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Market Commentary
Nifty to show volatile moves between 6200 and 5965 - Alex Mathews
Posted On : 2010-10-19 18:14:09( TIMEZONE : IST )
The markets opened on a negative note tracking global markets and moved further in the morning session and later showed sideways movements till noon. In the first part of the afternoon session we saw markets moving all the way up but later in the last part of the day we saw selling pressure mounting which was a sudden surprise at dalal street erasing all the gains of the day and came to a close at the bottom.
Most of the Asian markets were in green but lost some of its early gains as Apple Inc forecast profit missed estimated number. In the European front, the markets showed strength as Bank of America came with good set of numbers beating analyst estimates. On the flip side, German investor confidence fell to a 21 month low in October.
In the domestic front, the Nifty volatility index rose to 23.23 today which was evident from the drastic fall in the later part of the day. A good part of the investor group believes that the Coal India IPO will reduce the liquidity in the secondary market for some time. Even though banking stocks witnessed some profit taking today, they are expected to post good quarterly number which will give the stock price lower level support. Finally our markets came to a close with Sensex down 0.92% and Nifty down 0.8%.
On the commodity side, oil fell on fear that US stock piles have increased to the highest level on fuel demand has come down. Silver may see some recovery in coming days as silver exports from China may drop about 40% this year on rising domestic industrial demand. Also cotton prices are expected to drop as harvesting activity shift to top gear which may fill the supply deficit. The dollar index rose today which brought some selling in metals as a whole.
During the day we had Nifty futures trading at a hefty premium to Nifty but towards the end of the day we saw them converging. The arbitrageurs may have exploited this opportunity. Anyways Nifty may show such volatile moves between 6200 and 5965.
