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Indian Stock markets trading higher, BSE Sensex up by 160 points at 11.03 AM IST

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In a surprise move, Indian Stock markets have gone opposite to the global weakness. The stock market started inching up during the morning session. At 11.03, BSE Sensex was up by 160 points at 14948. NSE Nifty was up by 51 points.
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Among major gainers on NSE were, ONGC (up by 1.6%), Hindalco (up by 3.2% at Rs 104), Siemens, M&M, DLF, Larsen & Toubro, Jindal Steel and Suzlon Energy.

Among major gainers on BSE were, Jaiprakash Associates, SBI, Maruti Suzuki, Tata Steel, ICICI Bank and HDFC Bank.
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Prism Cement gains; Ashwani Gujral suggests Rs 79 as target

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Prism Cement was among major gainers in today’s session. At 11.30am, the stock was trading 6% higher compared to previous close.
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The stock has touched an intraday high of Rs 54.25 on NSE. The trading volumes are high as well. On NSE, during the first hour of trading, 2.1 million shares changed hands while the volume on BSE was 1.4 million shares.

The stock is trading near its 52-week high of Rs 60.
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Crude Futures Consolidate above $70/bbl as Correlations Rest

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Crude futures found support in our 1st tier uptrend line Wednesday as the Dollar weakened and the S&P futures rallied past 1000. Crude managed to avoid any technical pullback in the process, and has climbed back above its psychological $70/bbl level. However, there remains immediate-term downward pressure in the form of previous August highs and our 2nd and 3rd tier downtrend lines. Meanwhile, our 2nd tier downtrend line is colliding with our 2nd tier uptrend line, corresponding with the inflection points taking place in the GBP/USD, EUR/USD, USD/JPY, and gold
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EUR/USD Sinks After More Negative U.S. Data

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The EUR/USD has dropped through our 3rd tier uptrend line after America’s U of M Consumer Sentiment number came in weaker than expected. Today’s pullback in consumer sentiment adds to yesterday’s disappointing retail sales data. The battered American consumer is not making a return as quickly as analysts hoped due to the persistently high level of unemployment. The S&P futures are off nearly -2% and crude is trading lower by over -3.5% in reaction to the news, dragging the EUR/USD lower due to positive correlations.
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USD/JPY Sinks Beneath our 1st Tier Uptrend Line and 95

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The Yen’s appreciation against the Dollar has carried through our 1st tier uptrend line and the psychological 95 level, two important technical supports. Meanwhile, U. S. equities, crude, and gold are trading sharply lower. Hence, we are witnessing broad-based risk aversion. Though the USD/JPY’s sell-side volume remains subdued, downward momentum across the marketplace is a bit disconcerting.
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