mahindra, Wipro down 3%
Nifty50 has broken 17,500 support:
Rupee edged higher to 74.43 vs US dollar on Friday
Commodities round-up: Crude oil price at $86-88/bbl; natural gas rebounds
Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 started Monday’s session on a negative note amid weakness across global markets. Losses across most sectors, led by IT, auto, metal, pharma and consumer shares, pulled the headline indices lower. Broader markets also weakened, with the Nifty Midcap 100 index down 1.4 percent in the morning. The Nifty Smallcap 100 was down 2.1 percent. Investors awaited more earnings reports from India Inc, after Reliance Industries and ICICI Bank posted their Q3 numbers last week.
Nifty50 has broken 17,500 support: The Nifty has broken the support level of 17,500. “If we continue to trade below this level, the index can fall further, and 17,200 would be the next support level… Resistance for the index is currently at 17,800 and hence any rally is an opportunity to short the market,”
Reliance Industries shares in focus after Q3 earnings; here’s what brokerages say
Reliance Industries Ltd (RIL) shares were in focus on Monday, after the oil-to-telecom conglomerate reported a strong set of earnings last week. The Reliance Industries stock rose as much as 1 percent to Rs 2,504.1 apiece on BSE before giving up some of the initial gains.
After market hours on Friday, Reliance Industries reported a record consolidated net profit of Rs 18,549 crore for the December quarter, up 33.8 percent on a quarter-on-quarter basis. Analysts in a CNBC-TV18 poll had predicted Reliance Industries’ net profit at Rs 15,660 crore
Rupee edged higher to 74.43 vs US dollar on Friday
The rupee appreciated by eight paise to close at 74.43 against the greenback on Friday. Continuous foreign fund outflows and a sell-off in domestic equities limited the upside for the rupee, according to analysts.
Commodities round-up: Crude oil price at $86-88/bbl; natural gas rebounds
Asia is trading positive, the tensions in the Middle East and East Europe have been supportive; strong demand continued and the US rig count has declined for the first time in 13 weeks supporting the crude oil price. So it’s back around USD 86-88 per bbl level.
The crude oil price has put in five weeks of gains and some profit-taking was seen on Friday, January 21, perhaps because of the weekend trade and also markets pulled back because of the US inventory buildup.
However, Asia is trading positive, the tensions in the Middle East and East Europe have been supportive; strong demand continued and the US rig count has declined for the first time in 13 weeks supporting the crude oil price. So it’s back around USD 86-88 per bbl level.
A strong rebound in natural gas price, expectations of record demand, tight supplies have been supportive.
The concerns on the front of geopolitical tension have been supportive for metal prices whether it’s precious metals or base metal prices, almost everything has opened positive in Asia.
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