Stock market analysts have maintained ‘buy’ rating on Jindal Steel & Power Ltd stock with an intraday target of Rs 765.

According to them, interested traders can purchase the stock above Rs 692 with a strict stop loss of Rs 682. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 772.
 

Indian equities opened strongly on the back of positive global cues.

IT, FMCG and oil & gas stocks gained ground. BSE Midcap and Smallcap index rose more than 2% each.

The US Federal Reserve slashed bank rates by 50 basis points on Wednesday (Oct 29), and many other central banking institutions are likely to follow suit sooner than later.

The inflationary figures declined to 10.68% for the week ended October 18, as compared with 11.07 per cent for the previous week. The annual rate of inflation was 3.11 per cent in the corresponding period a year ago.

The 30-share index BSE Sensex, on Wednesday (Oct 29), belled the day on a positive note on account of heavy buying action by funds on strong worldwide signals.

But, after staying high up in the positive zone for about half an hour, the stock market reversed trend and plummeted into negative in mid morning trade.

After witnessing a volatile session, Sensex finally closed marginally higher, due to settlement of October F&O series.

Indian equities opened on a bright note tracking hopeful worldwide signals.

Metal, consumer durables and realty stocks, among the severely hammered in recent weeks, were among the top gainers this morning.

BSE Midcap and Smallcap index gained 2% and 1.86% respectively.

The Bombay Stock Exchange (BSE) on Tuesday celebrated Diwali at evening when the index posted a sharp 547-point gain taking back some eagerness among investors after last Friday’s slaughter.

The 30-share index, BSE Sensex, lost more than 700 points soon after the announcement of credit policy review by the central bank.

Metals, banks and realty stocks were hammered badly.

The central bank kept the Bank Rate unchanged at 6% in its mid-term review of the annual statement on monetary policy for the year 2008-09.

Meanwhile, repo rate was also kept steady at 8%, to judge the impact of a heavy, surprise cut earlier this week to suppress the financial system from the worldwide financial crisis.

The 30-share index Sensex, which had suffered a heavy loss earlier this morning, recovered over 200 points from today’s lows, touching a high of 9,968.12.

Metal, realty, banking, oil & gas stocks led the declining charts.

BSE Midcap and Smallcap index fell 2.52% and 2.26% respectively.

After opened the day negatively at 9,683.41, down 486.49 points, the Sensex crashed to 9681.28 following a massive sell-off in front line stocks.

At 10:59 a.m., Sensex stood at 9,926.09, down 243.81 points, after hitting a high of 9,928.11 and a low of 9,681.28.