Monday, September 1, 2014

India prepared for US Fed rate rise

India is now better prepared to handle the impact of any US interest rate increase because of signs its economy is improving the central bank chief said in an interview.

Reserve Bank of India Governor Raghuram Rajan said foreign funds were less likely to flow out of the Indian markets due to indications Asia's third-largest economy was on the mend.
His comments come amid speculation of a rise in US interest rates maintained at near-zero since 2008 which would impact on emerging markets such as India as it could lead to rapid outflows of capital.
In August last year the rupee tumbled to an all-time low over signals that the US Federal Reserve would raise rates.
But it rebounded after steps were taken to reduce the current account deficit and increase foreign exchange reserves.

'We certainly have done a great deal of preparation and are in a very different position from the summer of 2013' Rajan told the Times of India.
'My sense is that even when the Fed withdraws people after an initial bout of withdrawal may consider India a good place to leave their money' he added.
'Most important there are signs that growth is just around the corner.'
India's economy grew by a forecast-beating 5.7 percent in the first financial quarter its best pace since early 2012 data released on Friday showed.

Finance Minister Arun Jaitley on Saturday called the figures 'encouraging' adding that they would help the government meet its ambitious fiscal deficit target of 4.1 percent of GDP.
Some economists say six-percent-plus growth may be achievable this year after the election of right-wing Prime Minister Narendra Modi in May spurred business confidence.
Nicknamed 'The Guv' Rajan took charge as central bank chief last September with the unenviable task of propping up a weak rupee curbing rising inflation and reviving slowing growth.

Gold futures fall on profit-booking

Gold prices fell by 0.25 per cent to Rs 27,927 per 10 grams in futures trade today as speculators booked profits even as the metal strengthened overseas. 

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 69, or 0.25 per cent, to Rs 27,927 per 10  grams in a business turnover of 142 lots.  Likewise, the metal for delivery in far-month December shed Rs 51, or 0.18 per cent, to Rs 28,090 per 10 grams in  two lots. 

Analysts said profit-booking by speculators mainly weighed on gold prices at futures trade but a better trend in  the overseas markets, capped the losses.  Globally, gold traded a shade higher at USD 1,287.43 an ounce Singapore today from USD 1,287.32 on August 29. 

Nifty Touches 8,000 Mark for First Time

The NSE Nifty on Monday touched the 8,000 mark for the first time. The market opened on a bullish note after the economic growth data revealed a positive figure of 5.7 percent for the April-June quarter, which is the highest in the past two-and-half years.

The National Stock Exchange (NSE) index touched an all time high at 8,018.65 points on 1 September versus its previous top record of 7,968.25 points on 25 August.

BSE Sensex opened 59.4 points higher at 26,419.50 points against its previous closing at 26,360.10 points on Thursday (Markets were closed on Friday). However, the Nifty opened 31.8 points lower at 7,874.50 points, but regained above 7,900 mark after opening.

The Indian rupee gained three paise at 60.47 per dollar. "Increased selling of dollars by banks and exporters amid soaring equity markets on the back of heavy buying by foreign investors also supported the rupee," PTI quoted dealers.

At 10.30 am, Sensex gained 59.44 points at 26,419.55 points and the Nifty was recorded trading 1.55 points lower at 7,904.75 points.

In the mean time, among 12 Indian Stock indices; Sensex, Oil & Gas, FMCG, Capital Goods, banking and Auto stocks were recorded higher and remaining stocks plunged.

Foreign investors sold shares worth 7.11 billion rupees ($117.7 million) on Thursday, according to provisional exchange data.

-With Inputs from Reuters

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Thursday, August 28, 2014

MCX gold future buy call 27865 to 27970 profit +10,500/lot

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Wednesday, August 27, 2014

Spot gold higher as Asian markets open

Spot gold has edged a couple of dollars higher to US$1283 an ounce in afternoon trade in Australia / morning trade in Asia.

Overnight the yellow metal had its best day in two weeks with gold for December delivery on the Comex adding 0.5% at US$1,285.20 an ounce.

Investors were increasing gold positions as a safe-haven, as tensions flared on the border between Ukraine and Russia.

Russian President Vladimir Putin began talks today with his Ukrainian counterpart, Petro Poroshenko. Ukraine said that 12 servicemen and 200 rebels died in the past 24 hours.

Asia stocks highest since 2008, ECB talk pressures euro

(Reuters) - The euro came close to cracking on Wednesday as feverish speculation of further policy stimulus in the euro zone drove bond yields to all-time lows and lifted Asian stocks to peaks not seen in almost seven years.

The groundbreaking call by European Central Bank President Mario Draghi for more action on both the monetary and fiscal fronts has markets wagering that fresh steps could come as soon as next week when the central bank's governing council meets.

"The comments have raised expectations that the ECB could announce even more monetary policy stimulus over coming months," said Peter Dragicevich, a senior currency and rates strategist at Commonwealth Bank of Australia. "The next programme could include broad-based asset purchases."

He added that euro zone inflation data due on Friday was likely to show a new low for this cycle of just 0.3 percent and add to the sense of urgency on policy.

"This will continue to depress swap rates across the curve and keep the euro heavy."

The single currency broke down to a new 11-month trough of $1.3154 in Asia, taking it nearer to the Sept. 6 low of $1.3104 which also doubles as major chart support.

The euro's weakness helped lift the U.S. dollar index through its September peak to reach its highest in 13 months at 82.698. The greenback could only manage a minor gain on the yen to 104.07, short of Monday's 7-month peak at 104.49.

The prospect of yet further lashings of liquidity in Europe was taken as a positive for emerging markets and MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 percent to its highest since January 2008.

After a solid start Japan's Topix turned flat after running into stiff chart resistance in the 1,290/1,300 zone where it has peaked a number of times in the past.

On Wall Street the S&P 500 had ended Tuesday above the 2,000 mark for the first time, adding 0.11 percent. The Dow firmed 0.17 percent and the Nasdaq 0.29 percent.


Investors were cheered by solid data with the Conference Board measure of consumer confidence rising to its highest level since October 2007.

Durable goods orders jumped a massive 22.6 percent thanks entirely to bumper demand for Boeing aircraft, while upward revisions to past data suggested business investment was stronger than first thought.

In Europe, the broad FTSEurofirst 300 index had closed up 0.75 percent.

Yields on 10-year German debt fell a basis point to a record closing low of 0.943 percent, while negative yields on two-year paper meant investors were paying for the pleasure of lending to Berlin.

The rally on the periphery has been even larger with 10-year yields down 8 basis points on Spanish bonds and 5 basis points on Italian debt. Spain already pays less than the United States to borrow and Italy is about to be granted that privilege.

Markets also kept a wary eye on developments in Ukraine after Russian President Vladimir Putin met Ukraine's Petro Poroshenko for two hours of one-on-one talks after six hours of wider negotiations with European Union officials.

Poroshenko said a "roadmap" would be prepared to agree to a ceasefire as soon as possible in east Ukraine, while Putin emphasised it was up to Kiev to work out conditions with separatist rebels.

In commodity markets, gold was hovering at $1,284.04 an ounce after failing to sustain a bounce to $1,290.80.

Oil prices were steadier for the moment after their long decline. Brent crude inched up 26 cents to $102.76 a barrel, while U.S. crude rose 7 cents to $93.93.

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Tuesday, August 26, 2014

ONGC 400pe buy call 5 to 7.5+ booked with profit +3000/-

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LICHSGFIN future sell call 302.5 to 300.5 profit +2000/lot

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Monday, August 25, 2014

ICICI BANK future buy call 1545 to 1554 profit+4500/-

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