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SENSEX ENDS UP OVER 200 PTS, NIFTY NEAR 9900; ITC UP 3%

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Indian Indices: Indian equity benchmarks continued their record-setting spree in late afternoon session, as investors were riding on firm macro data and expecting Reserve Bank of India (RBI) to cut interest rates in its monetary policy review in August. India’s retail inflation cooled down to 1.54% in June from 2.18% in May, while industrial output grew 1.7% in May on a yearly basis after expanding revised 2.8% in April. 

Sensex and Nifty were trading above the crucial 32,000 and 9,850 levels respectively, with gains of over half a percent. Some support also came with the industry body PHDCCI’s latest report that share of India’s total exports to top 10 destinations worldwide has increased to 51.6% in 2016-17, compared to 49% in 2013-14. The industry body has highlighted that higher GST in this segment will directly promote the use of chemical fertilisers, thereby leading to increase in green house gas emissions. Apart from this, it noted that this will adversely impact public health too.

The BSE Sensex is currently closed at 32037.38, up by 232.56 points or 0.73% after trading in a range of 31892.63 and 32091.52. There were 25 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.43%, while Small cap index was up by 0.47%.

The CNX Nifty is currently shut up at 9891.70, up by 75.60 points or 0.77% after trading in a range of 9853.45 and 9889.95. There were 40 stocks advancing against 11 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Network 18

57.60

11.84

Sintex

34.15

15.76

Nationalum

72.70

7.23

KEC

295.15

6.26

Losers

 

 

Gvkpil

7.29

-4.33

Prestige

273.00

-3.63

Shriramcit

2230.00

-3.18

Hexaware

245.50

-2.77

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

32,037.38

0.73

Nifty

9,891.70

0.77

 

Crporate Front: The Union Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal said that India has had a long history of social responsibility. He underlined the need for introducing innovations to be able to effectively contribute to social development and nation building through CSR projects.

 

Macroeconomic front: Global IT research firm Gartner today further lowered its 2017 IT spending growth estimate to 2.4 per cent from the 2.7 per cent earlier on worries on digitisation. The firm had first predicted for a 3 per cent growth in worldwide IT spends, which got revised down to 2.7 per cent in January this year. The downward revision in growth estimates comes amid growing anxieties over the future of the IT industry, with concerns surrounding automation and rising protectionism that is being blamed for job losses in the country.

 

On the global front: On the global front, European markets were trading in green, as investors digested new earnings reports and looked ahead to more comments from US Federal Reserve Chair Janet Yellen who will testify to Congress for a second day. Asian markets were also trading in green. Back home, in scrip specific development, Chartered Logistics traded jubilantly after the company bagged an order worth Rs 24 crore from ONGC Petro-additions to be executed in a period of two years.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

27914.00

0.23

Silver

37039.00

0.19

Crude oil

2927.00

-0.75

Natural Gas

192.90

0.21

Alluminium

123.45

1.86

Copper

384.60

0.35

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were FMCG up by 1.72%, Capital Goods up by 1.08%, Bankex up by 0.95%, Power up by 0.76% and Utilities up by 0.62%, while Oil & Gas down by 0.16% and Metal down by 0.08% were the only losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were ITC up by 3.06%, Yes Bank up by 2.93%, Indiabulls Housing Finance up by 1.98%, ICICI Bank up by 1.86% and HDFC up by 1.48%. On the flip side, Indian Oil Corporation down by 3.11%, BhartiInfratel down by 2.21%, ONGC down by 2.00%, Hindalco down by 0.97% and Eicher Motors down by 0.58% were the top losers.

 

Global Signals:

Asian markets were trading mostly in green; Nikkei 225 increased 1.43 points or 0.01% to 20,099.81, KOSPI Index increased 17.72 points or 0.74% to 2,409.49, Shanghai Composite increased 20.62 points or 0.64% to 3,218.16, Taiwan Weighted increased 39.47 points or 0.38% to 10,460.15 and Hang Seng increased 302.53 points or 1.16% to 26,346.17. On the flip side, FTSE Bursa Malaysia KLCI decreased 3.69 points or 0.21% to 1,753.55 and Jakarta Composite decreased 1.31 points or 0.02% to 5,817.82.

European markets were trading mostly in green; France’s CAC increased 13.72 points or 0.26% to 5,235.85 and Germany’s DAX was up by 18.36 points or 0.15% to 12,644.94. On the flip side, UK’s FTSE 100 decreased 1.46 points or 0.02% to 7,415.47.

 

 

Dow Jones at new high as Janet Yellen spurs bulls with accommodative stance on policy rates. Oil falls with bond yields as US Dollar holds steady as risk on trade resumes.

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Indian Indices: Asian indices opened in the green taking cues from the US as markets resume uptrend. The market seemed pleased with the accommodative stance sounded by the Federal Reserve Chairman Janet Yellen and hit fresh new all time highs.


Nifty hit new closing high above 9800 with foreign investors covering their P-Note hedges and value buying by mutual funds. For today expect new highs to continue as strong momentum drives an overbought market further up. Also, expect the broader market to outperform as risk on trade spreads to the Mid- and Small-cap stocks/sectors.


The BSE Sensex is currently trading at 32028.94, up by 224.12 points or 0.70% after trading in a range of 31892.63 and 32046.57. There were 27 stocks advancing against 4 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 0.72%.

The CNX Nifty is currently trading at 9880.35, up by 64.25 points or 0.65% after trading in a range of 9853.45 and 9885.65. There were 43 stocks advancing against 8 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Sintex

33.20

12.54

KEC

298.05

7.31

CUB

175.00

5.04

Videoind

31.95

4.93

Group ATopLosers

 

 

Prestige

274.00

-3.28

IOC

384.00

-2.22

Infratel

411.75

-2.16

Polaris

242.15

-1.72

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31680

31950

Nifty

9765

9850

 

Technical view: Nifty finds strong support around 9709 which was the previous resistance while 9870 will act as resistance on the upside.


 

Muthoot Finance (Buy Above 468 with Stop Loss at 460 for Target of 484): The stock has been consolidating for over three weeks and has finally broken out from a Symmetrical Triangle pattern on the daily charts. The price outburst has been accompanied with impressive jump in volumes. In addition, other oscillators also indicate that a fresh up move is on the cards.


EconomicSnippets      

Retail inflation declined to 1.54% in June from 2.1% in May, according to data released by the statistics office on Wednesday. A separate set of data showed industrial growth at 1.7% in May below the downwardly revised 2.7% figure for April. (ET)

The wet grinder cluster in Coimbatore finally had something to cheer about when JayantSinha, Minister of State for Civil Aviation, took note of their plea on GST rate fitments and assured the members that he would do his best to convince the Council about their concerns.

The Intelligence Bureau (IB) has raised serious concerns over the government's proposal to allow 100 per cent foreign direct investment in local airlines citing security issues.

The Supreme Court dismissed pleas from private bars and restaurant associations requesting modification or clarification of its judgment banning liquor business on state and national highways.


Nifty Movers: The top gainers on Nifty were Indiabulls Housing Finance up by 2.25%, ITC up by 1.75%, ICICI Bank up by 1.59%, Yes Bank up by 1.38% and Larsen & Toubro up by 1.31%. On the flip side, BhartiInfratel down by 2.03%, Indian Oil Corporation down by 1.94%, ONGC down by 1.20%, ACC down by 0.41% and Tata Motors down by 0.39% were the top losers.

Top Sectoral& Stock Screening:The top gainers on the Sensex were ITC up by 1.72%, ICICI Bank up by 1.40%, Larsen & Toubro up by 1.36%, Axis Bank up by 1.19% and BhartiAirtel up by 1.11%. On the flip side, ONGC down by 1.11%, Tata Motors down by 0.41%, Bajaj Auto down by 0.16% and Mahindra & Mahindra down by 0.12% were the top losers.

 

 

 

On the global front: On the global front, Asian shares were trading mostly in green. China reported better-than-expected trade data for June, suggesting the economy is holding up well thanks to firmer global demand, despite a cooling property market at home amid a financial crackdown that has put firms under pressure.

Global Signals:The Asian markets were trading mostly in green; Shanghai Composite increased 17.84 points or 0.56% to 3,215.38, KOSPI Index increased 27.5 points or 1.15% to 2,419.27, Taiwan Weighted increased 47.61 points or 0.46% to 10,468.29 and Hang Seng increased 286.33 points or 1.1% to 26,329.97.On the other hand, Nikkei 225 decreased 4.71 points or 0.02% to 20,093.67, FTSE Bursa Malaysia KLCI decreased 1.78 points or 0.1% to 1,755.46 and Jakarta Composite decreased 1.11 points or 0.02% to 5,818.02.

 

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