Shailesh Saraf | Sep 16, 2019 12:59
Markets May Witness Profit booking At Higher Levels Due To Concern Over Geopolitical Tension
Stock Market Today – 16th September 2019
Indian markets look to trade lower on Monday as oil prices surged and key states have expressed reservations on a cut in the goods and services tax (GST) rate for the auto sector. Global oil prices have surged the most on record after a strike on a Saudi Arabian oil facility removed about 5 percent of global supplies, an attack the U.S. has blamed on Iran.
The Cash market benchmark Index Small Cap has made a low of 5115 on 23rd Aug, from there the Index surged 10% upside. The major sectors that outperformed the Index during this period were FMCG Food (16%), Realty (13%), Metals and Mining (12%), Infra (11%) and Chemicals (11%).If Small Cap moves above 5632, then further upside movement can be seen in the Market.
There has been lots of hope on GST council meeting scheduled on 20th September 2019.
RBI will announce its monetary policy on 30th Sep 2019 which can be another trigger for the market.
On 18th Sep 2019 US Federal Reserve will announce its monetary policy.
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Last week market ended in a positive note. Top 5 major sectors were Metals and Mining (6.53%), Infrastructure Construction and Engineering (6.37%), Cement & Cement Products (5.79%), Fertilisers (5.57%) and Chemical (5.33%). Top 5 minor sector were Carbon (17.08%), Sugar (12.68%), Paper (9.89%), Telecom (6.56%) and Transportation Logistics (6.00%).
Top 5 companies were MMTC (27.32%), Rico Auto Industries (24.39%), Dhampur Sugar Mills (23.87%), LT Foods (23.01%) and Meghmani Organics (22.50%).
The US 10 Year T-Note is trading at 128.88. The Bond has crucial support at 117.42 made on 5th Nov 2018. The US Dollar Index is trading at 97.740.
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Written By: Shailesh Saraf
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