Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

All that happened in today's trade

8:57 AM

India attracts biggest share of foreign flows

 

India has garnered the biggest share of foreign flows into emerging markets (EM) in 2017 after a gap of two years.

 

In the past two years, the domestic markets had lost out to others, such as South Korea and Taiwan, as these markets were able to demonstrate better earnings growth.  The improving earnings and economic outlook has titled the scales back in favour of Indian equities this year. Large-scale issuances on the primary market side have also helped India attract higher overseas capital. READ MORE 

8:50 AM

Wall Street on Friday 

Wall Street’s three major indexes climbed to record closing highs on Friday with broad-based gains as a long-awaited bill to cut corporate tax rates looked like it would win enough support from lawmakers to pass. 

 

The Dow Jones Industrial Average rose 143.08 points, or 0.58% to 24,651.74, the S&P 500 gained 23.8 points, or 0.90% to 2,675.81 and the Nasdaq Composite added 80.06 points, or 1.17% to 6,936.58.

8:45 AM

Asian markets on Monday

Asian shares inched up, tracking Wall Street, which hit record highs on expectations US lawmakers will pass a long-awaited tax bill, while the British pound hovered near 3-week lows amid Brexit talks. 

 

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1% after rising 0.8% last week.

 

Australian shares were up 0.6%, edging closer to a level not seen since early 2008. Japan's Nikkei rose 1% to 22,795, not far from a 25-year peak of 23,382 set last month.

8:42 AM

Interview of the day

 

Exit polls for the recently held elections in Gujarat and Himachal Pradesh have predicted a victory for the Narendra Modi–led Bharatiya Janata Party (BJP) in both states. GAUTAM CHHAOCHHARIA, head of India research at UBS Securities, tells Business Standard the markets’ focus will be back on corporate earnings, reforms and global events. READ FULL INTERVIEW

8:36 AM

Nifty can dip to 9,700 levels if BJP disappoints in Gujarat, say analysts

 

In a worst-case scenario where Narendra Modi – led Bharatiya Janata Party (BJP) secures less than 100 seats out of 182 that went to poll, analysts expect the Nifty50 to dip to 9,700 levels.

 

That said, some analysts are also of the view that the markets are already discounting a BJP win in Gujarat even though the margin of victory will be thin. READ FULL REPORT

8:33 AM

Technical picks by Devang Shah

 

TATA CHEM-BUY

CLOSE – Rs- 718

TARGET – Rs 765-800

 

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8:32 AM

Nifty can hit 10,700 in the short-term

 

Short-term outlook for the market remains positive till Nifty trades above 10140 levels and expecting target of 10700-10850 levels in short term. Medium-term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12000-12200 levels in medium term. READ MORE

8:28 AM

Singapore Nifty indicates positive opening 

At 8:25 am, SGX Nifty was trading at 10,388, up 26 points or 0.26%.

8:27 AM

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