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US indices close flat as Fed leaves rates unchanged, commodities fall sharply as US Dollar gains ground with bond yields trading below 2.3%

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Indian Indices: Asian indices opened flat to mildly negative as US stocks closed almost unchanged after the US Federal Reserve left rates unchanged. Commodities had their biggest fall in recent times with the LME hitting fresh 3 month lows as copper prices plunged to 6 month lows. US Dollar saw return of strength as bond yields fell while oil prices also fell from intraday highs to close flat.

  

Nifty saw very narrow movements on Wednesday as markets lacked direction with 9350 being the proverbial turning point. Foreign investors booked profit while local mutual funds continued to buy with conviction. For today expect range bound trade with stock/sector movements being the order of the day as mid-cap profit booking seems to be on the cards.


The BSE Sensex is currently trading at 30085.00, up by 190.20 points or 0.64% after trading in a range of 30027.41 and 30098.82. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices too were going neck-in-neck to the benchmarks; the BSE Mid cap index was up by 0.53%, while Small cap index gained 0.57%.

The CNX Nifty is currently trading at 9350.55, up by 38.60 points or 0.43% after trading in a range of 9341.25 and 9361.40. There were 26 stocks advancing against 25 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

IOB

31.60

8.78

ICICIBanK

295.90

8.49

CentralBak

109.90

5.32

Amtekauto

39.85

3.91

Group ATopLosers

 

 

Intellect

132.20

-4.93

Hathway

42.40

-3.42

Vedl

232.35

-3.23

DLF

184.85

-2.94

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

29940

30151

Nifty

9320

9365

 

Technical view: Nifty found strong support around 9270 while 9350 acts as resistance, any break either side will see the Nifty move higher or lower. Bank Nifty made lower lows and hit 22240 which should be the support while 22450 will act as minor resistance on the upside. 


 

VIP Industries (BUY Above 210 for Target of 221, Stop Loss at 204.5): After consolidating for over four weeks, the stock has finally broken out from a Symmetrical Triangle Pattern on the daily chart. The price outburst has been accompanied with smart uptick in traded volumes. Even the RSI has reversed from the 60 mark indicating strength in the current price up move. We recommend to buy VIP Industries for target of Rs 221.


Derivative Snippets

Godrej Properties, has sold over 1,000 apartments across three new project launches - Godrej Origins at The Trees in Mumbai, The Suites at Godrej Golf Links in Greater Noida, and Godrej 24 at Hinjawadi, Pune - since March 2017.

In the last trading session, markets ended on a lacklustre note. PSU Banks took center stage as the Government gave positive signals on creation of Bad Bank to deal with NPA issues.Muted action was seen in Nifty option strikes as markets remained flat. Weekly Nifty Bank OTM option strikes remained under selling pressure, indicating of a range bound activity in today’s expiry day trading session.

FIIs were net sellers in cash market segment to the tune of Rs 518 Cr.FII’s index future long/short ratio at 5x vs 5.2x.

Nifty Movers: The top gainers on Nifty were ICICI Bank up by 8.71%, Bank Of Baroda up by 1.90%, Indiabulls Housing up by 1.90%, SBI up by 1.74% and AurobindoPharma up by 1.71%. On the flip side, Hindalco down by 2.49%, Kotak Mahindra Bank down by 1.39%, BPCL down by 1.29%, Tata Motors down by 1.25% and Indian Oil Corp. down by 1.03% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Bankex up by 1.63%, Consumer Durables up by 1.19%, Capital Goods up by 0.74%, Healthcare up by 0.48%, PSU up by 0.47%, while Metal down by 0.93%, Realty down by 0.30%, Oil & Gas down by 0.22%, Auto down by 0.22%, IT down by 0.13% were the losing indices on BSE.

 

 

On the global front:The rupee though has made a marginally weak start against the US dollar after the US Federal Reserve kept interest rates unchanged and also signaled a further rate hike. The domestic steel stocks too are showing signs of strength despite the global metal stocks remaining under pressure amid inventory concerns in industrial metals. The government has approved a new policy that envisages Rs 10 lakh croreinvestment to create more capacity in the steel sector.

 

Global Signals:Most of the Asian markets were in red, Hang Seng decreased 101.43 points or 0.41% to 24,594.70, FTSE Bursa Malaysia KLCI declined by 14.58 points or 0.82% to 1,757.93, Shanghai Composite was lower by 1.6 points or 0.05% to 3,133.75 and Taiwan Weighted was down by 1.48 points or 0.01% to 9,953.85.On the other hand, KOSPI Index was up by 16.1 points or 0.73% to 2,235.77 and Jakarta Composite gained 16.59 points or 0.29% to 5,663.95.

 

SENSEX, NIFTY VOLATILE; IT, PSU BANKS STOCKS RALLY; FED MEET EYED

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Indian Indices: Mirroring weak European and Asian markets, Indian equity benchmarks continued their lackluster trade in late afternoon session on the back of selling pressure in Healthcare, Oil & Gas and Metal stocks. Besides, investors remained cautious ahead of the outcome of the two-day US Federal Open Market Committee (FOMC) meet, due later in the evening. 

The Fed is widely expected to stand pat on interest rates, but may offer hints on the possibility of a rate hike in June. Back on domestic turf, sentiments remained downbeat with the UN report projecting that India’s growth to remain stable at 7.1% in 2017 before edging up to 7.5% in 2018. It further stated that if the US policies take a very severe protectionist turn and the trend spreads, the India’s growth could be affected by as much as 1.2 per cent in the coming years. 

However, down side remained capped with the report that Prime Minister NarendraModi is reviewing the progress of the government’s agenda to curb black-money and tax evasion as well as the roll out of the Goods and Services Tax (GST).

The BSE Sensex is currently closed at 29894.80, down by 26.38 points or 0.09% after trading in a range of 29867.14 and 30020.59. There were 14 stocks advancing against 15 stocks declining on the index, while 1 stock remained unchanged.The broader indices were trading in red; the BSE Mid cap index was down by 0.39%, while Small cap index was down by 0.02%.

The CNX Nifty is currently shut down at 9311.95, down by -1.85 points or 0.02% after trading in a range of 9298.40 and 9346.30. There were 26 stocks advancing against 25 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

SREInfra

103.80

10.37

Intellect

137.50

9.61

Raymond

788.75

8.78

Godrejprop

541.80

7.27

Losers

 

 

Biocon

1035.50

-4.75

SunTV

883.20

-4.36

Ipcalab

563.00

-4.25

Amtekauto

38.40

-4.24

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

29,894.80

-0.09

Nifty

9,311.95

-0.02

Crporate Front: The government is expected to come out with regulations for fintech (financial technology) space as the industry is likely to witness increased payments and lending activities, a study said. With payments and lending remaining priority areas, fintech interest grew in India during January-March quarter of 2017, global consulting firm KPMG said in its report.

 

Macroeconomic front: The Asian Infrastructure Investment Bank (AIIB) has approved a loan of $160 million to finance a power project in India, the bank said on Wednesday. The project, co-financed with the World Bank, is part of the government's "24x7 Power for All programme" and will strengthen the power transmission and distribution system in Andhra Pradesh, Xinhua news agency reported.

On the global front:

On the global front, European markets were trading in red as investors digested the latest in Brexit negotiations and corporate earnings. Asian markets were also trading in red. Back home, in scrip specific development, Thomas Cook India traded higher after the company’s wholly owned subsidiary- Travel Corporation (India) entered into Joint Venture (JV) Agreement with DER Touristik Group to form a Joint Venture Company ‘TCI Go Vacation India’ to be operational from Delhi NCR. 


Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28547.00

-0.12

Silver

38673.00

-0.04

Crude oil

3092.00

0.16

Natural Gas

204.90

0.15

Alluminium

123.40

-0.28

Copper

367.85

-2.19

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 1.19%, Realty up by 1.02%, TECK up by 0.80%, Telecom up by 0.26% and Basic Materials up by 0.20%, while Healthcare down by 0.89%, Oil & Gas down by 0.83%, Metal down by 0.77%, Energy down by 0.51% and Bankex down by 0.45% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were BhartiInfratel up by 2.63%, Power Grid Corporation up by 2.31%, Ultratech Cement up by 2.12%, TCS up by 2.04% and Infosys up by 1.06%. On the flip side, Lupin down by 2.78%, AurobindoPharma down by 2.06%, Tata Power down by 1.73%, Zee Entertainment down by 1.67% and Hindalco down by 1.50% were the top losers.

 

 

Global Signals:

Asian markets were trading mostly in red; Jakarta Composite decreased 22.85 points or 0.4% to 5,652.96, Shanghai Composite decreased 8.37 points or 0.27% to 3,135.35 and FTSE Bursa Malaysia KLCI decreased 6.33 points or 0.36% to 1,772.14. On the flip side, Taiwan Weighted increased 14.06 points or 0.14% to 9,955.33 and KOSPI Index increased 14.23 points or 0.65% to 2,219.67.

All the European markets were trading in red; Germany’s DAX decreased 28.52 points or 0.23% to 12,479.38, UK’s FTSE 100 decreased 23.68 points or 0.33% to 7,226.37 and France’s CAC decreased 15.83 points or 0.3% to 5,288.32.

 

 

SENSEX INDICES RANGEBOUND WITH POSITIVE BIAS; NLS, SUN TV TOP MIDCAP GAINERS.

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Indian Indices: Indian equity benchmarks continued to trade in positive territory with small gains in late afternoon session amid lack of clear direction from global markets. Investors remained optimistic with the private report that a normal monsoon this year should continue to revive rural demand and allow the Reserve Bank of India (RBI) to cut rates by 0.25 percent in August. 

Some support also came with the report that investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to 4-month high of Rs 1.78 lakh crore at the end of March despite stringent norms put in place by Sebi to curb inflow of illicit funds. Besides, select public sector banking stocks were trading higher with the ICRA’s report that the RBI’s recent revision in the prompt corrective action (PCA) framework is positive for banking sector, given the operating and financial profile of some of the banks. 

However, some caution prevailed over the ongoing fourth quarter results season, coupled with weak rupee against dollar. The rupee was trading at 64.62, 6 paise weaker from its previous close of 64.58 on Wednesday.

The BSE Sensex is currently closed at 29422.39, up by 85.82 points or 0.29% after trading in a range of 29341.68 and 29453.06. There were 17 stocks advancing against 13 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.51%, while Small cap index was up by 0.97%.

The CNX Nifty is currently shut up at 9136.40, up by 32.90 points or 0.36% after trading in a range of 9102.65 and 9143.90. There were 31 stocks advancing against 20 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Adanitrans

81.35

7.04

Concor

1120.15

6.50

ABB

1380.55

6.14

Edelweiss

181.55

5.98

Losers

 

 

JPassociat

12.93

-7.58

Unitech

5.68

-5.96

Religare

218.35

-5.17

Cox & King

212.0

-4.13

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

29,422.39

0.29

Nifty

9,136.40

0.36

Crporate Front:

India Ratings and Research (Ind-Ra), a leading rating agency, has estimates that Rs 560 billion out of total debt of Rs 1,730 billion could be refinanced at a lower borrowing cost across various infrastructure sub-sectors in its portfolio till FY19. Also, there could be a shift in the type of instruments issued for the purpose of raising capital in the sector largely to the capital market instruments, namely bonds, from the conventional term loans, said the rating agency.


 

Macroeconomic front:The Reserve Bank of India on Thursday fixed the reference rate of the rupee at 64.6364 against the US dollar and 69.3355 for the euro. The corresponding rates were 64.5443 and 69.1915 on Wednesday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.8057 and 59.35 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

On the global front:

On the global front, European markets were trading in green as investors continued to weigh current political uncertainties and digested fresh corporate earnings. Asian markets were trading mixed. Back home, in scrip specific development, Network18 Media & Investments was trading higher after the company received an in-principle approval to sell/ transfer/ otherwise dispose off or transfer BURRP to any other entity including a related party/ getting a strategic investor.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

29225.00

-0.27

Silver

41862.00

-0.09

Crude oil

3322.00

-0.48

Natural Gas

206.40

-0.53

Alluminium

124.45

1.02

Copper

363.95

0.75

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.87%, Consumer Durables up by 1.19%, Basic Materials up by 1.12%, Consumer Disc up by 0.75% and Industrials up by 0.68%, while Bankex down by 0.47%, Energy down by 0.42%, Telecom down by 0.37%, Oil & Gas down by 0.32% and Healthcare down by 0.20% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Grasim Industries up by 4.73%, Bank of Baroda up by 2.32%, Indiabulls Housing Finance up by 2.15%, GAIL India up by 2.01% and HDFC up by 2.00%. On the flip side, Yes Bank down by 3.98%, ICICI Bank down by 2.16%, Indian Oil Corporation down by 1.99%, Tata Power down by 1.93% and Axis Bank down by 1.76% were the top losers.

 

Global Signals:

Asian markets were trading mixed; Shanghai Composite increased 1.41 points or 0.04% to 3,172.10, FTSE Bursa Malaysia KLCI increased 3.62 points or 0.21% to 1,742.57, KOSPI Index increased 10.75 points or 0.5% to 2,149.15 and Hang Seng increased 231.1 points or 0.97% to 24,056.98. On the flip side, Jakarta Composite decreased 11.43 points or 0.2% to 5,595.09, Taiwan Weighted decreased 7.25 points or 0.08% to 9,632.69 and Nikkei 225 decreased 1.71 points or 0.01% to 18,430.49.

All European markets were trading in green; UK’s FTSE 100 increased 1.64 points or 0.02% to 7,116.00, Germany’s DAX increased 2.54 points or 0.02% to 12,018.99 and France’s CAC increased 30.92 points or 0.62% to 5,034.65.

 

 

US stocks fell to 2 month lows as bond yields slumped while Gold continues to see safe haven buying.

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Indian Indices: Asian indices opened on a mixed note with Australia and Japan opening in the green after seeing losses for the last 3 days. The other markets continued to see weakness as US indices closed in the red after triple digit losses on the Dow Jones. Oil prices fell along with US bond yields while Gold continued to witness protection buying.


Nifty closed flat after seeing narrow movements through the session with 9100 being the key. Bank Nifty drifted lower as PSU banks saw selling accentuate after seeing a big rally last week. For today expect OMC and Energy stocks to see buying while Banks and Financials may continue to see profit booking.


The BSE Sensex is currently trading at 29425.80, up by 89.23 points or 0.30% after trading in a range of 29341.68 and 29442.24. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.67%, while Small cap index was up by 0.91%.

The CNX Nifty is currently trading at 9133.50, up by 30.00 points or 0.33% after trading in a range of 9102.65 and 9135.95. There were 33 stocks advancing against 18 stocks declining on the index

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Indiacem

191.95

10.00

Sobha

391.00

6.93

NLCINDIA

107.15

5.20

Oberoirlty

403.00

5.53

Group ATopLosers

 

 

Yesbank

1552.00

-3.33

Hathway

43.50

-3.12

IRB

248.60

-1.78

Powergrid

207.05

-1.94

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

29170

29850

Nifty

9060

9260

 

Technical view: Nifty finds strong support @ 9075 which was the low for yesterday while 9150 will act as resistance on the upside. Bank Nifty also sees support @ 21470 while 21700 will act as resistance on the upside. Any breach and close below 9075 and 21470 will accentuate the fall on both indices.

 

 

JISLJALEQS (Buy Above 108 for Target of 116, Stop Loss at 104.5):Jain Irrigation has broken out from an inverse head and shoulder pattern on the daily charts. The stock has convincingly sustained above the 50-DMA. Other momentum oscillators indicate strength in the current up move. The breakout was also accompanied with highest ever daily volumes witnessed in the stock over the past few years. We advise to Buy JISJALEQS above Rs 108, Stop Loss at Rs 104.5 and Target of Rs 116.


Derivative Snippets

In the last trading session, Nifty ended on a lacklustre note. Bank Nifty 20APR2017 expiry ATM/OTM call and put option strikes were under selling pressure, indicating of a range bound close to the weekly expiry contracts..

FIIs were net sellers in cash market segment to the tune of Rs 673 Cr. FII’s index future long/short ratio at 2.4x v/s 2.7x. Long positions to the tune of ~33k contracts were created in index put options.

 

Nifty Movers: The top gainers on Nifty were GAIL India up by 4.37%, Grasim Industries up by 3.51%, HDFC up by 2.52%, Bank of Baroda up by 2.29% and ONGC up by 1.53%.

On the flip side, Yes Bank down by 3.72%, ICICI Bank down by 1.80%, Axis Bank down by 1.59%, Tata Power down by 0.76% and NTPC down by 0.64% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 1.49%, Consumer Durables up by 1.17%, Basic Materials up by 1.04%, PSU up by 0.76% and Oil & Gas up by 0.63%, while Bankex down by 0.34% was the sole loser on BSE.The top gainers on the Sensex were GAIL India up by 4.12%, HDFC up by 2.54%, Adani Ports & Special Economic Zone up by 1.50%, ONGC up by 1.45% and HDFC Bank up by 1.03%.

 

 

 

On the global front: On the global front, Asian shares were trading mostly in green, as signs of resilience emerged in some markets, while steadying commodity prices - especially for oil - prompted some bargain hunting among investors. Japan reported that March exports rose 12% on year, against a 6% increase projected by analysts for the fourth consecutive month of gains, while imports rose 15.8%, well above the 10.4% increase seen. The trade surplus came in at 615 billion yen, wider than the 576 billion yen increase seen.

 

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 2.34 points or 0.13% to 1,741.29, KOSPI Index increased 9.87 points or 0.46% to 2,148.27, Nikkei 225 increased 64.01 points or 0.35% to 18,496.21 and Hang Seng increased 101.26 points or 0.43% to 23,927.14.On the other hand, Taiwan Weighted decreased 6.43 points or 0.07% to 9,633.51, Jakarta Composite decreased 5.68 points or 0.1% to 5,600.83 and Shanghai Composite decreased 1.49 points or 0.05% to 3,169.20.

 

US indices fall in tandem with global weakness as UK elections, metals selloff gathers momentum. Gold, Yen see defensive buying as investors turn cautious.

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Indian Indices: Asian indices opened weak in tandem with the European selloff, which saw the Dow Jones also close lower by over 120 points. LME weakness in UK followed by the snap decision of elections saw the British Pound rally smartly, which hurt equities with metals leading on the way down. For today expect caution to be the buzzword as currencies, bond yields and equities chart out the course for the remainder of April with 'risk off' trade gathering momentum.


Nifty saw a very sharp intraday reversal and closed in the red after being up over 70 points during the morning session. The selloff was led by foreign investors as global cues turned weak and Nifty failed to sustain even the previous day's low. Mid-caps led the fall with further correction on the cards today also.


The BSE Sensex is currently trading at 29351.15, up by 32.05 points or 0.11% after trading in a range of 29241.48 and 29373.55. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index was up by 0.48%.

The CNX Nifty is currently trading at 9113.55, up by 8.40 points or 0.09% after trading in a range of 9079.50 and 9120.50. There were 31 stocks advancing against 20 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Cesc

907.85

5.67

MRPL

121.65

5.55

Hathway

39.30

4.94

RTNPower

9.02

4.52

Group ATopLosers

 

 

Nationlum

68.65

-6.54

Jindalstel

114.00

-4.00

Polaris

218.00

-3.11

NLCIndia

102.00

-2.67

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

29170

29850

Nifty

9060

9260

 

Technical view: Nifty finds strong support @ 9050 with 9150 now acting as strong resistance on the upside. Bank Nifty also finds 21750 as the hurdle on the upside while 21500 will act as support.

 

 

BPCL (Sell April Future Below 725, for Target of 703 and Stop Loss at 736): The stock has formed a Doji as well as a shooting star kind of a candle stick pattern indicating uncertainty in the current trend. If BPCL slips below previous day’s low we expect a fresh bout of downside pressure on the stock. Momentum indicators also suggest exhaustion at current juncture, which further accentuates our bearish stance on the stock for short term.


Derivative Snippets

In the last trading session, Nifty ended on a negative note as the closing hour selling pressure weigh in. Nifty OTM call option strikes witnessed continued short selling, while short covering was seen in ATM/OTM put option strikes, indicating of a further correction up to the support zone of 9050 levels.

FIIs were net sellers in cash market segment to the tune of Rs 931 Cr.

FII’s index future long/short ratio at 2.7x. Long positions to the tune of ~18k contracts were created in index put options.

 

Nifty Movers: The top gainers on Nifty were Tata Power up by 3.53%, Power Grid up by 2.87%, BhartiInfratel up by 2.51%, NTPC up by 2.01% and Adani Ports & Special Economic Zone up by 1.91%. On the flip side, Indiabulls Housing down by 1.58%, Axis Bank down by 1.34%, TCS down by 0.75%, Bosch down by 0.68% and Infosys down by 0.56% were the top losers.

 

Top Sectoral& Stock Screening: The gaining sectoral indices on the BSE were Utilities up by 1.79%, Power up by 1.76%, Basic Materials up by 0.55%, Metal up by 0.52% and Industrials up by 0.43%, while IT down by 0.35%, Bankex down by 0.26%, TECK down by 0.16% and Oil & Gas down by 0.02% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian markets were trading mostly higher on Tuesday as tensions over the situation on the Korean Peninsula softened somewhat following U.S. Vice President Mike Pence's departure from South Korea for Japan. While weak commodity prices weighed on resources stocks, strong post-Easter finish on Wall Street provided upward momentum. In overnight trade, the Dow Jones Industrial Average index advanced 0.9%, while S&P500 index rose 0.86% and Nasdaq Composite index gained 0.89%.

 

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 140.73 points or 0.59% to 23,783.81, Taiwan Weighted decreased 114.11 points or 1.17% to 9,632.45, Shanghai Composite decreased 35.92 points or 1.12% to 3,160.79, KOSPI Index decreased 7.61 points or 0.35% to 2,140.85 and FTSE Bursa Malaysia KLCI decreased 1.54 points or 0.09% to 1,739.06.On the other hand, Nikkei 225 increased 7.05 points or 0.04% to 18,425.64 and Jakarta Composite increased 29.03 points or 0.52% to 5,606.52.

 

RBI SHIFTS POLICY STANCE FROM ACCOMMODATIVE TO NEUTRAL ON FEAR OF INFLATION-Research Report-ShareTipsInfo

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RBI shifts policy stance from accommodative to neutral on fear of inflation

The Monetary Policy Committee in its first Bi-Monthly Monetary Policy review, held on 6 th April 2017, kept the borrowing rates unchanged at 6.25 percent. The committee however hiked reverse repo rate by 25 basis points to 6 percent in a bid to drain excess liquidity from the system. Speaking about liquidity, there was approximately Rs. 7,956 billion of excess cash in the banking system in January’17 which now stands close to Rs. 4,806 billion (March’17). This decline was majorly due to RBI’s tooling i.e. Market Stabilization Scheme which helped the central bank to absorb excess cash of around Rs. 3,141 billion by the end of March’17.

According to the RBI staff projections, the inflation rate which currently is at 3.65 percent is projected to rise at 4.5 percent in the first half of 2017-18 and thereafter at 5 percent. Reason behind this upsurge in consumer prices could be attributed to the rising probability of an El Niño event which could boost food inflation. Implementation of 7 th Pay Commission and GST bill along with global developments are other factors for the inflation uptick.

With respect to economic growth, gross value added growth is projected to strengthen to 7.4 percent in 2017-18 from 6.7 percent in 2016-17 primarily due to - rebound in consumer spending, credit growth, recent proposals in the Union Budget which could stimulate capital expenditure, roll-out of GST bill and the upsurge in IPO’s which augurs well for investment and growth.

Inflationary pressure to re-emerge along with higher growth

MPC clearly spells out higher upside risks to inflation. Average CPI is projected to be higher at 4.5% in H1FY18, currently at 3.7% in Feb’17, to 5.0% in H2FY18. Currently, demonetization spillovers has suppressed the headline inflation numbers. Headline inflation is likely to edge higher as the temporary impact of demonetization on perishable food items fades out and core inflation (4.8% YoY in Feb’17) inches up along with cyclical upswing in demand. The factors that are expected to reinforce inflationary pressure include

a) deficient south west monsoon & higher MSPs reinforcing food inflation,

b) increase in HRA as recommended by 7th pay commission is likely to push baseline inflation trajectory by 100-150bps,

c) initial effect from implementation of GST,

d) farm loan waivers by state governments,

e) policy focus to revive demand particularly from increase in budget allocation towards rural & affordable housing,

f) narrowing of output gap as remonetisation progresses,

g) spillover of improving global prospects on commodity prices,

h) rising inflation in advance economies due to reflationary policies,

i) currency impact arising from normalization of monetary policy in advance economies, especially US Fed and

j) protectionism policies adopted across the world.

On growth front (real GVA), the outlook is seen favorable at 7.4% vs 6.7% on the back of

a) gainingremonetisation,

b) reflationary fiscal policies, specially targeted towards rural demand and

c) cyclical upturn in global growth.

On global markets

According to the RBI governor, global trade volumes are finally improving which means that global demand is no more anaemic in nature. The world’s largest economy i.e. the United States of America is on growth path since all its important economic datasets on labour market, inflation and growth have come on a positive note. However, there is uncertainty surrounding the direction of US macro-economic policies with potential global spill over. The governor also feels that emerging markets are gradually improving on hardening commodity prices, easing recessionary pressures in Russia/Brazil and stabilized Chinese policy stimulus.

 Overview of Indian economy

The demonetization effect on the economy is finally easing. This can be observed from the rebound seen in manufacturing and service PMI data since demonetization. Both the PMI data lingered close to 49.6 and 46.8 in December’16 and has finally increased to 52.5 and 51.5 respectively in March’17 due to pickup seen in demand for new orders and output. This has benefitted the Index of industrial production (IIP) data which surged to 2.7 percent in January’17 from previous months -0.1 percent. Overall business sentiment is expected to improve in Q1 of 2017-18 on the back of a sharp pick up in both domestic and external demand y | June 7, 2016 www.angelcommodities.com Page 2 RBI Monetary Policy Update 06 April 2017 About the inflation rate, since the last two months the consumer prices have been increasing, all thanks to increase in the prices of sugar, fruits, meat, fish, milk and processed foods. Kerosene prices have also been increasing on the back of reduction in subsidies. With respect to balance of trade, India’s trade deficit narrowed to $8.9 billion in Feb-17 from previous month’s deficit of $9.8 billion due to lower crude oil prices. The above strong macro-economic datasets along with the resounding win of BJP party in Uttar Pradesh elections along with the clearance of GST bill in the LokSabha has led to a sudden surge in inflows which has acted as a positive factor both for Indian markets and its currency. The annual growth rate which was at 7.4 percent in September’16 quarter expanded by mere 7 percent owing to the demonetization move. The Monetary Policy Committee expects economic activities to recover in the second half of 2017-18.

Summing up

The no-change-in-policy was mainly undertaken to guard the Indian economy against any potential flare-up in inflation. Post this event, the Indian Rupee spot has been continuously appreciating and is currently trading at 64.51 levels while writing. USDINR spot is likely to appreciate even more in the near term as uncertainty with respect to Trump’s fiscal policies will keep the American currency pressurized in turn favouring the Indian currency

 

Outlook:

Liquidity to normalize by Q2FY18 RBI’s has reinforced its earlier outlook of re-emergence of inflationary pressure with a mild hawkish overtone. Hence, even the marginal market expectation of rate easing and softening of Gsec yields has been ruled out. The pace of remonetisation will provide reinforcement to domestic demand and growth outlook. Our projections indicate that complete normalization of demonetization, including reprinting of notes and meeting normalized demand will be achieved by end of Q1FY18, i.e. eight months post demonetization announcement. Expected upside risk to inflation can enhance the hawkish tenor of the RBI’s monetary policy stance. Additionally, prospects of rising global rates led by the Fed’s normalization will condition RBI’s policy outlook, in our view.

SENSEX LOSES 221 PTS, NIFTY ENDS BELOW 9200 AFTER US STRIKES SYRIA

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Major headlines

·         Jio complementary offer not in sync with regulations

·         India topped domestic aviation market growth in Feb

·         CCI nod for jabil India Ericssson India pact, 2 other deals

Indian Indices: Indian equity benchmarks extended their losses in late afternoon session on the back of heavy selling pressure in Healthcare, IT and Consumer Durables stocks. However, the broader markets showed some fervor and traded with notable gains, performing better than their larger peers. Weak opening in European markets and expectations of no further rate cuts by Reserve Bank of India (RBI) this year also impacted the sentiments. Even a strong rupee against dollar and healthy macro-economic data failed to uplift investors' sentiments. 

Traders remained pessimistic with the report that RBI projected retail inflation to increase to 5% in the second half of the current fiscal citing risks of El Nino impacting the monsoon and one-off effects of the Goods and Services Tax. The central bank also said that a prominent risk could emanate from managing the implementation of the allowances recommended by the 7th Central Pay Commission (CPC).

The BSE Sensex is currently trading at 29788.99, down by 138.35 points or 0.46% after trading in a range of 29763.02 and 29886.12. There were 10 stocks advancing against 20 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.29%.

The CNX Nifty is currently trading at 9227.80, down by 34.15 points or 0.37% after trading in a range of 9212.60 and 9250.50. There were 17 stocks advancing against 34 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Adanitrans

81.35

7.04

Concor

1120.15

6.50

ABB

1380.55

6.14

Edelweiss

181.55

5.98

Losers

 

 

JPassociat

12.93

-7.58

Unitech

5.68

-5.96

Religare

218.35

-5.17

Cox & King

212.0

-4.13

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

29,706.61

-0.74

Nifty

9,198.30

-0.69

Crporate Front: India topped the global charts in domestic air passenger growth for the 23rd straight month in February, helped by strong demand and increased load factor, IATA said as per the PTI report. In February, the country's growth in revenue passenger kilometres (RPK) stood at 17 per cent. Globally, RPK -- an indicator of passenger growth -- declined to 4.8 per cent during the same period. Load factor refers to occupancy level in a flight. "India topped the domestic growth chart for the 23rd month in a row in February.


 

Macroeconomic front: State Bank of India's bad loans have ballooned approximately 50 per cent in the span of a year and those of its five associate banks by 170 per cent.The bank will likely have to increase its provisioning for bad loans -- setting aside money to partly cover the non-performing assets (NPAs) following its merger with five subsidiaries.

On the global front:

On the global front, European markets were trading in red following indications by the U.S. Federal Reserve that it wants to pare back its balance sheet. Asian markets were trading in red. Back home, in scrip specific development, Force Motors edged higher after the company reported the production, sales and export of the products manufactured during the month of March 2017. The company’s production of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) stood at 1,822 units and Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors stood at 1,387 units.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28864.00

0.5

Silver

42286.00

0.46

Crude oil

3369.00

0.54

Natural Gas

212.80

-0.88

Alluminium

124.45

-1.03

Copper

374.35

-1.66

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 1.23%, Oil & Gas up by 0.92%, PSU up by 0.47%, Capital Goods up by 0.40% and Industrials up by 0.15%, while Healthcare down by 0.93%, IT down by 0.63%, Consumer Durables down by 0.55%, Metal down by 0.51% and Bankex down by 0.50% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Reliance Industries up by 2.09%, Bajaj Auto up by 1.30%, IndusInd Bank up by 1.22%, Indian Oil Corp. up by 0.92% and Zee Entertainment up by 0.91%. On the flip side, Hindalco down by 2.57%, ITC down by 1.77%, Coal India down by 1.31%, AurobindoPharma down by 1.30% and Adani Ports & SEZ down by 1.28% were the top losers.

 

Global Signals:

sian markets were trading mostly in red; Jakarta Composite decreased 29.79 points or 0.52% to 5,650.45, Taiwan Weighted decreased 24.43 points or 0.25% to 9,873.37, Hang Seng decreased 6.42 points or 0.03% to 24,267.30, FTSE Bursa Malaysia KLCI decreased 1.57 points or 0.09% to 1,737.99 and KOSPI Index decreased 1.02 points or 0.05% to 2,151.73. On the flip side, Shanghai Composite increased 5.61 points or 0.17% to 3,286.62 and Nikkei 225 increased 67.57 points or 0.36% to 18,664.63.

All European markets were trading in red; Germany’s DAX decreased 58.05 points or 0.47% to 12,172.84, France’s CAC decreased 12.89 points or 0.25% to 5,108.55 and UK’s FTSE 100 decreased 0.22 points or 0% to 7,302.98.

 

 

Oil prices hit 1 month high as Syria tension sees rise in geopolitical risk. US Dollar stabilizes even as stocks give up most gains.

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Major headlines:

·         Assocham seeks lower rental on PoS machines

·         Israel eases visa policy for Indian businessmen

·         Reliance Jio to withdraw 3 months complimentary Summer Surprise offer

 

Indian Indices:Asian indices are set to open flat as overnight the US indices gave up most gains with Energy stocks leading the winners. However sell off in Banks and Financials saw the indices close flat as risk in Syria kept the market participants edgy. Bond yields edged up even as oil prices hit fresh 1 month highs.


The Central bank as per consensus left rates unchanged, which saw markets close with marginal losses. The banks being awash with liquidity is seeing positive reaction both on the bond and the currency markets with the Rupee hitting 64.5 a nearly 20 month high. The liquidity gush due to strong foreign buying is seeing strong inflows with bullishness in both stocks and the currency.


The BSE Sensex is currently trading at 29844.88, down by 82.46 points or 0.28% after trading in a range of 29763.02 and 29863.74. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.13%, while Small cap index was up by 0.21%.

The CNX Nifty is currently trading at 9235.50, down by 26.45 points or 0.29% after trading in a range of 9212.60 and 9240.15. There were 16 stocks advancing against 35 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Adanitrans

82.50

8.55

KEC

229.50

5.32

Denabank

40.25

4.27

DEN

94.00

3.98

Group ATopLosers

 

 

Jetairways

508.00

-2.46

Unitech

5.91

-2.15

Sunpharma

672.00

-2.11

Jublfood

1043.00

-1.72

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

29845

30035

Nifty

9235

9300

 

Technical view: Nifty finds strong support @ 9218, which was yesterday's low while 9330 will act as strong resistance. Bank Nifty also finds strong support @ 21350 while 21850 will act as resistance on the upside.


 

Titan (Buy above 488, for Target of 505, Stop Loss at 480): The stock has broken out from a rising channel pattern on the daily chart and has also sustained above the same in yesterday's trade. On hourly basis the breakout is confirmed as the stock recovered to close near days high with increase in volumes. Momentum oscillators suggest the upward thrust to continue. We advise to Buy Titan above Rs 488, Stop Loss at Rs 480 and Target of Rs 505.


Derivative Snippets

In the last trading session, markets ended on a flat note after witnessing a volatile swing. Long unwinding was observed in Nifty futures along with some minor short selling in OTM call and put option strikes.


FIIs were net buyers in cash market segment to the tune of Rs 143 Cr.


FII’s index future long/short ratio at 3.2x vs 3.6x.

 

Nifty Movers: The top gainers on Nifty were Indian Oil Corporation up by 2.66%, BPCL up by 1.90%, Larsen & Toubro up by 1.60%, BhartiAirtel up by 1.39% and Tech Mahindra was up by 1.12%. On the flip side, Sun Pharma down by 2.54%, Adani Ports & SEZ down by 2.26%, Zee Entertainment down by 1.83%, Bank of Baroda down by 1.32% and Tata Motors - DVR down was by 1.29% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Telecom up by 1.20%, Realty up by 1.05%, Capital Goods up by 0.92%, Oil & Gas up by 0.71% and Industrials up by 0.23%, while Healthcare down by 0.78%, FMCG down by 0.33%, Power down by 0.32%, Metal down by 0.29% and Utilities was down by 0.20% were the top losing indices on BSE.

 

 


On the global front: On the global front, stocks slumped and safe haven bonds and the yen jumped in Asia on Friday after the United States launched cruise missiles against an air base in Syria, potentially escalating the conflict and spooking investors globally. The US markets closed modestly higher in last session but were off the highs of the day, as traders looked ahead to the release of the Labour Department’s closely watched monthly jobs report on Friday.

 

 

Global Signals:Asian markets were trading mostly in red; Hang Seng decreased 136.61 points or 0.56% to 24,137.11, Taiwan Weighted shed 44.45 points or 0.45% to 9,853.35, Jakarta Composite fell 30.03 points or 0.53% to 5,650.21, KOSPI Index slipped 2.03 points or 0.09% to 2,150.72 and FTSE Bursa Malaysia KLCI was down by 1.52 points or 0.09% to 1,738.04.

On the flip side, Shanghai Composite increased 8.09 points or 0.25% to 3,289.09 and Nikkei 225 was up by 95 points or 0.51% to 18,692.06.

 

SENSEX OFF DAY’S LOW POST RBI POLICY, NIFTY ENDS ABOVE 9250; ITC, SBI FALL

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Indian Indices:  Indian equity benchmarks pared some of their early losses in late afternoon session but continued to trade in negative territory. The markets trimmed losses with the report that Reserve Bank of India (RBI) kept policy interest rates unchanged at 6.25% for a third straight meeting today, shifting focus to ways to mop up excess cash in the banking system that threatens to stoke inflation. It however raised the reverse repo rate from 5.75% to 6%. Some support also came in with the report that services sector in India registered second straight month of growth in March, driven by strong rise in new work orders amid softer inflationary pressures. The Nikkei India Services Purchasing Managers' Index (PMI) rose to 51.5 in March from 50.3 in February. However, traders remained cautions with global credit rating agency Crisil’s report that CPI inflation is likely to average higher at 5 percent in the current fiscal on expectations of increasing pressure on food prices as well as uptick in global oil and commodity rates.

The BSE Sensex is currently closed at 29927.34, down by 46.90 points or 0.16% after trading in a range of 29817.59 and 29949.60. There were 12 stocks advancing against 18 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was up by 0.11%, while Small cap index down by 0.13%.

The CNX Nifty is currently shut down at 9261.95, down by -3.20 points or 0.03% after trading in a range of 9215.40 and 9264.95. There were 31 stocks advancing against 20 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Navkarcorp

208.40

15.07

MCleodrus

179.85

7.44

Jindalstel

132.70

6.76

Adaniports

44.25

5.23

Losers

 

 

Justdial

533.70

-3.89

Deltacorp

184.95

-8.71

Muthootfin

380.95

-3.80

GSFC

121.85

-3.45

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

29,927.34

-0.16

Nifty

9,261.95

-0.03

Crporate Front: Ministry of communications & information technology has said that Department of Telecommunications (DoT) has been taking various initiatives to address the problem of call drops in mobile networks. The Telecom Service Providers (TSPs) have installed about 2,12,917 additional BTSs (Base Transceiver Stations) across the country during the period from June 2016 to February 2017. “From the feedback it has been observed that the problem of call drops is more severe indoors, said Ministry of communications & information technology in a statement.

 

Macroeconomic front: The Reserve Bank of India (RBI) will focus on draining excess liquidity from the system in the new fiscal year, Governor Urjit Patel said after the monetary policy meeting on Thursday.The RBI kept its repo rate unchanged at 6.25 percent for a third consecutive policy meeting on Thursday as it continues to guard against a potential flare-up in inflation and an uncertain global economic environment.

 

On the global front: On the global front, European markets were trading in red following indications by the U.S. Federal Reserve that it wants to pare back its balance sheet. Asian markets were trading in red. Back home, in scrip specific development, Force Motors edged higher after the company reported the production, sales and export of the products manufactured during the month of March 2017. The company’s production of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) stood at 1,822 units and Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors stood at 1,387 units.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28850.00

0.16

Silver

42273.00

0.04

Crude oil

3324.00

-0.24

Natural Gas

211.70

-0.66

Alluminium

127.30

-0.16

Copper

383.60

-0.66

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 2.46%, Energy up by 1.00%, Oil & Gas up by 0.78%, Power up by 0.34% and PSU up by 0.31%, while Consumer Durables down by 0.97%, FMCG down by 0.80%, Healthcare down by 0.66%, Telecom down by 0.55% and Metal down by 0.54% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Reliance Industries up by 2.09%, Bajaj Auto up by 1.30%, IndusInd Bank up by 1.22%, Indian Oil Corp. up by 0.92% and Zee Entertainment up by 0.91%. On the flip side, Hindalco down by 2.57%, ITC down by 1.77%, Coal India down by 1.31%, AurobindoPharma down by 1.30% and Adani Ports & SEZ down by 1.28% were the top losers.

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 264.21 points or 1.4% to 18,597.06, Hang Seng decreased 127.08 points or 0.52% to 24,273.72, Taiwan Weighted decreased 51.68 points or 0.52% to 9,897.80, KOSPI Index decreased 8.1 points or 0.37% to 2,152.75 and FTSE Bursa Malaysia KLCI decreased 5.11 points or 0.29% to 1,739.56. On the flip side, Jakarta Composite increased 3.26 points or 0.06% to 5,680.24 and Shanghai Composite increased 10.7 points or 0.33% to 3,281.01.All European markets were in red; Germany’s DAX decreased 50.26 points or 0.41% to 12,167.28, UK’s FTSE 100 decreased 40.92 points or 0.56% to 7,290.76 and France’s CAC decreased 9.25 points or 0.18% to 5,082.60.

 

 

US indices flattered to deceive, giving up over 180 point rise to close in the red.

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Indian Indices: Asian indices opened weak after overnight Dow Jones reversed early gains to close in the red. The fall in bond yields coupled with delay in implementation of reforms promised by the Trump administration is seeing sell on rallies emerge in US indices.


Nifty continued its upward journey with overbought indices now continuing their winning streaks. The flow of money from both foreign and domestic investors is keeping the bulls in fine fettle as new highs see new money chase absolute returns. With RBI monetary policy due today consensus has built up no change in policy rates, which could see profit booking after the event.


The BSE Sensex is currently trading at 29859.37, down by 114.87 points or 0.38% after trading in a range of 29833.45 and 29948.44. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.23%, while Small cap index was down by 0.37%.

The CNX Nifty is currently trading at 9226.40, down by 38.75 points or 0.42% after trading in a range of 9220.00 and 9245.80. There were 14 stocks advancing against 37 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Navkarcorp

204.00

12.64

Concor

1053.90

4.13

Jindalstel

129.25

3.98

Unitech

6.06

3.59

Group ATopLosers

 

 

Deltacorp

186.90

-7.75

SCI

75.90

-3.68

Bharatfin

768.55

-3.58

Justdial

537.55

-3.20

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

29550

29780

Nifty

9150

9220

 

Technical view: Nifty now finds support around 9200 with 9330 acting as resistance while Bank Nifty finds support around 21350 with 21750 acting as resistance.

 

 

SPARC (Buy above 352, for Target of 375.5, Stop Loss at 339):Stock has been trading in a tight range of Rs 340 and Rs 300 since first week of Dec 2016. Multiple attempts to close above Rs 340 went futile earlier. In yesterday's trade stock broke out of the range successfully giving a close above Rs 340, sustaining above all its medium term 100-200 DMA. The breakout has been accompanied with decent volume expansion on daily charts. We advise to Buy SPARC above Rs 352, Stop Loss at Rs 339 and Target of Rs 375.5.

Derivative Snippets

In the last trading session, markets continue to trade higher as the mid-cap stocks shimmered. Nifty and Bank Nifty OTM put option strikes continued to remain under the selling pressure, limiting the downside risk for the indices.


FIIs were net buyers in cash market segment to the tune of Rs 340 Cr.


FII’s index future long/short ratio at 3.6x vs 3.3x.

 

Nifty Movers: The top gainers on Nifty were Bajaj Auto up by 1.44%, Axis Bank up by 0.73%, Reliance Industries up by 0.67%, Indian Oil Corporation up by 0.64% and Bank of Baroda up by 0.52%. On the flip side, Hindalco down by 2.70%, Adani Ports & Special Economic Zone down by 1.73%, ITC down by 1.60%, Tata Steel down by 1.48% and Hindustan Unilever down by 1.47% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 2.46%, Consumer Durables up by 1.87%, Metal up by 1.01%, Telecom up by 0.84% and Basic Materials was up by 0.83%, while IT down by 0.33%, TECK down by 0.17%, FMCG down by 0.15% and Bankex was down by 0.11% were the few losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, with risk appetite soured by signs the Fed might start paring its king-sized balance sheet later this year just as the chances of an early US fiscal stimulus faded further. Investors were also wary ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, the first between the world’s two most powerful leaders

 

Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 289.64 points or 1.54% to 18,571.63, Hang Seng decreased 141.92 points or 0.58% to 24,258.88, Taiwan Weighted decreased 59.19 points or 0.59% to 9,890.29, Jakarta Composite decreased 26.1 points or 0.46% to 5,650.88, KOSPI Index decreased 14.53 points or 0.67% to 2,146.32 and FTSE Bursa Malaysia KLCI decreased 4.74 points or 0.27% to 1,739.93.On the other hand, Shanghai Composite increased 6.5 points or 0.2% to 3,276.80.

 

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