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SENSEX SOARS 355 PTS, NIFTY ENDS AT RECORD CLOSING HIGH; IT LEADS

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Indian Indices:  Indian equity markets traded on a firm note throughout the day and ended the session with gain of around one percent. Optimism over quarterly corporate earnings coupled with covering-up of short positions lifted the index. Stock market investors’ wealth today touched the $2 trillion mark, helped by a rally in the BSE benchmark 

Sensex, which soared to an all-time high. Trading activities resumed at the National Stock Exchange (NSE) in the afternoon today after the system faced technical glitches in the morning that led to trade disruptions. The Department of Economic Affairs has asked the NSE to submit a report on the technical glitch. The equity benchmarks opened higher in early deals, with both Sensex and Nifty touched their all-time high at open tracking positive cues from Asian stocks.

Meanwhile, Union minister Mukhtar Abbas Naqvi said that the new tax regime would prove to be a game changer for the country’s economy, terming the GST a revolutionary reform taken in the interest of common people and small traders. The introduction of the new tax system by the NarendraModi Government was the biggest economic reform since the Independence.

The BSE Sensex ended at 31668.13, up by 307.50 points or 0.98% after trading in a range of 31471.41 and 31768.39. There were 26 stocks advancing against 5 stocks declining on the index. The broader indices ended in green; the BSE Mid cap index was up by 0.65%, while Small cap index was up by 0.43%

The CNX Nifty ended at 9762.30, up by 96.50 points or 1.00% after trading in a range of 9646.45 and 9782.15. There were 44 stocks advancing against 7 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Divislab

734.15

7.94

RCOm

24.40

7.25

PNB

153.25

6.31

Tataglobal

166.45

5.65

Losers

 

 

Religare

127.90

-10.21

IDFC

56.50

-5.68

Biocon

321.25

-4.69

GDL

273.60

-3.73

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

31,715.64

1.13

Nifty

9,763.05

1.01

Crporate Front:

India's steel consumption grew by 4.6 per cent to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016 while the country's steel exports jumped by nearly 66 per cent in the April-June period, a Ministry report said.

 

Macroeconomic front: Union Minister of State for Development of North Eastern Region (DoNER), MoS PMO, Jitendra Singh has said that GST has a special significance for Jammu & Kashmir and the eight States of the North-East Region. The same also applies to States like Uttarakhand and Himachal Pradesh, he said. Briefing the media in Nainital on Sunday, Jitendra Singh said the GST promises to provide a level-playing field to all the States of the Indian Union.

 

On the global front:

On the global front, Asian markets closed mostly in red. The Bank of Japan offered to buy an unlimited amount of JGBs on Friday, as it sought to put a lid on domestic interest rates pushed higher by the broad sell-off in developed market bonds. Its aggressive bond buying operations sent most Japanese government bond yields lower and weakened the yen. European markets were trading in red as investors look out for fresh economic data, a G-20 meeting in Hamburg and continue to mull the possible end of monetary stimulus from central banks.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

27651.00

-0.48

Silver

35653.00

-1.6

Crude oil

2831.00

-1.12

Natural Gas

186.80

0.86

Alluminium

123.80

-0.52

Copper

378.10

-0.53

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 3.58%, IT up by 2.86%, TECK up by 2.84%, PSU up by 1.65% and Metal up by 1.35%, while FMCG down by 0.03% was the sole loser on BSE.

Top Nifty Movers:The top gainers on Nifty were BhartiAirtel up by 4.95%, TCS up by 4.42%, Wipro up by 4.19%, Bank of Baroda up by 3.77% and Lupin up by 2.93%. On the flip side, Mahindra & Mahindra down by 0.66%, Zee Entertainment down by 0.46%, ITC down by 0.39%, Kotak Mahindra Bank down by 0.21% and Hindustan Unilever down by 0.15% were the top losers. (Provisional)

 

 

Global Signals:

Asian markets were trading mixed; KOSPI Index increased 2.23 points or 0.09% to 2,382.10, Nikkei 225 increased 151.89 points or 0.76% to 20,080.98 and Hang Seng increased 159.21 points or 0.63% to 25,500.06. On the flip side, Jakarta Composite decreased 32.77 points or 0.56% to 5,782.02, Taiwan Weighted decreased 7.34 points or 0.07% to 10,289.91, Shanghai Composite decreased 5.32 points or 0.17% to 3,212.63 and FTSE Bursa Malaysia KLCI decreased 4.71 points or 0.27% to 1,755.22.

All European markets were trading in green; France’s CAC increased 8.92 points or 0.17% to 5,154.08, UK’s FTSE 100 inched up by 17.18 points or 0.23% to 7,368.10 and Germany’s DAX was up by 64.26 points or 0.52% to 12,452.94.

 

 

Global markets rebound as US jobs data meets estimates. Rise in bond yields continues to because of concern with markets misplacing risk as danger of carry trade unwinding gets higher.

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Indian Indices: Asian indices opened in the green with most indices trading higher as Friday's US jobs data improves sentiment. The rise in bond yields however is the near term risk as danger of higher cost of carry would see unwinding of carry trades hurt equity markets globally.


Nifty saw a flat close on Friday spurred by fresh bout of buying in heavyweight Reliance, which singlehandedly spurred the Nifty out of losses. Foreign investors continue to book profit even as local funds buy any fall aggressively. For today expect another day of consolidation with select mid cap sector outperformance continuing.


In its ‘Q1 FY18 Results Outlook,’ CRISIL said that the growth in the sectors, accounting for 61% of the market capitalisation of companies listed on the National Stock Exchange, was hemmed in by factors such as a rise in input costs, an appreciating rupee and output cuts ahead of the GST regime rollout from July 1.

The BSE Sensex is currently trading at 31568.26, up by 207.63 points or 0.66% after trading in a range of 31471.41 and 31602.50. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.36%, while Small cap index was up by 0.56%.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Unitech

8.38

7.16

Rcom

24.00

5.49

PNB

150.20

4.20

Videoind

27.65

4.93

Group ATopLosers

 

 

Shriramcit

1024.70

-6.05

Biocon

322.10

-4.44

IDFC

58.00

-3.17

Mindtree

528.00

-2.09

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31070

31315

Nifty

9565

9645

 

Technical view: Nifty finds strong support around 9600 while 9700 will act as resistance on the upside. Bank Nifty also finds support around 23250 while 23650 will act as resistance.

 

 

Prestige (Buy Above 282 with Stop Loss at 275 for Target of 298): After consolidating for over five weeks, the stock has broken out from a classic Cup and Handle pattern on the daily charts. The price breakout has been accompanied with smart uptick in volumes. Other oscillators also indicate that the current momentum is here to stay. We expect Prestige to surge higher towards its potential target of Rs 298 in near term.


EconomicSnippets      

The G20 Summit began on Friday in this port city as world leaders assembled to discuss fight against terrorism and ways to improve open trade while Prime Minister NarendraModi met his counterparts from the BRICS bloc. (BS)

The Finance Ministry on Friday said that education will become cheaper with the goods and services tax (GST) and instead some items such as school bags have now become cheaper.

The finance ministry is likely to approve aRs 2,500 crore package for the leather and footwear industry, a move that is expected to boost exports, generate employment and make the sector competitive globally.


The Jammu and Kashmir legislative assembly passed the state GST Bill 2017 amid boycott by opposition, making it the last state of the country to join the new tax regime.


Nifty Movers: The top gaining sectoral indices on the BSE were Telecom up by 2.22%, TECK up by 1.65%, IT up by 1.59%, Realty up by 1.27% and PSU up by 1.03%, while Consumer Durables down by 0.21% and FMCG down by 0.10% were the only losing indices on BSE.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 2.22%, TECK up by 1.65%, IT up by 1.59%, Realty up by 1.27% and PSU up by 1.03%, while Consumer Durables down by 0.21% and FMCG down by 0.10% were the only losing indices on BSE.

 

On the global front: On the global front, Asian shares were trading mostly in green, lifted by Wall Street’s strong performance on Friday. China’s producer price inflation was unchanged in June and remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector and as signs of economic weakness weighed on the outlook for prices.

Global Signals:The Asian markets were trading mostly in green; Taiwan Weighted increased 0.64 points or 0.01% to 10,297.89, KOSPI Index increased 5.32 points or 0.22% to 2,385.19, Nikkei 225 increased 129.13 points or 0.65% to 20,058.22 and Hang Seng increased 265.71 points or 1.05% to 25,606.56.On the other hand, Jakarta Composite decreased 15.4 points or 0.26% to 5,799.39, Shanghai Composite decreased 7.09 points or 0.22% to 3,210.87 and FTSE Bursa Malaysia KLCI decreased 3.11 points or 0.18% to 1,756.82.

 

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