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Major headlines:
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DoT to meet telcos to discuss call drops:
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Value buying lifts bourses
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Full and fitting reply will be given, say sources close to Mistry
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INDEX
PERFORMANCE
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Indices
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Support
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Resistanes
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Sensex
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26454
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26725
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Nifty
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8138
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8215
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Indian Indices: Asian indices opened flat with further
consolidation as US stocks lost ground on fresh brexit worries over UK's
trading role with Europe. This saw safe haven buying in US$, gold & bonds
while oil prices dropped sharply. With 20000 being the near term target on
the Dow Jones profit booking around these pivot levels could see some more
consolidation before the Trump swearing in later this month.
Nifty had a very quiet session with only a 40 point intraday move on
low volumes. IT stocks rebounded on value buying while Pharma stocks
continued to under perform the market with fresh selling seeing stocks lose
ground. For today expect energy, financials & industrials to attract
buying while Metals & FMCG could see profit booking.
The BSE
Sensex is currently trading at 26854.11, up by 127.56 points or 0.48% after
trading in a range of 26804.17 and 26902.05. There were 22 stocks advancing
against 8 stocks declining on the index.The broader indices were trading in
green; the BSE Mid cap index was up by 0.48%, while Small cap index was up by
0.62%.The CNX Nifty
is currently trading at 8271.95, up by 35.90 points or 0.44% after trading in
a range of 8261.00 and 8288.10. There were 34 stocks advancing against 17
stocks declining on the index.
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MARKET
INDICATORS
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Group ATopGainers
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Company
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Price (Rs)
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% chg
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Punjlloyd
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21.30
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5.97
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MRPL
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113.40
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5.15
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Renuka
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16.04
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5.04
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BEL
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1522.45
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4.69
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Group ATopLosers
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MMTC
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68.50
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-2.70
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Petronet
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363.75
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-2.64
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Justdial
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381.05
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-1.77
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Unitech
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4.54
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-1.73
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Market
Statistics
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BSE
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NSE
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Advances
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1131
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1168
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Declines
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1047
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307
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Technical view: Nifty is seeing strong resistance around 8280 while
8180 acts as support, break either side will see further direction. Bank
Nifty needs to cross 18300 for further upmove while 18230 which is the 200
DMA will act as strong support.
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Market Sentiment:
The market breadth on BSE was positive in the ratio
of 1354:828, while 98 scrips remained unchanged.
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Trading ideas :PHILIPCARB (Buy
above Rs 243 for Target of Rs 253, SL at Rs 238): Stock has witnessed a
breakout from a base building pattern closing above the crucial resistance
zone of Rs 236 and Rs 238. This coincided with a close above the important 50
and 100-DMA. It’s an ideal price volume breakout, with volumes higher than
the past 12 trading sessions. We advise to Buy PHILIPCARB above Rs 243, stop
loss at Rs 238 and Target of Rs 253.
MacroeconomicFront: Global brokerage Citigroup has said that it has
lowered India's growth forecast to 6.8 per cent for this fiscal from 7.2 per
cent earlier, as cash crunch has affected pick-up in consumption while
uncertainty around demonetisation may further delay any recovery in private
investments.
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Corporate Snippets:Jaiprakash Power Ventures has sought its shareholders not through
postal and electronic ballot, to convert part of its outstanding debt of Rs
30.58 bn into 3.06 bn equity shares.
Divis Lab has filed a detailed response with in the
permitted time to the observations made by the US health regulator after
inspection of the drug firm’s manufacturing plant at Visakhapatnam in Andhra
Pradesh.
Oil and Natural Gas Corporation is close to finalizing ways to
complete its USD 800 mn projects stuck midway after the contractor,
Singapore’s Swiber Holding Ltd, collapsed last year following an oil slump.
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Top
Sectoral& Stock Screening: The top gaining
sectoral indices on the BSE were Oil & Gas up by 1.56%, Metal up by
1.19%, PSU up by 0.90%, Auto up by 0.80% and Consumer Durables up by 0.55%,
while there were no losers.
Nifty
Movers:The top gainers on Nifty were Hindalco up by 4.05%, BPCL up by 3.01%,
Tata Motors up by 2.47%, Tata Motors - DVR up by 1.98% and GAIL India up by
1.77%. On the flip side, Axis Bank
down by 0.86%, Ambuja Cement down by 0.76%, ACC down by 0.70%, IndusInd Bank
down by 0.63% and Tech Mahindra down by 0.63% were the top losers.
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On the global front: On the global front, Asian shares were trading
mostly in red, as investor sentiment soured after the Dow retreated further
from the 20,000 mark and oil prices plunged as much as 4 percent overnight.
Investors are awaiting remarks from key US policymakers this week, including
Fed Chair Janet Yellen and President-elect Donald Trump.
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Global
Signals:The Asian markets were trading mostly in red; Nikkei
225 decreased 132.97 points or 0.68% to 19,321.36, Jakarta Composite
decreased 13.59 points or 0.26% to 5,302.78, KOSPI Index decreased 6.08
points or 0.3% to 2,042.70, Shanghai Composite decreased 0.64 points or 0.02%
to 3,170.60 and Taiwan Weighted decreased 0.41 points or 0% to 9,342.01.On
the other hand, FTSE Bursa Malaysia KLCI increased 2.44 points or 0.15% to
1,670.34 and Hang Seng increased 138.33 points or 0.61% to 22,697.02.
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