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The global equity 'party' continues as Dow, Nikkei hit fresh highs and fence sitters join in!!

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Major headlines:

·         JP Power posts Q2 net loss at Rs 161.67 cr

·         Key Indian equity indices open in red

·         Oil prices soar on global producer deal to cut crude output.

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26180

26550

Nifty

8075

8195

 

Indian Indices:  Asian markets opened in the green after the Dow Jones ran up another fresh high with a stellar 140 point gain on Friday. The Dow rally from 19000 upwards has been very fast & furious & the Federal Reserve policy meet could be the speed breaker this week.Oil rallied above US$ 50 as speculation saw huge long build up with 60 being the target in the short term.

Nifty looks set to hit 8300 where it could pause for breath as the rally catches most of guard.PSU banks, energy & gas stocks continue to surge on expectations of good results. The strength in the Rupee coupled with foreign investors turning buyers could see the rally extend till 8500 albeit after a pause for the Federal Reserve policy on the 14th December.

The BSE Sensex is currently trading at 26606.87, down by 140.31 points or 0.52% after trading in a range of 26578.63 and 26725.31. There were 9 stocks advancing against 21 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.56%, while Small cap index was lower by 0.20%. The CNX Nifty is currently trading at 8210.45, down by 51.30 points or 0.62% after trading in a range of 8195.55 and 8230.65. There were 12 stocks advancing against 39 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Nationalum

69.25

6.46

ABAN

261.00

4.50

MMTC

52.95

3.42

NMDC

130.75

3.32

Group ATop Losers

 

 

Interllect

162.85

-5.62

Bergerpaint

211.00

-4.24

IFCI

26.45

-3.11

Shreecem

14700

-3.32

Market Statistics

 

 

 

BSE

NSE

Advances

930

1092

Declines

1091

333

 

Technical view:    Nifty will find resistance around 8350 while 8180 acts as strong support, while Bank nifty could face resistance around 19000 with 18500 acting as support.

 

Market Sentiment:

The market breadth on BSE was negative in the ratio of 930:1091, while 113 scrips remained unchanged.

 

Trading ideas :      Cairn India (Buy above Rs 265  for Target of Rs 274 , SL at Rs 260.5): The stock has broken out from a short term consolidation phase. Cairn saw see-saw movement between Rs260 and Rs223 in the past four weeks. However, the stock has broken out from this congestion. The price outburst is accompanied with credible trading volumes. Given the above evidence, we advise to Buy Cairn India for potential target of Rs274.

 

Macroeconomic Front:    Madhya Pradesh Government has said that it has settled and disbursed claims worth Rs 4,416 crore under the Prime Minister's Crop Insurance Scheme in the state. As per reports, Prime Minister Narendra Modi had launched the scheme at Sherpur in Sehore district of Madhya Pradesh during the Farmers' Convention held on February 18, 2016

Corporate Snippets:

JSW Energy is believed to have intiated talks for a possible acquisition of Monnet Power’s 1050 mw coal fired plant in Odisa at Angul, Close to the site of another Group company.

 

IL&FS Engineering and Construction co has emerged as the lowest bidder for rural electrification works of Jharkhand Biijli Vitran Nigam, Ranchi worth Rs 2.25 bn.

 

MIC Electonics Ltd has received a letter of award for supply of 20000 standalone off grid solar LED street lights with a contract price of Rs 329 mn.

Top Sectoral& Stock Screening:  The two gaining sectoral indices on the BSE were Metal up by 0.30% and PSU up by 0.24%, while Auto down by 1.17%, TECK down by 0.89%, IT down by 0.88%, FMCG down by 0.77% and Bankex down by 0.68% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were ONGC up by 1.66%, Reliance Industries up by 1.01%, Sun Pharma up by 0.82%, NTPC up by 0.58% and SBI up by 0.47%.  On the flip side, Asian Paints down by 2.29%, Idea Cellular down by 2.02%, Bajaj Auto down by 1.89%, Ambuja Cement down by 1.87% and Grasim Industries down by 1.80% were the top losers.

 

 

 

 

On the global front:       On the global front, Asian shares were trading mostly in red, ahead of a Federal Reserve meeting that is widely expected to raise US interest rates and as oil prices soared after producers agreed to reduce output. Japan’s Nikkei rose amid weakness in the Japanese Yen. Japan’s Core Machinery Orders rose to 4.1% in November, from -3.3% in the preceding month.

 

Global Signals:    The Asian markets were trading mostly in red; Hang Seng decreased 243 points or 1.07% to 22,517.98, Shanghai Composite decreased 60.93 points or 1.88% to 3,171.96 and Taiwan Weighted decreased 43.86 points or 0.47% to 9,348.82. On the other hand, KOSPI Index increased 2.46 points or 0.12% to 2,027.15 and Nikkei 225 increased 180.4 points or 0.95% to 19,176.77.Indonesia Stock Exchange and Malaysia Stock Exchange were closed for the day on account of ‘Celebration of the Prophet birthday’ holiday.

 

WEEKLY NIFTY TRADING VIEW FOR THE WEEK DEC12, 2016–DEC18, 2016

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Events to watch this week

  • US stocks reach new high
  • ECB extends quantitative easing another year
  • Renzi resigns in wake of Italy referendum
  • Austria elects establishment candidate
  • China's imports and exports on the rise

The Week ahead:

  • China's industrial production and retail sales data are released on Monday, 12 December 12
  • The Federal Open Market Committee meets on Tuesday and Wednesday, 14–15 December
  • The eurozone's industrial production figures are released on Wednesday, 14 December
  • US business inventory, retail sales and industrial production data are released on Wednesday, 14 December
  • US Consumer Price Index, NAHB housing market index and jobless claims data are released on Thursday, 15 December

For the week,Global equities recorded solid gains this week, as major US indices set fresh records and European stocks posted their best week since February. The S&P 500 Index gained 2.75% through Thursday and about 4.05% for the month, setting a new all-time high. Oil prices slid slightly this week, with West Texas Intermediate crude falling 58 cents a barrel to $51.10 and global Brent dropping 46 cents a barrel, to $54.01, as of early Friday morning. The yield on the 10-year US Treasury note increased 8 basis points week over week, trading at 2.46% Friday, and was about 55 basis points higher than it was on November 8, Election Day in the US.

NIFTY- 8,261.75
CRUDE OIL-Rs 3,471barrel
GOLD-Rs 27,585/10 gram
Rs/$-Rs 67.42

MARKET ROUND UP

Indian equity markets registered strong gains in the week ended Friday, 9 December 2016, inline with the sentiments in global markets. Barring a single trading session on Wednesday, 7 December 2016, the two key benchmark indices viz. the S&P BSE Sensex and the Nifty 50 index, landed in green in four out of five trading sessions. The indices bucked positive trend in the post-noon session on Wednesday on the heels of the Reserve Bank of India's (RBI) decision to keep key interest rates steady.

The Sensex surged 516.52 points or 1.96% to settle at 26,747.18. The Nifty jumped 174.95 points or 2.16% to settle at 8,261.75. The BSE Mid-Cap index rose 2.75%. It outperformed the Sensex. The BSE Small-Cap index advanced 1.96%, matching the Sensex's gains in percentage terms.

Macro Economic Front:

On the Economic Front,Data released by Markit Economics during the week showed that India's services sector activity declined sharply last month as cash shortages hit the sector in the wake of the government's move to demonetise higher denomination notes. The seasonally adjusted headline Nikkei India Services Business Activity Index dropped to 46.70 in November, from 54.50 in October, registering contraction for the first time since June 2015 and pointed to the sharpest reduction in output for almost three years.

Major Action &Announcement:

Mahindra & Mahindra (M&M) was up 3.96%. The company announced that IT will be undertaking scheduled maintenance shutdown at some of its automotive and tractor plants in December 2016. The announcement was made after market hours on Thursday, 8 December 2016.

Tata Motors surged 7.16%. The company said that Jaguar Land Rover (JLR), the UK's leading manufacturer of premium luxury vehicles, reported its best ever November retail sales. JLR reported 2% rise in total sales to 47,588 vehicles in November 2016 over November 2015. The announcement was made during market hours on Thursday, 8 December 2016.

Cipla advanced 1.38%. The company said it received final approval for its abbreviated new drug application (ANDA) for Entecavir Tablets USP 0.5 mg and 1 mg, from the United States Food and Drug Administration (USFDA). The announcement was made during market hours on Thursday, 8 December 2016.

Dr Reddy's Laboratories (DRL) rose 0.21%. The company during market hours on Monday, 5 December 2016, announced that it has launched Nystatin and Triamcinolone Acetonide Cream, USP in the US market, approved by the US drug regulator, US Food & Drug Administration (USFDA).

Lupin advanced 1.81%. The company announced that Lupin Somerset also known as Novel Laboratories, Inc received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets, USP, 5mg/325mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (FDA) to market a generic equivalent of Allergan Sales LLC's Norco Tablets 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg. The announcement was made after market hours on Monday, 5 December 2016.

Tata Steel jumped 5.88%. Tata Steel UK on Wednesday, 7 December 2016, reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.

Separately, Tata Steel also announced that its subsidiary, TM International Logistics (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services (TMHSPL) to Adani Ports and Special Economic Zone (APSEZ) for a total consideration of Rs 106 crore in an all cash deal.

BhartiAirtel rose 3.22%. The company on Thursday, 8 December 2016, launched two new bundled packs for its prepaid customers with free voice calling and substantial data benefits. These two packs add to Airtel's wide bouquet of innovative packs and plans for customers, offering them more flexibility. The announcement was made during market hours on Thursday, 8 December 2016.

Power Grid Corporation of India (PGCIL) was up 0.38%. The company announced that a meeting of committee of directors for bonds is planned to be held on 14 December 2016 to consider issue of secured, redeemable, non-convertible, non-cumulative, taxable bonds (debenture) under private placement. The announcement was made after market hours on Thursday, 8 December 2016.

Global Front:

In Overseas Markets,the European Central Bank (ECB) on Thursday, 8 December 2016, pledged to continue with its programme of money printing to shore up the euro zone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month.

ECB left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond if necessary. But the central bank said it would reduce its monthly asset buys to 60 billion euros as of April, from the current 80 billion euros. It, however, said it reserved the right to increase the size of purchases again.

Global Economic News:

Global stocks continued to post strong gains this week as investors moved out of defensive asset classes, taking on more risk. The strongest pockets of the US market since the election have been materials, industrials, energy, financials and technology. Meanwhile, high-yield bond sector spreads remained compressed, with most sectors sitting at 52-week lows, indicating that investors are still seeking yield opportunities. Emerging market bond spreads also shrank this week, while US investment-grade bond spreads narrowed as well, albeit slightly. Yields on municipal bonds also fell this week, indicating a reversal of a recent selloff in the asset class.

ECB will continue QE through 2017
The European Central Bank announced that it would extend its quantitative easing program until December 2017, although it reduced its monthly purchases to €60 billion from €80 billion. The ECB tweaked its rules to allow the purchase of bonds yielding less than its -0.4% deposit rate. Markets were mixed on the news. Longer-dated German government bond yields increased, while shorter-term German yields fell. The euro declined about 1.39% against the US dollar.

Italians reject constitutional reform
Italian voters rejected a referendum on constitutional reform early last week, prompting Prime Minister MatteoRenzi to resign. The  result continues the anti-establishment trend in the United States and Europe. Renzi agreed to remain in office until the Italian Senate passes a 2017 budget. Moody's cut Italy's sovereign rating outlook to negative from stable after the vote. The outlook change means the credit rating agency could downgrade Italian debt if current conditions remain the same. The country's debt is currently rated two notches above junk status. Shares of Italian banks fell after the vote. The Italian government is preparing to take a €2 billion controlling stake in the bank Monte deiPaschi, whose shares fell 15% on the week.

Austrian voters buck anti-establishment trend
Austrian voters elected pro-European candidate Alexander Van der Bellen as president this week, bucking the anti-establishment mood in the European Union. Van der Bellen won a close contest in May, but voting irregularities forced the week's runoff election.

China's exports rise
China's trade data surprised analysts to the upside this week as imports and exports both increased sharply in November. Exports rose 0.1 % year over year, reversing a 7.3% decline recorded in October, while imports grew 6.7%, the fastest pace since 2014. The growth in imports suggests stronger domestic demand while the rise in exports indicates that global demand has also strengthened. Despite these increases, however, China's imports and exports remained negative for the year through November. The yuan has fallen about 3% versus the US dollar since October, while China's foreign exchange reserves fell to their lowest level since March 2011. China's reserves fell $69 billion in November, which was its fifth straight monthly decline.

NEW 52-WEEK HIGH BSE (A):

 

BEL

1540.00

BHARATFORG

984.00

CAIRN

266.20

NEW 52-WEEK LOWS BSE (B):

DBSTOCKBRO

14.30

KSK

19.10

SEQUENT

102.00

MAJOR WEEKLY GAINERS IN BSE A CATEGORY:

NATIONAL ALUMINI

20.02

IFCI

20.00

INTELLECT DESIGN

18.92

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

CROMPTON GREAV

-17.08

BHARTI INFRATEL

-7.23

SUN PHARMA

-6.46


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

Monday (12 Dec)
Treasury Budget
Tuesday(13 Dec)
FOMC Meeting Begins & NFIB Small Business

Wednesday(14 Dec)
Retail Sales & FOMC Forecasts
Thursday(15 Dec)
Consumer Price Index &Jobless Claims
Friday(16 Dec)
Housing Sarts

Fundamental Pick of the week:

Buy biocon Ltd For Target Rs. 28.00

Strategy:-

BIOCON added around 11% of open interest as long positions along with some delivery based buying in previous session. It has also witnessed breakout from ‘Inverted Head & Shoulder’ pattern on daily charts. We recommend doing a bull spread as per levels given below.

Recommendation

BUY BIOCON 940 CE AT 27-28 & SELL 980 CE AT 12-13, SPREAD AT 15, SL 9, TARGET 28.

Indian Market Outlook:

This week markets witnessed one of the historic events in the Indian Economy where after the Demonetization, markets were keenly expecting a minimum of 25 bps rate cut. But, to surprise all, Mr. Urjit Patel kept the RBI's stance unchanged shocking the markets on Wednesday. Nifty made a low of 8095 post RBI policy, just 20 points short of its Monday's low of 8075.

Monday through Wednesday, Nifty rose by 142 points and fell sharply by 122 points post RBI. However, markets have regained their strength and rose by 200 points from its Wednesday's low of 8095 to make a high 8295. This upside rally was contributed by strong fundamentals of the Indian economy accompanied with strong International markets.

TECHNICAL VIEW:

 

S3

S2

S1

NIFTY

R1

R2

R3

7,925

7,995

8,225

8,261.75

8,310

8,355

8,425

 

Nifty gave multiple Long entry on Monday and Wednesday  and did the 3 target on upside our 3 target was 8280, High made was 8275  so disciplined Chopad Followers were rewarded again by Market.  Lets analyze how to trade nifty in coming week as we have Fed policy  outcome  on 14 Dec. Now for coming week 8091 will play crucial role above which again a move towards 8175/8250.  Bearish below 8031 for 7900.

Conclusion:


Tomorrow will be very crucial as mostly we should see a trending move, Bulls above 8130 again will move towards 8200/8250, Bears below 8100 will see move towards 8056/8011. Nifty opened above 8130 made low of 8150 and did both target of 8200/8250 High made was 8256 . Thats the beauty of gann price and time analysis it gives you an extra edge, As I have been discussing Bulls need a close above 8250, as we have weekly closing tomorrow close above 8250 will be big booster for Bulls.Close above 8250 target 8330/8370/8444. Unable to close above it another move towards 8200/8153. Bulls finally were able to close above 8250 and sustaining above it nifty should move towards 8330/8370/8444. Any close below 8250 bears will get upper hand and push nifty towards 8181/8150/8097. Expect good trending move in next 2 trading days.

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Market ends at new 1 month record closing high

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Major headlines

·         China premiums near 3-year high, Indian gold demand remains subduced

·         Business leaders urge G20 to resist protectionism

·         India seen facing tight wheat supply as Ukrainian shipments delayed

 

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

26,747.18

0.20

Nifty

8,261.75

0.18

Indian Indices: Indian equity benchmarks traded in a narrow range for most part of the day and closed in green. The traders were in a cautious mode ahead of the US Federal Reserve’s Monetary Policy meeting. The industry is hoping that there will be a rate hike by the US Fed in the coming week. The market traded flat after making a higher opening in early deals with CBEC Chairman Najib Shah’s statement that the GST Council may in future decide to reduce the tax slabs under the Goods and Services Tax (GST) regime after analyzing the revenue garnered and the compensation payouts to states. He said that any change in tax slab is possible after assessing the revenues and the effect of exemptions and deductions given in the new tax regime and analyzing it with the expenditure. Some buying crept in with Prime Minister Narendra Modi’s statement that demonetization triggered an unprecedented cash crunch in the country, but defended his decision saying it will lead to long-term gains. Modi added that the government’s measure will bring a degree of inconvenience but this short-term pain will pave way for long-term gains.

The BSE Sensex ended at 26721.13, up by 26.85 points or 0.10% after trading in a range of 26707.81 and 26803.76. There were 12 stocks advancing against 18 stocks declining on the index. The broader indices ended in green; the BSE Mid cap index was up by 0.21%, while Small cap index was up by 0.53%. The CNX Nifty ended at 8255.35, up by 8.50 points or 0.10% after trading in a range of 8241.95 and 8274.95. There were 25 stocks advancing against 26 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Intellect

172.55

19.00

IFCI

27.30

16.42

Polaris

157.45

9.91

Suntv

517.60

7.80

 Losers

 

 

MMTC

51.20

-6.40

Infratel

358.10

-3.37

Nationalum

65.05

-3.27

Piind

825.00

-2.56

Market Statistics

 

 

 

BSE

NSE

Advances

1190

648

Declines

1397

811

 

Market Sentiment:  

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

Crporate Front:

Chairman of the Central Board of Excise and Customs Najeeb Shah asked the industry to prepare itself to implement the Goods and Services Tax (GST) with effective from April 1 at an ASSOCHAM event on Thursday. There will be GST readiness on part of the government and urged the industry to be ready.

Macroeconomic front:

As a step towards fulfilment of the Government of India’s target for installation of 40 GW rooftop solar power plants by the year 2022, Solar Energy Corporation of India (SECI) on Friday launched a tender of 1000 MW capacity for development of grid-connected rooftop solar capacity for central government ministries.

 

On the global front:

On the global front, Asian markets ended mixed, while Japanese stocks rose to their highest level in a year supported by Wall Street gains and solid buying of exporters on the back of a weaker yen. Malaysian Industrial Production rose to a seasonally adjusted annual rate of 4.2% in November, from 3.2% in the preceding month. European stocks were mixed as markets digested the European Central Bank’s latest policy decision and investors began to turn their attention to the Federal Reserve’s meeting next week.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

27742.00

-0.13

Silver

41595.00

0.17

Crude oil

3456.00

0.58

Natural Gas

251.70

2.03

Alluminium

117.45

0.69

Copper

395.70

0.82

 

Top Sectoral & Stock Screening:    The top gaining sectoral indices on the BSE were Realty up by 1.61%, Bankex up by 1.02%, PSU up by 0.52%, Power up by 0.42% and IT up by 0.37%, while Auto down by 0.33%, Metal down by 0.29% and Capital Goods down by 0.13% were the losing indices on BSE.

Top Nifty Movers:     The top gainers on the Sensex were SBI up by 2.37%, ICICI Bank up by 2.19%, ONGC up by 1.80%, Axis Bank up by 1.33% and Tata Motors up by 0.90%. On the flip side, Bajaj Auto down by 2.05%, Coal India down by 1.59%, HDFC down by 1.32%, Mahindra & Mahindra down by 1.27% and Hero MotoCorp down by 1.08% were the top losers.

 

Global Signals:

Asian markets were trading mostly in red; Hang Seng declined 100.86 points or 0.44% to 22,760.98, Jakarta Composite slipped 16.36 points or 0.31% to 5,287.38, KOSPI Index decreased 6.38 points or 0.31% to 2,024.69 and FTSE Bursa Malaysia KLCI was down by 4.47 points or 0.27% to 1,639.28. On the other hand, Taiwan Weighted rose 16.82 points or 0.18% to 9,392.68, Shanghai Composite increased 17.52 points or 0.54% to 3,232.88 and Nikkei 225 was up by 230.9 points or 1.23% to 18,996.37.

All the European markets were trading in green; Germany’s DAX rose 4.85 points or 0.04% to 11,184.27, France’s CAC increased 9.13 points or 0.19% to 4,744.61 and UK’s FTSE 100 was up by 13.24 points or 0.19% to 6,944.79.

 

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Major headlines:

·         Japan’s big manufacturers mood improves as companies cut capex

·         China November producer prices rise at fastest pace in 5 years as commodities climb.

·         Gold extend losses on stronger dollar, possible Fed rate hike

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26180

26550

Nifty

8075

8195

 

Indian Indices:  Asian markets opened flat after a super week which has seen gains across the board for most Asian indices. The developed markets are leading the winners with US, Japan & German indices seeing fresh new highs. Base Metals, Commodities & Bonds all three rising indicating the expectations of rising growth being the driver for equities in 2017.

Nifty scaled 8250 with ease as foreign buying coupled with short covering saw gains across the board. Rupee strength along with bond yields stabilising also saw sentiment get a boost as foreign buying resumed in December after the big selloff in November. For today expect mid caps to lead the gains as participation gathers momentum. 

The BSE Sensex is currently trading at 26765.17, up by 70.89 points or 0.27% after trading in a range of 26707.81 and 26803.26. There were 17 stocks advancing against 13 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.20%, while Small cap index was up by 0.60%. The CNX Nifty is currently trading at 8260.10, up by 13.25 points or 0.16% after trading in a range of 8241.95 and 8271.90. There were 28 stocks advancing against 23 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Intellect

165.95

14.45

Polaris

156.05

8.94

Suntv

521.25

8.56

FSL

40.05

4.84

Group ATop Losers

 

 

NMDC

51.45

-5.94

Nationalum

65.45

-2.68

DBCORP

348.00

-2.25

NLCINDIA

78.80

-1.87

Market Statistics

 

 

 

BSE

NSE

Advances

1223

1092

Declines

852

333

 

Technical view:   Nifty will attempt 8300 with 8330 being a strong resistance while 8180 acts as strong support. Bank Nifty also finds support around 18350 while 18750 will act as resistance.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1470:603, while 103 scrips remained unchanged.

 

Trading ideas :     Coromandel Intl (Buy above Rs 272  for Target of Rs 285 , SL at Rs 266): The stock has been consolidating for over a month, during this phase Coromandel formed a cup and handle pattern which is bullish in nature. The stock rallied over 4% on Wednesday and is finally on the verge of breaking past the neckline of the bullish pattern. Trading volume has also shown credible uptick indicating strenght in the current up move. The projection of the structure suggests a conservative potential target of Rs285.

 

Macroeconomic Front:   The Indian Government has said that it has already infused funds to the tune of Rs 23,993 crore in the National flag carrier Air India from 2011-12 till November this year. As per reports, Air India is surviving on a Rs 30,231 crore bailout package extended by the previous UPA government in 2012 for a 10-year period and also equity support for payment of principal/interest of the non-convertible debentures.

Corporate Snippets:

Oil and Natural Gas Corporation is seeking a 15- year extention of its licence to operate an oil block in Sudan after the intial contract expired last month.

 

Cipla has received final approval from the American health regular to market Entecavir tablets used for treatment of Hepatitis B infection.

 

Bharti Airtel unveiled unlimited voice calls and more 4G data under a new plan, to take on rival Reliance Jio that recently extended its free services.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were IT up by 1.12%, TECK up by 0.89%, Consumer Durables up by 0.80%, FMCG up by 0.61% and PSU up by 0.40%, while Metal down by 0.21% and Auto down by 0.08% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Zee Entertainment up by 2.20%, Bank of Baroda up by 1.86%, Tech Mahindra up by 1.74%, SBI up by 1.56% and Infosys up by 1.50%.  On the flip side, Bharti Infratel down by 2.26%, Bajaj Auto down by 1.93%, Coal India down by 1.39%, HDFC down by 1.29% and Bosch down by 1.18% were the top losers.

 

 

 

 

On the global front:       On the global front, Asian shares were trading mostly in red, while Japanese stocks rose to their highest level in a year supported by Wall Street gains and solid buying of exporters on the back of a weaker yen.

 

Global Signals:    The Asian markets were trading mostly in red; Hang Seng decreased 91.21 points or 0.4% to 22,770.63, Jakarta Composite decreased 14.58 points or 0.27% to 5,289.16, KOSPI Index decreased 6.15 points or 0.3% to 2,024.92 and FTSE Bursa Malaysia KLCI decreased 4.24 points or 0.26% to 1,639.51. On the other hand, Taiwan Weighted increased 5.94 points or 0.06% to 9,381.80, Shanghai Composite increased 25.12 points or 0.78% to 3,240.49 and Nikkei 225 increased 212.93 points or 1.13% to 18,978.40.

 

Demonetisation: Get discounts on fuel, rail tickets, tolls on digital payments

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The government on Thursday made petrol and diesel cheaper for those paying digitally and offered up to a 10 percent discount on insurance premium paid through state-owned companies’ online portals, as part of a string of new measures to wean people away from using cash.

 

Finance Minister Arun Jaitley announced the new steps as the government took stock of developments a month after the old Rs 500 and Rs 1,000 notes were demonetised on November 8. Here are the new measures announced on Thursday: Fuel purchases For those paying through cards and e-wallets, petrol and diesel purchases will be cheaper by 0.75 percent Point-of-sale machines The government will provide two Point of Sale (PoS) machines for free to each of the one lakh villages that have a population of upto 10,000.

 

Around 750 million crore people will get access to these machines. Also, fee for PoS devices given by banks will be capped at Rs 100. Currently, there are 6.5 lakh such PoS across the country. Suburban season tickets Seasonal and monthly tickets of suburban railway networks will offer a discount of 0.5 percent if paid digitally. The discounts will start from January 01, 2017 from Mumbai Suburban Railway network Rail ticket incentives Railways passengers who purchase tickets online will be eligible for an accident insurance coverage of Rs 10 Lakh for free. Currently, 58 percent passengers buy tickets online Passengers making payments online will also be eligible for 5 percent discount on accommodation, catering and retiring room at railway stations. Service tax waiver No service tax will be charged on credit and debit card payments on transactions of up to Rs. 2,000.

 

Insurance cover Customers paying payments through online gateways of public sector general insurance companies will be given a 10 percent discount. The discount will be 8 percent for premium made through the portal of Life Insurance Corporation (LIC) Government bodies and central public sector undertakings will not charge a transaction fees for digital payments.

 

Toll plaza sop Highway users will be eligible for a 10 percent discount if tolls are paid through the digital mode People who pay digitally at toll plazas on national highways will get a 10% discount.

Nifty ends above 8100, Sensex ends over 100 pts

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Major headlines

·         Banks do not have to deposit enhaced CRR any more

·         Stock markets slump after RBI holds rate, lowers growth forecast

·         India’s central bank keeps key lending rates unchanged

 

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

26,236.87

-0.59

Nifty

8,102.05

-0.50

Indian Indices: Indian equity benchmarks which traded in green for most part of the day snapped the session in red on Wednesday. Equity benchmarks fell sharply after RBI kept all policy rates unchanged. The outcome came in as a shocker for the market which was anticipating a cut in the repo rate in the backdrop of easing inflation and rising concerns over a slowdown in the economy. The market made a modestly positive start in early deals on expectation of rate cut and as positive cues from global markets aided sentiment. Some support came with Asian Development Bank’s (ADB’s) report, indicating that the largest economies of Asia - India and China - will help maintain the growth rate of the region at 5.7% in 2016 and 2017. The report also mentioned that India’s growth prospects have got a boost from the acceptance of the 7th pay panel recommendations and likely implementation of the Goods and Services Tax (GST) regime next year. Separately, Fitch Ratings in its latest report titled ‘2017 Outlook: Emerging Asia Sovereigns’ said that there is scope for monetary easing in India as retail inflation is holding below the 5 percent target.

The BSE Sensex ended at 26268.07, down by 124.69 points or 0.47% after trading in a range of 26164.82 and 26540.83. There were 11 stocks advancing against 19 stocks declining on the index. The broader indices ended mixed; the BSE Mid cap index was up by 0.05%, while Small cap index was down by 0.39%. The CNX Nifty ended at 8114.05, down by 29.10 points or 0.36% after trading in a range of 8077.50 and 8190.45. There were 15 stocks advancing against 36 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Nationalum

69.30

12.23

MMTC

54.95

10.45

RTNPower

7.25

3.28

Bergepaint

227.55

4.64

 Losers

 

 

Religare

250.10

-7.34

Sunpharma

663.95

-5.95

HDIL

60.60

-4.27

Sparc

319.90

-3.63

Market Statistics

 

 

 

BSE

NSE

Advances

1190

648

Declines

1397

811

 

Market Sentiment:  

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

 

Crporate Front:

Almost 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the November 8 announcement, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday.

Macroeconomic front:

The Indian rupee were trading higher against the US dollar, albeit pared most of early gains, for the sixth straight session at the Interbank Foreign Exchange on Tuesday amid sustained selling of dollars by banks and exporters, tracking firmness in equity market. At the Interbank Foreign Exchange Market, the local currency was trading up by 5 paise to 67.98 per dollar from a previous close of 68.03 per dollar at 14:00 hours.

 

On the global front:

On the global front, Asian markets ended mostly in green, while China stocks snapped a three-day streak of losses, helped by a rally in resources shares. A broad rally in commodities, in particular in coke, coking coal, iron ore and rebar, boosted share prices in steelmakers, coal miners and other resources companies. European markets were trading in green as investors look ahead to Thursday’s highly-anticipated European Central Bank (ECB) policy meeting.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

27933.00

0.38

Silver

41157.00

0.33

Crude oil

3469.00

0.84

Natural Gas

251.70

1.61

Alluminium

117.30

1.21

Copper

405.15

1.03

 

Top Sectoral & Stock Screening:   The top gaining sectoral indices on the BSE were Oil & Gas up by 0.82%, Auto up by 0.42% and PSU up by 0.14%, while Bankex down by 1.00%, Realty down by 0.98%, IT down by 0.45%, TECK down by 0.42% and Power down by 0.35% were the losing indices on BSE.

Top Nifty Movers:    The top gainers on Nifty were Eicher Motors up by 3.26%, BPCL up by 2.08%, HDFC up by 1.58%, Adani Ports & SEZ up by 1.29% and Tata Motors up by 0.97%. On the flip side, Sun Pharma down by 6.19%, Bank Of Baroda down by 2.34%, Tech Mahindra down by 2.09%, Axis Bank down by 1.80% and Indusind Bank down by 1.78% were the top losers.  

 

Global Signals:

Asian markets were trading mostly in green; KOSPI Index rose 2.03 points or 0.1% to 1,991.89, FTSE Bursa Malaysia KLCI increased 2.29 points or 0.14% to 1,632.02, Taiwan Weighted advanced 13.12 points or 0.14% to 9,263.89, Shanghai Composite surged 22.6 points or 0.71% to 3,222.24, Hang Seng jumped 125.77 points or 0.55% to 22,800.92 and Nikkei 225 was up by 136.15 points or 0.74% to 18,496.69, while Jakarta Composite was down by 14.01 points or 0.27% to 5,258.95.

All the European markets were trading in green; France’s CAC gained 44.16 points or 0.95% to 4,676.10, UK’s FTSE 100 increased 60.98 points or 0.9% to 6,840.82 and Germany’s DAX was up by 121.12 points or 1.12% to 10,896.44.

 

 

Markets rally globally as risk on trade sees fresh equity impetus for 2017!!

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Major headlines:

·         Trump claims $50 billion SoftBank investment due to his election win

·         Equities markets open flat ahead of RBI monetary policy review

·         Petrol, diesel prices likely to rise in next 3-4 months

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26180

26550

Nifty

8075

8195

 

Indian Indices:  Asian markets traded in the green after the Dow Jones hit another high. Weakness in oil & gold saw money chase financials as most European indices hit fresh 2 month highs. The ECB meet on Thursday could further add fuel to the fire with expectations of further bond buying on the cards.

Nifty is set to discount the RBI policy today with a 25 basis rate cut built in. The moot question would be the CRR limit being relaxed which will see banks cut rates aggressively. With lower cost of borrowing corporate India would see better performance on the bottom lines which should over the next 6 months show better profit realisations. For today expect any fall to be bought into as foreign selling also has abated.

The BSE Sensex is currently trading at 26437.07, up by 44.31 points or 0.17% after trading in a range of 26408.77 and 26469.93. There were 22 stocks advancing against 8 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.29%, while Small cap index was up by 0.26%. The CNX Nifty is currently trading at 8158.65, up by 15.50 points or 0.19% after trading in a range of 8149.90 and 8170.70. There were 34 stocks advancing against 17 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

MMTC

55.10

10.75

Nationalum

66.65

7.94

Hindcopper

64.45

5.05

SCI

63.00

4.65

Group ATop Losers

 

 

Sunpharma

677.55

-4.03

Fincables

397.50

-3.11

Sparc

323.30

-2.61

GPPL

137.80

-2.44

Market Statistics

 

 

 

BSE

NSE

Advances

1223

1092

Declines

852

333

 

Technical view:   Nifty finds very strong support around 8120 while 8230 will act as resistance. Bank Nifty also finds support around 18250 while 18600 will act as resistance.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1470:603, while 103 scrips remained unchanged.

 

Trading ideas :     ITC reported good set of numbers in 2QFY17 with its net sales growing by 9.6% yoy to Rs95.4bn and net profit rising by 10.5% yoy to Rs25bn. Volume in cigarettes business is estimated to have grown by 4% in 2QFY17 compared to 2% growth in 1Q FY17, led by strong growth in DSFT cigarettes. Segmental EBIT margins improved 40bps to 37.7% of sales, which is impressive considering the deterioration in product-mix towards DSFT cigarettes.

Macroeconomic Front:   Fitch Ratings has said that there is scope for monetary easing in India as retail inflation is holding below the 5 per cent target. Commenting on the issue, a Fitch Official told the media, “India's growth outlook remains strong on the back of infrastructure spending and the implementation of ambitious reform agenda.” "Further monetary easing is likely, for instance, in India, where inflation of 4.2 per cent in October 2016 was below the intermediate target of 5 per cent by March 2017 and within the medium-term target range of 4 per cent (+/-) 2 per cent," he added.

Corporate Snippets:

JM Financial subsidiary has completed acquition of 24.5% stake in India Home Loan on a preferential allotment basis.

 

Sudan is holding up extension to ONGC Videsh’s licence over oil field as the government seeks higher royalties, tax and profit petroleum even as it deleys paying nearly USD 300 mn in Oil dues

 

Lupin has received tentative approval for its generic version of Diclofenac capsules, used in pain management of osteoarthritis from US health regular USFDA.

Top Sectoral& Stock Screening:      The top gaining sectoral indices on the BSE were Oil & Gas up by 1.05%, PSU up by 0.98%, Realty up by 0.71%, Auto up by 0.63% and Power up by 0.50%, while IT down by 0.30%, TECK down by 0.13% and FMCG down by 0.04% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Idea Cellular up by 2.62%, BPCL up by 2.01%, Adani Ports & Special Economic Zone up by 1.86%, Eicher Motors up by 1.79% and Bharti Airtel up by 1.40%. On the flip side, Sun Pharma down by 4.16%, Zee Entertainment down by 1.99%, Aurobindo Pharma down by 1.05%, HCL Tech down by 0.77% and Tech Mahindra down by 0.60% were the top losers.

 

 

 

On the global front:       On the global front, Asian shares were trading mostly in green, tracking the positive cues overnight from Wall Street. The yuan fell against the dollar Wednesday after the People’s Bank of China set a weaker fixing at 6.8808.

 

 

Global Signals:    The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 2.74 points or 0.17% to 1,632.47, Shanghai Composite increased 7.12 points or 0.22% to 3,206.77, Taiwan Weighted increased 8.95 points or 0.1% to 9,259.72, Hang Seng increased 67.6 points or 0.3% to 22,742.75 and Nikkei 225 increased 103.34 points or 0.56% to 18,463.88.

 

Black Money in India

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Fight with the socioeconomic evil black money

India is a vast country with an amazing history and brave stories which makes the country famous in the world. With a rich heritage and culture the country stands in a special place and is even becoming more popular because of the black money.  There are several issues which the economy of the country started facing issues due to the stocks of black money in the country and this makes the country suffer with terrorist attacks and corruption. In order to make the country free from corrupted people the government took several effective steps, but the people who tend to cheat government find several loop holes that make them escape from the clutches of law.

Impact on revenue

This socioeconomic evil black money makes the government lose the revenue as the people who owe black money don’t pay the tax on large scales. The taxation is decided on the basis of the income and many other variables and a few people with an intention to cheat do not pay the tax and consumes a lot.  As this owes direct impact on the government revenue the government is always running with a deficit budget and is standing as a burden on the genuine tax payers and the common man. The rich turns richer and the poor cannot even withstand the tough situations due to lack of funds. The scarcity of the resources kills peace in the country and makes people suffer a lot for essential goods as people fail to gain the ability to buy the goods.  If this sort of evil practices continuous in the country people suffer with excess increase in costs and the cost of living becomes much unbearable for a common man. In order to avoid such painful instances and teach a worthy lesson  to the one with black money the  authorities started implementing various rules.

Unfair transactions

People who skip the tax due to the complex tax structure owe excess black money and even save them in the foreign banks. The world famous Swiss bank owes accounts of several people who tend to hide their income without paying the taxes. The black money holder’s watch for the time and even after several agitations there is no noticeable change in the corrupted officials. A lot of black money is even used in investing in the real estate and people use the money during the election process. The crore of black money is used in election campaigns and the financial companies even run away with the money. The black money people who use to purchase properties, gain license carry heavy transactions in bribing skipping the paying tax without the knowledge of the government. There are several routes which people loaded with black money do using the money and the unfair transactions lead to unpredictable consequences.

A bold decision

The black money is disturbing the country and it owes a huge impact on the economy of the country which owes a negative impact on the growth of the country. Many governments and leaders started fighting against black money and in the present scenario the PM Sri Modi took a bold step which started making the regular tax payers feel good as the people with black money are unable to use the currency.

·         Though the ban on the normal  currency leads to a few chaos initially the genuine tax payers and people who are responsible never face trouble the one who stores money without proper accounts  or the one who have fake accounts will be punished as per the terms according to the government.

·         In order to drive away the dirty money from the country the government started taking bold steps that brings all the money in to light.

·         As people who deposit more than 2.5 lakhs need to provide the complete details people owing the large denominations suffer a lot and the one with specific proofs need not worry.

So after the large currency denomination ban people started depositing the money in banks and there is a break in the transactions along with the restricted exchange limit of the currency notes the government is easily locating the people who have stored much of the black money. Hope this step of Sri Modi drives away the socioeconomic evil black money and makes sure that the rich and poor lead a normal life in a peaceful country.

Sensex, Nifty hold early gains; Midcap outperforms, FMCG falls

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Major headlines:

·         Preview- China November data to show steady growth, but yuan, capital controls a worry.

·         A shy actress who became queen of Tamil nadu

·         Tata Power SED bags order for Pinaka missile systems

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26180

26550

Nifty

8075

8195

 

Indian Indices:  Indian equity benchmarks continued their firm trade in late morning session taking cues from regional counterparts as most Asian markets jumped in early trade following an overnight rise in US stocks. The rupee strengthened against the US dollar in early trade at the interbank foreign exchange on increased selling of the greenback by exporters and banks amid higher opening in the domestic equity market. Forex dealers attributed the weakness of the dollar against other currencies to investors viewing the recent spurt of the greenback as unsubstantiated which supported the rupee. Prime Minister Narendra Modi stated that India’s economy is expected to grow five folds by 2040, the government expects growth in manufacturing, transport, civil aviation among other sectors. Modi said while global economy is going through uncertainty, India has shown tremendous resilience. Indian economy is more stable than others with investment in India at the highest levels.

The BSE Sensex is currently trading at 26452.56, up by 103.46 points or 0.39% after trading in a range of 26393.99 and 26490.42. 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 0.68%, while Small cap index was up by 0.75%. The CNX Nifty is currently trading at 8158.80, up by 30.05 points or 0.37% after trading in a range of 8148.50 and 8174.05. There were 36 stocks advancing against 15 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Tatachem

500.25

5.32

JKtyre

122.65

4.29

SREinfra

82.30

4.05

Nationalum

58.55

3.90

Group ATop Losers

 

 

RTNPower

7.20

-3.23

Suntv

479.00

-2.86

MRPL

101.80

-2.54

DBCORP

355.10

-1.46

Market Statistics

 

 

 

BSE

NSE

Advances

1223

1092

Declines

852

333

 

Technical view:  Nifty finds support around 8050 while 8150 acts as resistance & for Bank Nifty 18143 continues to be the key as support while 18550 now acts as key resistance.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1470:603, while 103 scrips remained unchanged.

 

Trading ideas :     ITC reported good set of numbers in 2QFY17 with its net sales growing by 9.6% yoy to Rs95.4bn and net profit rising by 10.5% yoy to Rs25bn. Volume in cigarettes business is estimated to have grown by 4% in 2QFY17 compared to 2% growth in 1Q FY17, led by strong growth in DSFT cigarettes. Segmental EBIT margins improved 40bps to 37.7% of sales, which is impressive considering the deterioration in product-mix towards DSFT cigarettes.

Macroeconomic Front:  The Indian Government has said that State-run Energy Efficiency Services Ltd (EESL) will distribute LED tube lights at Rs 230 per unit to consumers through discoms and other marketing channels. At present, the retail price of LED tube lights of 20 W ranges between Rs 700-800 per unit. The consumers would get these lights at one-fourth of the market price and that too without any subsidy. Commenting on the issue, Power Minister Piyush Goyal told the media.

Corporate Snippets:

 

TATA POWER : The order worth over Rs 200 crore is for 20 launchers and 8 command posts, said a company release.

 

Jet Airways on Monday announced a four-day fare sale starting at Rs 899 on select sectors across its domestic network.

 

Yes Bank on Monday announced a partnership with cab aggregator Ola to set up mobile ATMs and enable convenient cash withdrawals by swiping debit cards from any bank.

Top Sectoral& Stock Screening:      The top gaining sectoral indices on the BSE were Realty up by 1.46%, Oil & Gas up by 1.08%, IT up by 0.94%, Power up by 0.92% and TECK up by 0.85%, while FMCG down by 0.66%, Consumer Durables down by 0.10% and Bankex down by 0.03% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Tata Power up by 2.67%, HDFC up by 2.36%, Zee Entertainment up by 1.91%, GAIL India up by 1.88% and Idea Cellular up by 1.58%. On the flip side, ITC down by 1.25%, Eicher Motors down by 1.03%, Hindustan Unilever down by 0.82%, Axis Bank down by 0.80% and Asian Paints down by 0.67% were the top losers.

 

 

 

On the global front:       On the global front, Asian shares were trading in green, as sentiment was boosted after rating agency Standard & Poor’s said the outcome of Italian referendum would not have an immediate impact on Italy's creditworthiness.

 

Global Signals:    The Asian markets were trading in green; Shanghai Composite increased 0.42 points or 0.01% to 3,205.13, FTSE Bursa Malaysia KLCI increased 3.57 points or 0.22% to 1,628.54, Jakarta Composite increased 4.93 points or 0.09% to 5,273.24, KOSPI Index increased 29.02 points or 1.48% to 1,992.38, Nikkei 225 increased 86.34 points or 0.47% to 18,361.33, Taiwan Weighted increased 98.62 points or 1.08% to 9,259.28 and Hang Seng increased 157.98 points or 0.7% to 22,663.53.

 

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