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SENSEX ENDS OVER 200 POINTS LOWER, NIFTY BELOW 9400, PHARMA, REALTY STOCKS DECLINE

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Indian Indices: Indian equity benchmarks traded on a weak note throughout the day and ended the session in negative territory as investors remained cautious over the blast in Manchester at a pop concert. The markets tried to recover from their intraday lows but LOC tension dragged the market in last hour of trade. The Indian army said that it is engaging in ‘punitive fire assaults’ on Pakistani posts that were aiding infiltrators into India. The explosion struck an Ariana Grande concert in northern England on Monday, killing at least 19 people and injuring dozens. Some selling also crept in on report that as the implementation of Goods & Service Tax (GST)is nearing, there are concerns that it could put pressure on the working capital of industries. According to credit rating agency- India Ratings and Research (Ind-Ra), GST implementation will affect the working capital cycle of business in the initial phase owing to the lock up of input credit and noted that easy liquidity in the system is essential to minimize the magnitude of such disruption at the earliest and to absorb the sudden changes in requirement of short term finance.

The BSE Sensex ended at 30351.42, down by 219.55 points or 0.72% after trading in a range of 30316.92 and 30610.64. There were 8 stocks advancing against 22 stocks declining on the index. The broader indices ended in red; the BSE Mid cap index was down by 1.70%, while Small cap index was down by 2.01%. (Provisional)

The CNX Nifty ended at 9381.00, down by 57.25 points or 0.61% after trading in a range of 9370.00 and 9448.05. There were 18 stocks advancing against 33 stocks declining on the index. (Provisional)

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

SreInfra

101.95

5.21

OFSS

3725.00

3.40

Maruti

6880.30

2.70

VRLLOG

315.50

3.31

Losers

 

 

Videoind

64.80

-20.00

JpAssociat

10.31

-9.88

HDIL

83.00

-7.42

Sintex

104.40

-7.41

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,365.25

-0.67

Nifty

9,386.15

-0.55

 

 

Crporate Front: Markets regulator Sebi has proposed to make electronic book mechanism mandatory for all private placement issues on debt basis that have a threshold of Rs 50 crore. Currently, the mechanism is mandatory for all private placements of debt securities with an issue size of Rs 500 crore or more.

 

 

 

Macroeconomic front:The Reserve Bank of India has fixed the reference rate of the rupee at 64.7751 against the US dollar and 72.7489 for the euro. The corresponding rates were 64.5632 and 72.2333, yesterday.According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.0327 and 58.37 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.


On the global front:

On the global front, Asian markets closed mixed, reacting to the news of a deadly suicide bombing at a pop concert in Manchester. Japanese manufacturing activity expanded at the slowest pace in six months in May as export orders slowed, in a warning sign that global demand may be weakening. European markets were trading in green as investors digested deadly suicide bombing news and further political and economic turmoil in the euro zone.


 

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28868.00

0.29

Silver

39917.00

0.11

Crude oil

3291.00

-0.57

Natural Gas

214.80

0.14

Alluminium

125.20

-0.04

Copper

370.35

-0.31

Top Sectoral& Stock Screening: The only gainer on the BSE was Auto up by 0.17%, while Realty down by 2.84%, Healthcare down by 2.77%, Power down by 1.99%, Utilities down by 1.92% and Consumer Durables down by 1.82% were the top losing indices on BSE. The top gainers on the Sensex were Maruti Suzuki up by 2.54%, Mahindra & Mahindra up by 1.49%, Wipro up by 0.92%, Tata Steel up by 0.72% and Hero MotoCorp up by 0.69%. (Provisional)

Top Nifty Movers: The top gainers on Nifty were Maruti Suzuki up by 2.48%, Mahindra & Mahindra up by 1.69%, Eicher Motors up by 1.43%, Wipro up by 0.90% and HCL Tech up by 0.88%. On the flip side, Adani Ports & Special Economic Zone down by 6.84%, AurobindoPharma down by 6.11%, Cipla down by 5.40%, Sun Pharma down by 3.87% and Bajaj Auto down by 3.49% were the top losers.

 

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 65 points or 0.33% to 19,613.28, Jakarta Composite decreased 52.39 points or 0.91% to 5,697.06, Shanghai Composite decreased 13.73 points or 0.45% to 3,061.95 and FTSE Bursa Malaysia KLCI decreased 6.16 points or 0.35% to 1,768.79. On the flip side, KOSPI Index increased 7.71 points or 0.33% to 2,311.74, Taiwan Weighted increased 10.58 points or 0.11% to 10,007.84 and Hang Seng increased 11.81 points or 0.05% to 25,403.15.All the major European Markets were trading in green; UK’s FTSE 100 was up by 17.65 points or 0.24% to 7,513.99, France’s CAC increased 37.06 points or 0.7% to 5,359.94 and Germany’s DAX was higher by 67.18 points or 0.53% to 12,686.64.European markets were trading mostly in green; France’s CAC increased 1.29 points or 0.02% to 5,325.69 and UK’s FTSE 100 increased 30.02 points or 0.4% to 7,500.73. On the flip side, Germany’s DAX decreased 1.29 points or 0.01% to 12,637.40.

 

 


Dow Jones hits new highs even as oil falls with bonds and US Dollar move higher. Equity markets globally in full 'risk on' trade as liquidity chases stocks aggressively.

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Indian Indices: Asian indices opened flat to marginally weak as profit booking before the weekend was on the cards. With most indices trading at new highs, consolidation would be in order for the next week. Oil weakness saw Energy stocks decline while Financials were seeing buying.

Nifty saw a sharp short covering led rally, which saw the index scale new highs led by Bank Nifty which sent the bears scurrying for cover. The Sensex closed higher by over 450 points with huge frontline buying and even underperforming mid-caps seeing huge buying. For today expect consolidation with mid-caps seeing more catch up on the upside while Nifty remains range bound near 9500.   


The BSE Sensex is currently trading at 30868.63, up by 118.60 points or 0.39% after trading in a range of 30745.57 and 30884.18. There were 20 stocks advancing against 9 stocks declining on the index, while one stock remained unchanged. The broader indices were trading in green; the BSE Mid cap index surged 1.15%, while Small cap index was up by 1.19%.

The CNX Nifty is currently trading at 9544.95, up by 35.20 points or 0.37% after trading in a range of 9495.40 and 9545.55. There were 33 stocks advancing against 17 stocks declining on the index, while one stock remained unchanged.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Sintex

29.90

15.89

JPAssociat

13.06

14.16

Dishman

290.35

8.20

KSCL

564.00

7.65

Group ATopLosers

 

 

Videoind

47.30

-9.99

IOC

419.75

-4.32

Cipla

491.50

-2.50

BPCL

710.65

-2.11

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30900

Nifty

9410

9560

 

Technical view: Nifty scaled 9500 and now finds resistance closer to 9550 while 9450 will act as strong support. Bank Nifty also closed well above 23000 with 23350 now acting as resistance while 22850 will act as strong support.


 

LT (BUY Above 1770 with Stop Loss at 1749 for Target of 1810): The stock has been stuck in a narrow trading range for past one month, it also broke down during the week but has recovered sharply and ended with strong gains in previous trade. Finally the stock has broken out from a Flag Pattern on the daily chart. The price outburst has been accompanied with smart uptick in volumes and also other momentum oscillators indicate that the momentum is here to stay.

May Rollover Snippets     

Markets were resilient in May F&O series, as whipsaw movement pushed the market and enabled it to foray into uncharted territories. Nifty and Bank Nifty crossed its lifetime high and closed above 9500/23000 on EoE basis for the first time ever. Bank Nifty Index outperformed Nifty Index by ~1% as the call option writers in both the indices were taken for a toss on the last day of expiry. Huge short covering was witnessed in OTM Nifty and Bank Nifty Index options that propelled markets to a newer height. Long gamma positions were the flavor of the series.

DIIs continued its buying spree posting a buying figure to the tune of ~Rs 3.7k Cr. FIIs long/short index futures ratio stood above 2x throughout the series indicating of a positive bias. Rollovers of Nifty/Bank Nifty stood at 74% / 61% (2.04 Cr/32 Lakh shares) as against 66%/77% (2.08 Cr/34 Lakh shares). Rollovers for Nifty and Bank Nifty were lower in terms of open interest vis-a-vis last month. Based on analysis of the mentioned data, a positive start in Nifty can be expected up to the immediate resistance level of 9600. India Vix index continues to tumble testing new lows. On the options front, June series start with the highest open interest put strike at 9300 strike (3.8mn shares) and maximum call strike at 9600 strike (3.39 mn shares).

 

Nifty Movers:  The top gainers on Nifty were Tata Steel up by 4.70%, AurobindoPharma up by 2.79%, Asian Paints up by 2.38%, Yes Bank up by 2.35% and Hindalco up by 2.31%. On the flip side, Indian Oil Corporation down by 3.18%, Cipla down by 2.75%, BPCL down by 2.39%, TCS down by 0.88% and Tech Mahindra down by 0.61% were the top losers.

 

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Metal up by 2.35%, Basic Materials up by 1.44%, Telecom up by 1.17%, Power up by 1.14% and Auto up by 1.07%, while Oil & Gas down by 0.69%, Realty down by 0.31%, Energy down by 0.23% and PSU down by 0.06% were the top losing indices on BSE.

 

 

On the global front: On the global front, Asian markets were exhibiting mixed trend at this point of time and some of the indices in the region are in red, heading for a lower finish for the week. Slump in crude oil prices have weighed heavily on the energy stocks. The US markets continued their upmove, extended their recent winning streak to six sessions.

Global Signals: Asian markets were trading mixed; Shanghai Composite rose 2.91 points or 0.09% to 3,110.74, Hang Seng gained 6.5 points or 0.03% to 25,637.28, Jakarta Composite increased 13.86 points or 0.24% to 5,717.30 and KOSPI Index was up by 14.87 points or 0.63% to 2,357.80.On the flip side, Nikkei 225 decreased 79.48 points or 0.4% to 19,733.65, Taiwan Weighted dropped 25.93 points or 0.26% to 10,082.56 and FTSE Bursa Malaysia KLCI was down by 1.46 points or 0.08% to 1,772.50.

 

US stocks rally as energy stocks take Dow Jones above 21000. Broader markets continue to languish as Russell 2000 hits 3 month lows.

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Indian Indices: Asian markets opened flat as US Dollar hits November lows which saw Japanese ‘Yen’ rise and hurt export stocks. Bond yields in the US treasury 10 year benchmark also saw yields fall to 2.25% as rate hike in June now seems a certainty. The broader market under performance of the Russell 2000 index is seeing more losers than gainers as mid-caps see correction.


Nifty saw high intraday volatility as news of Pakistan geopolitical risk kept keeping market at tenterhooks. With both foreign and local flows concentrating more on the Nifty large-caps the broader market continues to see weakness as mid-caps reel under profit booking.  


The BSE Sensex is currently trading at 30455.55, up by 153.91 points or 0.51% after trading in a range of 30352.26 and 30480.31. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.71%, while Small cap index was up by 1.07%.

The CNX Nifty is currently trading at 9410.40, up by 49.85 points or 0.53% after trading in a range of 9379.20 and 9417.35. There were 36 stocks advancing against 15 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Sintex

30.85

65.42

JPAssociat

10.04

7.49

Bhartifin

710.75

6.27

TV18Brdcst

35.35

6.00

Group ATopLosers

 

 

Dishtv

81.05

-11.76

Lupin

1142.60

-6.93

GVKPil

5.35

-3.78

Ajanta

1597.10

-3.93

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30680

Nifty

9410

9480

 

Technical view: Nifty finds support around 9300 as yesterday it broke the important support around 9370, however with expiry of derivative contracts today expect yesterday's low of 9341 to act as first support. Bank Nifty also finds support around 22469 which was yesterday's low while 22700 will act as resistance on the upside.


 

Ashok Leyland Jun FUT (Sell Below 82 with Stop Loss at 84 for Target of 78): After consolidating for over five weeks, the stock has broken down from a Triangle pattern on the daily charts indicating fresh weakness. Ashok Leyland is sustaining below the crucial moving averages, which is acting as a strong resistance zone. Other oscillators also indicate that weakness is likely to further extend.


Derivative Snippets                                                         

In the last trading session, markets continued its downward momentum as geo-political tension weigh in. Short selling was witnessed in OTM Index options ahead of May F&O expiry, indicating a range bound activity.

Nifty 9400 CE and Bank Nifty 22500PE strikes are likely to expire worthless on the account of creation of fresh short positions.

FIIs were net buyers in cash market segment to the tune of Rs 82 Cr.FIIs index future long short ratio at 2.1x vs 1.9x.

 

Nifty Movers: The top gainers on Nifty were Tata Motors - DVR up by 2.64%, Indiabulls Housing Finance up by 1.89%, GAIL India up by 1.75%, Infosys up by 1.73% and Ambuja Cement up by 1.68%.  On the flip side, Lupin down by 6.35%, Sun Pharma down by 2.34%, Dr. Reddy’s Lab down by 2.21%, Adani Ports & Special Economic Zone down by 1.56% and Power Grid down by 0.88% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 1.75%, IT up by 1.47%, Capital Goods up by 1.46%, Telecom up by 1.33% and TECK up by 1.29%, while Healthcare down by 1.40% was the only loser on BSE. The top gainers on the Sensex were GAIL India up by 1.85%, Infosys up by 1.84%, Larsen & Toubro up by 1.54%, TCS up by 1.45% and ICICI Bank up by 1.43%.

 

 

 

On the global front: On the global front, Asian shares were trading in green, while the dollar and US bond yields slipped after the US Federal Reserve signaled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings. Mainland Chinese shares which were briefly unsettled by Moody’s downgrade of its rating on China on Wednesday, bounced back in today’s trade.

 

Global Signals:The Asian markets were trading in green; FTSE Bursa Malaysia KLCI increased 10.74 points or 0.61% to 1,781.75, KOSPI Index increased 19.76 points or 0.85% to 2,337.10, Shanghai Composite increased 21.93 points or 0.72% to 3,086.00, Taiwan Weighted increased 56.58 points or 0.56% to 10,101.00, Nikkei 225 increased 77.21 points or 0.39% to 19,820.19 and Hang Seng increased 171.95 points or 0.68% to 25,600.45.Jakarta Stock Exchange was closed on account of national holiday.

 

European indices lead global equity rally on positive macro data and strength in Euro. US stocks end with gains despite weak sentiment after Manchester bombing raises geopolitical risk.

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Indian Indices: Asian markets opened with gains as the Japanese “Nikkei” lead from the front as overnight US indices ignored the escalation in geopolitical risk emanating from UK and rallied to close with gains. European indices hit new fresh highs led by the German “Dax” as positive macro data combined with the recent strength in the Euro saw fresh bouts of buying into European indices.


Nifty saw weakness creep in after staging a sharp rally in mid-session as news of geopolitical tension with Pakistan escalated. The selloff was led by mid-caps, which witnessed fresh bouts of selling on all rallies and lead to big under performance from the broader markets. For today expect Rupee, Bonds and Equities to be under pressure on opening bell as expiry related pressure and also Rupee near 65 levels could see foreign selling aggravate in the near term.  


The BSE Sensex is currently trading at 30487.40, up by 122.15 points or 0.40% after trading in a range of 30395.69 and 30521.45. There were 18 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.01%, while Small cap index was up by 0.33%.

The CNX Nifty is currently trading at 9415.25, up by 29.10 points or 0.31% after trading in a range of 9386.35 and 9426.00. There were 26 stocks advancing against 25 stocks declining on the index

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Jubilant

750.10

10.59

Voltas

446.50

8.97

Bajajelec

337.80

7.48

Deltacorp

147.50

3.98

Group ATopLosers

 

 

VIdeoind

58.35

-9.95

MFSL

577.60

-7.04

NCC

85.05

-6.49

Dishtv

91.65

-3.83

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30680

Nifty

9410

9480

 

Technical view: Nifty broke the near term support around 9370 and another day of close below this level can see 9300 being tested. Resistance now comes close to 9450 on the upside. Bank Nifty has made lower top lower bottom patterns and will find support closer to 22350 while 22750 will now act as strong resistance on the upside.


 

IGL May FUT (Sell Below 979 with Stop Loss at 991 for Target of 957): The stock has been witnessing sustained selling pressure in the past eight weeks and has finally broken below the neckline of a Head & Shoulder pattern on the daily charts. The stock has also slipped below the 100-DMA further accentuating our bearish stance on the stock. Other momentum oscillators also indicate that the current weakness is likely to persist.


Derivative Snippets

Great Eastern Shipping Companyannounced that the debenture issue committee has approved raising up to Rs1.50bn via issuance of non-convertible debentures on private placement basis.

In the last trading session, markets continued to slide lower as geo-political tension weigh in. Bank Nifty 22500PE added fresh long positions, indicating of a sharp fall of around 1% in the Banking Index below the support level 22500 level. Nifty 9500CE continued to remain under selling pressure. Implied volatility of index option surged higher, indicating a rising fear in the market.

FIIs were net sellers in cash market segment to the tune of Rs 401 Cr.FIIs index future long short ratio at 2.1x vs 1.9x

 

Nifty Movers: The top gainers on Nifty were Tata Motors - DVR up by 3.92%, Tata Motors up by 3.50%, Yes Bank up by 2.06%, Indian Oil Corporation up by 1.89% and HDFC up by 1.81%. On the flip side, HCL Tech down by 2.75%, BhartiInfratel down by 1.87%, Dr. Reddy’ Lab down by 1.47%, Hindalco down by 1.17% and Asian Paints down by 1.12% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Industrials up by 1.09%, Oil & Gas up by 0.69%, Auto up by 0.66%, Utilities up by 0.66% and Energy up by 0.58%, while Telecom down by 0.62%, Healthcare down by 0.42%, Metal down by 0.26%, TECK down by 0.09% and Consumer Disc down by 0.08% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, as investors awaited minutes from the US Federal Reserve and an upcoming OPEC meeting. Moody’s Investors Services downgraded China’s long-term local and foreign currency issuer ratings, citing expectations that the financial strength of the world’s second-biggest economy would erode in the coming years.

Global Signals: The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 3.24 points or 0.18% to 1,770.41, KOSPI Index increased 4.34 points or 0.19% to 2,316.08, Taiwan Weighted increased 36.14 points or 0.36% to 10,043.98 and Nikkei 225 increased 96.63 points or 0.49% to 19,709.91.On the other hand, Jakarta Composite decreased 53.66 points or 0.94% to 5,676.95, Hang Seng decreased 37.89 points or 0.15% to 25,365.26 and Shanghai Composite decreased 13.29 points or 0.43% to 3,048.66.

 

US stocks rally as Dollar hits fresh 3 month lows and oil rallies to lift energy stocks. Dow Futures dip as fresh disclosures on Russia and Trump cause uncertainty.

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Indian Indices: Asian markets opened flat after witnessing good gains on Monday as fall in US futures saw caution prevail with the Japanese Yen seeing gains against the US greenback to hit 112.2. European stocks were the real outperformers as the Euro hit 112 against the US Dollar which lifted sentiment to a near 3 year high for the Euro zone.


Nifty saw one sided trade as mid-caps witnessed huge profit booking while select large-caps witnessed buying to lift the Sensex into gains while the broader markets underperformed. ITC, HUL and L&T were the top gainers while PSU banks, Financials and Pharma stocks were under huge pressure as we head into Thursday expiry for derivative contracts. 

 

The BSE Sensex is currently trading at 30423.96, down by 147.01 points or 0.48% after trading in a range of 30388.49 and 30610.64. There were 11 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 1.95%, while Small cap index was down by 2.25%.

The CNX Nifty is currently trading at 9395.05, down by 43.20 points or 0.46% after trading in a range of 9374.20 and 9448.05. There were 17 stocks advancing against 34 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

DBcorp

369.00

2.32

Maruti

6834.00

2.01

Wipro

525.70

0.96

JkLakshmi

478.75

1.01

Group ATopLosers

 

 

VIdeoind

64.80

-20.00

DEN

89.30

-8.32

Sunpharma

595.20

-7.04

Adanient

113.05

-6.65

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30680

Nifty

9410

9480

 

Technical view: Nifty will find support around 9390/9400 on the downside while 9500 will act as resistance on the upside. Bank Nifty also finds strong support around 22558 while 22850 will act as resistance on the upside.


 

ONGC May FUT (Sell Below 177 with Stop Loss at 181 for Target of 170): The stock has been witnessing selling pressure for the past three weeks and it has further broken below the double bottom low of Rs 178. This indicates a fresh breakdown on the daily charts extending the lower top lower bottom cycle. ONGC has also broken below its long term 200-DMA and is sustaining below the same further accentuating our bearish stance on the stock.


Derivative Snippets

Lupinhas received approval from the Central Drugs Standard Control Organisation (CDSCO) for Bepotastine tablets used in the treatment of patients suffering from allergic symptoms.

In the last trading session, markets ended on a negative note dragged by PSU Banks. Bank Nifty 23000CE added fresh short positions, indicating a likely close below 23000 level for May F&O expiry contracts. Nifty 9500CE continued to remain under the selling pressure. Implied volatility of index option surged higher, indicating a rising fear in the market.

FIIs were net sellers in cash market segment to the tune of Rs 321 Cr.FIIs index future long short ratio at 1.9x vs 2 x.

 

Nifty Movers: The top gainers on Nifty were Maruti Suzuki up by 2.48%, ICICI Bank up by 1.22%, Wipro up by 1.14%, Eicher Motors up by 1.08% and Hindustan Unilever up by 0.87%. On the flip side, Sun Pharma down by 7.08%, AurobindoPharma down by 5.02%, Cipla down by 4.24%, GAIL India down by 3.95% and Lupin down by 2.41% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were IT up by 0.25%, Auto up by 0.16% and TECK up by 0.05%, while Healthcare down by 3.43%, Realty down by 2.45%, Utilities down by 2.25%, Consumer Durables down by 2.06% and Power down by 1.92% were the losing indices on BSE.

 

 

 

On the global front: On the global front, Asian shares were trading mostly in red, after a deadly explosion at a concert venue in Manchester was said to be a terror attack. Japanese manufacturing activity expanded at the slowest pace in six months in May as export orders slowed, in a warning sign that global demand may be weakening.

 

 

Global Signals: The Asian markets were trading mostly in red; Nikkei 225 decreased 19.55 points or 0.1% to 19,658.73, Jakarta Composite decreased 14.32 points or 0.25% to 5,735.12, Shanghai Composite decreased 10.2 points or 0.33% to 3,065.47 and FTSE Bursa Malaysia KLCI decreased 3.72 points or 0.21% to 1,771.23.On the other hand, KOSPI Index increased 18.28 points or 0.79% to 2,322.31, Taiwan Weighted increased 23.25 points or 0.23% to 10,020.51 and Hang Seng increased 67.71 points or 0.27% to 25,459.05.

 

Global markets consolidate as oil rally sees Asian stocks gain with US Dollar weakness adding to currency gains.

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Indian Indices: Asian indices opened in the green ignoring the North Korean missile test and US internal probe uncertainty as ‘risk on’ trade continued to see equities being bought aggressively. OIl prices climbed above US $ 50 which saw energy stocks rebound as the US Dollar weakness saw flows buy into Asian currencies which aided the sentiment.


Nifty saw huge intraday volatility as the GST rates finalization gave FMCG bell weathers like ITC and HUL huge boost that saw Nifty scale 9500 on opening bell. However, big selling by foreign investors pushed the Nifty to below 9400 as rupee weakness saw selling intensify. Positive results which beat estimates by SBI lifted the sentiment near close to see a sharp pullback help the index close in the green. For today expect volatility to be the buzzword as we enter derivative contract expiry week. 


The BSE Sensex is currently trading at 30589.97, up by 125.05 points or 0.41% after trading in a range of 30582.82 and 30712.15. There were 15 stocks advancing against 14 stocks declining on the index, while one stock remained unchanged. The broader indices were trading mixed; the BSE Mid cap index declined 0.21%, while Small cap index was up by 0.16%.

The CNX Nifty is currently trading at 9462.25, up by 34.35 points or 0.36% after trading in a range of 9457.10 and 9498.65. There were 24 stocks advancing against 27 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Unitdspr

2067.95

7.99

ITC

297.15

4.28

Suzlon

21.20

3.16

UBL

798.05

3.09

Group ATopLosers

 

 

VRLLOG

310.00

-7.10

Cumminsind

922.00

-4.73

Justdial

488.00

-4.20

Jetairways

499.00

-3.89

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30430

30660

Nifty

9475

9535

 

Technical view: Nifty will find support around Friday's low around 9390 which if broken can see weakness accelerate, while 9500/9520 will act as resistance on the upside. Bank Nifty also finds support around 22628 while 22850 will act as resistance on the upside.


 

MothersonSumi (Buy Above 424 with Stop Loss at 416 for Target of 440): The stock has gained strong momentum in the previous trading session snapping a three day losing streak. Motherson found support at its 15-DMA and has bounced sharply. The smart upswing is also accompanied with credible uptick in volumes. In addition, other momentum oscillators also point towards an extended rally in the stock.


Derivative Snippets

The joint venture between Larsen & Toubro (L&T) and Mitsubishi Hitachi Power Systems Ltd, L&T-MHPS Boilers Private Limited (LMB), has secured export orders worth around Rs3bn from the Japanese thermal power generation company.

In the last trading session, markets ended on a flat note after witnessing volatile intraday swings. Long unwinding was seen in Nifty 9300 PE while short selling was witnessed in 9500CE indicating of a likely close for Nifty between these two strikes during this expiry week. 

FIIs were net sellers in cash market segment to the tune of Rs 989 Cr.FIIs index future long short ratio at 2x vs 1.9x.

 

Nifty Movers: The top gainers on Nifty were ITC up by 3.93%, BhartiInfratel up by 2.07%, Kotak Mahindra Bank up by 1.69%, Indiabulls Housing up by 1.46% and Adani Ports up by 1.45%. On the flip side, Tata Power down by 3.27%, Sun Pharma down by 2.17%, GAIL India down by 1.73%, SBI down by 1.59% and Lupin down by 1.58% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were FMCG up by 1.94%, Telecom up by 0.87%, Capital Goods up by 0.73%, IT up by 0.73% and Realty up by 0.72%, while PSU down by 0.84%, Oil & Gas down by 0.66%, Healthcare down by 0.60%, Utilities down by 0.56% and Energy down by 0.26% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, amid political turmoil in Brazil. Indonesia’s central bank governor said its policy stance remained neutral and that it was monitoring global risks ranging from the big chance of a rate hike in the United States in June to tension in the Korean peninsula. At a policy meeting, Bank Indonesia kept its benchmark interest rate unchanged at 4.75 percent, saying its decision was consistent with its efforts to maintain stability at a time of recovery for Southeast Asia’s largest economy.

 

Global Signals:Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI gained 2.92 points or 0.17% to 1,771.20, KOSPI Index increased 11.41 points or 0.5% to 2,299.89, Taiwan Weighted rose 30.47 points or 0.31% to 9,978.09, Jakarta Composite jumped 32.87 points or 0.57% to 5,824.75, Nikkei 225 added 89.02 points or 0.45% to 19,679.78 and Hang Seng was up by 237.39 points or 0.94% to 25,412.26.

On the flip side, Shanghai Composite was down by 7.52 points or 0.24% to 3,083.11.

 

Weekly Nifty Trading View for the Week May 22, 2017–May 28, 2017

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Events to watch this week

  • Special counsel appointed in Russia probe

  • UK’s May unveils election manifesto

  • Merkel’s prospects bright after state elections

  • Corruption scandal touches Brazil’s president

The Week ahead:

  • Flash manufacturing purchasing managers’ indices are released globally on Tuesday, 23 May

  • The Bank of Canada meets to set interest rates on Wednesday, 24 May

  • The minutes of the US Federal Reserve’s Federal Open Market Committee meeting are released on Wednesday, 24 May

  • Preliminary UK gross domestic product data are released on Thursday, 25 May

  • Preliminary US GDP data and durable goods orders are reported on Friday, 26 May

  • The G7 summit begins in Taormina, Sicily, on Friday, 26 May

For the week,Global equities saw little net change this week, but there was a good bit of volatility midweek as political chaos intensified in Washington. The yield on the 10-year US Treasury note fell to 2.25% from 2.34% a week earlier while West Texas Intermediate crude oil rose to $50.30 a barrel from $47.50 last week amid signs OPEC and major producers such as Russia will retain output curbs through March of 2018. Volatility, as measured by the Chicago Board Options Exchange Volatility Index (VIX), jumped as high as 15.50 at midweek before slipping to 11.90 on Friday. The week began at a placid 10.80.

NIFTY- 9,427.90
CRUDE OIL-Rs 3,276barrel
GOLD-Rs 28,644 gram
Rs/$-Rs 64.64

MARKET ROUND UP 
Key indices clocked modest gains in the week ended Friday, 19 May 2017 as hopes rose for a possible interest rate cut by the Reserve Bank of India (RBI) after the latest data showed a sharp fall in headline retail inflation and after reports suggested monsoon rains are expected to arrive on the southern Kerala coast two days ahead of schedule boosting sentiment. Good monsoon rains will further ease inflation going forward. 

Goods and services tax (GST) Council finalising GST rates for the goods and services further aided sentiment. The Sensex gained in four out of five sessions of the week. The Sensex and the Nifty, both hit fresh record highs on intraday as well as on closing basis during the fortnight. 

The S&P BSE Sensex gained 276.77 points or 0.91% to settle at 30,464.92. The Nifty 50 index rose 27 points or 0.28% to settle at 9,427.90. The gains of Nifty were less compared with Sensex's gains in percentage terms.
The Mid-Cap index fell 1.41%. The Small-Cap index dropped 1.93%. Both these indices underperformed the Sensex.

Macro Economic Front: 
On the Economic Front,Macroeconomic data, Q4 results of India Inc., trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead. 
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month May 2017 series to June 2017 series. The near month May 2017 derivatives contract expire on Thursday, 25 May 2017.

Major Action &Announcement:
Maruti Suzuki India rose 0.89%. The company launched new Dzire sedan nationally on 16 May 2017. The announcement was made during market hours on Tuesday, 16 May 2017. The petrol variant of the vehicle is priced between Rs 5.45 lakhs to Rs 8.41 lakhs and diesel variant between Rs 6.45 lakhs to Rs 9.41 lakhs ex-showroom Delhi.

Bajaj Auto fell 0.73%. The company's consolidated net profit fell 13.44% to Rs 862.25 crore on 8.7% decline in total revenue from operations to Rs 5212.83 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours on Thursday, 18 May 2017.

Tata Steel surged 12.05%. The stock was the biggest gainer from the Sensex pack. The company reported consolidated net loss of Rs 1168.02 crore in Q4 March 2017, lower than net loss of Rs 3041.88 crore in Q4 March 2016. The company's consolidated net sales rose 29.6% to Rs 33424.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Tuesday, 16 May 2017.

Lupin rose 4.84%. The company launched Cialis (tadalafil), an oral PDE5 inhibitor, for the treatment of erectile dysfunction (ED) in adult males. Cialis was shown to improve erectile function compared to placebo upto 36 hours following dosing. The product is currently marketed in over 100 countries. The announcement was made after market hours on Tuesday, 16 May 2017.

Hindustan Unilever gained 2.81%. The company's net profit rose 6.19% to Rs 1183 crore on 6.39% rise in total income to Rs 8969 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Wednesday, 17 May 2017.

State Bank of India rose 3.7%. The bank's net profit rose 122.72% to Rs 2814.82 crore on 7.83% increase in total income to Rs 57720.10 crore in Q4 March 2017 over Q4 March 2016. The result was announced during trading hours on Friday, 19 May 2017. 
Gross non-performing assets (NPAs) stood at Rs 112342.99 crore as on 31 March 2017 as against Rs 108172.32 crore as on 30 December 2016 and Rs 98172.80 crore as on 31 March 2016. The ratio of gross NPAs to gross advances stood at 6.9% as on 31 March 2017 as against 7.23% as on 31 December 2016 and 6.5% as on 31 March 2016. The ratio of net NPAs to net advances stood at 3.71% as on 31 March 2017 as against 4.24% as on 31 December 2016 and 3.81% as on 31 March 2016. 

Global Front: 
In Overseas Markets,data on Markit flash Eurozone composite purchasing managers' index (PMI) for May, indicating health of the combined manufacturing and services sectors for that month will be announced on Tuesday, 23 May 2017. Markit Flash US Composite PMI for May will be announced on the same day. Nikkei Flash Japan Manufacturing PMI for May, indicating health of the manufacturing sector will also be announced on that day. Data on new home sales in US for April, measuring the number of newly constructed homes with a committed sale for that month will be announced on Tuesday, 23 May 2017.
The Federal Open Market Committee will issue minutes of its previous policy meet held early this month on Thursday, 24 May 2017. The Federal Reserve had left its influential interest rate unchanged at the conclusion of its two-day meeting on 3 May 2017, citing a recent slowdown in growth that it said was likely transitory. The preliminary figures of US' Q1 gross Domestic Product will be announced on Friday, 26 May 2017.


Global Economic News:

Trump visits allies as pressure builds at home
US president Donald Trump embarked on his first overseas trip as president today, leaving behind a swirl of controversy in Washington. Trump will visit Saudi Arabia, Israel and the Vatican before a stop in Sicily for the G7 summit. On Wednesday, the US Department of Justice appointed former FBI director Robert Mueller as special counsel to investigate Russia’s intervention in the 2016 presidential election as well as any improper contact between Russian agents and the Trump campaign. Revelations that Trump disclosed extremely sensitive intelligence to the Russian foreign minister and ambassador during an Oval Office visit last week added to the firestorm.


Tory platform says no Brexit deal better than bad one
UK prime minister Theresa May unveiled the Conservative Party manifesto on Thursday, setting the stage for the general election on 8 June. On Brexit, the manifesto says that no deal is better than a bad one and that the United Kingdom seeks an agreement with the European Union that would take the UK out of the single market and customs union but continue close ties through a comprehensive trade and customs agreement. Meanwhile, the UK this week reported that its unemployment rate stands at 4.6%, its lowest level since 1975.


Merkel’s party flexes muscles
German chancellor Angela Merkel’s party, the Christian Democratic Union, has performed extremely well in German state elections in recent months. This potentially paves the way for Merkel to retain her post when Germany holds federal elections in late September. The CDU won the regional vote in Germany’s most populous state, North Rhine-Westphalia, last weekend, unseating the Social Democrats in state elections for the third time since March. Earlier concerns over Merkel’s unpopular immigration stance appear to have faded amid a solid German economic recovery.


Brazil’s Supreme Court authorizes Temer bribery investigation 
Brazilian president Michel Temer, who came to office after the impeachment and removal from office of his predecessor, DilmaRousseff, was placed under investigation by the nation’s Supreme Court this week after allegations surfaced that Temer was taped condoning the bribery of a witness in a major corruption scandal. Temer, in a nationwide address, vowed not to resign, saying he did not buy anyone’s silence. In the wake of the allegations, stocks and the Brazilian real both plunged on fears the recent economic rebound could stall amid fresh political uncertainty.

GLOBAL CORPORATE NEWS

Macron appoints center-right PM, pledges to overhaul Europe
After being sworn in on Sunday, French president Emmanuel Macron on Monday appointed Édouard Philippe as prime minister. Phillipe is a member of the Republicans, and his appointment is an effort to woo support from the center-right in case Macron’s En Marche! party fails to secure a majority in next month’s parliamentary elections. Later in the week, during a meeting with European Council president Donald Tusk, Macron vowed to work for the overhaul of Europe. Tusk praised Macron, saying Europe needs his energy, imagination and courage.


Japan’s growth picks up steam
Japan’s economy grew 2.2% in the first quarter of the year, its fifth straight quarter of growth, the longest string of gains in over a decade. Exports and domestic demand were both solid.
As of 17 May, with 458 companies in the S&P 500 Index having reported, Q1 earnings are expected to increase 15% from a year ago. Excluding energy, earnings are seen growing 10.7%. Revenues growth is estimated at 7.2%, falling to 5.3% ex energy.


NEW 52-WEEK HIGH BSE (A):

ADANITRANS

106.25

HINDUNILVR

1022.00

ITC

295.50

NEW 52-WEEK LOWS BSE (A):


CRISIL

1853.35

DIVISLAB

603.90

GLENMARK

658.00

RCOM

30.30

MAJOR WEEKLY GAINERS IN BSE A CATEGORY(%):


ADANI TRANSMISSION

17.80

tATA STEEL

12.05

CEAT LTD

9.17

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:


GLENMARK

-13.10

BHARAT FINANCIAL

-12.62

SREI INFRA

-11.69



Eyes will be set on the certain US economic data releases are: 
Monday (22May)
Month Bill Auction
Tuesday (23 May)
New Home Sales 
Wednesday (24May)
MBA Mortgage Applications& Existing Home Sales
Thursday (25May)
Natural Gas Report
Friday (26May)
Consumer Sentiment


Fundamental Pick of the week:

Buy Zee Entertainment Enterprises Ltd For Target Rs.542.00

After a strong up move, ZEEL has retraced closer to its support zone of moving averages on daily chart and consolidating around the same. Traders should not miss this chance and utilize to initiate fresh longs in the given range.


Recommendation 
Buy Zee Entertainment Enterprises Limited  @520-524  Stoploss 510 Target 542.


Domestic Market Overview 
Markets may see some recovery, GST rate specific actions to be in limelight 
The Indian markets reeling under global pressure slumped and major benchmarks dropped close to a percent in the last session. Today, the start is likely to be mildly in green and some recovery can be seen after the sharp fall of last trade. Traders will be cheering the GST Council finalising tax rates of goods and services under the four-slab structure with essential items of daily use being kept in the lowest bracket of 5 percent. The Council fixed the rates for over 1200 items under the Goods and Services tax. Lots of daily consumption items such as milk, fruit and vegetables, jaggery or gur, foodgrain and cereals have been exempted from tax, while others such as sugar, tea, coffee, edible oil, mithai, and newsprint have been placed in the lowest slab of 5 per cent. Luxury cars will attract 28 per cent GST plus a cess of 15 per cent, while small petrol cars will face 28 per cent plus 1 per cent cess, and diesel small cars 28 per cent tax plus 3 per cent cess. Consumer durables, which now face a total tax of about 32 per cent, will be taxed in the 28 per cent slab.


The panel will discuss tax rates for gold and some other items today and could meet one more time if necessary to decide rates on remaining items. There will be sector specific buzz based on GST rates and steel stocks may see some uptrend as the GST rate on coal has been fixed at 5 percent. The move will bring down the input cost and would lead to stabilisation of prices. There will be some buzz in banking sector too, as the RBI has eased the norms of setting up bank branches and said branches manned by either bank’s staff or its business correspondents where services are provided for a minimum of four hours per day for at least five days a week will be called a banking outlet. There will be lots of important earnings announcements too to keep the markets in action.

TECHNICAL VIEW:


S3

S2

S1

NIFTY

R1

R2

R3

9,300

9,338

9,365

9,427.90

9,468

9,520

9,600

Nifty loose firm momentum and tanks around 100 points from previous session’s close. It tested support of upward sloping trend channel and closed near the same in the end. The trend strength indicator (RSI) came out of an overbought state now on the daily scale.A breach below 9400 could distort the firmness & hence could seen as a strong support area. Momentum traders should maintained as a trailing stop strategy for existing shorts.
Bank Nifty: Low made  was 22660 and close was at 22700 so bulls were able to hold the low of gann angles, holding the same we can bounce back towards 22820/22940/23110. Bearish below 22600 for a move towards 22500/22350. Bank Nifty made high of 22900 doing our target as discussed. Also Low made was 22628, so bulls were able to protect 22600 and close above 22700 suggesting bulls are still in game as bank nifty holding on to gann angles, Bulls above 22800 can see next move towards 22940/23110. Bearish below 22600 only, As per time analysis expect a trending move in next 2 days. 

Conclusion: 
Markets, in line with global peers, reacted sharply to the news that the US President tried to influence federal investigation, raising doubts over his policies ahead. Mostly sectoral indices, barring IT, ended lower and settled around the day’s low. Besides, caution ahead of the beginning of the two-day GST meet also induced the participants to book some profit.
Markets are slightly overheated after the recent rally and finally got the reason to lighten up. We feel 9350 would be crucial mark in Nifty ahead and any decisive slide below that level will derail the momentum. However, traders should see this as intermediate correction, which is normal and healthy for sustainability of the broader trend.

US markets manage to end with marginal gains even as Brazil enters fresh crisis with markets tanking over 10%.

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Indian Indices: Asian indices opened flat to mildly positive after seeing a huge selloff on Thursday. The undertone remains weak as weekend blues will see caution prevail as emerging markets could be under pressure due to Brazilian crisis. The selloff in Brazilian bonds and equities could see collateral damage spill over to other emerging markets as index re-balancing takes place by large institutional investors.


Nifty finally succumbed to global cues and closed down almost 100 points as selloff in Banks, Metals and Industrials gathered momentum. The Rupee which has been an outperformer in emerging markets also fell sharply to close @ 64.88 almost down 70 paise. For today expect mild bouts of pullback with mid caps witnessing selling on rallies as investors book profits. 


The BSE Sensex is currently trading at 30634.70, up by 199.91 points or 0.66% after trading in a range of 30539.65 and 30712.35. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.75%, while Small cap index was up by 1.02%.

The CNX Nifty is currently trading at 9483.35, up by 53.90 points or 0.57% after trading in a range of 9465.15 and 9505.75. There were 32 stocks advancing against 19 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

GMDCLTD

135.30

6.54

CESC

867.10

4.50

ITC

289.50

4.12

Colpal

1014.75

3.61

Group ATopLosers

 

 

UPL

766.70

-6.09

Suntv

820.90

-5.92

Unitdspr

1966.95

-3.68

OFSS

3675.75

-2.53

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30430

30660

Nifty

9475

9535

 

Technical view: Nifty will find support around 9370 while yesterday's high of 9489 will act as resistance on the upside. Bank Nifty also finds support around 22550 while 22834 which was yesterday's high will act as resistance on the upside.


 

Colpal (BUY Above 981 with Stop Loss at 965 for Target of 1020): The stock has been witnessing selling pressure in the past four weeks. However, Colpal has reached its crucial support of 100-DMA and is showing signs of a reversal. Even momentum oscillators are making an attempt to reverse from the oversold zone indicating a meaningful bounce from here.


Derivative Snippets

In the last trading session, markets tumbled as around 90% of stocks in Nifty50 index closed in red. Nifty and Bank Nifty OTM call option strikes added fresh short positions while put option strikes added fresh long position with rise in implied volatility, indicating further pain for market going forward. 

FIIs were net sellers in cash market segment to the tune of Rs 361 Cr.

FIIs index future long short ratio at 1.9x. Long positions to the tune of ~26k contracts were created in Index put options.

 

Nifty Movers: The top gainers on Nifty were ITC up by 5.15%, Bank of Baroda up by 2.72%, Yes Bank up by 2.57%, Grasim Industries up by 2.32% and Hindustan Unilever up by 2.10%. On the flip side, Asian Paints down by 1.28%, TCS down by 1.20%, Wipro down by 1.18%, Eicher Motors down by 1.10% and Infosys down by 1.05% were the top losers.

 

Top Sectoral& Stock Screening: The gaining sectoral indices on the BSE were FMCG up by 3.44%, Realty up by 1.88%, Power up by 1.55%, Telecom up by 1.25% and Metal up by 1.21%, while IT down by 0.77%, TECK down by 0.43% and Consumer Durables down by 0.06% were the only losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, amid political turmoil in Brazil. Indonesia’s central bank governor said its policy stance remained neutral and that it was monitoring global risks ranging from the big chance of a rate hike in the United States in June to tension in the Korean peninsula. At a policy meeting, Bank Indonesia kept its benchmark interest rate unchanged at 4.75 percent, saying its decision was consistent with its efforts to maintain stability at a time of recovery for Southeast Asia’s largest economy.

 

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 3.23 points or 0.18% to 1,770.40, KOSPI Index increased 4.19 points or 0.18% to 2,291.01, Jakarta Composite increased 22.12 points or 0.39% to 5,667.57, Nikkei 225 increased 28.78 points or 0.15% to 19,582.64 and Hang Seng increased 82.54 points or 0.33% to 25,219.06.

On the other hand, Taiwan Weighted decreased 16.26 points or 0.16% to 9,953.19 and Shanghai Composite decreased 1.29 points or 0.04% to 3,088.85.

 

SENSEX CLOSES OVER 200 POINTS LOWER, NIFTY BELOW 9500; IT STOCKS GAIN

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Indian Indices: The Indian equity benchmarks continued their sluggish trade in late afternoon session, tracking bearish global cues and heavy selling pressure in Consumer Durables, Realty and Basic Materials stocks. Investors remained cautious over the ongoing two-day Good and Services Tax (GST) Council's meet, which will finalise tax slabs on services and commodities in the country. Some concerns also came with India Ratings and Research’s report that corporate and small & medium enterprise (SME) loans aggregating to Rs 2.60 lakh crore, which is 3.2 percent of total bank credit, could potentially be recognized as stressed loans by FY19. 

It further noted that Indian banks are sitting on unrecognized stressed loans worth of Rs 7.7 lakh crore. It also pegs stressed corporate and SME debt at 22 percent of total bank credit. Meanwhile, the railways will launch shortly its redesigned e-tendering system with more user-friendly new features to facilitate digital participation of over 60,000 vendors.

The BSE Sensex is currently closed at 30434.79, down by 223.98 points or 0.73% after trading in a range of 30436.56 and 30575.83. There were 10 stocks advancing against 19 stocks declining on the index, while 1 stock remained unchanged.

The broader indices were trading in red; the BSE Mid cap index was down by 1.25%, while Small cap index was down by 0.94%.

The CNX Nifty is currently shut down at 9429.45, down by 96.30 points or 1.01% after trading in a range of 9445.25 and 9489.10. There were 11 stocks advancing against 40 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

JPassociat

12.99

4.42

Wipro

523.60

3.47

Cumminsin

1052.55

3.45

TCS

2534.10

3.38

Losers

 

 

CESC

829.80

-15.10

IDBI

70.00

-7.77

JSWSteel

191.40

-7.38

BhartFin

725.80

-6.91

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,434.79

-0.73

Nifty

9,429.45

-1.01

 

Crporate Front:

Regrob, a top real estate brokerage company in India, announced the launch of its 21st branch in Vijayawada Andhra Pradesh. "With every new branch, the roots of Regrob are growing deeper and stronger in the industry", said CEO Vivek Raman.Rated as the easiest state to do business, Andhara Pradesh is now a new home for Regrob, a company with the second highest market share in the technology based real-estate brokerage sector.


 

Macroeconomic front:

The Union Cabinet has approved the signing and ratifying of an agreement between India and Tajikistan on cooperation and sharing of intelligence in the area of Customs. The agreement will help in availability of information for the prevention and investigation of Customs offences, an official statement said.

 

On the global front:

On the global front, European markets were trading in red as mounting political uncertainty in the U.S. exacerbated concerns among investors as to whether President Donald Trump would be able to deliver on key pro-growth policies. Asian markets were also trading in red. Back home, in scrip specific development, Hindustan Copper traded jubilantly after the company received an approval on fund raising plan. 


The board has recommended issues of fresh equity shares through Further Public Offer (FPO) or Institutional Placement Programme (IIP) or Qualified Institutional Placement (QIP) or a combination of the routes as per extend guidelines, to a extend of 9.25 crore equity shares (10% of existing paid up equity capital). 

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28895.00

0.96

Silver

39176.00

-0.06

Crude oil

3128.00

-0.89

Natural Gas

206.90

1.07

Alluminium

123.70

0.0

Copper

359.10

-1.12

Top Sectoral& Stock Screening:The top gainers on the Sensex were TCS up by 3.47%, Wipro up by 2.89%, Lupin up by 1.54%, Infosys up by 0.98% and ICICI Bank up by 0.90%. On the flip side, Mahindra & Mahindra down by 1.76%, Tata Motors down by 1.69%, Larsen & Toubro down by 1.68%, Hindustan Unilever down by 1.41% and Reliance Industries down by 1.29% were the top losers.

Top Nifty Movers:The top gainers on Nifty were TCS up by 3.21%, Wipro up by 2.20%, Lupin up by 1.37%, Adani Ports & SEZ up by 1.10% and Infosys up by 0.94%. On the flip side, Yes Bank down by 3.06%, Ultratech Cement down by 2.71%, BhartiInfratel down by 2.47%, Hindalco down by 2.44% and Grasim Industries down by 2.42% were the top losers.

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 261.02 points or 1.32% to 19,553.86, Hang Seng decreased 157.11 points or 0.62% to 25,136.52, Taiwan Weighted decreased 44.22 points or 0.44% to 9,969.45, Shanghai Composite decreased 14.3 points or 0.46% to 3,090.14, FTSE Bursa Malaysia KLCI decreased 10.91 points or 0.61% to 1,764.74 and KOSPI Index decreased 6.26 points or 0.27% to 2,286.82. On the flip side, Jakarta Composite increased 19.3 points or 0.34% to 5,634.79.

All the European markets were trading in red; Germany’s DAX decreased 67.72 points or 0.54% to 12,563.89, UK’s FTSE 100 decreased 59.09 points or 0.79% to 7,444.38 and France’s CAC decreased 34.33 points or 0.65% to 5,283.56.

 

US indices record huge 350 plus point fall as Trump policies are in danger of execution. US Dollar falls along with bond yields while gold hits a 3 month high.

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Indian Indices: Asian indices opened in red with the Japanese 'Nikkei" falling over 350 points as stronger ‘Yen’ hurt exporters. With US bond yields falling by 2.22% there was a scramble to buy bonds as ‘risk off’ trade gathered momentum after the Trump/Comey rhetoric saw negative overtones. Globally, markets are perched atop huge highs and any correction will be sharp as paper profits turn to actual.


Nifty refused to correct as all intraday dips are turning to be buying opportunities. Today may be different and if the crucial support gets broken during the day then it will lead to profit booking as overbought market likely to witness sharper than expected corrections. Mid-caps are seeing huge profit booking and could be susceptible today as leveraged players exit long positions.


The BSE Sensex is currently trading at 30500.82, down by 157.95 points or 0.52% after trading in a range of 30436.56 and 30567.82. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined by 1.01%, while Small cap index was down by 0.86%.

The CNX Nifty is currently trading at 9465.60, down by 60.15 points or 0.63% after trading in a range of 9448.75 and 9489.10. There were 9 stocks advancing against 42 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Hindcopper

70.30

5.32

MRPL

139.40

3.18

Wipro

520.55

2.87

Edelweiss

183.00

2.21

Group ATopLosers

 

 

JKLakshmi

481.25

-6.57

Network18

49.25

-4.74

DEN

97.75

-4.07

Unitech

5.79

-3.98

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30430

30660

Nifty

9475

9535

 

Technical view: Nifty will see support initially around 9450 which was the previous resistance and if that is broken then 9370 can be tested, while 9550 on the upside will act as resistance. Bank Nifty will see 23000 act as resistance on the upside while 22550 will act as support.


 

Ashok Leyland (Buy Above 88.5 with Stop Loss at 86 for Target of 93): After consolidating for over six weeks, the stock has finally broken out from a double bottom pattern on the daily charts. The price outburst has been accompanied with smart uptick in volumes. Ashok Leyland has also closed above its long term 200-DMA further accentuating our bullish stance on the stock.

Derivative Snippets

In the last trading session, markets traded in a narrow range for almost entire day. Nifty 9500 PE added fresh open interest to the tune of ~15 lakhs shares making 9500 as strong resistance level going forward.

FIIs were net sellers in cash market segment to the tune of Rs 731 Cr.FIIs index future long short ratio at 1.9x v/s 2x.

Cabinet OKs policy to auction coal linkages to power producers

Skymet says monsoon to hit Kerala May 29; IMD sees onset on May 30 

GST plan enters last stage; Council meets to decide on tax rates

 

Nifty Movers: The top gainers on Nifty were Bank of Baroda up by 0.99%, TCS up by 0.97%, Tech Mahindra up by 0.93%, Wipro up by 0.86% and Sun Pharma up by 0.48%. On the flip side, Hindalco down by 2.62%, Yes Bank down by 2.56%, Axis Bank down by 1.65%, Indiabulls Housing down by 1.54% and Ambuja Cement down by 1.40% were the top losers.

 

Top Sectoral& Stock Screening: The only gaining sectoral indices on the BSE were IT up by 0.40% and TECK up by 0.25%, while Realty down by 2.07%, Metal down by 1.31%, Industrials down by 1.24%, Basic Materials down by 1.22%, Capital Goods down by 1.21% were the top losing indices on BSE.

 

 

On the global front: On the global front, Global cues too remained somber with most of the Asian counters were trading in red at this point of time. The Japanese market was down by over a percent as the yen strengthened against the dollar. The US markets slumped in the last session and the tech-heavy Nasdaq which has been on a record breaking spree pulled back well off its record closing high.

 

Global Signals:Asian markets were trading mostly in red; Nikkei 225 declined 316.94 points or 1.6% to 19,497.94, Hang Seng slipped 59.29 points or 0.23% to 25,234.34, Taiwan Weighted decreased 51.84 points or 0.52% to 9,961.83, KOSPI Index shed 10.6 points or 0.46% to 2,282.48, FTSE Bursa Malaysia KLCI fell 9.52 points or 0.54% to 1,766.13 and Shanghai Composite was down by 5.84 points or 0.19% to 3,098.60. On the flip side, Jakarta Composite was up by 9.38 points or 0.17% to 5,624.88.

 

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