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INDIAN STOCK MARKET VIEW FOR THE WEEK JAN 23, 2016 – JAN 29, 2016

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Events to watch this week

  • Trump sworn in as US president
  • China’s Xi: No one will win a trade war
  • IMF sees fast US growth
  • Draghi: ECB rates to stay low for an extended period

The Week ahead:

  • Global flash purchasing managers’ indices are released on Tuesday, 24 January
  • US existing home sales data are reported on Tuesday, 24 January
  • The UK Q4 gross domestic product is released on Thursday, 26 January
  • The US Q4 GDP is released on Friday, 27 January

For the week,Global equities were little changed on the week as markets awaited clearer policy signals from the incoming US administration. Steady US 10-year-note yields of 2.42% greeted the new president, virtually the same yield that prevailed when Barack Obama was first sworn in eight years ago. West Texas Intermediate crude fell slightly from a week ago, to $52.60 per barrel from $53, while global Brent crude dropped to $55.40 from $56. Volatility, as measured by the Chicago Board Options Exchange Volatility Index (VIX), rose to 12.4 from 11.20 a week ago.

NIFTY- 8,349.35
CRUDE OIL-Rs 3,642barrel
GOLD-Rs 28,612 gram
Rs/$-Rs 68.18

MARKET ROUND UP

Indian equity benchmark indices the S&P BSE Sensex and the Nifty 50 index closed the week ended Friday, 20 January 2017 on sour note. The trading for the week was lacklustre during four trading sessions from Monday, 16 January to Thursday, 19 January 2017, with a range-bound trading, amid mixed global cues. Albeit, a noticeable slide on the bourses on Friday, 20 January 2017, pulled key indices lower.

The slide on the last trading session of the week is attributable to the caution ahead of US President-elect Donald Trump's inauguration later in the global day on Friday, 20 January 2017. Markets across the globe await a clear cut direction from Trump on US' economic policies.

The Sensex lost 203.56 points or 0.74% to settle at 27,034.50. The Nifty declined 51 points or 0.6% to settle at 8,349.35.

In the broader market, the BSE Mid-Cap index shed 0.43%, with the decline in this index lower than the Sensex's decline in percentage terms. The BSE Small-Cap index bucked the market trend by advancing 0.56% during the week.

Macro Economic Front:

On the Economic Front,data showed during market hours on Monday, 16 January 2017 that inflation based on wholesale price index (WPI) rose 3.39% in December 2016 from 3.15% in November 2016. Another data showed after market hours on Friday, 13 January 2017 that India's trade deficit declined 9.9% to $10.37 billion in December 2016 over December 2015.

The International Monetary Fund (IMF) on Monday, 16 January 2017, cut India's economic growth estimate for 2016-17 to 6.6% from its earlier projection of 7.6% due to the impact of the government's move to scrap some high value currency notes in early November.

Major Action &Announcement:

TCS rose 1.57%. The company announced a partnership with Aurus, Inc., a global leader in innovative payments technology, to deliver payment solutions for retailers using TCS OmniStore, a first of its kind unified store commerce platform. The announcement was made after market hours on Monday, 16 January 2017.

Infosys declined 2.7%. The company announced its internal carbon price at $10.5 per ton of CO2e, at an event organized by the Carbon Pricing Leadership Coalition (CPLC) in Zurich. A significant milestone for Infosys, the price will be applicable for a period of two years and will represent the cost of decarbonizing 1 ton of CO2e. The announcement was made after market hours on Monday, 16 January 2017.

State Bank of India (SBI) advanced 0.04%. The bank said that it concluded the issue of $500 million fixed rate senior unsecured notes having a maturity of 5 years at a coupon of 3.25% payable semi-annually. The announcement was made after market hours on Tuesday, 17 January 2017.

Maruti Suzuki India fell 0.51%. The company launched the much awaited premium urban compact vehicle for the millennials, IGNIS. The announcement was made after market hours on Friday, 13 January 2017.

Mahindra & Mahindra (M&M) lost 2.1%. The company announced its foray into Turkey, through the acquisition of HisarlarMakinaSanayiveTicaretAnonimSirketi (Hisarlar), a farm equipment company based in Turkey. The announcement was made during market hours on Friday, 20 January 2017.

Coal India lost 3.51%. The board of directors of Central Coalfields, a subsidiary of Coal India approved revision of coking coal prices on 14 January 2017. The increase in price is done by subsuming the washery recovery charge (WRC) which was being charged separately in the case of non-linked washery grade coking coal keeping in view the observation of ADRM. The announcement was made on Saturday, 14 January 2017.

NTPC fell 0.32%. The company said that first unit of 250 megawatts (MW) of Nabinagar Thermal Power Project of 1000 MW capacity of Bhartiya Rail Bijlee Company, BRBCL-a subsidiary of NTPC was declared on commercial operation from 15 January 2017. The announcement was made during market hours on Monday, 16 January 2017.

Tata Steel advanced 1.84%. CARE Ratings downgraded the credit ratings of the company's unsecured non-convertible debentures (NCDs), long term unsecured rupee loan and unsecured subordinated perpetual securities by 1 notch citing uncertainties relating to the disposal/restructuring of Tata Steel UK business. The announcement was made at the fag end of market hours on Thursday, 19 January 2017.

Global Front:

In Overseas Markets,UK Prime Minister Theresa May in a speech on Tuesday, 17 January 2017, indicated Britain will press for a firm exit from the European Union. May said she'll put the terms of the country's exits from the EU to a parliamentary vote. Setting out a vision that could determine Britain's future for generations and the shape of the EU itself, May answered criticism that she has been coy about her strategy with a 12-point plan for what has been dubbed a hard Brexit.

Among economic data in US, industrial output accelerated last month at its strongest pace in two years. The housing-market index from the National Association of Homebuilders showed that builder sentiment slipped in January after notching its highest reading of the business cycle in December. Despite the drop, the January number was the second-highest reading of the cycle.

The European Central Bank held rates and its bond-buying program steady at its Thursday's (19 January 2017) meeting. The bank's President Mario Draghi said the governing body stood ready to intervene further if conditions worsened.

Global Economic News:

Trump vows to restore America’s promise
In his inaugural address, President Donald Trump pledged to transfer power from Washington, D.C., back to the American people. He called for defending the US’s borders while rebuilding its infrastructure. Every decision, whether on trade, taxes or immigration, will be made to benefit American workers and families, he said. While he expects other nations to put their interests first as well, he said the United States will reinforce old alliances and build new ones.

China’s Xi warns on trade war risks
In the first appearance by a Chinese leader at the World Economic Forum in Davos, Switzerland, President Xi Jinping defended globalization. He cautioned other countries against pursuing protectionist policies, adding that no one will emerge as a winner in a trade war. On the domestic front, Xi said that the economy has entered a new normal, driven by household consumption. He affirmed a 6.7% 2016 economic growth target, in the middle of the government’s 6.5%–7% range, but the slowest since 1990.

IMF ups US growth forecast
The US economy will grow 2.3% this year and 2.5% in 2018, according to freshly revised International Monetary Fund forecasts. The IMF raised its forecast by 0.1% for 2017 and 0.4% for 2018. The global growth outlook remained steady from October estimates of 3.4% this year and 3.6% in 2018. The fund estimates that the global economy expanded 3.1% in 2016.

Banks heading for the Brexit?
This week, several banks announced plans to move staff out of London in the wake of Brexit, including HSBC and UBS. Meanwhile, Germany’s Handelsblatt reported that Goldman Sachs may relocate half of its London staff of 6,500. Some jobs will move to New York, while approximately 1,000 could move to Frankfurt, the paper reported. UK prime minister Theresa May this week outlined her plan to put Brexit to a vote in Parliament before triggering Article 50. She said she expects the United Kingdom to leave both the European Union’s single market and its customs union.

GLOBAL CORPORATE NEWS

Draghi says rates to stay very low even after halting asset sales
Interest rates will stay low or head even lower for an extended period, European Central Bank president Mario Draghi said on Thursday, after the Governing Council left its monetary policy unchanged. Draghi looked past a recent uptick in European inflation measures and said the ECB is ready to increase the size of its quantitative easing program, if needed. The Bank of Canada too held policy steady this week, though Governor Stephen Poloz maintained that a rate cut is an option if the Canadian economy takes a hit from more protectionist US policies. Poloz’s dovish tone sent the Canadian dollar lower. US Federal Reserve chair Janet Yellen said Thursday that the Fed is close to its goals and that she expects to hike rates "a few times” this year. Futures markets have just over two 25-basis-point hikes priced in at present. Yellen added that allowing the economy to run persistently hot would be risky and unwise.

NEW 52-WEEK HIGH BSE (A):

 

Adani Power

38.95

CESC

703.00

GAIL

471.20


NEW 52-WEEK LOWS BSE (A):

RCOM

30.85

DIVISLAB

710.10


MAJOR WEEKLY GAINERS IN BSE A CATEGORY:

SUZLON

15.36

GUJARAT STATE

13.06

DEN NETOWORK

10.15


MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

MMTC

-8.28

NHPC

-7.18

TV 18

-6.71



Eyes will be set on the certain US economic data releases are:

Monday (23 Jan)
No Major Data
Tuesday(24 Jan)
Existing Home Sales

Wednesday(25 Jan)
MBA Mortagage Applications
Thursday(26 Jan)
Jobless Claims& New Home Sales
Friday(27 Jan)
Consumer Sentiment

Fundamental Pick of the week:

Accumulate PTC India Financial Services Ltd For Target Rs.50.00

Investment Rationale

* PTC India Financial Services (PFS) is a non-banking finance company promoted by PTC India (60% stake). PFS has been granted the status of Infrastructure Finance Company by RBI. It offers wide range of debt and equity linked financing products meeting the financing needs of power projects and is exclusively devoted to power sector.

* PFS, initially, had the largest exposure to thermal power projects at ~60% till FY12, primarily sourced as a reference from parent company PTC India. The company is now able to garner business on its own with focus on small and medium renewable power projects, which constitute 44% of the overall loan book and garner better yields.

* NIMs (~6%), ROE (~16-20%) , ROAs(~3%) have remained stable for the company . Asset quality has deteriorated over FY15 with G/ NNPAs of 3.4/2.3% in FY16 due to slip up in a couple of accounts.

Recommendation

Accumulate PTC India Financial Services Ltd @ 41-42 Stoploss 38 Target 50 CMP 41.60


Indian Market Outlook:

The Indian markets posted modest gains in the last session despite choppy trade, as investors remained optimistic of upbeat corporate earnings results. Today, the start is likely to be soft to cautious on mostly unsupportive global cues. However, markets may see recovery in latter trade and shore up with India emerging as the 'sweet spot' along with neighbour China to rev up the global economic growth at the World Economic Forum (WEF) Annual meet in Davos. Along with China, India was also applauded as a major driving force for world growth with leaders and economists emphasising the need for increased regional cooperation. IT and pharma stocks will be under pressure ahead of Donald Trump's swearing-in as US President today. There will be caution on talks of pricing pressure on pharma, and new H1B norms for IT companies. The aviation stocks will be in action, as more than three dozen airports across India, which today do not handle a single flight, may get connected under the government’s UDAN (UdeDeshKaAamNaagrik) scheme. Bids by interested airlines have been received to connect 43 such new airports for 190 routes. There will be lots of individual result reactions too, to keep the markets buzzing for the day.


TECHNICAL VIEW:

S3

S2

S1

NIFTY

R1

R2

R3

8,235

8,280

8,318

8,349.35

8,454

8,499

8,540


Nifty not able to go anywhere through the week and is stuck in a small range between Gann levels 8373-8465. Imp levels to watch today are 8397-8460 either side rally will happen after a long consolidation during the week. Lower supports on breach of 8397 is 8373-8348-8301. Over all the bullish trend we got from the lows of 7893 had fizzled out and to regain strength Nifty has to close the week ab 8465. There is no major support form the Nifty components except Banking and Financials which also now looks tired. 

BankNifty support 19072 and hurdle 19220. Either side will see a rally. Yesterday saw weakness and was choppy with in a range and trying to get direction.

Conclusion:

Nifty index traded sideways for most past of the passing week but steep sell-off on Friday i.e. 20th January made it settle at the weekly lowest levels. The sell off was due to Donald Trump’s inauguration as the 45th US President. Market participants were seen taking a cautious stance ahead of the same. Overall markets bias remains in favor of the bulls; hence, dips from the current levels can be utilized to accumulate good quality stocks for medium to long-term. For the up coming week, we expect Nifty index to trade in range 8250-8500. Auto and Bankex top our preferred list of sectoral pivots.


IPO- BSE Limited issue opens on 23rd January

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The issue opens on January 23, 2017 and closes on January 25, 2017


BSE Limited is the owner and operator of the Bombay Stock Exchange (BSE), India's largest stock exchange by number of companies listed. The BSE was established in 1875 as the first stock exchange in Asia. Today, the BSE has more than 5,000 companies listed on it - the highest in any exchange around the world. The world's two leading global exchanges, Deutsche Bourse and Singapore Exchange are strategic partners in BSE Limited. 

The issue opens on January 23, 2017 and closes on January 25, 2017

Details of the BSE IPO

Issuer: BSE Limited

Issue opening date: January 23, 2017

Issue closing date: January 25, 2017

Price band: Rs805 to Rs806 per share

Lot size: 18 equity shares and in multiple thereafter

Issue size: Rs1,241.89 crore to Rs1,243.43 crore

Issue allocation: QIB - 50%; NIB - 15%; Retail - 35%

Mode of payment: ASBA is mandatory (cheques will not be accepted)

GCBRLMs: Edelweiss Financial Services Ltd, Axis Capital Ltd, Jefferies India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd

BRLM: Motilal Oswal Investment Advisors Pvt Ltd, SBI Capital Markets Ltd and SMC Capitals Ltd

Registrar: Karvy Computershare Pvt Ltd

Listing: Proposed to be listed on the National Stock Exchange


Company’s competitive strengths

  • Strong brand equity with a track record of innovation
  • Diversified and integrated business model; active relationship with market participants
  • State-of-the-art infrastructure and technology
  • Financial strength and diversified sources of revenue
  • About the company

    BSE Limited is the owner and operator of the BSE, India's largest stock exchange by number of companies listed. The BSE was established in 1875 as the first stock exchange in Asia. The BSE is one of India's leading exchange groups. Today, the BSE has more than 5,000 companies listed on it - the highest in any exchange around the world. The companies listed on the BSE command a total market capitalisation of $1.64 trillion as of September 30, 2015. The world’s two leading global exchanges, Deutsche Bourse and Singapore Exchange, are strategic partners in BSE Limited.

    The BSE offers trading in Equity, Debt, Derivatives, Mutual Funds and SME Equity. The S&P BSE Sensex is India's most widely tracked stock market benchmark. The BSE also offer services such as Risk Management, Clearing, Settlement, Market Data services, IT services & solutions, and licensing index products like the S&P BSE Sensex. The BSE also provides depository services through its arm Central Depository Services Ltd (CDSL).

    Objects of the issue

    • To achieve the benefits of listing the equity shares on NSE and;
    • For the sale of equity shares by the selling shareholders.

     

    FAQs on IPO

    1. What is an IPO or public issue?

    An initial public offering (IPO)/public issue is when an unlisted company makes either a fresh issue of securities or an offer for sale of its existing securities or both for the first time to the public. This paves the way for listing and trading of the issuer’s securities.

    The shares are initially issued in the primary market at an offering price determined by the lead manager(s)/the merchant banker(s) to the IPO.

    The primary market consists of a syndicate of investment banks and broker dealers that the lead managers assemble and that allocate shares to institutional, high net worth individuals (HNI) and individual/retail investors.

    2. What is a price band?

    As far as IPOs are concerned, a price band is a value-setting method whereby a seller indicates an upper and lower cost range, between which the buyers/investors are able to place their bids. The price band's floor and cap provide guidance to the buyers.

    3. Who decides the price band?

    It is up to the company to decide on the IPO price or the price band, in consultation with the lead managers.

    The basis of IPO price is disclosed in the offer document. The issuer is required to disclose in detail about the qualitative and quantitative factors justifying the IPO price.

    4. How is the IPO price determined?

    The IPO price is normally based on such factors as the company’s financials, products and services, income stream as well as the demand for the shares and current market conditions.

    The lead managers must determine a fair offering price, which takes into consideration the need for the company to raise capital while offering the new issue at a price which represents a fair value of the shares.

    5. What is a Red Herring Prospectus?

    A Red Herring Prospectus (RHP) is a document submitted by a company (issuer) as part of a public offering or an IPO of securities (either stocks or bonds).

    6. Who is a retail investor as far as IPO is concerned?

    A retail individual investor means an investor who applies or bids for securities of or for a value of not more than Rs 2,00,000.

    7. Can a retail investor also bid in a book-built IPO?

    Yes. He can bid in a book-built IPO for a value not more than Rs 2,00,000. Any bid made in excess of this will be considered in the HNI category.

    8. Can bids in a book-built IPO be changed/revised?

    Yes. Investors can change or revise the quantity or price in the bid using the form for changing/revising the bid that is available along with the application form. However, the entire process of changing or revising the bids shall be completed before the IPO closes.

    9. How can investors know the number of shares allotted to them?

    In case of fixed price issues, investors are intimated about the CAN/Refund order within 10 days of the closure of the IPO.

    In case of book built IPOs, the basis of allotment is finalised by the book-running lead managers within two weeks from the closure of the issue. The registrar then ensures that the demat credit or refund as applicable is completed within 6 working days of the closure of the issue.

    10. Which are the reliable sources for me to get information about response to IPOs?

    In the case of book-built issues, the exchanges (Bombay Stock Exchange/National Stock Exchange) display the data regarding the bids obtained (on a consolidated basis between both these exchanges).

    The data regarding the bids is also available category-wise.

    11. How do I know if I am allotted shares? And by what timeframe will I get a refund if I am not allotted?

    Investors are entitled to receive a Confirmatory Allotment Note (CAN) in case they have been allotted shares within 6 working days from the closure of a book Built issue. The registrar has to ensure that the demat credit or refund as applicable is completed within 6 working days of the closure of the book-built issue.

    The lead managers also publish an advertisement at least in an English national daily with wide circulation, one Hindi national paper and a regional language daily circulated at the place where registered office of the issuer company is situated.

    12. How long will it take after the issue for the shares to get listed?

    The listing on the stock exchanges is done within seven days from the finalisation of the issue.

    Ideally, it would be around three weeks after the closure of the book-built issue.

    In case of fixed price issue, it would be around 10 days after closure of the issue.

Global cues turn subdued with all eyes on Trump swearing in & Federal Reserve outlook on rates!!

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Major headlines:

·         Government to infuse Rs 1894 cr in SBI.

·         BhartiAirtel plans to raise funds via debentures bonds

·         Mahindra & Mahindra acquires 75% stake in Turkish company

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

8389

8488

Nifty

27380

27504

 

Indian Indices: Asian indices opened weak with overnight US weakness playing out as all eyes now focus on President Trump swearing in & the rhetoric of raising rates by the Federal Reserve.US$ gave up early gains as profit booking re emerged ahead of the 20th January big event. Oil & Gold prices remained subdued while stocks sold off a bit more as investors raised cash.


Nifty continues to trade range bound above 8400 with corporate results seeing stock specific reaction even as the broader market remains in a tight range. With Nifty trading above 8400 & Bank Nifty above 19000 we could see today the highest weekly close in over 2 months which could see further 'short' covering next week with 4 days to go for January derivative expiry.


The BSE Sensex is currently trading at 27201.63, down by 106.97 points or 0.39% after trading in a range of 27176.32 and 27264.41. There were 10 stocks advancing against 20 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.19%, while Small cap index was down by 0.05%.The CNX Nifty is currently trading at 8407.20, down by 27.90 points or 0.33% after trading in a range of 8397.05 and 8423.65. There were 19 stocks advancing against 32 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

RTNPower

7.30

5.64

Havells

400.80

3.78

GPPl

140.70

3.61

Suzlon

17.67

2.97

Group ATopLosers

 

 

Axisbank

457.20

-5.48

Muthootfin

296.25

-2.81

Cyient

464.35

-2.73

IIFL

275.00

-2.59

Market Statistics

 

 

 

BSE

NSE

Advances

994

1168

Declines

1160

307

 

Technical view: Nifty now finds support around 8370 while 8440 continues to see resistance on the upside. Bank Nifty also needs to close over 19250 while 19000 will act as strong support.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 994:1160, while 143 scrips remained unchanged.

 

Trading ideas :GAIL Limited (Buy above Rs 465 for target of Rs 482, SL at Rs 456.5): The stock has broken out from a classic rising channel pattern which indicates a beginning of a bullish phase for the stock. Other momentum oscillators indicate strength in the current up move. Impressive expansion in trading volumes accompanied with piercing of previous peaks further accentuates out bullish stance on the stock.

 

MacroeconomicFront: The Indian Government has said that it is now going to introduce a new Aadhaar-based digital payment system for the common man soon. Commenting on the issue, IT Minister Ravi Shankar Prasad said, “This unique payment initiative will be based on the thumb impression, verified through the Aadhaar identification for safety and security of the easier payment system for the common man.


Corporate Snippets:


Reliance Industries ltd has written down Rs 395.70 bn in value of its oil and gas assets including the flagging KG D6 block and US shale gas projects, in view of change in accounting policy.

 

Idea Cellular has filled a plea against the telecom regulator with the Telecom Disputes Settlement Appellate Tribunal and sought quashing of Reliance Jioinfocomm’s Happy New Year offer, mirroring market leader BhartiAirtel’s complaint filed late last year.

 

Havells India is looking at mid sized acquisition focusing on emerging markets even as it plans to expand its domestic presense by foraying into the personal grooming space.

 

.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were FMCG up by 0.21% and Realty up by 0.04%, while Bankex down by 0.76%, IT down by 0.61%, Oil & Gas down by 0.58%, PSU down by 0.53% and Power down by 0.50% were the losing indices on BSE.

Nifty Movers:The top gainers on Nifty were Idea Cellular up by 3.03%, BhartiAirtel up by 2.27%, Yes Bank up by 1.82%, Cipla up by 1.32% and Grasim Industries up by 1.09%.  On the flip side, Axis Bank down by 5.69%, Tata Motors - DVR down by 1.97%, ICICI Bank down by 1.85%, BhartiInfratel down by 1.47% and Power Grid down by 1.04% were the top losers.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, even as China’s fourth-quarter economic growth beat expectations and Federal Reserve Chair Janet Yellen took a less hawkish policy stance. China’s economy grew a faster-than-expected 6.8 percent in the fourth quarter, boosted by higher government spending and record bank lending, giving it a solid tailwind heading into what is expected to be a turbulent 2017.

 

Global Signals: The Asian markets were trading mostly in red; Hang Seng decreased 157.25 points or 0.68% to 22,892.71, Jakarta Composite decreased 31.3 points or 0.59% to 5,267.65, KOSPI Index decreased 3.82 points or 0.18% to 2,068.97 and FTSE Bursa Malaysia KLCI decreased 1.26 points or 0.08% to 1,665.25.On the other hand, Taiwan Weighted increased 17.39 points or 0.19% to 9,335.51, Shanghai Composite increased 18.69 points or 0.6% to 3,119.99 and Nikkei 225 increased 71.44 points or 0.37% to 19,143.69.

 

Pull back rally in US$ with bond yields rising sharply as Federal Reserve indicates higher rates as economy on stronger footing!!

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Major headlines:

·         All aircrafts complaint with noise standard requirments:

·         FIMI seeks abolition of export duty on low grade iron

·         Strong domestic demand to help Indian companies

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

8389

8488

Nifty

27380

27504

 

Indian Indices: Asian markets saw a sharp rebound led by the Japanese 'Nikkei" index as weakness in Yen saw stocks bounce back sharply. Overnight Janet Yellen talked up the bond yields by indicating rate hikes to be on the cards as growth returns. Gold prices fell after a solid 7 day rally while oil prices remained weak.


Nifty saw a sharp intraday reversal after scaling 8460 in the morning session. Profit booking closer to the 100 DMA saw most stocks give up gains despite both local & foreign investors being buyers. Volatility ahead of the January expiry due next Wednesday may rise as markets digest the huge rally this month. For today expect test of 8500 on the cards as 8400 holds as strong support on the Nifty.


The BSE Sensex is currently trading at 27276.67, up by 19.03 points or 0.07% after trading in a range of 27219.89 and 27296.86. There were 17 stocks advancing against 13 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index gained 0.26%, while Small cap index was up by 0.21%.The CNX Nifty is currently trading at 8417.90, up by 0.90 points or 0.01% after trading in a range of 8405.95 and 8427.90. There were 24 stocks advancing against 27 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Hindcopper

67.50

3.69

TTKPrestig

5993.85

3.65

Vrllog

300.60

3.37

Tatacomm

691.35

2.60

Group ATopLosers

 

 

KPIT

139.75

-3.59

Deltacorp

129.20

-2.38

Balkrisind

1151.15

-2.05

CEAT ltd

1186.50

-1.90

Market Statistics

 

 

 

BSE

NSE

Advances

1308

1168

Declines

567

307

 

Technical view: Nifty finds strong resistance around 8460 which if crossed can see Nifty test 8520 in the next 2 days. Bank Nifty also has made a 'higher top, higher bottom' pattern & can extend the rally upto 19500 with 19050 being the key support.


Market Sentiment:

The market breadth indicating the overall health of the market was strong, with 1,072 shares gaining and 910 shares declining, while a total of 125 shares were unchanged.

 

Trading ideas: Sonata Software (Buy above Rs 214 for target of Rs 225, SL at Rs 208.5): The stock has shown impressive momentum in the past two days. Sonata broke out from a double bottom pattern on Monday followed by a break out above its previous all time peak of Rs 209.7. This move has been accompanied with expansion in trading volumes too. On analysing weekly chart, Sonata has also broken out from a consolidation channel pattern breakout indicating a larger move is on the card.

 

MacroeconomicFront: Small businesses in the country maintain a positive outlook for the future in terms of business confidence and employment growth, a joint report by Facebook, OECD and World Bank said as per the PTI report. Amongst the businesses surveyed, 48 per cent of the small and medium enterprises (SMEs) are positive about the current state, while 62 per cent are positive about the future.



Corporate Snippets: Reliance Industries and Russian petrochemical giant Sibur have signed an agreement to set up South Asia’s first buty rubber halogenation unit at jammnagar in Gujarat.

 

Cipla said its subsidiary GoldencrossPharma has entered into a pact to sell its entire stake in four M propack to shriji Polymers for a consideration of up to Rs 192 mn.

 

Zee Entertainment Enterprises Ltd has signed a deal for four television series with the international content distributor, Eccho Rights.

 

.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Oil & Gas up by 1.10%, Consumer Durables up by 0.72%, PSU up by 0.34%, FMCG up by 0.31% and Capital Goods was up by 0.23%, while Metal down by 0.73%, Bankex down by 0.42%, Power down by 0.17% and IT was down by 0.01% were the few losing indices on BSE.

Nifty Movers:The top gainers on Nifty were Idea Cellular up by 2.37%, BPCL up by 1.70%, Tata Motors up by 1.58%, Tata Motors - DVR up by 1.49% and BhartiAirtel up by 1.19%. On the flip side, Hindalco down by 1.58%, Ultratech Cement down by 1.16%, Axis Bank down by 1.14%, Tata Steel down by 1.04% and Indusind Bank down by 0.84% were the top losers.

 

On the global front: On the global front, Asian markets were trading mostly in red at this point of time tailing weak overnight cues from Wall Street, though the Japanese market has bounced back with yen falling against the dollar after Janet Yellen said the American economy is strong enough to warrant higher interest rates. The US markets showed a lackluster trade and ended mixed in last session, mainly due to uncertainty about President-elect Donald Trump's policies ahead of his inauguration on Friday.

 

Global Signals:Asian markets were trading mostly in red; Hang Seng declined 136.27 points or 0.59% to 22,961.99, Taiwan Weighted shed 15.82 points or 0.17% to 9,326.15, Shanghai Composite slipped 1.81 points or 0.06% to 3,111.20, FTSE Bursa Malaysia KLCI dipped 1.26 points or 0.08% to 1,663.76 and KOSPI Index was down by 0.1 points or 0% to 2,070.44.On the flip side, Jakarta Composite rose 7.49 points or 0.14% to 5,302.27 and Nikkei 225 was up by 134.58 points or 0.71% to 19,028.95.

 

Global markets head for consolidation as trepidation over recent rally & UK Pound weakness see profit booking

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Major headlines:

·         Moody’s reaffirms yes bank’s rating at Baa 3/ P-3

·         Oil prices edge up on weaker dollar expected crude output cuts

·         Government may increase FDI limit to 49% in print media sector

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

8338

8430

Nifty

27020

27295

 


Indian Indices: Asian markets opened weak after the UK pound tumbled sharply & hurt sentiment as the UK Prime Minister indicated a 'hard brexit' coming soon. That coupled with the recent rally in equities globally saw profit booking emerge strongly as investors sold stock & raised cash. Gold prices rallied while US bond yields fell along with the US$.


Nifty seems to hit resistance around the 100 DMA placed @ 8441 with profit booking emerging after the stellar rally of last 2 weeks. With expiry due next week expect consolidation this week with 8350-8450 being the range. For today expect profit booking in metals, auto & commodities while banks, financials & materials could head higher.


The BSE Sensex is currently trading at 27275.98, up by 37.92 points or 0.14% after trading in a range of 27172.68 and 27301.38. There were 16 stocks advancing against 14 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.35%, while Small cap index was up by 0.50%.

The CNX Nifty is currently trading at 8403.90, up by 3.55 points or 0.04% after trading in a range of 8374.40 and 8414.95. There were 30 stocks advancing against 21 stocks declining on the index.


MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

DEN

86.70

7.37

DLF

130.20

4.90

HDIL

65.20

4.24

Hindzinc

286.65

3.48

Group ATopLosers

 

 

DBcorp

361.565

-3.97

Network 18

35.95

-2.18

ICRA

3960

-2.15

Cox & Kings

622.45

-1.91

Market Statistics

 

 

 

BSE

NSE

Advances

920

1168

Declines

1230

307

 

Technical view: Nifty finds strong support around 8320 while 8441 continues to act as strong resistance. Bank Nifty has been the steady outperformer with 18441 acting as strong support while 19058 which is the 100 DMA will act as strong resistance.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 920:1230, while 129 scrips remained unchanged.

 

Trading ideas: ITC (Buy above Rs 251 for target of Rs 246.5, SL at Rs 260): The stock has showing tremendous strength in the past week. ITC has also recovered sharply after finding support around its 100-DMA. If the stock manages to close above Rs251 then we expect a rising wedge pattern breakout which would take the stock higher towards the Rs258-260 mark in short term.

 

MacroeconomicFront: The Indian Government has said that it is considering a proposal to increase foreign direct investment (FDI) limit in print media sector to 49 per cent from 26 per cent at present. Currently, the FDI policy permits 26 per cent foreign direct investment in the publishing of newspapers and periodicals dealing with news and current affairs through government approval route.

Corporate Snippets:Lupin has launched its generic version of morphine sulfate ER tablets used for the management of servere pain in the US market.

 

HERO MOTOCORP forayed into the Argetinian market with the global launch of its 125 CC bike new Glamour as part its aggressive global expansion plans.

 

Tata Steelhas offered to pay hundreds of millions of pounds to its pension scheme to release a guarantee the fund holds over its Dutch assets, as the Indian firm moves closer to merging its European assets with Germany's ThyssenKrupp.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Realty up by 2.25%, Consumer Durables up by 1.30%, Metal up by 1.13%, Bankex up by 0.35% and Capital Goods up by 0.32%, while IT down by 0.75%, TECK down by 0.47%, Oil & Gas down by 0.09% and FMCG down by 0.07% were the losing indices on BSE.

Nifty Movers: The top gainers on Nifty were Adani Ports & Special Economic Zone up by 2.26%, Tata Steel up by 2.23%, Idea Cellular up by 1.53%, Zee Entertainment up by 1.39% and Tata Motors up by 1.20%.  On the flip side, HCL Tech down by 1.83%, Eicher Motors down by 1.67%, Infosys down by 1.64%, Tech Mahindra down by 0.86% and Sun Pharma down by 0.84% were the top losers.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, on worries UK Prime Minister Theresa May might signal plans for a ‘hard Brexit’ in her speech on Tuesday. The Bank of Japan raised its economic assessment for three of the country’s nine regions in a quarterly report, saying that most areas were seeing a moderate economic recovery.

 

Global Signals: The Asian markets were trading mostly in red; Hang Seng decreased 242.75 points or 1.06% to 22,694.63, Nikkei 225 decreased 154.01 points or 0.8% to 19,133.27, Taiwan Weighted decreased 84.65 points or 0.9% to 9,294.18, Shanghai Composite decreased 43.83 points or 1.41% to 3,068.93, KOSPI Index decreased 14.71 points or 0.71% to 2,062.08 and FTSE Bursa Malaysia KLCI decreased 5.72 points or 0.34% to 1,666.78.On the other hand, Jakarta Composite increased 4.47 points or 0.08% to 5,277.45.

 

WEEKLY NIFTY TRADING VIEW FOR THE WEEK JAN16, 2016–JAN22, 2016

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Events to watch this week

  • December US core retail sales flat
  • China reports 2016 export drop
  • US small business optimism soars
  • World Bank projects modest 2017 growth uptick

The Week ahead:

  • US financial markets are closed for Martin Luther King Jr. Day on Monday, 16 January
  • The World Economic Forum in Davos begins on Tuesday, 17 January
  • The European Union reports consumer price data on Wednesday, 18 January
  • The United States reports consumer price data on Wednesday, 18 January
  • The European Central Bank holds a rate-setting meeting on Thursday, 19 January
  • China reports retail sales and gross domestic product figures on Friday, 20 January

For the week,Global equities extended gains this week as US financial firms kicked off the Q4 earning season with solid results. US 10-year Treasury note yields were steady at 2.42%. West Texas Intermediate crude dipped to $53 a barrel from $53.90 a week ago, and Global Brent crude dropped to $56 a barrel from $56.90. The Chicago Board Options Exchange Volatility Index (VIX) was steady at 11.20.

NIFTY- 8,400.35
CRUDE OIL-Rs 3,586barrel
GOLD-Rs 28,385 gram
Rs/$-Rs 68.16

MARKET ROUND UP

The market edged higher last week, backed by positive global cues. The Sensex crossed the psychologically important 27,000 level. India's industrial production surged at 13-months high pace of 5.7% in November 2016 over November 2015, snapping 1.8% fall recorded in October 2016. The manufacturing sector's production jumped 5.5%, while mining output rebounded 3.9% after three months of decline, contributing to the increase in industrial production. The data was released by the government after market hours on Thursday, 12 January 2017.In the week ended Friday, 13 January 2017, the Sensex rose 478.83 points or 1.79% to settle at 27,238.06. The Nifty 50 index rose 156.55 points or 1.90% to settle at 8,400.35.

The BSE Mid-Cap index gained 317.31 points or 2.58% to settle at 12,639.03. The BSE Small-Cap index 249.52 points or 2.01% to settle at 12,689.85. Both these indices outperformed the Sensex.

Macro Economic Front:

On the Economic Front,Finance Minister ArunJaitley, in his address on the second day of vibrant Gujarat Global Investors Summit on Wednesday, 11 January 2017, on demonetization, said that difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them.

Stressing the implementation of the Goods and Services Tax (GST), Jaitley said that most of the issues have been resolved, few critical issues are left which will be resolved in the next few weeks. He further added that GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year.

Major Action &Announcement:

Tata Steel was top gainer in the Sensex pack last week. The stock rose 6.36% to Rs 446.40 last week after the company announced that its total sales rose 27.45% to 29.94 lakh tonne in Q3 December 2016 over Q3 December 2015. The growth in sales was enabled by higher sales in the automotive segment, branded products and value-added products & scaling up of sales in new segments. The announcement was made during market hours on Monday, 9 January 2017.

Auto major Tata Motors rose 3.38% to Rs 514.65. Tata Motors Group's global wholesales rose 4% to 95,081 units in December 2016 over December 2015. The announcement was made after market hours on Tuesday, 10 January 2017. Tata Motors' subsidiary Jaguar Land Rover reported 12% rise in total retail sales to 55,375 units in December 2016 over December 2015. The announcement was made during market hours on 9 January 2017.

Software major TCS fell 1.38% to Rs 2,252. The company's consolidated net profit rose 2.9% to Rs 6778 crore on 1.5% increase in revenue to Rs 29735 crore in Q3 December 2016 over Q2 September 2016. The result was announced after market hours on Thursday, 12 January 2017. The results are as per International Financial Reporting Standards (IFRS).

Infosys' consolidated net profit rose 2.8% to Rs 3708 crore on 0.2% fall in revenue to Rs 17273 crore in Q3 December 2016 over Q2 September 2016. The consolidated net profit rose 1.5% to $547 million on 1.4% fall in revenue to $2551 million in Q3 December 2016 over Q2 September 2016. The results are as per International Financial Reporting Standards (IFRS).

State-run NTPC advanced 4.36% to Rs 171.05 after the company signed a non-binding memorandum of understanding (MoU) with Rajasthan RajyaVidyutUtpadan and Rajasthan UrjaVikas Nigam for take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2x660 MW) of Rajasthan UrjaVikas Nigam. The announcement was made during market hours on Thursday, 12 January 2017.

US President-elect Donald Trump said in his first press conference late Wednesday, 11 January 2017 that pharmaceutical companies were getting away with murder with respect to drug pricing and promised a complete turnaround, making healthcare less expensive and better. He said that US is the largest buyer of drugs in the world, and yet, the country does not bid properly, prioritising bringing back drug industries back to the US. He added that US firms would start bidding and save billions. Trump also said he would repeal and replace Obamacarethe country's existing affordable healthcare legislation-shortly after price approvals, which could impact pharma companies.

Global Front:

In Overseas Markets,investors will look forward to the policies and actions of US President-elect Donald Trump, whose focus is on creating jobs and increasing spending in the US. If Trump's policies run into headwinds, then the domestic market may witness heightened volatility. China Q4 Gross Domestic Product (GDP) data for December 2016 will be announced on Monday, 16 January 2017. China's Industrial Production data for December 2016 will be announced on Monday, 16 January 2017.

UK Consumer Price Index (CPI) data for for December 2016 will be announced on Tuesday, 17 January 2017.

Global Economic News:

US holiday sales disappoint
US retail sales rose 0.6% in December, but were flat when excluding automobile and gasoline sales.

China’s 2016 exports fall
Exports from China fell for a second year amid persistent weakness in global trade. The possibility of disagreements with the United States over trade does not brighten the outlook for 2017. In 2016, exports fell 7.7% while imports slid 5.5%. There were some bright spots discernible, suggesting domestic demand is improving. Record amounts of oil, iron ore, copper and soybeans were imported in 2016.

Outlook upbeat for small businesses
The National Federation of Independent Businesses termed the jump in its small business optimism indicator “stratospheric” as the number of business owners who expect better business conditions jumped 38 points. The index rose to 105.8, its highest level since 2004. The increased optimism is leading to more business activity, such as capital investment, according to the group.

Global economy to expand 2.7% says World Bank
Despite stagnant global trade, subdued investment and heightened policy uncertainty, the World Bank expects global growth to expand at a 2.7% rate in 2017, up from 2.3% in 2016, a post-crisis low. Hoped- for fiscal stimulus from the US could generate fast growth, the bank said, though it cautioned that trade protection could have adverse effects.

Pace of US stimulus questioned
President-elect Donald Trump held a press conference this week but did not lay out a clear timeline or framework for the tax cuts and regulatory reforms he campaigned on. Markets are growing concerned that stimulus could come later than expected or be smaller in size than first envisioned. Trump did say that the Affordable Care Act would be repealed and replaced “essentially simultaneously.” The president-elect said that he would place his business interests in a trust and transfer control of his company to his two adult sons.

GLOBAL CORPORATE NEWS

BOE’s Carney: Brexit no longer biggest risk to stability
Bank of England governor Mark Carney said this week that Brexit is no longer the biggest single risk to financial stability in the United Kingdom. That’s a dramatic change in tune from the nation’s top central banker. Before the referendum in June, Carney warned of severe economic consequences if Britons voted to leave the European Union. Now, Carney says that the bank will very likely revise its economic forecast higher next month. The EU, Carney said, has more to lose from a “hard” Brexit than the UK.

 

NEW 52-WEEK HIGH BSE (A):

 

Adani Power

37.30

BEML

1245..00

NLINDIA

94.50

NEW 52-WEEK LOWS BSE (A):

RCOM

31.05

MAJOR WEEKLY GAINERS IN BSE A CATEGORY:

beml LTD

21.50

NLC INDIA

14.19

GUJMINERAL DEV

13.97

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

OIL INDIA LTD

-26.42

CADILA HEALTHCARE

-7.99

RELAINCE COMMU

-7.10


Eyes will be set on the certain US economic data releases are:

Monday (16 Jan)
All Markets Closed
Tuesday(17 Jan)
Week Bill Anouncement& Month Bill Auction

Wednesday(18 Jan)
Consumer Price Index &MBA Mortgage Applications
Thursday(19 Jan)
Jobless Claims& Natural Gas Report
Friday(20 Jan)
No Major Data

Fundamental Pick of the week:

BUY Tata power Ltd For Target Rs. 88.00

The stock rose to two and half month closing high post giving break-out from “Symmetrical Triangle” pattern.We believe the stock will surge in the near-term, as (i) substantial rise in volume on the break-out day and (ii) gradual rise in RSI & MACD post their positive cross-over is signaling strength in the stock and in favor of probable rebound.On the higher side, the stock will initially face resistance around prior swing high and monthly moving average thereafter.

Recommendation

Long position can be initiated in Rs79.50-79 range for target of Rs88 with a strict stop loss of Rs76.

Indian Market Outlook:

The Nifty opened higher and ended the trading session on a positive note. It is approaching significant resistance levels. The 20 Week Moving Average (WMA) and the 50% retracement of the fall from 8968 to 7893 are converging at around 8430. It would be interesting to see if the bears manage to defend the crucial resistance level of 8430 or not. If the Nifty breaks and sustains above 8430, then a move towards 8510-8560 is likely. However, the Index is losing momentum on the upside. The hourly momentum indicator is already showing a negative divergence and has also given a negative crossover. Therefore, some caution needs to be maintained while initiating fresh long positions. The bulls will gain momentum if the Nifty breaks and sustains above 8430. The Index is interestingly poised at this moment. It continues to make higher top and higher bottom, indicating that the current uptrend can persist in the near term. Traders holding long positions in the Nifty should trail stop loss, as the momentum is weakening.

TECHNICAL VIEW:

 

S3

S2

S1

NIFTY

R1

R2

R3

8,265

8,315

8,361

8,400.35

8,449

8,499

8,540

 

Conclusion:

 

Nifty continue its uptrend now range of 8430-8435 is very important zone of resistance,crossing the same rally can extend towards 8600. Taking resistance in zone we can see downmove towards 8250. High made today was 8417 and low 8382 and close at 8407. As we have weekly closing tomorrow so bulls will be happy to close above the gann resistance zone as shown in below chart,bears will be happy to close below 8380. Close above 8440 can see next round of upmove towards 8555/8598. Bears below 8370 can move back towards 8270-8250 range.

 

 

Happy Investing…..

Nifty ends above 8400, Sensex up over 100 pts:

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Major headlines

·         India rubber prices jump to 2-1/2 year high:Tyre makers fall

·         8 NBFCs surrender their certificate of registration to RBI

·         India, US ink agreement on cyber security cooperation

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

27,247.16

0.39

Nifty

8,407.20

0.32

Indian Indices: Indian benchmark indices continued to trade in tight band with a gain of over quarter a percent in late afternoon session, led by IT stocks on hopes that U.S. President-elect Donald Trump may not proceed with stringent visa rules. Sentiments remained upbeat with Finance Minister ArunJaitley’s statement that the implementation of the Goods and Services Tax (GST), coupled with a digitised economy ushered in by demonetisation, will make India’s economy look much cleaner and bigger. On sectoral front, pharma sector stocks came under pressure with U.S. President Trump’s statement that the pharmaceutical companies are getting away with murder in what they charge the government for medicines, and promised that would change in his first presser.

On the global front, European markets were trading in red as U.S. President-elect Donald Trump's first press conference since winning the election proved to be a dampener for investors looking for clues on his tax and international trade policies. Asian markets were trading mostly in green.

The BSE Sensex is currently shut up at 27247.16, up by 106.75 points or 0.39% after trading in a range of 27166.69 and 27278.93. There were 16 stocks advancing against 14 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was up by 0.05%, while Small cap index was down by 0.14%.

The CNX Nifty is currently closed at 8407.20, up by 26.55 points or 0.32% after trading in a range of 8382.30 and 8417.20. There were 23 stocks advancing against 28 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

NHPC

29.90

9.12

NLINDIA

91.50

8.93

SJVN

32.30

7.49

AIAENG

1401.00

6.67

Losers

 

 

OIL

348.15

-3.81

Jubilant

679.30

-3.80

IDEA

72.20

-3.22

PVR

1183.35

-3.04

Market Statistics

 

 

 

BSE

NSE

Advances

1397

648

Declines

1190

811

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Crporate Front:

Eight NBFCs have surrendered the certificate of registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

Macroeconomic front:

The Ministry of Labour and Employment has extended the deadline by three months for companies and other commercial establishments to get registered with the Employees Provident Fund Organisation, reported PTI.

 

On the global front:

On the global front, European markets were trading in red as market participants waiting for clues on U.S. President-elect Donald Trump's tax policies and spending plans in the first news conference since winning office, to be held later today. Asian markets were trading mostly in green. Back home, in scrip specific development, IPCA Laboratories edged higher on the buzz of completing redemption of 2 formulation plants and SpiceJet gained after company clocked the highest industry OTP (On-time performance) at Delhi airport for December 2016.


Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28480.00

0.64

Silver

41232.00

0.55

Crude oil

3580.00

-0.25

Natural Gas

226.40

1.48

Alluminium

121.20

1.38

Copper

398.95

1.45

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Power up by 3.08%, IT up by 1.45%, Capital Goods up by 1.38%, TECK up by 1.13% and PSU up by 1.08%, while FMCG down by 0.73%, Auto down by 0.34%, Metal down by 0.17% and Consumer Durables down by 0.02% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were NTPC up by 5.35%, Power Grid up by 4.16%, Tata Power up by 3.12%, Larsen & Toubro up by 2.66% and Infosys up by 2.21%. On the flip side, Idea Cellular down by 3.55%, Lupin down by 1.88%, AurobindoPharma down by 1.82%, Dr. Reddys Lab down by 1.54% and Coal India down by 1.53% were the top losers.

 

Global Signals:

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 4.27 points or 0.25% to 1,679.48, Jakarta Composite increased 6.62 points or 0.12% to 5,307.85, KOSPI Index increased 11.97 points or 0.58% to 2,087.14, Taiwan Weighted increased 16.82 points or 0.18% to 9,392.68 and Nikkei 225 increased 230.9 points or 1.23% to 18,996.37. On the flip side, Hang Seng decreased 106.33 points or 0.46% to 22,829.02 and Shanghai Composite decreased 17.46 points or 0.56% to 3,119.29.

All European markets were trading in red; Germany’s DAX decreased 70.13 points or 0.6% to 11,576.04, France’s CAC decreased 29.64 points or 0.61% to 4,859.07 and UK’s FTSE 100 decreased 23.96 points or 0.33% to 7,266.53.

 

 

President Trump speech ignites equities even as US$ sees selling with Oil rising sharply

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Major headlines:

·         Government hopeful of achieving disinvestment target

·         Demonestisation to have positive impact next fiscal

·         Key Indian equity indices open higher

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

8338

8430

Nifty

27020

27295

 

Asian markets traded in the green ex Japan where the 'Nikkei' index was down almost 1% after the yen rallied against the US$. OIl prices saw a sharp pullback with the greenback seeing selling while bond yields also traded flat. President Trump sounded cautious on Pharma& biotech & vowed to bring back jobs to the US which should be ominous warning to global Pharma& IT outsourcing. 


Nifty crossed the 200 DMA in style with 8400 being within reach today. Banks lead the from the front with the Bank Nifty gaining almost 2.25%.Metals were the other big outperformer with the Metal index up over 4%.For today expect consolidation around 8400 on the Nifty while mid caps should see more action & participation.


The BSE Sensex is currently trading at 27239.03, up by 98.62 points or 0.36% after trading in a range of 27166.69 and 27278.93. There were 16 stocks advancing against 14 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 0.02%. The CNX Nifty is currently trading at 8404.15, up by 23.50 points or 0.28% after trading in a range of 8382.30 and 8417.20. There were 24 stocks advancing against 27 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Power grid

198.50

4.61

MMTC

72.50

4.54

Godrejprop

336.00

3.72

Cyient

510.00

3.64

Group ATopLosers

 

 

OIL

346.30

-4.32

Jubilant

684.00

-3.14

IDEA

72.75

-2.48

SRTRANSFI

942.00

-2.56

Market Statistics

 

 

 

BSE

NSE

Advances

1052

1168

Declines

1152

307

 

Technical view: Nifty will now find support around 8289 which is the 200DMA while resistance now comes @ 8446 which is the 100 DMA. Bank Nifty now finds support @ 18258 which isn the 200 DMA while the 100 DMA @ 19068 will act as resistance.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 1052:1152, while 116 scrips remained unchanged.

 

Trading ideas IBREALEST (Buy above Rs 82.5 for target of Rs 86.5, SL at Rs 80.5): Stock has given a flag breakout on daily charts, after consolidating for the past 4 trading sessions between Rs 78.5 and Rs 81.5. The momentum seen in yesterday's trade along with stock sustaining above its 200-DMA would augur well in near term. On daily chart, stock looks a perfect price volume breakout candidate. We advise to Buy IBREALEST above Rs 82.5, stop loss at Rs 80.5 and Target of Rs 86.5.

 

MacroeconomicFront: According to sources, the first-ever policy to set the tone for water management in the Indian Railways is likely to be finalised by the end of this month. Commenting on the issue, Additional Member, Mechanical, K Swaminathan told the media, "We are rolling out a water policy by the end of this month which will set the tone for water management in the Indian Railways."


Corporate Snippets:

Lupin has received final approval from the US health regulator to market its Desoximetasone cream, used for treatment of skin disease, in the American market.

 

MRF Ltd said it will invest around Rs 45 bn in a phased manner over a period of ten years to set up a manufacturing unit in Gujarat.

 

Royal Orchid Hotels has acquired Amartara Hospitality by buying additional 24.9% stake in it.

 

NTPC’s board has approved an investment of Rs 10.53 bnDulanga coal mining project with rated production of 7 mtpa.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Power up by 2.09%, IT up by 1.20%, Capital Goods up by 0.98%, PSU up by 0.98% and TECK up by 0.94%, while Metal down by 0.83%, FMCG down by 0.33%, Realty down by 0.18% and Consumer Durables down by 0.06% were the losing indices on BSE.

Nifty Movers:The top gainers on Nifty were Power Grid up by 4.74%, NTPC up by 2.71%, Infosys up by 2.23%, Tata Power up by 2.21% and Tech Mahindra up by 1.96%.  On the flip side, Idea Cellular down by 2.08%, Coal India down by 1.56%, AurobindoPharma down by 1.50%, IndusInd Bank down by 1.44% and BHEL down by 1.20% were the top losers.

 

 

 

On the global front:On the global front, Asian shares were trading mostly in green, with investors eyeing the first full press conference by President-elect Donald Trump since the November election. Trump has vowed to label China a currency manipulator on his first day in office and has threatened to slap huge tariffs on imports from China. Hong Kong shares extended their recent rally into a fifth successive day as investors brushed off another loss on Wall Street.

 

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 3.52 points or 0.21% to 1,678.73, KOSPI Index increased 3.64 points or 0.18% to 2,078.81, Shanghai Composite increased 3.77 points or 0.12% to 3,140.52, Jakarta Composite increased 11.71 points or 0.22% to 5,312.95 and Taiwan Weighted increased 69.03 points or 0.74% to 9,414.77.On the other hand, Nikkei 225 decreased 188.43 points or 0.97% to 19,176.24 and Hang Seng decreased 90.05 points or 0.39% to 22,845.30.

 

Nifty ends at 8289, Sensex jumps 173 pts: auto rally

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Major headlines

·         India’s December domestic passenger vehicle sales down 1.36%

·         India’s fuel demand rose 4.3 percent Y/Y in December

·         Reforms, Policy effectiveness to decide India rating

 

Indian Indices: Indian equity indices maintained the upbeat mood in late afternoon session and extended their gains on the back of healthy buying in Metal, Oil & Gas and Consumer Durables stocks. Sentiments got support with Moody’s report which maintained positive outlook on India and said beyond the short-term negative impact on growth, demonetisation has the potential to raise government revenues and provide some fiscal space to support growth if required. Positive opening in European market too aided the sentiments. European markets were trading in green despite concerns over the Italian banking system and the implementation of an OPEC deal. Back home, buying in Tata Motors and Tata Steel too supported the markets uptrend. Tata Motors was trading higher after the company’s arm reported 12% rise in December retail sales. Tata steel was trading in green after company reported 27% jump in Q3FY17 sales to 2.9 MT.

The BSE Sensex is currently trading at 26885.20, up by 158.65 points or 0.59% after trading in a range of 26804.17 and 26914.95. There were 24 stocks advancing against 6 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.35%, while Small cap index was up by 0.59%.

The CNX Nifty is currently closed at 8236.05, up by -7.75 points or 0.09% after trading in a range of 8227.75 and 8263.00. There were 27 stocks advancing against 24 stocks declining on the index.

 

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Crporate Front:

Government’s capacity to implement reforms and policy effectiveness will decide India’s rating going forward, Moody’s Investors Service said. The US-based agency said that ongoing implementation of reforms is likely to boost India’s medium-term growth.

Macroeconomic front:

Ministries of environment and textiles will soon meet to find long-term as well as short-term solutions to the challenges being faced by domestic handicrafts exporters, said the media report.  A meeting to resolve the issues of Indian handicrafts exporters will soon be convened, Textiles Minister SmritiIrani has said.

 

On the global front:

On the global front, European markets were trading mostly in red, as investors remained on sidelines ahead of fresh data from the euro zone and volatility in oil markets. Asian markets were trading mostly in red. Back home, value buying in Realty, Auto and FMCG stocks also supported the markets.


 

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28062.00

0.04

Silver

40630.00

-0.14

Crude oil

3567.00

-0.2

Natural Gas

215.50

1.32

Alluminium

118.45

0.85

Copper

387.25

1.12

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 0.96%, Oil & Gas up by 0.94%, Consumer Durables up by 0.88%, Auto up by 0.78% and FMCG up by 0.69% , while Realty down by 0.42% was the sole losing index on BSE.

Top Nifty Movers:The top gainers on Nifty were Hindalco up by 3.77%, Adani Ports &Special up by 3.00%, Tata Motors up by 2.58%, Asian Paints up by 1.82% and Tata Motors - DVR up by 1.68%. On the flip side, Axis Bank down by 1.12%, Grasim Industries down by 1.06%, Ambuja Cement down by 0.66%, HDFC down by 0.65% and Indusind Bank down by 0.63% were the top losers.

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 152.89 points or 0.79% to 19,301.44, Jakarta Composite decreased 12.35 points or 0.23% to 5,304.02, Shanghai Composite decreased 9.56 points or 0.3% to 3,161.67, KOSPI Index decreased 3.66 points or 0.18% to 2,045.12 and FTSE Bursa Malaysia KLCI decreased 0.46 points or 0.03% to 1,667.44. On the flip side, Taiwan Weighted increased 7.22 points or 0.08% to 9,349.64 and Hang Seng increased 186.16 points or 0.83% to 22,744.85.

All European markets were trading in green; France’s CAC increased 8.73 points or 0.18% to 4,896.30, UK’s FTSE 100 increased 13.63 points or 0.19% to 7,251.40 and Germany’s DAX increased 26.98 points or 0.23% to 11,590.97.

 

 

Global indices in consolidation as Chinese Yuan sees huge volatility with US$ seeing profit booking on every rally

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Major headlines:

·         Asset deterioration a challenge for Indian banks.

·         Money has lost secrecy post demonetization

·         Key Indian equity indices open in green

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26454

26725

Nifty

8138

8215

 

Indian IndicesAsian markets opened flat to positive as US$ volatility versus Chinese yuan saw currency moves dominate recent market behaviour. The US$ is witnessing profit booking at every rally while the Chinese yuan had a very strong rally from oversold levels. The Dow Jones also hit 19999.63 as positive jobs report saw the US$ strengthen with equities jumping.


Nifty failed to cross the 200 DMA @ first attempt & late hour profit booking saw Nifty retreat to close below 8250. Bank Nifty however saw huge short covering & closed above its 200 DMA on value buying. For today expect another day of consolidation even as bulls make another attempt to cross 8280-8300 for Nifty to resume further uptrend. Weakness in IT stocks was the main culprit for Nifty under performance which saw banks being the best performing sector in rotation.


The BSE Sensex is currently trading at 26737.88, down by 21.35 points or 0.08% after trading in a range of 26720.09 and 26860.88. There were 12 stocks advancing against 18 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.43%.The CNX Nifty is currently trading at 8237.15, down by 6.65 points or 0.08% after trading in a range of 8233.45 and 8263.00. There were 23 stocks advancing against 28 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

BEML

1135.15

14.7

MMTC

68.30

9.72

Fortis

203.10

5.62

KPIT

140.70

4.45

Group ATopLosers

 

 

Cadila

367.55

-3.10

DRreddy

3072.05

-2.80

HCC

40.90

-1.68

PIIND

827.10

-1.50

Market Statistics

 

 

 

BSE

NSE

Advances

1131

1168

Declines

1047

307

 

Technical view: Nifty will find support around 8181 which was the low for last 3 days while 8280 will act as first resistance. Bank Nifty now finds strong support @ 18000 while 18350 will act as resistance.


Market Sentiment:

The market breadth on BSE was positive in the ratio of 1354:828, while 98 scrips remained unchanged.

 

Trading ideas :YESBANK (Buy above Rs 1250 for target of Rs 1300, SL at Rs 1224): Stock has witnessed a double bottom breakout on daily charts post the two days smart rally. Near term trend turned positive for the stock on close above both its 50 and 100 DMA in last weeks trade. Price volume breakout would lead to sustained momentum for the stock in coming sessions. We advise to Buy YESBANK above Rs 1250, stop loss at Rs 1224 and Target of Rs 1300.

 

MacroeconomicFront: Finance Minister ArunJaitley has said that the colour of funds has not changed by merely depositing them in banks as the money has now lost its 'anonymity' and can be identified with the owner. Commenting on the issue, Finance Minister ArunJaitley told the media, "When 86 per cent of a country's currency, constituting 12.2 per cent of its GDP, is squeezed out of the market and sought to be replaced by a new currency.

Corporate Snippets:SpiceJet is expected to order at least 92 Boeing Co 737 jetliners, as it looks to bolster its presence in the world's fastest growing aerospace market.

 

SBIwill take the lead among state-run lenders to launch branch less banking. The latest launch from the lender - SBI Digi Bank will have a financial superstore, a market place and end to end digitisation for all products and services. 

 

Pokarna Ltd has announced Pokarna Engineered Stone Ltd, its wholly-owned subsidiary, has partnered Swedish home furnishing products retailer IKEA in India, to serve as its exclusive quartz surfaces supplier and installation partner.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were FMCG up by 0.65%, Realty up by 0.33%, Capital Goods up by 0.22%, Bankex up by 0.21% and Metal up by 0.14%, while Oil & Gas down by 0.52%, Power down by 0.45%, Consumer Durables down by 0.35%, PSU down by 0.19% and Auto down by 0.17% were the losing indices on BSE.

Nifty Movers:The top gainers on Nifty were AurobindoPharma up by 1.65%, HCL Tech up by 1.56%, Eicher Motors up by 1.51%, Idea Cellular up by 1.51% and ITC up by 1.17%. On the flip side, Dr. Reddy’s Lab down by 2.22%, BPCL down by 1.56%, Mahindra & Mahindra down by 1.37%, Coal India down by 1.31% and ACC down by 1.26% were the top losers.

 

 

 

On the global front: On the global front, Asian shares were trading mixed, as investors focused on policymaker remarks later this week for direction. Chinese Vice Finance Minister Zhu Guangyao said that the country is confident to have reached an economic growth of 6.7 percent in 2016, within a targeted range set earlier in the year. China, which had been aiming for a 6.5-7 percent economic growth for 2016, boosted government spending, saw a housing rally and record high levels of bank lending last year.

 

Global Signals:The Asian markets were trading mixed; KOSPI Index increased 3.22 points or 0.16% to 2,052.34, Shanghai Composite increased 14.96 points or 0.47% to 3,169.28 and Hang Seng increased 39.55 points or 0.18% to 22,542.56. On the other hand, Taiwan Weighted decreased 34.71 points or 0.37% to 9,337.51, Jakarta Composite decreased 22.68 points or 0.42% to 5,324.34 and FTSE Bursa Malaysia KLCI decreased 4.36 points or 0.26% to 1,671.13.

 

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