Wednesday 1 February 2017

Opening Bell - Markets Open Flat, Housing Finance Companies Gain

Posted by suhani varma on Wednesday, February 01, 2017 with No comments

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The BSE Sensex opened higher by 13.13 points at 27669.08, while the Nifty50 opened higher by 9.05 points at the 8570.35 mark. There are 789 advances, 566 declines and 434 unchanged stocks on NSE on budget day reflecting positive bias for the market. The rupee opened at 67.65 per dollar up by 22 paise.

The European markets climbed during the first few hours of trades on Tuesday, recovering some of the losses from the previous session. However, the market slipped into red zone following the weak opening on Wall Street. The DAX of Germany plunged 1.25% to close at 11535.31 levels and the CAC 40 of France fell 0.75% to close at 4748.90 levels. The FTSE of the U.K. declined by 0.27% to close at 7099.15. 

The U.S. Stock trimmed early losses but still ended mostly lower on Tuesday, as decline in industrial, technology and financials shares outweighed gains in health-care and utilities sectors. The Dow Jones Average fell 107.40 points to 19,864.09, the S&P 500 ended down 2.03 points at 2,278.87. The Nasdaq Composite closed 1.07 points higher at 5,614.

Asian market trading with nervousness Japan’s Nikkei 225 trading lower by 2.75 points and Hang Seng trading lower by about 1%.

The SGX Nifty index is trading higher by 28.50 points at 8604.50, indicating a flat to positive start for the Indian markets.

The Union Budget is a big event for the market and market is likely to trade with high volatility today. The zone of 8680-8740 is a major resistance zone for the Nifty and on the downside, the level of 8430 is a crucial support level for the Nifty as its 50% Fib Retracement level of major downswing from the high levels of 8968.70 to low of 7893.80.

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