INDIAN BENCHMARKS MARKET WRAP-UP UPDATES

INDIAN BENCHMARKS: SENSEX ENDS 143 POINTS DOWN,NIFTY 50 AT 6 MONTHS LOW OF 7510

The domestic equity market tanked on Tuesday, as the bears took charge on Dalal Street after crude oil prices slumped below the $31 a barrel mark for the first time in 12 years. 

Bank stocks led the slump, after December quarter numbers of two lenders showed a spike in bad loans, raising fresh asset quality concerns.

The S&P BSE Sensex slumped to its fresh 52-week low in intraday trade before closing 54 points, or 0.7 per cent, lower at 7510.30. The 50-share Nifty Trading Tips 50 made its fresh 52-week low, ending the day at 24,682.03, down 143 points, or 0.58 per cent. Federal Bank and Gruh Finance were the top losers on the BSE benchmark. 

HEADLINES OF THE DAY

• IndusInd Bank drops on marginal deterioration in Q3 asset quality
• Federal Bank Q3 net profit down 38.52% (YoY)
• L&T arm bags new order worth Rs1, 247 cr

The crucial resistance for Nifty SPOT is now seen at 7610 and above this 7752.Support for the immediate term is now placed at 7487 and next support will be 7440.

Read more : MCX Crude oil tips , MCX natural gas Tips, MCX Commodity Tips, Crude oilTrading Tips, MCX Free Tips

Read More

MCX Bullion News Updates

Gold prices-Spot gold edged higher on Tuesday, snapping two sessions of decline, as concerns over China's economic growth and pressure on stock markets lifted the precious metal. Right from the beginning of 2016, markets have been rocked by plunges in Chinese stocks, the yuan's fall and subsequent heavy intervention by the Chinese authorities. The gain in gold prices is likely to be capped by concerns that higher U.S. interest rates.  

MCX Copper Tips-Base metal prices on the SHFE are expected to continue weakening on Jan. 12, Shanghai Metals Market foresees. IBD’s Economic Optimism Index in January for the US and UK’s January industrial output will be released today. The market will also focus on whether the slump in the Shanghai Composite Index will be arrested. Base metals prices are not promising today. IBD’s Economic Optimism Index is expected to improve, but any increases will be limited given slow growth in salaries. Consumers are still mostly optimistic toward US economy.   

Crude oil prices-Crude oil prices continued a relentless dive early on Tuesday, falling as much as 20 percent since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls. Trading data showed that managed short positions in WTI crude contracts, which would profit from a further fall in prices, are at a record high, implying that many traders expect further falls. Standard Chartered that took the most bearish view, stating that prices could drop as low as $10 a barrel.

Read more : MCX Crude oil tips , MCX natural gas Tips, MCX Commodity Tips, Crude oilTrading Tips, MCX Free Tips

Read More