SHARE MARKET TREND || PETROL PRICE>RUPEE OUTLOOK

"Rupee v/s Dollar"

Indian Share Market :- Indian share market is expected to open low following the European cues, as well as hike in petrol price. Share Market opens flat today.

European Market :- European markets extended losses to close sharply lower on fears that an EU summit may fail to come up with concrete, new measures to tackle the region's sovereign debt crisis.The EU leaders finished their informal summit where they agreed to keep Greece in the Euro zone as long as it respects its commitments. 

Rupee Outlook :- The Euro slid below the 1.26 level, its weakest level against the dollar since July 2010. The dollar index spiked above the 82 mark. Rupee continued its free fall for the sixth consecutive day. It breached the psychological mark of 56 to the dollar on heavy buying from oil marketing companies and following weakness in the euro. The rupee is expected to remain under pressure as the dollar continues to gain. The uncertainty in the Eurozone could add to the pressure but any RBI intervention may restrict the losses. The range for the day is seen between 55.90-56.25/USD

Petrol Hike :- State-owned oil firms IOC , BPCL and HPCL hiked petrol price by Rs 6.28 per litre effective Thursday. Including sales tax, the hike adds up to Rs 7.50/litre.

Commodity Outlook :- Crude prices slipped further with Brent back to USD 106 per barrel levels as concerns over the debt crisis in the Euro zone and a slowing Chinese economy weighed on demand. NYMEX slipped below the USD 91 per barrel mark. Gold continued to trade below the USD 1,560 an ounce levels following weakness in the Euro

Result Today: RELIANCE POWER, TVS MOTOR, VOLTAS, VIDECON, GSPL, MADRAS CEMENT, ORBIT CORP, JET AIRWAYS, MAX INDIA, JM FINANCIALS, FUTURE VENTURES, SHASUN PHARMA, CINEMAX, PIDILITE, LT FOODS, FAME INDIA, GTN, GUJARAT ALKALIES, INOX, JAI CORP, MUKAND, MSP STEEL, RAMCO INDS, RAMCO SYSTEMS, RAINBOW PAPERS, TECHPRO.

RUPEE OUTLOOK || NIFTY TREND TOMORROW 24 May 2012

The rupee declined over 1% to hit a record low of 56.18 to the dollar and there was a more than 2% decline in European markets. The euro, commodities and commodity-linked currencies were all under pressure whereas safe-haven demand pushed the dollar index to 81.830. The euro hit a 21-month low against dollar too. 

Indian share market pared losses in afternoon trade but ended lower in a session marked by volatility amidst the rupee touching a record low and global concerns over EU summit. Sensex shut shop at 15948, down 78 points, and Nifty at 4835, down 24 points from the previous close.

SHARE MARKET >>NIFTY TREND TOMORROW 24 MAY 

Today's rangebound movement in the Nifty indicates most of the negatives have been already priced in as index held on its important levels towards close, it could see a bounce from these levels. Most negatives in the markets have been already priced in and the worst is behind us. We anticipate the markets to bounce back from the current levels and the rupee to rebound against the dollar. This is a large move and at some point rupee will also make some kind of a pullback. So chances are that if certain good news comes in globally or locally we could have one more excursion towards 4,950. The way the market is shaping up, it could well bounce from the 4,800 levels 

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