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SENSEX ENDS ON SOMBRE NOTE, NIFTY ABOVE 9500; AXIS BANK, TATA STEEL GAIN

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Indian Indices: Indian equity benchmarks pared some of their gains but continued to trade in green in late afternoon session ahead of the derivatives expiry of June series. Sentiments remained upbeat with India Meteorological Department’s (IMD) statement that 79 percent of the country has received normal-to-above-normal rainfall. It is seeing a steady progress in rainfall in central India and expects average July rainfall at 96 percent. Besides, investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to a seven-month high of Rs 1.81 lakh crore at the end of May despite stringent norms put in place by Sebi to curb inflow of illicit funds.  

Shares of oil and gas companies were trading higher as the government launched the National Data Repository (NDR) along with the Open Acreage Licensing Policy (OALP). However, the markets trimmed gains with the Fitch ratings’ latest report that loan waiver schemes being doled out to farmers could have a significant impact on state government finances and might undermine efforts to bring down general government debt.

The BSE Sensex is currently closed at 30,857.52 up by 23.20 points or 0.08% after trading in a range of 30870.58 and 31097.92. There were 21 stocks advancing against 10 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index was up by 1.00%.

The CNX Nifty is currently shut up at 9504.10, up by 12.85 points or 0.14% after trading in a range of 9502.00 and 9575.80. There were 32 stocks advancing against 19 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

JPAssociat

22.70

13.61

GVKPIL

7.41

13.13

IIFL

601.75

8.21

SCI

82.80

7.18

Losers

 

 

Pageind

16219.85

-3.73

GSPL

167.90

-3.12

Monsanto

2658.00

-2.38

Havells

447.30

-3.22

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,857.52

0.08

Nifty

9,504.10

0.14

Crporate Front: Hydro power projects of 13,363 megawatt capacity are stranded at various stages of development and reported a cost overrun of Rs 52,697 crore, a study has found. "Despite significant hydropower potential, till now, only 30 per cent of India’s total economically feasible hydropower potential has been harnessed, the ASSOCHAM-PwC study titled. Accelerating hydropower development in India for sustainable energy security said. Several hydropower projects with a cumulative capacity of about 13,363 MW are stranded at various stages of project development.

 

Macroeconomic front: Amidst the concerted efforts by the government and RBI to rein in the mounting bad loans issue, Sebi Chairman Ajay Tyagi cautioned mutual fund (MF) players against letting some of such money flow into the industry by way of debt funds. Non-performing assets in the banking system should not shift to mutual funds by way of debt funds. The industry should be careful about that, Tyagi told an industry summit organised by MF lobby Amfi here this morning. "Care should be taken that non-performing assets (NPAs) do not get shifted to MF portfolio by way of debt transfer.

 

On the global front:

On the global front, European markets were in green as investors awaited a NATO meeting of defense ministers and digested major buyback plans from some of the US’ biggest banks. Asian markets were trading in green. Back home, in scrip specific development, UCO Bank moved up on plan to raise Rs 3,000 crore in this fiscal and turn profitable by FY19. The turnaround plan will be finalised within a week.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

228533.00

-0.12

Silver

38774.00

0.18

Crude oil

2914.00

0.76

Natural Gas

200.80

0.5

Alluminium

122.65

0.66

Copper

381.70

0.77

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 2.06%, Telecom up by 1.34%, Basic Materials up by 1.15%, Realty up by 0.89% and TECK up by 0.87%, while Bankex down by 0.12% was the only losing index on BSE.

Top Nifty Movers:The top gainers on Nifty were Axis Bank up by 3.62%, Vedanta up by 3.11%, Tata Steel up by 2.17%, Indiabulls Housing Finance up by 2.03% and BhartiAirtel up by 1.78%. On the flip side, Kotak Mahindra Bank down by 2.28%, Indian Oil Corp. down by 1.14%, Sun Pharma down by 1.13%, Tech Mahindra down by 0.68% and Tata Power down by 0.61% were the top losers.

 

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 13.1 points or 0.55% to 2,395.66, Shanghai Composite increased 14.86 points or 0.47% to 3,188.06, Taiwan Weighted increased 31.1 points or 0.3% to 10,421.65, Nikkei 225 increased 89.89 points or 0.45% to 20,220.30 and Hang Seng increased 281.92 points or 1.1% to 25,965.42. On the flip side, FTSE Bursa Malaysia KLCI decreased 0.46 points or 0.03% to 1,770.77.

European Markets were trading mostly in green; Germany’s DAX increased 14.99 points or 0.12% to 12,662.26 and UK’s FTSE 100 increased 36.07 points or 0.49% to 7,423.87. On the flip side, France’s CAC decreased 17.08 points or 0.33% to 5,235.82.

 

 

Oil rally sees energy stocks lead Dow Jones higher even as Technology stocks witness weakness. Globally Central Banks to raise rates as bond yields rise in tandem.

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Indian Indices: Asian indices opened flat as Japanese election results, strength in ‘Yen’ and persisting pullback in oil prices saw mixed start to trading. Expect this week to see follow through of market correction as it adjusts to higher rates and could see equity markets losing at the expense of bonds.


Nifty saw a smart pullback from the lows of Friday on value buying and ‘NAV’ boosting by local mutual funds even as foreign investors remained sellers. Select heavyweights like ITC, Sun Pharma, Cipla and Bank of Baroda propelled the Index higher even as broader market remained under pressure. For today expect global cues to be dominant as Rupee weakness, expectation of weak results and implementation of GST weigh on markets.


The BSE Sensex is currently trading at 31157.54, up by 235.93 points or 0.76% after trading in a range of 31017.11 and 31258.33. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.72%, while Small cap index was up by 0.90%.

The CNX Nifty is currently trading at 9586.85, up by 65.95 points or 0.69% after trading in a range of 9543.55 and 9612.75. There were 36 stocks advancing against 15 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

RTNPower

7.32

9.25

ITC

343.45

6.05

Ashokley

98.85

5.33

Videoind

21.80

4.81

Group ATopLosers

 

 

JPAssociat

21.20

-3.02

DCBBANK

194.75

-1.89

IDFC

54.30

-1.81

Aiaeng

1370.00

-1.76

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30750

30950

Nifty

9460

9520

 

Technical view: Nifty found support around 9448 on Friday which if broken on closing basis can see Nifty test 9380, while 9570 will act as strong resistance on the upside. Bank Nifty also found support around 23000 which if broken cans see the index hit 22800 while 23350 will act as resistance on the upside.


 

Britannia (Buy Above 3691 with Stop Loss at 3660 for Target of 3753): The stock has been stuck in a narrow trading band for the past week and has finally broken out from a Symmetrical Triangle pattern on the daily chart. The price outburst has been accompanied with smart uptick in volumes. In addition, other oscillators also indicate that the momentum is likely to extend further.


EconomicSnippets      

India's fiscal deficit touched Rs. 3.73 lakh crore during April-May period or 68.3 percent of the budgeted target for the current fiscal year that ends in March. (NDTV Profit)

The government has reduced interest rates on small saving schemes, including the Public Provident Fund (PPF), NSCs and KisanVikasPatra by 10 basis points. (ET)

The Telecom regulator has suggested a cut in Universal Services Obligation Fund (USOF) levy to 3% of adjusted gross revenue (AGR) from the existing 5% and a reduction in goods and services tax (GST) rate to 8% from the government set 18% as a few remedial measures to alleviate the financial health of the ailing telecom sector.


Nifty Movers: The top gainers on Nifty were ITC up by 6.29%, Hindalco up by 3.14%, BhartiInfratel up by 2.79%, Maruti Suzuki up by 1.61% and Vedanta up by 1.59%. On the flip side, NTPC down by 2.14%, HCL Tech. down by 1.67%, Wipro down by 1.55%, Bajaj Auto down by 0.91% and Dr. Reddy’s Lab down by 0.66% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were FMCG up by 3.45%, Metal up by 1.53%, Basic Materials up by 1.37%, Realty up by 1.34% and Telecom up by 1.04%, while IT down by 0.26% and TECK down by 0.01% were the losing indices on BSE.On the flip side, NTPC down by 1.77%, Wipro down by 1.62%, Bajaj Auto down by 0.98%, Kotak Mahindra Bank down by 0.52% and Tata Motors down by 0.47% were the top losers.

 

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