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SENSEX ENDS ON A POSITIVE NOTE, NIFTY ABOVE 9650; HERO MOTO, CIPLA GAIN

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Indian Indices: Indian equity benchmarks held firm trade in late afternoon session on optimism about a normal monsoon and healthy buying in Realty, Healthcare and Power stocks. Traders took encouragement with Moody's Investors Service’s latest report that a number of wide-ranging reforms initiated by the government would gradually ease the country's high debt burden, if implemented successfully. The agency also noted that demonetization & financial inclusion efforts will help broaden the tax base, while expenditure reforms will enhance spending efficiency and the Aadhaar identification system can help reduce fiscal leakage. 

Some support also came with NITI Aayog vice chairman ArvindPanagariya’s statement that India's 'fragile economy' has been turned around in the last three years and a sustained growth of 8 percent would now be possible within a few years. Meanwhile, markets regulator SEBI has launched an online registration mechanism for mutual funds with effect from June 1 to improve ease of doing business.

The BSE Sensex is currently closed at 31,273.29, up by 135.70 points or 0.44% after trading in a range of 31190.40 and 31332.56. There were 20 stocks advancing against 10 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 0.60%.

The CNX Nifty is currently shut up at 9653.50, up by 37.40 points or 0.39% after trading in a range of 9637.45 and 9673.50. There were 35 stocks advancing against 16 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

GVKPIL

5.94

14.45

GMRINfra

17.00

13.71

M&MFin

388.95

7.59

Bayercrop

4981.00

9.25

Losers

 

 

Sintex

25.40

-3.79

Videoind

36.75

-4.92

Intellect

120.60

-2.94

GDL

243.00

-2.86

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

31,273.29

0.44

Nifty

9,653.50

0.39

Crporate Front: In a view to generate awareness and educate retail partners around GST implications, ASSOCHAM and the leading consumer electronics and home appliances company, Videocon, on Thursday organized the first-of-its-kind GST Summit for traders. The daylong ASSOCHAM VIDEOCON GST Summit for traders witnessed deep discussions around GST, addressing retailers’ queries, and offering them a clearer understanding of the GST concept.

 

 

Macroeconomic front: The Union Minister for Finance, Defence and Corporate Affairs, ArunJaitley will chair the 15th Meeting of the GST Council scheduled to be held on Saturday, June 03, 2017 at VigyanBhavan in the national capital, according to a statement released by the ministry of finance. The ministry said that this meeting is important because it is likely to finalize the rates of tax and cess to be levied on the commodities remaining after the fitment exercise in the 14th GST Council Meeting.

 

On the global front:

On the global front, European markets were trading mixed, as political uncertainty took center stage once again. Asian markets were trading in red. Back home, in scrip specific development, JaiPrakash Associates jumped higher after the company executed a definitive agreement with Orient Cement (OCL), a part of CK Birla Group. The agreement is for acquisition by OCL of company's 74% equity stake in BhilaiJaypee Cement (BJCL) based on an enterprise value of Rs 1,450 crore on a cash free and debt free basis.


Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28650.00

-0.01

Silver

39700.00

-0.28

Crude oil

3024.00

-4.27

Natural Gas

193.70

-0.31

Alluminium

123.45

-0.6

Copper

363.10

-1.53

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.39%, Healthcare up by 1.21%, Power up by 0.98%, Consumer Durables up by 0.95% and Telecom up by 0.90%, while Oil & Gas down by 0.31%, Energy down by 0.14% and Metal down by 0.13% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Cipla up by 3.25%, Hero MotoCorp up by 3.12%, Adani Ports & SEZ up by 2.73%, Yes Bank up by 2.55% and HDFC up by 1.78%. On the flip side, GAIL India down by 2.12%, Vedanta down by 1.62%, BPCL down by 1.60%, Indiabulls Housing Finance down by 1.24% and Hindustan Unilever down by 1.13% were the top losers.

 

Global Signals:

Asian markets were trading mostly in green; Shanghai Composite increased 2.92 points or 0.09% to 3,105.54, FTSE Bursa Malaysia KLCI increased 13.03 points or 0.74% to 1,776.14, KOSPI Index increased 27.11 points or 1.16% to 2,371.72, Taiwan Weighted increased 65.11 points or 0.65% to 10,152.53, Hang Seng increased 114.83 points or 0.44% to 25,924.05 and Nikkei 225 increased 317.25 points or 1.6% to 20,177.28. On the flip side, Jakarta Composite decreased 3.69 points or 0.06% to 5,734.46.

All European markets were trading in green; UK’s FTSE 100 increased 25.82 points or 0.34% to 7,569.59, France’s CAC increased 33.56 points or 0.63% to 5,352.23 and Germany’s DAX increased 116.77 points or 0.92% to 12,781.69.

 

 

US indices close at new all time highs as jobs data spurs growth. Japanese ‘Nikkei’ crosses 20000 for the first time after 2015 as ‘Yen’ weakness spurs buying in exporters.

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Indian Indices: Asian indices opened in the green led by the Japanese ‘Nikkei’, which crossed 20000 for the first time as the 'Yen' weakness saw stocks rally. With the global rally in equities getting more pronounced higher risk taking seems the present norm as bond yields fall with oil and gold prices.


Nifty closed unchanged for another session due to weak macro data, however, intraday weakness got quickly bought into. The sentiment for higher return in equities is evident as all bad news is getting bought into without any correction. For today expect buying in mid-caps as they have corrected more than the market and a rebound is on the cards. 


The BSE Sensex is currently trading at 31252.40, up by 114.81 points or 0.37% after trading in a range of 31190.40 and 31332.56. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.62%, while Small cap index was up by 0.36%.

The CNX Nifty is currently trading at 9646.35, up by 30.25 points or 0.31% after trading in a range of 9637.45 and 9673.50. There were 32 stocks advancing against 19 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

GMRINFRA

17.05

14.05

GVKPIL

5.61

8.09

Adanitrans

132.75

4.98

Welcorp

91.90

4.08

Group ATopLosers

 

 

Videoind

36.75

-4.92

GDL

242.80

-2.94

PFC

128.15

-1.88

Voltas

499.80

-1.79

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30900

Nifty

9410

9560

 

Technical view: Nifty finds strong support around 9570 while 9700 will be the target on the upside. Bank Nifty also finds support around 23100 while 23700 will act as major resistance on the upside.


 

CEAT Limited (Buy Above 1791 with Stop Loss at 1766.5 for Target of 1840): After consolidating for over 10 trading sessions and correcting from highs of Rs 1897 to Rs 1635 the stock has finally broken out from a continuation Flag pattern. This indicates that a fresh up move is on the cards. The breakout is accompanied with credible volumes. The stock has also bounced back from its short term moving average, which further accentuates our bullish stance on the stock.


Derivative Snippets    

Pharma Sector: Attractive Valuations

L&T Technology Services (LTTS)has completed the acquisition of Esencia. With this, EsenciaTechnologies will become a subsidiary of L&T Technology. 

In the last trading session, Nifty ended on a flat note for the fourth trading day in a row. Nifty and Bank ATM/OTM put option strikes witnessed marginal short selling, indicating a continued uptrend for the markets.

FIIs were net sellers in cash market segment to the tune of Rs 517 Cr.FIIs index future long short ratio at 6x.

Nifty Movers: The top gainers on Nifty were BhartiAirtel up by 3.42%, Cipla up by 2.18%, Adani Ports & Special Economic Zone up by 1.85%, Hero MotoCorp up by 1.77% and Tata Motors - DVR up by 1.65%. On the flip side, Tata Steel down by 1.49%, Power Grid down by 1.06%, GAIL India down by 0.93%, Vedanta down by 0.89% and Hindustan Unilever down by 0.86% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Healthcare up by 2.00%, FMCG up by 1.15%, Consumer Disc up by 0.74%, Auto up by 0.66% and Realty up by 0.47%, while Oil & Gas down by 1.21%, Energy down by 0.97%, Metal down by 0.94%, Bankex down by 0.43% and PSU down by 0.38% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, with Shanghai bucking the trend. The offshore Chinese yuan hit its highest level since October on Thursday, a move traders believe was engineered by Chinese authorities as a show of strength to scare off yuan sellers after Moody’s downgraded China last week. South Korea’s benchmark Kospi index was higher as markets digested the release of revised Q1 GDP, which reflected the economy grew 2.9% on year compared to the 2.7%.

 

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 9.65 points or 0.55% to 1,772.76, KOSPI Index increased 24.93 points or 1.06% to 2,369.54, Taiwan Weighted increased 33.83 points or 0.34% to 10,121.25, Hang Seng increased 93.04 points or 0.36% to 25,902.26 and Nikkei 225 increased 319.14 points or 1.61% to 20,179.17.On the other hand, Shanghai Composite decreased 9.83 points or 0.32% to 3,092.80 and Jakarta Composite decreased 6.49 points or 0.11% to 5,731.66.

 

Markets to make a somber start on weak GDP data- Research Report-Sharetipsinfo

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Domestic Market View :

Markets to make a somber start on weak GDP data

The Indian markets after a volatile day of trade ended marginally in red in the last session with traders turning cautious ahead of the GDP data. Today, the start is likely to be somber and traders will be reacting negatively to some weak economic data. India lost the tag of the world’s fastest growing major economy to China with a gross domestic product growth of 6.1 per cent in the three months through March from a year earlier, also slowing from a provisional 7 percent in the previous quarter. Growth for the year ending in March came in at 7.1 percent, in line with the official estimate. Meanwhile, India Inc. has said that the government's note ban move clearly had a debilitating impact on India's economy. Also, the growth of eight core sectors declined to 2.5 per cent in April, dragged down by lower coal, crude oil and cement production. Core sector growth was 8.7 per cent in April last year. However, there will be some solace with the government achieving the fiscal deficit target of 3.5 percent of GDP in 2016-17. As per Controller General of Accounts (CGA) data fiscal deficit was 3.51 percent of GDP or Rs 5.35 lakh crore in 2016-17. The CGA further said that revenue deficit during the last fiscal was 2.02 percent of GDP. There will be some buzz in the PSU oil marketing companies, as petrol and diesel prices were hiked on Wednesday, while Petrol price was increased by Rs. 1.23 the diesel price was hiked by Rs. 0.89. The auto companies will be in focus as they will start announcing their monthly sales numbers.

Indian benchmarks end a dull session with modest cut; broader markets outclass blue-chips

It turned out to be a lackadaisical performance from Indian benchmark indices on Wednesday, as they failed to snap the session in the green territory and settled marginally below the neutral lines. The frontline gauges took a breather, after closing at record highs for the previous sessions, as investors waited for gross domestic product (GDP) data due later in the day and searched for fresh corporate triggers with the results season coming to an end. According to India’s former chief statistician PronabSen, the country’s GDP for 2016-17 will get 50 basis points (bps) push to 7.6 percent from the government’s estimate of 7.1 percent, due to the recent revision of the base year of the Wholesale Price Index (WPI) and the Index of Industrial Production (IIP).

Further, investors around the world also turned cautious after a powerful bomb exploded in the morning rush hour in the centre of Kabul on Wednesday, killing at least 80 people, wounding hundreds and sending clouds of black smoke into the sky above the presidential palace and foreign embassies. However, losses remained capped with the Moody's Investors Service’s report stating that Indian economy will grow by 7.5 per cent in the current fiscal year, 7.7 per cent in 2018-19 and will reach to around 8 per cent in 3-4 years on the back of government's various reforms. Some support also came with report that Southwest monsoon arriving in Kerala on the expected date this year and also advancing into some parts of the Northeast India. Also, Prime Minister NarendraModi while speaking at the Indo-German Business Summit in Berlin said that India has one of the most liberal FDI policy regimes in the world and more than 90 percent of foreign investment flows are under automatic route. Meanwhile, Aviation stocks gained traction on expectations that a slide in oil prices would reduce carriers' fuel cost, which typically constitute about 50% of airlines' operating costs.

 

Global Market Overview 

Asian markets end mixed on Wednesday

Asian equity markets made a mixed closing on Wednesday as a stronger yen and a fall in oil prices ahead of weekly US industry inventory estimates later in the day offset better-than-expected manufacturing data from China. Japanese shares ended lower as the dollar hit two-week lows against the yen after mixed US data released overnight and new poll results showing that UK Conservatives could fall short of overall majority in next month's national election. Meanwhile, Chinese shares ended higher after data showed activity in China's manufacturing sector grew faster than expected in May. China's manufacturing sector continued to expand in May and at a steady pace, with a manufacturing PMI score of 51.2. That's unchanged from the April reading and surpassed expectations for 51.0. The non-manufacturing PMI came in with a score of 54.5 up from 54.0 in the previous month.

US markets closed lower for second straight day

The US markets closed lower on Wednesday, but off their worst levels of the session, notching gains for the month as a slump in bank shares and a mixed reading of economic reports weighed on investor sentiment. Coupled with the drop in oil prices and reports that former FBI Director James Comey will publicly testify that President Donald Trump pushed him to end the probe into former national-security adviser Michael Flynn also weighed on the sentiments. On the economy front, a reading for pending-home sales came in below expectations. Pending-home sales from the National Association of Realtors fell 1.3% to a level of 109.8 from a reduction in the March reading, whereas a gauge of economic health, the Chicago business barometer, or Chicago PMI, rose to 59.4 in May, its highest level in two and half years. Earlier, reporting agency MNI Indicators had mistakenly said the gauge fell to 55.2.

The Dow Jones Industrial Average lost 20.82 points or 0.10 percent to 21,008.65, Nasdaq was down 4.67 points or 0.08 percent to 6,198.52, while S&P 500 edged lower by 1.11 points or 0.05 percent to 2,411.80.

Economy Overview 

Indian economy to grow 7.5% in current fiscal and 7.7% in 2018-19:

 

Just ahead of the release of the fourth quarter GDP numbers, the global credit rating agency, Moody's Investors Service in its latest report ‘Global Macro Outlook’ has said that Indian economy will grow by 7.5 per cent in the current fiscal year, 7.7 per cent

in 2018-19 and will reach to around 8 per cent in 3-4 years on the back of government's various reforms.

 

The agency said that the economy will strengthen as the impact of last year's demonetization fades and with the government successfully pushing through several key reforms such as liberalisation of FDI rules in a number of key sectors, July rollout of the

Goods & Service Tax (GST) and a national bankruptcy code, noting that these reforms will help reduce inefficiencies and improve trend growth over the long run.

 

However, the report has pointed that the private sector investment has remained weak despite progress on reforms. On the problem of mounting bad loans, Moody's noted that persistent banking sector weakness from a high proportion of delinquent loans on bank

balance sheets will weigh on growth, if not resolved, by constraining credit forinvestment related activity. Besides, it said that the inflation rate will rise to around 5 per cent by the end of this year and expects the Reserve Bank of India to hold the policy repo rate steady, holding a neutral stance in this growth environment.

Banks' stressed assets may increase to 15% of total loans by March 2018: S&P Ratings

 

Signaling that bad loans will continue to hurt Indian banks, credit rating agency, S&P Global ratings in its latest report has said that the credit profiles of banks are unlikely to improve over the next 12 months seeing that their total stressed assets are like

ly to increase to 15 percent of total loans by the end of March 2018. The agency further noted thatthe public sector banks will account for most of this weakness.

 

In its latest report titled 'No Quick Cure for India's Banking Blues', the rating agency has said that performance of public sector banks (PSUs) that it rated was dismal in theMarch quarter of the last fiscal, adding that year-over-year increase in non-performing loans (NPLs) led to higher provisions and lower profits. Besides, it said that the available pool of capital to absorb unexpected losses remained thin and loan growth was among the lowest in a decade.

 

S&P Ratings stated that PSU banks operate with a thin capital cushion and they will have to continue to rely on external capital infusion to meet the Basel III capital requirements, or sell off their non-core assets or investments. Besides, large haircuts on loans may require resolving stressed loans. The report further said that capital shortfall and asset quality problems could pave the way for consolidation among the government-

owned banks and this consolidation needs to be accompaniedby significant improvement in risk management practices, efficiency gains, capitalisation and improvement in overall governance.

US markets see profit booking as oil price drop hurts energy stocks, while higher bonds indicate Fed on way to hike rates in June.

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Indian Indices: Asian indices opened flat as overnight US cues turned negative with bond yields rising indicate Fed rate hike in June now a certainty. Consolidation could be the key this week as markets digest the gains of the previous 6 weeks. Positive manufacturing data from China could see sentiment improve as growth slowly picks up. 


Nifty closed over 9600 for another day led by Pharma and PSU banks while FMCG stocks witnessed profit booking. The breadth is getting more skewed in favor of declines as markets punish under performers. For today expect Nifty to see range bound trade while the broader market sees stock/sector rotation.      


The BSE Sensex is currently trading at 31162.70, up by 3.30 points or 0.01% after trading in a range of 31107.48 and 31233.68. There were 14 stocks advancing against 16 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.64%, while Small cap index was up by 0.83%.

The CNX Nifty is currently trading at 9619.15, down by 5.40 points or 0.06% after trading in a range of 9610.80 and 9638.70.  There were 21 stocks advancing against 30 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Unitdspr

2275.05

8.86

Beml

1263.35

7.93

NlcIndia

106.45

7.10

RamCocem

730.00

6.14

Group ATopLosers

 

 

Rcom

18.45

-7.98

Videoind

40.65

-4.91

Sintex

26.90

-3.76

Hathway

40.60

-3.10

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30900

Nifty

9410

9560

 

 

Technical view: Nifty witnessed strong support around 9548 which was the last few days low while 9640/9650 act as resistance on the upside, any break either side will trigger rise or fall. Bank Nifty also finds strong support around 23094 which was yesterday's low while 23450 will act as resistance on the upside.


 

 

The South Indian Bank (Buy Above 28 with Stop Loss at 27 for Target of 30): Our daily chart analysis indicates that South Indian Bank after consolidating for over a week has finally broken out from a Flag pattern. The stock found strong support at its 15-DMA and bounced back to break out convincingly. Other momentum oscillators also indicate that the current upswing is likely to prolong.


Derivative Snippets   


Pharma Sector: Attractive Valuations

Structurally Pharma is a sector which has high ROCE and has a significant stable demand in addition to growth opportunities. The recent fall in the stock prices by 25 to 35% in last three months provides a decent entry point from a risk reward perspective. Most of the stocks are trading at a relative discount of 40% to the index for the first time in the past two decades. Hence, we suggest doing Systematic Investment Plans (SIP) in some select Pharma stocks or in Pharma focused mutual funds.


In the last trading session, Nifty ended on a flat note. Nifty ATM/OTM put option strikes continued to see short selling, while Bank Nifty OTM call strike of 23500 saw fresh long build up, indicating a continued uptrend.FIIs were net sellers in cash market segment to the tune of Rs 217 Cr.FIIs index future long short ratio at 5.5x vs 5.7x.

 

Nifty Movers: The top gainers on Nifty were Mahindra & Mahindra up by 5.93%, Ultratech Cement up by 2.89%, Power Grid up by 2.01%, Lupin up by 1.84% and Indian Oil Corporation up by 1.64%. On the flip side, Vedanta down by 2.27%, BhartiInfratel down by 2.24%, AurobindoPharma down by 1.60%, ONGC down by 1.48% and Yes Bank down by 1.34% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 1.46%, Auto up by 1.15%, Consumer Disc up by 1.05%, Utilities up by 1.02% and Power up by 0.69%, while Metal down by 0.85%, FMCG down by 0.23%, IT down by 0.21%, TECK down by 0.20% and Telecom down by 0.13% were the losing indices on BSE.

 

 

 

On the global front:On the global front, Asian shares were trading mostly in red, even as China re-opened after a two-day break and brought along some upbeat news. China’s manufacturing sector expended faster than expected in May, highlighting continued steady growth.  The National Bureau of Statistic’s official Purchasing Managers’ Index (PMI) came in at 51.2 higher than the 51.0 expected and even with 51.2 in April.

Global Signals:The Asian markets were trading mostly in red; Taiwan Weighted decreased 58.99 points or 0.58% to 10,042.96, Nikkei 225 decreased 50.46 points or 0.26% to 19,627.39, Hang Seng decreased 35.6 points or 0.14% to 25,666.03 and FTSE Bursa Malaysia KLCI decreased 0.37 points or 0.02% to 1,764.97.On the other hand, KOSPI Index increased 1.09 points or 0.05% to 2,344.77, Shanghai Composite increased 5.51 points or 0.18% to 3,115.57 and Jakarta Composite increased 10.92 points or 0.19% to 5,704.31.

 


SENSEX NIFTY CHOPPY; INVESTORS BOOK PROFITS IN FMCG STOCKS GAINS

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Indian Indices: Indian equity benchmarks traded in a narrow range throughout the day and ended the session modestly in green. Nifty closed near intraday record high as the arrival of monsoon rains kept the sentiments upbeat. The monsoon, which delivers about 70 per cent of India’s annual rainfall, arrived at the southern Kerala coast, in line with forecasts, brightening the outlook for higher farm output and robust economic growth. Pharma stocks continued to see strong gains after days of correction. The equity benchmarks despite a dismal start managed to enter into green terrain in early deals as traders got some support after World Bank in its ‘India Development Report’ increased its hopes that India, the fastest growing major economy in the world, will grow at 7.2 per cent in the current fiscal and further up to 7.7 per cent by 2019-20 on strong fundamentals, reform momentum and improving investment scenario. 

The World Bank had in January scaled down India’s growth forecast to 7 per cent for 2016-17 and had estimated growth to rebound in 2017-18 to 7.6 per cent. In its latest report it said that Economic activity ought to accelerate in 2017-18 and GDP is projected to grow at 7.2 per cent from 6.8 per cent in 2016-17.

The BSE Sensex ended at 31159.10, up by 49.82 points or 0.16% after trading in a range of 31064.04 and 31220.38. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices ended in green; the BSE Mid cap index was up by 0.94%, while Small cap index was up by 0.52%.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Bhel

140.00

-8.68

MMTC

55.85

-5.58

Videoind

42.75

-4.89

ABAN

180.85

-4.61

Losers

 

 

Videoind

47.30

-9.99

Sunpharma

568.55

-3.93

IOC

426.35

-2.82

Cipla

491.60

-2.48

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

31,028.21

0.90

Nifty

9,624.55

0.20

Crporate Front: Markets regulator Sebi has imposed a total penalty of Rs 13 lakh on Agnite Education and three other entities for failing to provide information sought by it. It has levied a fine of Rs 8 lakh on Agnite Education (formerly known as Teledata Informatics) for making incorrect disclosure repetitively about shareholding and for failing to comply with the multiple summons issued to it, Sebi said in an order.

 

Macroeconomic front: The Reserve Bank of India today fixed the reference rate of the rupee at 64.8586 against the US dollar and 72.4730 for the euro. The corresponding rates were 64.7751 and 72.7489, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.0957 and 57.96 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 mostly in red, with Nikkei closing slightly in red as losses in the Financial Services, Steel and Chemical, Petroleum & Plastic sectors led shares lower. In economic news, Japan household spending dipped 1.4% for the month of April, weaker than the 0.7% forecast. Meanwhile, April retail sales rose 3.2% on year, compared to a forecast of a 2.3% rise. European stock markets were trading in red as political issues throughout the euro zone weighed on sentiments and banks were under pressure after an analyst downgrade.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28844.00

-0.19

Silver

40140.00

-0.49

Crude oil

3212.00

-1.44

Natural Gas

206.70

0.0

Alluminium

125.90

-0.04

Copper

365.30

-0.63

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Healthcare up by 2.39%, Realty up by 1.27%, Utilities up by 0.92%, Basic Materials up by 0.84% and Bankex up by 0.63%, while Telecom down by 0.97%, Consumer Durables down by 0.92%, FMCG down by 0.91%, Capital Goods down by 0.88% and Power down by 0.23% were the top losing indices on BSE.

Top Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 13.58%, Adani Ports & Special Economic Zone up by 4.01%, Bank of Baroda up by 3.05%, NTPC up by 3.00% and Tech Mahindra up by 2.28%. On the flip side, Power Grid down by 2.42%, BPCL down by 1.98%, BhartiInfratel down by 1.40%, ITC down by 1.35% and IndusInd Bank down by 1.17% were the top losers.

 

Global Signals:

Asian markets were trading in red; KOSPI Index decreased 9.29 points or 0.39% to 2,343.68, Jakarta Composite dipped 6.35 points or 0.11% to 5,705.98, Nikkei 225 was down by 4.72 points or 0.02% to 19,677.85 and FTSE Bursa Malaysia KLCI shed 0.38 points or 0.02% to 1,764.51.

European markets were trading in red; UK’s FTSE 100 decreased 49.22 points or 0.65% to 7,498.41, France’s CAC shed 48.03 points or 0.9% to 5,284.44 and Germany’s DAX was down by 20.33 points or 0.16% to 12,608.62.

 

 

Global cues turn calm as US markets closed for holiday overnight. Asian indices see profit booking on opening bell as Euro falls with US Dollar rebounding.

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Indian Indices: Asian indices saw profit booking on opening bell as after a heady rally for last 6 weeks, markets turn cautious. Weakness in Euro against the US Dollar also saw profit booking in currencies along with equities also coming under selling pressure.


Nifty scaled 9600 with ITC, HUL, Maruti and Reliance end as top gainers while the broader markets saw deep correction led by Pharma and ADAG stocks. With breadth getting skewed heavily and losers far outnumbering gainers caution to be the buzzword as indices looking overbought. For today expect mid-cap weakness to continue and select large cap buying to be the theme as foreign investors turn big sellers. 


The BSE Sensex is currently trading at 31132.28, up by 23.00 points or 0.07% after trading in a range of 31064.04 and 31220.38. There were 19 stocks advancing against 11 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index was up by 0.02%, while Small cap index was down by 0.32%.

The CNX Nifty is currently trading at 9606.25, up by 1.35 points or 0.01% after trading in a range of 9581.20 and 9631.60. There were 28 stocks advancing against 23 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Auropharm

557.25

8.48

Indiacem

189.60

5.36

Sparc

288.80

5.29

BataIndia

552.00

4.43

Group ATopLosers

 

 

BHel

139.05

-9.30

PFC

127.45

-5.94

MMTC

56.25

-4.90

Videqind

42.75

-4.89

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30900

Nifty

9410

9560

 

Technical view: Nifty will see resistance around 9650 while 9550 will act as first support on the downside. Bank Nifty also sees strong resistance around 23500, while 23000 will be first support which if broken can see 22800 being tested.


 

Hero Motocorp (Buy Above 3668 with Stop Loss at 3647 for Target of 3710): After consolidating for over two weeks, the stock has broken out from a Flag Pattern on the daily charts indicating that a speedy up move is on the cards. Hero Motocorp has reversed from its 15-DMA convincingly and has also seen credible uptick in traded volumes. Other oscillators also indicate that the current momentum is here to stay.


Derivative Snippets    

The Health Products Regulatory Authority of Ireland has granted certificate of good manufacturing practices (GMP) compliance to Wockhardt's Aurangabad facility after an inspection.

In the last trading session, Nifty ended on a lacklustre note amidst huge sell-off in Pharma heavy weights. Nifty ATM call option strike continues to see short covering along with fresh long build up in the futures contract, indicating a continued uptrend up to the resistance level of 9700.

FIIs were net sellers in cash market segment to the tune of Rs 710 Cr.

FIIs index future long short ratio at 5.7x with an addition of fresh long positions to the tune of ~21k contracts

 

Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 8.72%, Dr. Reddy’s Lab up by 2.72%, NTPC up by 2.65%, Lupin up by 2.23% and ICICI Bank up by 2.18%. On the flip side, BPCL down by 2.64%, Power Grid down by 2.58%, BhartiInfratel down by 2.10%, Zee Entertainment down by 1.74% and Coal India down by 1.70% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Healthcare up by 1.63%, Bankex up by 0.32%, IT up by 0.22%, Auto up by 0.17% and Utilities up by 0.10%, while Realty down by 1.37%, Capital Goods down by 1.15%, Power down by 0.92%, FMCG down by 0.83% and Consumer Durables down by 0.80% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in red. Stocks in Japan retreated as the yen strengthened. In economic news, Japan household spending dipped 1.4% for the month of April, weaker than the 0.7% forecast. Meanwhile, April retail sales rose 3.2% on year, compared to a forecast of a 2.3% rise.

 

Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 19.63 points or 0.1% to 19,662.94, KOSPI Index decreased 10.83 points or 0.46% to 2,342.14 and FTSE Bursa Malaysia KLCI decreased 0.67 points or 0.04% to 1,764.22. On the other hand, Jakarta Composite increased 11.48 points or 0.2% to 5,723.82. Shanghai Stock Exchange, Hong Kong Stock Exchange and Taiwan Stock Exchange were closed on account of national holiday.

 

Weekly Nifty Trading View for the Week May 29, 2017–June04, 2017

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Weekly Nifty Trading View for the Week May 29, 2017–June04, 2017

 

Events to watch this week

  • US Q1 GDP revised up to 1.2% from 0.7%
  • China downgraded by Moody’s
  • UK on highest alert after Manchester attack
  • US stocks set fresh records
  • EU says UK must honor commitments

The Week ahead:

  • G7 leaders meet in Sicily on Saturday, 27 May
  • Markets in the US and UK are closed for Memorial Day and the spring bank holiday on Monday, 29 May
  • ECB president Mario Draghi testifies before the European Parliament on Monday, 29 May
  • China reports purchasing managers’ indices on Wednesday, 31 May
  • Eurozone unemployment data are reported on Wednesday, 31 May
  • Manufacturing PMIs are released globally on Thursday, 1 June
  • The May US employment report is released on Friday, 2 June

For the week,Global equities continued to rally this week, led by the United States, where record highs were recorded. The yield on the 10-year US Treasury note remained essentially unchanged at 2.24% while oil prices dipped. West Texas Intermediate crude fell to $48.95 a barrel from $50.30 a week ago as OPEC extended its output cap for another nine months. Volatility, as measured by the Chicago Board Options Exchange Volatility Index (VIX), slipped to 10.30 from 10.80 last Friday.

NIFTY- 9,595.10
CRUDE OIL-Rs 3,216barrel
GOLD-Rs 28,884 gram
Rs/$-Rs 64.45

MARKET ROUND UP

Domestic stocks logged strong gains in the week ended Friday, 26 May 2017 led by steady buying in index heavyweights ITC, ICICI Bank and Infosys. The barometer index, the S&P BSE Sensex, scaled record high above the psychological 31,000 mark. The Sensex and the Nifty, both, hit record closing high. However, the BSE Mid-Cap and the S&P BSE Small-Cap indices underperformed the Sensex during the week.

In the week ended Friday, 26 May 2017, the Sensex jumped 563.29 points or 1.85% to settle at 31,028.21, a record closing high. The index hit record high of 31,074.07 in intraday trade on Friday, 26 May 2017.

The Nifty 50 index surged 167.20 points or 1.77% to settle at 9,595.10, a record closing high. The index rose 95.15 points, or 1% at the day's high of 9,604.90 in intraday trade on Friday, 26 May 2017.

The S&P BSE Mid-Cap index fell 124.10 points or 0.85% to settle at 14,519.90. The S&P BSE Small-Cap index fell 140.81 points or 0.92% to settle at 15,086.26. Both these indices underperformed the Sensex.

Macro Economic Front:

On the Economic Front,Economic data on Tuesday, 23 May 2017 showed that the eurozone kept up a strong growth rate. The May flash composite PMI stood at 56.8, matching the six-year high registered in the previous month. In particular, the French private sector rose to a six-year high in May supported by the election of President Emmanuel Macron.

The Office for National Statistics said on Thursday, 25 May 2017 its latest data suggest the economy expanded at a quarterly rate of 0.2% in the first quarter, a weaker pace of growth than the 0.3% preliminary estimate published last month and much weaker than the 0.7% pace notched up in the final three months of 2016. On an annualized basis, the economy grew 0.7%, compared to an earlier estimate of 1.2%.

Major Action &Announcement:

GAIL (India) rose 0.06%. The company's net profit dropped 68.74% to Rs 260.16 crore on 15.86% rise in total income to Rs 13674.09 crore in Q4 March 2017 over Q4 March 2016. The fall in bottomline was due to accounting of impairment of investments in Ratnagiri Gas and Power (RGPPL) of Rs 783 crore in Q4 March 2017. The net profit without the impact of impairment rose 25% to Rs 1043 crore in Q4 March 2017 over in Q4 March 2016. The result was announced after market hours on Monday, 22 May 2017.

Maruti Suzuki India advanced 4.21% toRs 7,073.35 on reports a foreign brokerage has maintained buy rating on the stock for a target price of Rs 8,100. The global brokerage house reportedly said that the company's retail passenger vehicle (PV) demand trends are showing a big improvement. The brokerage sees FY 2018 to be the first double digit growth year for the Indian PV industry since FY 2011. If demand improvement sustains, waiting lists for Maruti's models will grow, the brokerage added.

Mahindra & Mahindra (M&M) rose 0.58%. M&M announced on Sunday, 21 May 2017, that it has plans to invest directly and/or through its subsidiaries in high-end electric powertrain technology as part of its plan for the future of mobility; and electrification of some of its existing and future products. The investments will also be utilised towards increasing the capacity for electric powertrains and electric vehicles. The high end electric powertrains will be used for the Group's future line up of electric vehicles.

Tata Motors gained 8.53%.after the company reported better than expected Q4 results. Tata Motors' consolidated net profit fell 16.79% to Rs 4336 crore on 2.86% fall in revenues to Rs 77272 crore in Q4 March 2017 over Q4 March 2016. Consolidated profit and revenue in Q4 was lower due to translation impact from Pound to Indian Rupee. Consolidated profit before tax shed 12.26% to Rs 5166 crore in Q4 March 2017 over Q4 March 2016. This broadly reflects strong retail sales in Jaguar Land Rover business on continued strong demand for the product and also higher wholesale volumes partially offset by overall higher marketing expenses and higher depreciation and amortization, company said. The result was declared after market hours on Tuesday, 23 May 2017.

Pharma major Lupin lost 15.44% after consolidated net profit fell 49.16% to Rs 380.21 crore on 1.33% growth in total revenue from operations to Rs 4253.30 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours on Wednesday, 24 May 2017. During Q4 March 2017, the company made a provision for liability towards its Australian subsidiary amounting to Rs 155.90 crore in respect of compensation for patent litigation towards its Isabelle generic launch in Australia.

Global Front:

In Overseas Markets,Japanese exports rose 7.5% in April, buoyed by strong demand in Asia for semiconductors, semiconductor-making equipment and steel. It was the fifth consecutive month of increase for exports, data from Japan's Ministry of Finance showed on Monday, 22 May 2017.

Moody's Investors Service on Wednesday, 24 May 2017 downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing concerns efforts to support growth will spur debt growth across the economy.

Global Economic News:

US growth revised up
The second look at first-quarter growth in the United States was somewhat brighter than the first. Gross domestic product expanded at an annual rate of 1.2%, according to the Bureau of Economic Analysis, up from an initial 0.7% reading. After revisions, consumer spending was a bit stronger than the initial report, though capital expenditures were less robust.

China’s credit rating cut
For the first time in nearly three decades, Moody’s has downgraded China’s sovereign credit rating. The rating now stands at A1, with a stable outlook. Moody’s cited rising liabilities and weakening financial strength as reasons for the cut. China’s finance ministry dismissed the move as “groundless.”

UK terror threat level raised
Following an attack outside an arena in Manchester that killed 22 and injured scores more Monday, British prime minister Theresa May put the country on its highest alert level, warning of the potential for an imminent follow-on attack. The general election campaign was suspended, but was expected to resume on 26 May. In the wake of the attack the prime minister will cut short her participation in the G7 summit in Sicily this weekend.

US equities set fresh records
Upbeat corporate earnings and positive economic data helped underpin a continued rally in US equities, with both the S&P 500 Index and the Nasdaq Composite Index hitting fresh all-time highs on Thursday.

War of words heats up ahead of Brexit talks
Officials from the European Union and the United Kingdom are scheduled on 19 June to commence negotiations on the UK's exit from the European Union. Both sides are setting out fairly extreme positions in advance of the talks. The EU continues to float exit bill figures as large as €100 billion while the UK has said it may owe nothing.

GLOBAL CORPORATE NEWS

Fed outlines proposed plan to shrink balance sheet
In the minutes of the May Federal Open Market Committee meeting, the US Federal Reserve began to lay out the methodology it could use to shrink the central bank’s $4.5-trillion balance sheet. Under the proposed approach, the Fed would set a gradually increasing cap on the dollar amounts of Treasury and agency securities it would allow to run off each month. The caps would be set at low levels and then raised every three months, to their fully phased-in levels. The final values of the caps would then be maintained until the size of the balance sheet was normalized.

NEW 52-WEEK HIGH BSE (A):

 

ADANITRANS

115.20

CGOPOWER

97.30

GODREJIND

596.55

NEW 52-WEEK LOWS BSE (A):

GLAXO

2352.90

LUPIN

1099.00

PFIZER

1651.00

SANOFI

3990.00

MAJOR WEEKLY GAINERS IN BSE A CATEGORY(%):

VOLTAS

19.96

JINDAL ST& pWR

11.54

RELIGARE

10.34

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

SINTEX

-73.17

VIDEOCON INDUSTRIES

-52.91

BANK OF iNDIA

-16.72


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

Monday (29May)

US Market Closed

Tuesday (30 May)

Consumer Confidence

Wednesday (31May)

MBA Mortgage Applications&Pending  Home Sales Index

Thursday (01 June)

Natural Gas Report& Jobless Claims

Friday (02 June)

Employment Situation

Fundamental Pick of the week:

Accumulate HSIL Ltd For Target Rs.410.00

Technical Outlook

*  HSIL has been maintaining long term uptrend since 2001 and garnered exponential returns for the investors in last 15 years.

*  It has had corrective phases also in between but the recovery was equally swift and even stronger in some cases, indicating strengthen. For instance, it made a new record high of 474.40 in April, 2015 from roughly 70 in last up surge and that too in less than two years.

*  It has been consolidating in a broader range for last two years and currently hovering around the upper band of the same. The indications from the price chart and indicators are in the favor of breakout in near future. Traders shouldn’t miss this opportunity and accumulate in the range of 340-344 with close below stop loss of 315 for the target of 410.

Recommendation

Accumulate HSIL Ltd @ 340-344 Stoploss 315 Target 410

Domestic Market Overview

Market witnessed strong upside momentum last week reaching new all time highs as bulls took Sensex above 31000 and Nifty to record high above 9600 on the closing session of the week. A strong hammer candle formation seen on the weekly charts hinting more buying will likely to remain intact for the coming week as well. On the daily charts also latest two candles build up is showing very strong formation with a fresh upside breakout above 9532 Nifty Spot. Upper levels are very well supported by 20DMA along with the momentum indicators e.g. RSI and a fresh crossover in MACD.

GST rates led the indices to began the week on positive note. But, street sentiments turned shower following the geo political tension on the borders, pushing the indices to trade in red level. However, Benchmark indices again showcase tremendous buying after US fed Janet yellen in may policy meeting signalled to wait for some more data for further interest rate hike. This sent a strong signal on the street, pushing humongous buying in the large caps as well as mid caps. Apart from that, big corporates Q4 quarterly results also stood better than expected barring few pharma companies. Most importantly, may month expiry remained full of positivity and again pushed the sensex and Nifty to close at the record high. Overall, week ended on the jubilant mood following huge buying in mutual funds.  

Though, next week could remain traded on the sideways since market is already at high and further movement only could come on the back of early arrival of pre-monsoon shower along with better GDP number for Q4. Next week quarterly GDP data is pending, which is likely to throw some colour on the Indian economy. Also, manufacturing PMI data is Schedule, which will also show manufacturing growth post demonetisation. Apart from that, corporate results for Q4 will be also keenly watched. Still, we will be cautious for any news related to geo political news, which could bring heavy selling on the street. Overall, market looks positive from here on. We advise investors to look to enter in fertilizer, agriculture and rural focus sector like auto and fmcg.

TECHNICAL VIEW:

S3

S2

S1

NIFTY

R1

R2

R3

9,370

9,480

9,565

9,595.10

9,648

9,720

9,800

 

As expected Nifty saw a sharp recovery from the value zone near 9360 as the 'Resistance becoming Support' theory remained valid yet another time. The sharp rebound near the value zone resulted into a fresh impulse move which could see an extension towards 9740 on an immediate basis. With no signs of a negative divergence on RSI and its placement below its overbought zone compliments the ongoing bullish setup. Momentum traders could retain their longs with a stop below 9360 from here on as the range gets elevated to 9740-9400 for the month of June. Aggressive bets /leverage longs near the extremes of the range should be avoided during the week.

Bank Nifty:Low made today was 22570 and as soon as 2274o was broken the big move started with leap and bounds and did the both target 22900/23110.From June Series perceptive bank nifty bulls need a close above 23300 for the next move towards 24100. Bearish below 22900 for a move towards 22500. Bank Nifty closed above 23300 suggesting bulls are having upper hand and can push bank nifty all the way till 23600/23800/24000. Bearish below 22900 only. 

Conclusion:

Nifty regained its momentum in the passing week and made a new record high at 9604.90, thanks to recovery in the global markets and supportive local cues. We expect the uptrend to continue ahead as well and any intermediate pause or decline should be seen as buying opportunity.

At the same time, maintain caution in stock selection as rebound in the midcap and small cap would be gradual as compared to the index majors. We suggest keeping a close eye on the last leg of the earning season and also on global events for further cues.

 

Happy Investing…..

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.

 

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