Afternoon Intraday Stock Trading Market Status

• The market recovered amid volatility in afternoon trade with the Sensex rising 3.90 points to 24065.94 and the Nifty up 4.35 points to 7313.65.

• India is likely to remain an attractive destination for investors given its relative macro outperformance and the country is likely to clock a GDP growth rate of 7.5 percent this fiscal, a Citigroup report said.
• According to the global financial services major, the structural drivers of growth are likely to benefit from reforms but external headwinds remain strong.
  Overall a period of consolidation would see GDP growth at 7.7 percent in FY17, only marginally higher than 7.5 percent growth in FY16," Citigroup said in a research note.
• As per government estimates, the economy will grow by 7-7.5 percent during financial year 2015-16. On prices, the report said, the output gap is not closing fast enough to reverse the disinflationary momentum and hence Reserve Bank could continue with an accommodative stance.
• State-owned Indian Oil Corp has nearly doubled the crude oil it buys from Nigeria on a term or fixed contract as it looks to diversify sources of supplies.
• The nation's largest refiner, IOC buys some 8 million tons a year of crude oil from Nigeria. Most of it is bought from spot or current markets where prices are subject to extreme volatilities.
• The market is clearly sentiment driven and it is still very much in the risk-off mode globally, says Hans Goetti of Banque Internationale. 

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