Daily Market Strategy : Since wars begin in the minds of men, it is in the minds of men that the defence of peace must be constructed. – Anonymous The deal reached between Iran and the United States, the United Kingdom, France, Russia, China and Germany on Sunday seems to have boosted sentiment to some extent. Economic sanctions against Iran will reduce as country lessens its nuclear program. Oil prices cooled on the development which led to a sentiment pep-up. Union Petroleum and Natural Gas Minister Veerappa Moily will address the media today so investors may get a better idea of what lays in store following the developments regarding Iran. India’s oil imports from Iran may no longer require the special insurance cover as European Union looks set to lift sanctions following nuke deal with Tehran, says a report. The outlook is a flat to negative start. Wild swings could set in as market participants may choose to book profits in counters which saw a spike on Monday. Volatility ahead of the F&O expiry is very much on the cards. The rupee may open higher but pressure could set in following dollar demand by oil companies. On Thursday, US markets are closed for Thanksgiving. The Nasdaq hit 4,000 for the first time since September 2000, but ended below. The Dow Jones industrial average rose 7.77 points or 0.05 percent, to end at 16,072.54, while the S&P 500 dipped 2.28 points or 0.13 percent, to finish at 1,802.48. The Nasdaq Composite Index added 2.924 points or 0.07 percent, to close 3,994.573. Reliance Broadcast, Adhunik Metals , Merctor Lines and Nitesh Estates will be out of the Trade to Trade category from Friday. Cairn India could be in focus as it considers buyback of equity shares of the company. After several tumultuous years, global sovereign creditworthiness is likely to be comparatively stable in 2014. Nearly three quarters (85 out of 124) of Moody’s-rated sovereigns now carry stable rating outlooks, compared with fewer than two thirds (77/120) at the start of 2013, says Moodys. Zuari Agro may sell 16.43% Mangalore Chem stake to Mallya by December, says a report.
Posted on: Tue, 26 Nov 2013 03:31:09 +0000
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