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Major headlines

·         No plan to issue next list of defaulters any time soon

·         IT spend in indian banking and securities industry to grow 8.6% in 2017

·         TDP MP incident at Vizag airport to be probed

Indian Indices: Indian equity benchmarks remained range-bound in late afternoon session, though some good buying was being witnessed in Realty, FMCG and Consumer Durables stocks amid higher European markets. There was some optimism as India's exports grew 8.32 per cent to $24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery. 

Some support also came with the report that India has moved up six places from 66th in last year to reach 60th position in this year's Global Innovation Index (GII), an annual global ranking that assesses the innovation capabilities of 127 countries. 

However, gains were limited as the current account deficit (CAD) soared to $3.4 billion or 0.6 per cent of gross domestic product (GDP), in the fourth quarter of fiscal 2017, from $0.3 billion a year ago. Meanwhile, India Inc's foreign investment witnessed a sharp 56 percent decline at $1.26 billion in May this year.

The BSE Sensex is currently shut down at 31056.40, down by 19.33 points or 0.06% after trading in a range of 31059.41 and 31182.73. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.18%, while Small cap index gained 0.36%.

The CNX Nifty is currently closed up at 9588.05, up by 10.00 points or 0.10% after trading in a range of 9575.40 and 9615.85. There were 29 stocks advancing against 21 stocks declining on the index, while 1 stock remained unchanged.




Top Movers (Group A)





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CrporateFront: Following the Reserve Bank of India (RBI) identifying 12 accounts that are responsible for 25 per cent of non-performing assets (NPAs), the central bank on Friday said it has no plans to come out with a next list any time soon.
"If you look at it (NPAs), RBI had a detailed circular. Twelve cases have been referred for resolution by Insolvency and Bankruptcy Code (IBC). Other (bad loan) cases, banks are encouraged to resolve in six months' time," RBI Deputy Governor S.S. Mundra said.


Macroeconomic front: Dismissing all talk of job losses in Indian information technology (IT) industry as being "motivated", the government on Friday outlined its vision for building the sector into a $1 trillion economy by 2022 that would become a global hub of low-cost digital technology.
"There has been a lot of debate, and by any standards of economy, this talk of job decline in the IT sector is motivated," Electronics and Information Technology Minister Ravi Shankar Prasad said while addressing the industry leaders at an event here to launch work on the blueprint to realise a $1 trillion IT economy.


On the global front:

On the global front, European markets were trading in green as investors digested news of a fresh disbursement to Greece and focus on wider political events. Asian markets were also trading in green.  Back home, in scrip specific development, Filatex India jumped higher after the company completed financial closure with the lenders for Rupee and Foreign Currency Loan for capacity expansion project.

Commodity Updates:

Commodity Prices (MCX):



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Crude oil



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Top Sectoral& Stock Screening:The top gainers on the Sensex were ITC up by 2.22%, Tata Motors up by 1.86%, GAIL India up by 1.02%, Axis Bank up by 0.81% and NTPC up by 0.69%. On the flip side, Lupin down by 4.41%, Wipro down by 1.97%, Cipla down by 1.80%, Sun PharmaInds. down by 1.61% and Dr. Reddys Lab down by 1.07% were the top losers.

Top Nifty Movers:The top gainers on Nifty were Tata Motors - DVR up by 2.69%, ITC up by 2.27%, Tata Motors up by 1.92%, AurobindoPharma up by 1.41% and BhartiInfratel up by 1.31%. On the flip side, Lupin down by 4.26%, Wipro down by 2.34%, Cipla down by 2.07%, Indiabulls Housing down by 1.91% and Sun PharmaInds. down by 1.60% were the top losers.


Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 0.18 points or 0.01% to 2,361.83, Hang Seng increased 61.15 points or 0.24% to 25,626.49, Taiwan Weighted increased 68.38 points or 0.68% to 10,156.73 and Nikkei 225 increased 111.44 points or 0.56% to 19,943.26. On the flip side, Jakarta Composite decreased 47.85 points or 0.83% to 5,728.43, Shanghai Composite decreased 9.32 points or 0.3% to 3,123.17 and FTSE Bursa Malaysia KLCI decreased 0.11 points or 0.01% to 1,789.90.

All European markets were trading in green; UK’s FTSE 100 increased 24.93 points or 0.34% to 7,444.29, France’s CAC increased 52.84 points or 1.01% to 5,269.72 and Germany’s DAX increased 56.1 points or 0.44% to 12,747.91.


US stocks recover losses as US Dollar regains strength while yields rise in tandem. Oil prices slump again as demand concerns see concerted weakness.

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Major headlines:

·         In latest sign of crude glut, ageing supertankers used to store unsold oil

·         India equity markets open marginally higher

·         Indian’s GST launch spawns tech cottage industry for compliance


Indian Indices: Asian indices opened in the green as overnight US stocks staged a sharp pull back even as Tech stocks saw weakness. The US Dollar rose along with bond yields while oil prices saw weakness. Friday will see quiet trade as the week will see most indices close with losses after almost 3 months of relentless gains.

Nifty saw selling from foreign investors get absorbed by local mutual funds as liquidity is seeing all minor corrections get bought into. FMCG and Pharma saw value buying while Auto, Banks and Media saw selling. For today expect more range bound consolidation with select pockets of mid-cap stocks/sector outperforming with Aviation stocks hitting fresh 52 week highs.

The BSE Sensex is currently trading at 31128.69, up by 52.96 points or 0.17% after trading in a range of 31092.19 and 31182.73. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.47%, while Small cap index gained 0.63%.

The CNX Nifty is currently trading at 9600.80, up by 22.75 points or 0.24% after trading in a range of 9593.00 and 9615.85. There were 32 stocks advancing against 19 stocks declining on the index.




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Technical view: Nifty did break the support around 9580 and tested 9560, which if broken can see Nifty test 9500 on the downside, while 9670 acts as resistance on the upside. Bank Nifty also saw a lower bottom around 23311 which if broken can see test of 23000, while 23700 will act as resistance on the upside.


Delta Corp (BUY Above 167 with Stop Loss at 163.5 for Target of 174): The stock has been in a strong recovery mode since hitting its 200-DMA in late May 2017. After consolidating for over three trading sessions the stock has broken out from a flag pattern on the hourly charts. The price outburst has also been accompanied with credible volumes. Other oscillators also indicate that the current momentum will further persist.


India’s current account deficit (CAD) in the fourth quarter widened to USD3.4bn, or 0.6% of gross domestic product (GDP), against USD0.3bn (0.1% of GDP) in the fourth quarter (Q4) of 2015-16, owing to a widening trade deficit. (BS)

Petrol price was cut by Rs1.12/l and diesel by Rs1.24/l, the last of the fortnightly revisions after which daily correction in rates in step with cost will be implemented. (BS)

Country's trade deficit further widened to USD13.84bn in May, its highest in two-and-a-half years, on higher gold imports.

India Inc's foreign investment witnessed a sharp 56% decline at USD1.26bn in May this year.

Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 2.51%, BhartiInfratel up by 2.05%, ITC up by 1.67%, Tata Motors up by 1.27% and Mahindra & Mahindra up by 1.15%. On the flip side, Wipro down by 2.28%, Dr. Reddy’s Lab down by 1.23%, Lupin down by 1.13%, Bank of Baroda down by 0.97% and Cipla down by 0.95% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.48%, FMCG up by 0.83%, Consumer Durables up by 0.68%, Basic Materials up by 0.65% and Industrials up by 0.49%, while IT down by 0.51%, Healthcare down by 0.49% and TECK down by 0.33% were the only losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in green. The Bank of Japan kept monetary policy steady and offered a more upbeat view on private consumption and overseas economies, signaling its confidence that the recovery was gaining momentum. In a widely expected move, the BOJ maintained the 0.1 per cent interest it charges on a portion of the excess reserves that financial institutions park with the central bank.

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 2.63 points or 0.15% to 1,792.64, Taiwan Weighted increased 60.72 points or 0.6% to 10,149.07, Hang Seng increased 101.52 points or 0.4% to 25,666.86 and Nikkei 225 increased 148 points or 0.75% to 19,979.82.On the other hand, Jakarta Composite decreased 27.61 points or 0.48% to 5,748.67, Shanghai Composite decreased 9.35 points or 0.3% to 3,123.13 and KOSPI Index decreased 0.96 points or 0.04% to 2,360.69.


NBFC Sector research report=ICICI Prudential Life by Sharetipsinfo

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NBFC SectorOverview :

ICICI Prudential Life boosts industry growth.

ICICI Prudential Life delivered 100% individual APE growth in May 2017, pushing private sector growth to 46%, which would have been 30% otherwise. We expect ICICI Life’s high growth to moderate in 2HFY18 on a high base. On the other hand, HDFC Life’s low base will benefit from June 2017 leading to higher (20% yoy in May 2017) growth over the next 10 months. Other players continue to deliver steady (about 20-30%) growth.

High growth for most; ICICI Life pulls up industry growth rate

Most large private players reported 20-30% growth in APE; high growth at ICICI Prudential Life (up 100% yoy) lifted private sector individual APE growth to 46%; excluding ICICI Prudential Life, the rest of the private sector reported 30% individual APE growth. LIC remained muted at 5% yoy. Overall industry was up 24% in individual APE during the month.

ICICI Prudential Life will moderate in 2H

According to the management of ICICI Prudential Life, the business is now in a secular growth mode across channels and doing away with seasonal trends. While individual APE growth was 100%, ticket size growth in individual non-single segment was 52% yoy, flat qoq, i.e. about half its yoy growth was driven by volumes. The company reported Rs5.7 bn of individual APE in May 2017; it has maintained a run-rate of Rs5-6 bn since November 2017. ICICI Life’s management expects the run-rate to continue or trend up marginally throughout the year and as such yoy growth rate in 2H will be lower.

Behavioral pattern of deposits and interest rates is not straightforward

As against the expectations of a strong inverse correlation between savings deposit growth and interest rates and a positive correlation between growth in term deposits and interest rates, the data too are not playing out in India. Urban/metro region shows this relationship in savings but not term (see Exhibits 32-33). Rural and semi-urban shows in term deposits but not in savings (see Exhibits 28-31). We believe that a combination of new depositors coming to the fold, especially in rural and semi-urban as well as weak performance by nonhouseholds, especially in urban markets, could explain this contradiction.

20-30% growth in individual APE for most large players

* HDFC Life delivered 20% yoy growth, following a long period of subdued growth. Its base was a bit large at 43% growth in May 2016. The company has delivered average growth of 3% between June 2016 and March 2017. As such, we expect yoy growth rate to be significantly higher from June 2017 onwards. One of the reasons for low growth for HDFC Life was slowdown at HDFC Bank due to streamlining of its KYC process; this is now back on track. HDFC Bank’s partnership with Birla SL may take away some share of the banks franchise though the terms of the agreement are not yet clear.

* Max Life remains steady with 22% growth in May 2017; this compares with 25% growth in FY2017. Interestingly, its ticket size is reducing – down 11% yoy, 19% qoq. This may likely be due to increase in policies in the protection segment and lower share of unit-linked policies.

* Reliance Life delivered moderate (15%) growth; the company has been shifting its focus on traditional business from unit-linked policies leading to slow growth/yoy decline in last few months. Interestingly, the company reported 47% growth in average ticket size in the individual non-single segment even as its ticket size at Rs28,000 is lowest amongst large players.

* Bajaj Life and Birla SL remained strong with 67% and 32% growth respectively. Both reported about 35% growth in average ticket size.



Private sector up in group business; single business remains strong for LIC


LIC continues to have high share of single premium (81% in May 2017in its overall business)

; the ratio has been stable for last two years.


Private players have generally been selective in this segment; the share of single premium of private players was 40% in May 2017: 35-40% for last three years. The ratio has been highfor Bajaj Life, Birla SL and HDFC Life at about 60%.


In the group business, the share of private players has been stable at about 18-19%.

increased to 25% from 19% in the last two financial years. Bajaj Allianz Life lost share to

ICICI Prudential Lifeon mom basis.


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