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Major headlines
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Banks do not have to deposit enhaced CRR any more
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Stock markets slump after RBI holds rate, lowers growth
forecast
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India’s central bank keeps key lending rates unchanged
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INDEX
PERFORMANCE
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Index
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Close
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% Chg
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Sensex
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26,236.87
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-0.59
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Nifty
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8,102.05
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-0.50
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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.
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MARKET INDICATORS
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Top Movers (Group A)
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Company
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Cmp
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% chg
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Gainers
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Nationalum
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69.30
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12.23
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MMTC
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54.95
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10.45
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RTNPower
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7.25
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3.28
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Bergepaint
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227.55
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4.64
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Losers
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Religare
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250.10
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-7.34
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Sunpharma
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663.95
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-5.95
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HDIL
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60.60
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-4.27
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Sparc
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319.90
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-3.63
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Market Statistics
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BSE
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NSE
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Advances
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1190
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648
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Declines
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1397
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811
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Market Sentiment:
The market breadth on BSE was positive in the
ratio of 1190: 1397, while 159 scrips remained unchanged.
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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.
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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.
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Commodity
Updates:
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Commodity Prices (MCX):
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Commodity
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Rs
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% Chang
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Gold
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27933.00
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0.38
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Silver
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41157.00
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0.33
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Crude oil
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3469.00
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0.84
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Natural Gas
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251.70
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1.61
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Alluminium
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117.30
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1.21
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Copper
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405.15
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1.03
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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.
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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.
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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
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Petrol, diesel prices likely to rise in next 3-4 months
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INDEX
PERFORMANCE
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Indices
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Support
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Resistanes
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Sensex
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26180
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26550
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Nifty
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8075
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8195
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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.
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MARKET
INDICATORS
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Group ATop Gainers
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Company
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Price (Rs)
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% chg
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MMTC
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55.10
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10.75
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Nationalum
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66.65
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7.94
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Hindcopper
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64.45
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5.05
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SCI
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63.00
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4.65
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Group ATop Losers
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Sunpharma
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677.55
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-4.03
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Fincables
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397.50
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-3.11
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Sparc
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323.30
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-2.61
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GPPL
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137.80
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-2.44
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Market
Statistics
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BSE
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NSE
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Advances
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1223
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1092
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Declines
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852
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333
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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.
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Market Sentiment:
The market breadth on BSE was positive in the ratio
of 1470:603, while 103 scrips remained unchanged.
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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.
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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.
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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.
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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.
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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.
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