Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian indices opened on a strong note with the Nifty above 16100. At the time of closing, Sensex was up 427.49 points or 0.80% at 54,178.46, and the Nifty was up 143.10 points or 0.89% at 16,132.90.
During the day, Amid a fall in global prices, the government has directed edible oil manufacturers to further cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre within a week. Crude Oil prices slipped in early Asian trade, after hitting a nearly three-month low during the previous session, as fears of a potential global recession spurred concerns about oil demand. A deteriorating inflation situation and concern about lost faith in the Federal Reserve's power to make it better prompted US central bank officials to rally around an outsized interest rate increase and a firm restatement of their intent to get prices under control. China Mulls $220 Billion Stimulus With Unprecedented Bond Sales: Bloomberg. On the sectoral front Except for FMCG all the sectoral indices ended in the green with Metal and PSU Bank indices gaining 4%.
Nifty 50 top gainers are Hindalco, Titan, Tata Steel, JSWSteel & TataMotors where DrReddy, NestleIndia, Cipla, BhartiArtl & HUL were among the top losers.