Stock market cautious remains on weak global cues
During the week (monday to friday), the markets initially saw range-bound trading but witnessed a sharp fall just before it closed on Thursday on weak global cues. The BSE Sensex slipped 350 points on October 16 to close at 25,999 on Trade4Target. Even on Friday it opened weak and was trading in the negative on Trade4target.
The 50-share NSE Nifty breached 7800 level for the first time since August 18, 2014, down 61.55 points or 0.78 percent at 7798.40. The 30-share BSE Sensex fell 179.46 points or 0.68 percent to 26117.92. About 621 shares have advanced, 828 shares declined, and 50 shares are unchanged. Shares of Tata Motors, Bharti Airtel, ICICI Bank, HDFC Bank, ITC, L&T and Wipro declined 1-2.5 percent while Infosys, Hero Motocorp and TCS bucked the trend.
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The Indian equity market is likely to open in the red today with the SGX Nifty trading at 7821, down 55.50 points at 7:55.
Globally, the US markets logged their worst week since May 2012 with benchmark indices ending in the red for the third straight week after Standard & Poor downgraded its outlook for France to negative from stable.
sensex
open : 26,275.07
HIGH : 26,276.57
PREV CLOSE : 26,297.38
LOWS : 26,114.88
CNX NIFTY
OPEN : 7,831.00
HIGH : 7,835.10
PREV CLOSE : 7,859.95
LOWS : 7,796.00
Trade4Target : Daily Updates 8/10/2014
Mkt may fall 5% further; IT still attractive - Trade4Target
The current market fall is likely to fall anything between 3 to 5 percent and may find a floor at those levels, says C Jayaram, joint managing director,
Kotak Mahindra Bank. Speaking to CNBC-TV18, Jayaram says the market has run up a lot post the general elections and is cooling off now. But for any rally
now, the market will need some robust global or economic triggers.
www.trade4target.com
The market extended its southward journey for the second trading session of the October month with the Sensex falling 296.02 points or 1.11 percent to 26271.97 on Tuesday. The Nifty closed way below the 7900, down 93.15 points or 1.17 percent to 7852.40. About 1120 shares advanced while 1762 shares declined on the BSE. Hindalco Industries, Sesa Sterlite, Cipla, Dr Reddy's Labs, HDFC, DLF, Jindal Steel and Cairn India were top losers, falling 3-6 percent while NTPC, Gail India and Power Grid bucked the trend, up 1-1.5 percent followed by Tata Motors, Wipro and Tata Power with marginal gains.
Today Stock Tips
Kitex Garments Limited for long term buy
Cmp:338rs
Target:475rs
Return percentage:40%
Duration:9-12 months
5 year CAGR return expected:25-30%
5 year target potential range:1031rs-1254rs
Kitex Garments Ltd manufactures toddler wear for most of the international brands such as MotherCare, Toys R Us, Gerber etc and is ranked as the third largest company of such type in the world.Company also supplies to jockey.Group employees to over 8000 peeps.It is the only company in the world which uses Acutex 1 quality of input.Add up more safety features like 100% certified safe process and organic dyes using threads from the number 1 codes etc which makes it the most favorable supplier for infant clothes.The company has to its credit the Best Vendor Award from Toys R Us and Gerber for the past couple of years(among over 280 rivals).
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