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Global markets stall as oil,US$ halt after sharp rally with US equities set to hit 20000 as macro data improves

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Major headlines:

·         Key Indian equity indices trade lower

·         China expresses disappointment at EU favouring continued limits on Chinese solar panels

·         Gold steady but on track for seventh straight weekly loss

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

25860

26171

Nifty

7945

8025

 

Indian Indices:Asian indices opened in the red with week end blues seeing caution ahead of the holiday shortened next week. US indices drifted lower as the 20000 mark still seems within reach even as US GDP growth recorded strong growth coming @ 3.5%.The year end blues saw profit booking in oil & US$ as the rally seems to be getting overstretched.  

Nifty gave up gains for the year as the last 7 days have seen the slow grind downwards gather momentum with 7916 being the last ray of hopes for the bulls. Bears have taken advantage of weak sentiment coupled with year end foreign selling & have seen the index turn negative for the year 2016.For today expect an attempt @ 7916 which was the 21st November low to be tested & defended as markets in extremely oversold territory & ripe for a sharp pullback.

The BSE Sensex is currently trading at 25904.77, down by 74.83 points or 0.29% after trading in a range of 25872.38 and 26007.16. There were 10 stocks advancing against 20 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.57%, while Small cap index was down by 0.38%. The CNX Nifty is currently trading at 7951.00, down by 28.10 points or 0.35% after trading in a range of 7942.05 and 7985.45. There were 18 stocks advancing against 33 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Balramchin

121.50

4.70

Renuka

13.73

4.02

RDEL

55.20

3.86

Bajajfinace

794.70

3.72

Group ATopLosers

 

 

Bharatfin

533.55

-3.81

UNITECH

4.01

-3.37

PFC

121.15

-2.96

KEC

131.70

-2.34

Market Statistics

 

 

 

BSE

NSE

Advances

999

752

Declines

1021

667

 

Technical view: Nifty to find support around 7916 which was the last low on 21st November& will find resistance around 8050-8080.Bank Nifty also finds support around 17650 while 18143 will act as resistance on the upside.

 

Market Sentiment:

The market breadth on BSE was negative in the ratio of 468:1585, while 99 scrips remained unchanged.

 

Trading ideas :BEML (Buy above Rs 964 for target of Rs 1012, SL at Rs 940): Stock was trading in a range of Rs 900 to Rs 930 from past few days. In yesterday's trade, stock managed to break out of the recent trading range, and also close above the same. This led to breakout from an inverse head and shoulder pattern which is bullish in nature. Close above its 200-DMA with credible volume can augur well for BEML. We advise to Buy BEML above Rs 964, stop loss at Rs 940, and Target of Rs 1012.

 

MacroeconomicFront:The proposed Goa-Mumbai concrete expressway would promote tourism in Goa as well as in the Konkan region, Union Minister for Roads and Transport, Highways and Shipping NitinGadkari said on Thursday, adding that the project would also reduce the rate of accidents along the stretch.

Corporate Snippets:BhartiAirtelsaid its subsidiary Network has entered into a definitive agreement with Egyptian firm Oracom to acquire the latter’s entire equity stake in Middle East North Africa Submarine Cable Systems for and undisclosed amount.

 

Titan Company inaugurated its revamped store in the upmarket Jubilee Hills area of the city bringing together their retail chains.

 

RBL Bank has reduced has too launched discount sale on domestic routes.

 

Texmaco Rail Engg and Kalindee Rail Nirman have received Delhi High Court’s approval to merge the latter with former, the companies notified the bources.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Consumer Durables up by 0.38% and Oil & Gas up by 0.28%, while Power down by 0.99%, Metal down by 0.93%, FMCG down by 0.83%, TECK down by 0.77% and Auto down by 0.76% were the losing indices on BSE.

Nifty Movers:The top gainers on the Sensex were Sun Pharma up by 2.51%, Bajaj Auto up by 0.64%, ONGC up by 0.51%, HDFC up by 0.50% and ICICI Bank up by 0.32%.  On the flip side, Mahindra & Mahindra down by 1.71%, Tata Motors down by 1.53%, Power Grid down by 1.43%, Adani Ports & Special Economic zone down by 1.33% and ITC down by 1.28% were the top losers.

 

 

 

 

On the global front:On the global front, Asian shares were trading mostly in red, as the stocks stepped back in subdued trade ahead of holiday season. Japan’s stock exchange was closed on account of ‘Emperor’s Birthday’ holiday. The index has posted seven straight weeks of gains, its longest winning streak since early 2013, boosted by the yen’s weakness in the face of a surging dollar.

 

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 125.64 points or 0.58% to 21,510.56, Taiwan Weighted decreased 28.7 points or 0.31% to 9,090.05, Shanghai Composite decreased 24.09 points or 0.77% to 3,115.47, FTSE Bursa Malaysia KLCI decreased 4.02 points or 0.25% to 1,619.18 and KOSPI Index decreased 0.33 points or 0.02% to 2,035.40.On the other hand, Jakarta Composite increased 28.02 points or 0.56% to 5,070.89.

 

 

Global cues quiten as year end blues sees low turnover with range bound markets.

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Major headlines:

·         Monetary policy panel to wait and watch impact of demonestisation.

·         Indian equity market indices open flat

·         Asian shares slilp in holiday thinned trade, focus turns to U.S data

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26221

26522

Nifty

8055

8151

 

Indian Indices:Asian indices opened flat to marginally weak as US indices also had a rather quiet session with the Dow Jones ending marginally in the red. Pullback in oil prices & yields edging lower were the theme for the day as US$ also saw profit booking. Emerging markets continue to be the favorite punching bag on both currency & equity front as investors exit seeking better opportunities in US equity & bonds.   

Nifty gave up all gains in last half hour & drifted towards 8050 as renewed bout of foreign selling emerged. Banks, IT &Fmcg saw huge profit booking with commodities & auto's seeing buying. For today weak sentiment could see 8000 being tested as year end repatriation by select foreign investors could continue this week.

The BSE Sensex is currently trading at 26060.42, down by 181.96 points or 0.69% after trading in a range of 26027.58 and 26248.45. There were 3 stocks advancing against 27 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 1.04%, while Small cap index was down by 0.93%. The CNX Nifty is currently trading at 7999.75, down by 61.55 points or 0.76% after trading in a range of 7991.50 and 8046.45. There were 9 stocks advancing against 42 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Sparc

318.50

3.61

Escorts

291.85

1.89

GDL

226.00

1.80

BEML

938.85

1.60

Group ATopLosers

 

 

Aloktext

3.21

-4.18

Jindalstel

68.90

-3.97

PEL

1501.25

-3.32

VEDL

218.55

-3.32

Market Statistics

 

 

 

BSE

NSE

Advances

999

842

Declines

1021

542

 

Technical view: Nifty finds last bastion support around 8000 which if broken can see a test of 7916 while 8150 atcs as strong resistance, Bank Nifty also finds support around 17900 with 18350 now acting as resistance.

 

Market Sentiment:

The market breadth on BSE was negative in the ratio of 468:1585, while 99 scrips remained unchanged.

 

Trading ideas :DLF (Buy above Rs 118.5 for target of Rs 123.5, SL at Rs 116): Stock was moving in a very narrow trading band from the past six trading sessions between Rs 111.5 and Rs 114. In yesterday's trade, stock managed to close above the same, creating a bullish belt hold candlestick pattern on the daily charts. If stock sustains above Rs 118.5, it would result in a triangle breakout. We advise to Buy DLF above Rs 118.5, stop loss at Rs 116, and Target of Rs 123.5.

 

MacroeconomicFront:The RBI's December decision to hold its key interest rate at 6.25 per cent was based on the unanimous view of the Monetary Policy Committee to take a prudent "wait and watch" approach pending more information on the full effects of demonetisation and against the backdrop of volatility in financial markets provoked by the then imminent tightening of monetary policy in the US.

Corporate Snippets:BhartiAirtelsaid its subsidiary Network has entered into a definitive agreement with Egyptian firm Oracom to acquire the latter’s entire equity stake in Middle East North Africa Submarine Cable Systems for and undisclosed amount.

 

Titan Company inaugurated its revamped store in the upmarket Jubilee Hills area of the city bringing together their retail chains.

 

RBL Bank has reduced has too launched discount sale on domestic routes.

 

Texmaco Rail Engg and Kalindee Rail Nirman have received Delhi High Court’s approval to merge the latter with former, the companies notified the bources.

Top Sectoral& Stock Screening:  The losing sectoral indices on the BSE were Metal down by 1.68%, Capital Goods down by 1.06%, Power down by 1.03%, Bankex down by 0.98% and PSU down by 0.89%, while there were no gainers.

Nifty Movers:The top gainers on Nifty were Eicher Motors up by 0.64%, Zee Entertainment up by 0.58%, Hindustan Unilever up by 0.50%, BhartiInfratel up by 0.49% and Tata Motors up by 0.44%.  On the flip side, Hindalco down by 2.67%, Adani Ports & Special Economic Zone down by 2.08%, Tata Steel down by 1.93%, Bank of Baroda down by 1.84% and SBI down by 1.64% were the top losers.

 

 

 

 

On the global front:On the global front, Asian shares were trading in red, after a lacklustre performance on Wall Street, with investors looking to US economic data later in the day for potential catalysts even as markets started winding down ahead of the holidays. The market volumes began to thin out in the run-up to the Christmas holidays with many investors sitting on the sidelines. Many major markets in Asia will remain close on Monday (and a few on Tuesday as well) to observe Christmas.

 

Global Signals:The Asian markets were trading in red; Hang Seng decreased 197.89 points or 0.91% to 21,611.91, Taiwan Weighted decreased 70.91 points or 0.77% to 9,133.35, Nikkei 225 decreased 52.66 points or 0.27% to 19,391.83, Jakarta Composite decreased 18.08 points or 0.35% to 5,093.31, Shanghai Composite decreased 6.87 points or 0.22% to 3,130.56, KOSPI Index decreased 2.14 points or 0.11% to 2,035.82 and FTSE Bursa Malaysia KLCI decreased 2.09 points or 0.13% to 1,627.50.

 

US indices in euphoria as Dow Jones almost hits 20000 with banks leading gains

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Major headlines:

·         FIPB to take up 17 investment proposals on December 28

·         Markets open on a positive note on Wednesday

·         Mutal funds bet on new investors post demonesisation

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26221

26522

Nifty

8055

8151

 

Indian Indices:  Asian indices opened in the green with the Japanese index "Nikkei" gaining for 11 of the last 12 sessions. Overnight Dow Jones closed @ new record highs & closed within 25 points of 20000.Banks led the gains which could spill over to Asian indices also.Strength in the US$, steady flow of ETF money & rise in US bond yields have been the theme after the Trump victory last month.  

Nifty continues to drift lower as low volumes coupled with weak sentiment add to downturn. The index seems set to bounce from oversold territory as 8050 seems to have been defended on the down side. For today expect second half bounce back led by IT, Financials & Metals which should see value buying coupled with short covering driving prices higher.

The BSE Sensex is currently trading at 26374.27, up by 66.29 points or 0.25% after trading in a range of 26296.26 and 26394.14. There were 21 stocks advancing against 9 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.37%, while Small cap index was up by 0.44%. The CNX Nifty is currently trading at 8102.15, up by 19.75 points or 0.24% after trading in a range of 8075.85 and 8112.55. There were 33 stocks advancing against 18 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

RCOM

38.35

9.42

Welcorp

80.55

6.97

JPAssociat

7.59

3.55

Fortis

187.15

3.54

Group ATop Losers

 

 

Aloktext

3.37

-9.65

Ceatltd

1158.75

-3.77

Petronet

363.95

-2.39

Justdial

345.30

-2.35

Market Statistics

 

 

 

BSE

NSE

Advances

999

842

Declines

1021

542

 

Technical view:   Nifty has found strong support @ 8050 which should hold & faces strong resistance @ 8150. Bank nifty also found support around 18000 which should hold while 18500 will act as resistance on the upside.

 

Market Sentiment:

The market breadth on BSE was negative in the ratio of 999:1021, while 138 scrips remained unchanged.

 

Trading ideas :      TCS (Buy above Rs 2344 for target of Rs 2405, SL at Rs 2314): Stock has given a classic double bottom breakout on the daily charts. The stock also managed to close above the important resistance of 2322, which was earlier important historical support for the stock. TCS managed to move above its 50-DMA and sustain above the same with credible volumes. We advise to Buy TCS above Rs 2344, stop loss at Rs 2314, and Target of Rs 2405.

 

Macroeconomic Front:  Rating agency, Crisil has said that Government's demonetising Rs 500 and Rs 1,000 notes may yield lasting economic benefits but its immediate impact has been "stunningly disruptive", with cash shortages roiling business plans. Commenting on the issue, Crisil Chief Economist Dharmakirti Joshi told the media.

Corporate Snippets: Bajaj Hindustan Sugar Ltd plans to sell its co generation power business to its group company Lalitpur Power Generation Company Ltd for about Rs 18 bn.

 

Welspun Enterprises Ltd said its board of directors will meet later this week to consider buy back of equity shares.

 

Sun Pharma said one of its subsidiaries has voluntarily requested the US health regular to withdraw approval for 28 abbreviated new drug applications belonging to Ranbaxy Laboratories.

 

Jubilant Life Sciences, a global leader in the pyridine, picolines and nutrition industry, announced a price increase of up to 15% on select products.

Top Sectoral& Stock Screening:   The top gaining sectoral indices on the BSE were Realty up by 1.29%, Metal up by 0.76%, PSU up by 0.61%, Power up by 0.56% and Auto up by 0.52%, while Consumer Durables down by 0.15% and FMCG down by 0.14% were the losing indices on BSE..            

Nifty Movers:    The top gainers on Nifty were Hindalco up by 1.94%, Bajaj Auto up by 1.66%, Mahindra & Mahindra up by 1.48%, Eicher Motors up by 1.41% and HDFC up by 1.21%. On the flip side, Zee Entertainment down by 1.11%, Bharti Infratel down by 0.94%, Tata Motors down by 0.92%, GAIL India down by 0.90% and TCS down by 0.83% were the top losers.

 

 

 

 

On the global front:        On the global front, Asian shares were trading mostly in red. Japan’s government upgraded its overall assessment of the economy, echoing the Bank of Japan’s more upbeat view, in a sign the economy may be steadying. The government also upgraded its view of household spending, exports and business sentiment, saying consumers’ mindsets are improving and exports to Asia are recovering.

 

Global Signals:     The Asian markets were trading mostly in red; Nikkei 225 decreased 79.08 points or 0.43% to 19,415.45, Taiwan Weighted decreased 10.76 points or 0.12% to 9,231.65, FTSE Bursa Malaysia KLCI decreased 0.59 points or 0.04% to 1,633.93 and KOSPI Index decreased 0.43 points or 0.02% to 2,041.51. On the other hand, Jakarta Composite increased 5.6 points or 0.11% to 5,168.07, Shanghai Composite increased 30.2 points or 0.97% to 3,133.07 and Hang Seng increased 135.07 points or 0.62% to 21,864.13.

 

Global consolidation continues with emerging markets under pressure due to rise in US yields & strength in the US$

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Major headlines:

·         Index of mineral production dips by 1.1 % in Oct.

·         Government to examine status of 72 coal blocks

·         Indian equities open marginally in green

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26370

26705

Nifty

8108

8212

 

Indian Indices:  Asian indices opened flat as nearness to year end saw volumes dry up as markets await 2017. Strength in US$, rise in bond yields & weakness in emerging markets were the theme of the last 2 months of 2016. Gold prices continued to struggle as coupled with slowdown in India the strength in the US$ is another negative going forward into 2017. 

Nifty continues to drift lower on low volumes as foreign flows remain muted with fag end selling seeing Nifty drift closer to 8100.The sentiment being low small rhetoric on effects of demonetization & visible fallout has been impacting sectors with higher impact costs under selling pressure. For today expect IT stocks to lead gains along with energy & gas while consumption, financials & infra remain under pressure.

The BSE Sensex is currently trading at 26407.82, up by 33.12 points or 0.13% after trading in a range of 26361.39 and 26435.56. There were 14 stocks advancing against 16 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index was down by 0.35%, while Small cap index was up by 0.04%.  The CNX Nifty is currently trading at 8113.05, up by 8.70 points or 0.11% after trading in a range of 8098.20 and 8124.10. There were 27 stocks advancing against 24 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Aloktext

3.77

12.20

BFutilitie

418.80

5.35

Cholafin

884.80

3.77

NMTC

50.00

3.41

Group ATop Losers

 

 

Bharatfin

581.00

-3.75

Manappura

61.35

-2.93

Justdial

360.55

-2.83

Hindzinc

262.95

-2.70

Market Statistics

 

 

 

BSE

NSE

Advances

999

1092

Declines

1021

333

 

Technical view:  Nifty now finds support around 8050 with 8150 acting as resistance. Bank Nifty finds support around 18000 while 18500 acts as resistance.

 

Market Sentiment:

The market breadth on BSE was negative in the ratio of 999:1021, while 138 scrips remained unchanged.

 

Trading ideas :     RELCAPITAL (Buy above Rs 458 for target of Rs 473, SL at Rs 449): Stock faced multiple resistance around Rs 445-446 in the past few trading sessions. In yesterday's trade, stock successfully closed above the same, breaking out of an ascending triangle formation in the process. Reliance capital also crossed and sustained above its 200-DMA placed at Rs 441.We advise to Buy Relcapital above Rs 458, stop loss at Rs 449, and Target of Rs 473.

 

Macroeconomic Front: The Indian Government has said that it has revised the North East Industrial and Investment Promotion Policy (NEIIP), 2007, stipulating that all the subsidies to industrial units will be disbursed through the DBT mechanism. Commenting on the issue, a DIPP Official told the media, "Government has decided that henceforth subsidies payable to all industrial units will be disbursed through Direct Benefit Transfer (DBT) mechanism by the Chief Controller of Accounts.

Corporate Snippets: Lupin announced the launch of a generic version of its voriconazole tablets and oral suspension used for the treatment of fungal infections in children.

 

Cipla has received final approval from the US health regulator for lipid regulating Fenofibrate tablets.

 

Steel Autority of India is in talks with Japan’s Nippon Steel & Sumitomo Metal Corp and kobe Steel LTd for potential technical agreements to help the firm expand its global footprint.

 

Glenmark is developing specialty respiratory and dermatology products as a part of its long term growth strategy.

Top Sectoral& Stock Screening:   The top gaining sectoral indices on the BSE were IT up by 1.16%, TECK up by 0.96%, Capital Goods up by 0.64%, Realty up by 0.56% and Consumer Durables up by 0.49%, while Metal down by 0.62%, Bankex down by 0.54%, Oil & Gas down by 0.48%, Auto down by 0.33% and PSU down by 0.22% were the losing indices on BSE.

Nifty Movers:    The top gainers on Nifty were TCS up by 2.14%, Ultratech Cement up by 1.64%, Coal India up by 1.43%, Tech Mahindra up by 1.38% and ITC up by 1.28%.  On the flip side, Bosch down by 2.99%, Aurobindo Pharma down by 2.01%, Bajaj Auto down by 1.93%, Hindalco down by 1.45% and ONGC down by 1.34% were the top losers.

 

 

 

On the global front:        On the global front, Asian shares were trading mostly in red. China stocks fell as Beijing’s move to tighten supervision of shadow banking activities and persistent liquidity concerns restrained risk appetite. China’s central bank said it would tighten supervision of shadow banking businesses by including off-balance sheet wealth management products (WMPs), widely viewed as a source of financial risk, into its risk-assessment framework next year.

 

Global Signals:     The Asian markets were trading mostly in red; Hang Seng decreased 51.19 points or 0.23% to 21,781.49, Shanghai Composite decreased 17.72 points or 0.57% to 3,100.37, Jakarta Composite decreased 11.31 points or 0.22% to 5,180.61, Taiwan Weighted decreased 2.92 points or 0.03% to 9,236.40 and FTSE Bursa Malaysia KLCI decreased 0.71 points or 0.04% to 1,633.59. On the other hand, KOSPI Index increased 6 points or 0.29% to 2,044.39 and Nikkei 225 increased 99.66 points or 0.51% to 19,491.26.

 

US markets hit roadblock around 20000 as "too fast too soon" sees profit booking set in.

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Major headlines:

·         NMDC to set up Nagarnar steel plant invest 1222 cr

·         Indian equities open marginally in red

·         Asia stocks find relief as China set to return seized U.S drone

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26370

26705

Nifty

8108

8212

 

Indian Indices:  Asian markets opened weak as overnight US markets again saw huge profit booking emerge closer to 20000 as most people doubled the speed of the rally. The US$ also saw profit booking in Asian trade as energy stocks saw profit booking after a steady rally.

Nifty saw another lacklustre session with index drifting towards 8100 on low volumes. The markets lack direction or news as nearness to year end is seeing foreign investors in slowdown mode awaiting corporate results due mid January. For today expect another flat opening as the markets get oversold with a downward  bias but less downward momentum. 

The BSE Sensex is currently trading at 26449.25, down by 40.31 points or 0.15% after trading in a range of 26369.28 and 26505.66. There were 11 stocks advancing against 19 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.04%, while Small cap index was down by 0.04%.

The CNX Nifty is currently trading at 8125.10, down by 14.35 points or 0.18% after trading in a range of 8105.35 and 8128.60. There were 21 stocks advancing against 30 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Aloktext

3.08

10.00

GSFC

95.00

8.20

Petronet

388.50

3.31

JPPower

3.80

3.26

Group ATop Losers

 

 

Manappuram

63.55

-5.44

Eidparry

257.60

-3.41

Aiaeng

1285.50

-2.55

Raymond

474.25

-.2.42

Market Statistics

 

 

 

BSE

NSE

Advances

1036

1092

Declines

974

333

 

Technical view: Nifty finds support around 8100 with 8050 likely to be tested on the downside while 8250 acts as strong resistance. Bank Nifty also finds support around 18143 & then 17900 with 18600 acting as strong resistance.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1036:974, while 117 scrips remained unchanged.

 

Trading ideas :    ICICIBANK Dec Fut (Sell below Rs 256 for Target of Rs 248, SL at Rs 260): The stock overall trend being down, it is facing selling pressure on every bonce. Two consecutive attempts to get past its 50-DMA and sustain above the same failed. In last weeks trade, stock made a classical bearish flag pattern breakdown, and it may see selling pressure to continue in coming trading sessions. We advise to SELL ICICI Bank Dec Fut below Rs 256, stop loss at Rs 260, and Target of Rs 248.

 

Macroeconomic Front:    A report by HSBC has said that as economic and political headwinds slow global trade in commodities and manufactured goods, opportunities linked to services will be more and are expected to form 25 per cent of global trade in a sustained manner by 2030.

Corporate Snippets: The exchange informed that effective from December 19, 2016, the equity shares of Laurus Labs Ltd (Scrip Code: 540222) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities.

 

Jai Corp Ltd is currently trading at Rs 70.7, up by Rs 5.3 or 8.1% from its previous closing of Rs 65.4 on the BSE. The Company's shares are up following the reports on opening of bids for construction of the Navi Mumbai International Airport. The bids are likely to open at the start of January 2017. 

 

The outlook for the US retail industry in the year ahead is stable, with operating income for the sector growing between 4.0% and 5.0%, and sales in the 3.0% to 4.0% range.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Oil & Gas up by 1.50%, PSU up by 0.62%, Power up by 0.16%, Bankex up by 0.04% and Metal up by 0.03%, while TECK down by 0.40%, Consumer Durables down by 0.37%, IT down by 0.36%, Realty down by 0.33% and Capital Goods down by 0.19% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Aurobindo Pharma up by 2.53%, GAIL India up by 2.46%, BPCL up by 1.27%, Tata Power up by 1.24% and Idea Cellular up by 1.05%. On the flip side, Adani Ports & Special Economic Zone down by 1.36%, Asian Paints down by 1.29%, Sun Pharma down by 1.15%, Bharti Infratel down by 1.10% and Dr. Reddy’s Lab down by 0.88% were the top losers.

 

 

 

On the global front:       On the global front, Asian shares were trading mostly on cautious note. There is easing worries about rising diplomatic tensions between the world’s two biggest economic powers after China agreed to return a US drone it had seized. A Chinese warship seized a US underwater drone in the South China Sea, which triggered a formal diplomatic protest and a demand for its return.

 

Global Signals:    The Asian markets were trading mostly in red; Hang Seng decreased 168.42 points or 0.76% to 21,852.33, Taiwan Weighted decreased 79.76 points or 0.86% to 9,247.02, Nikkei 225 decreased 11 points or 0.06% to 19,390.15, Jakarta Composite decreased 2.63 points or 0.05% to 5,229.02 and FTSE Bursa Malaysia KLCI decreased 2.54 points or 0.16% to 1,635.25.

 

WEEKLY NIFTY TRADING VIEW FOR THE WEEK DEC19, 2016–DEC25, 2016

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Events to watch this week

  • Federal funds target rate raised 25 basis points
  • Trump picks Tillerson for secretary of state
  • Global currencies continue fall versus US dollar
  • US small-business owners' optimism rises

The Week ahead:

  • Eurozone wage figures are released on Monday, 19 December
  • Japanese trade data and unemployment figures are released on Monday, 19 December
  • The Bank of Japan meets to decide monetary policy on Tuesday, 20 December
  • Eurozone consumer confidence figures are released on Wednesday, 21 December
  • The United States announces estimates for Q3 GDP on Thursday, 22 December

For the week,Global equities resumed their upward march after digesting the Federal Open Market Committee's decision this week to raise the key federal funds target rate by 25 basis points to a range of 0.50% to 0.75%. While the move was expected, markets needed a breather to factor in the FOMC's statement that it would target three rate hikes in 2017, which was more than expected. The S&P 500 Index increased 0.25% over the five days through Thursday and is up 10.83% on a year-to-date basis. The STOXX Europe 600 index is up about 6% over the past month, while the Nikkei 225 is up 8% over the same period and 17.45% over the past three months. The 10-year US Treasury bond yield continued to climb upwards after the FOMC announcement, reaching as high as 2.58% this week, its highest level since September 2014.

NIFTY- 8,139.45
CRUDE OIL-Rs 3,519barrel
GOLD-Rs 27,150/10 gram
Rs/$-Rs 67.77

MARKET ROUND UP

Market declined last week, tracking weakness in other global stocks after the US Federal Reserve (US Fed) hiked interest rate on Wednesday, 14 December 2016. US Fed also hinted at a more aggressive pattern of rate increases next year. Higher interest rates in the US could result in dollar outflows from emerging markets towards the US. Selling the Indian stock market was, however, contained by back-to-back positive data in the domestic economy.

In the week ended on Friday, 16 December 2016, the Sensex fell 257.62 points or 0.96% to settle at 26,489.56. The Nifty fell 122.30 points or 1.48% to settle at 8,139.45. The BSE Mid-Cap index fell 2.38%. The BSE Small-Cap index fell 1.68%. Both these indices underperformed the Sensex. Trading for the week started on a negative note. Banking, telecom and index heavyweights ITC and Infosys led modest-to-strong losses for key benchmark indices on Monday, 12 December 2016. The barometer index, the S&P BSE Sensex, fell 231.94 points or 0.87% to settle at 26,515.24.

Macro Economic Front:

On the Economic Front,On the macro front, India's industrial production declined 1.9% in October 2016 over October 2015. Twelve out of 22 industry groups in the manufacturing sector showed negative growth in October 2016. The data was released by the government after market hours on Friday, 9 December 2016.

Data released by the government during market hours on Wednesday, 14 December 2016, showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.15% for the month of November 2016 as compared to 3.39% for the previous month and minus 2.04% during the corresponding month of the previous year.

Major Action &Announcement:

State-run Coal India dropped 6.18%. The company's consolidated net profit fell 77.37% to Rs 600.44 crore on 6.77% decline in total income to Rs 17625.09 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Tuesday, 13 December 2016.

State Bank of India (SBI) fell 0.47% to Rs 264.75. SBI announced that the executive committee of the central board (ECCB) of the bank at a meeting held on 9 December 2016, approved divestment of 3.9 crore equity shares constituting 3.9% stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to all regulatory approvals. The announcement was made after market hours on Friday, 9 December 2016.

Auto major Tata Motors rose 1.82% to Rs 472.50. Tata Motors Group global wholesales including Jaguar Land Rover (JLR) rose 1% to 91,832 units in November 2016 over November 2015. Global wholesales of all passenger vehicles rose 5% to 64,862 units in November 2016 over November 2015. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range fell 7% to 26,970 units in November 2016 over November 2015. The announcement was made after market hours on Friday, 9 December 2016.

Sun Pharmaceutical Industries (Sun Pharma) fell 3.85% to Rs 647.10. Sun Pharma and Israel-based Moebius Medical, a biotechnology company that is developing novel pain relief treatments for osteoarthritis, have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis. The announcement was made after market hours Monday, 12 December 2016.

State-run NTPC fell 2.53% to Rs 159.95. NTPC announced that it has decided to raise Rs 3925 crore through private placement of secured non-convertible debentures at a coupon of 7.37% per annum with a door to door maturity of 15 years today, 14 December 2016. The proceeds will be utilized to finance capital expenditure/refinancing the debt requirement in on-going projects and other general corporate requirements. The announcement was made after market hours Tuesday, 13 December 2016.

Hindustan Unilever (HUL) fell 3.26% to Rs 817.30. HUL announced that Pond's Exports (PEL), a subsidiary of HUL, engaged in the business of manufacturing of leather products, has entered into an agreement with Hindustan Foods for sale of certain movable assets and inventory with respect to the leather business of PEL. Hindustan Foods has thus made an entry in the leather shoes exports space with a global clientele. The announcement was made during market hours on Friday, 16 December 2016.

Global Front:

In Overseas Markets,On the global front, the two-day Federal Open Market Committee (FOMC) meeting concluded on Wednesday, 14 December 2016, with the US central bank hiking the interest rates by 25 basis points, an outcome that was largely factored in by the markets globally. This is the first interest rate hike for the US market since December last year. However, the investors were caught unaware with its forward-looking stance, which indicated that the central bank may cut rates at a much faster pace than expected in 2017. The US Fed signalled that there could be three interest rate hikes next year, up from the two flagged in the September policy meeting, media reports suggested, which impacted the markets last week.

Global Economic News:

Markets take rate increase in stride
This week's FOMC decision to raise the federal funds rate by 25 basis points comes a full year after its last hike. While the yield on the 10-year US Treasury bond was about the same last year, the market environment was quite different then. This week's hike came amid rising euphoria in equity markets, as investors continued to reallocate from defensive and "bond-like" equity positions into riskier segments of the market. Equity market volatility is much lower this year, and there is greater dispersion among stock prices. Credit and liquidity conditions are also stronger now versus a year ago. High-yield sector spreads, for example, are compressed near their 24-month lows, signaling favorable conditions for corporate borrowers. Energy sector spreads, which peaked around 1,600 basis points this year, have recently fallen below 500 basis points, according to Strategas Research Partners.

Trump to nominate Exxon Mobil CEO Rex Tillerson as secretary of state
President-elect Donald Trump this week announced his intention to nominate Exxon Mobil chief executive Rex W. Tillerson as secretary of state. The choice of Tillerson's was criticized by senators on both sides of the aisle, who object his business dealings with Russia and its president, Vladimir Putin. Tillerson has spent his entire career at Exxon. Trump also announced that former Texas governor Rick Perry is his choice for energy secretary.

Global currencies fall versus US dollar
The US dollar continued to strengthen this week versus most major currencies. The Japanese yen has declined 11% since the US presidential election, while the Mexican peso has fallen 10%. China's yuan has also slid, while its capital outflows have ticked up. Japan surpassed China as the largest holder of US government bonds this week. China's government has been selling foreign currency reserves in an effort to protect the yuan.

Small-business owners optimistic but still not spending on capex
The US NFIB small-business optimism index rose by 3.5 points in November to 98.4, beating consensus estimates and rising above its 42-year average. Small-business owners reported, however, that they are less optimistic about capital expenditures. Just 24% of those surveyed plan to spend on capex in the next 3 to 6 months.

NEW 52-WEEK HIGH BSE (A):

 

HINDZINC

289.85

IGL

921.00

NEW 52-WEEK LOWS BSE (A):

BLUEDART

4417.05

JPPOWER

3.60

JUBLFOOD

822.65

MAJOR WEEKLY GAINERS IN BSE A CATEGORY:

PRESTIGE ESTATES

9.88

 MPHASIS LTD

9.16

DEN NETWORKS

6.77

 

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

ONGC

-34.28

EDELWEISS FIN

-12.51

MUTHOOT FIN

-10.96


Eyes will be set on the certain US economic data releases are:

Monday (19 Dec)
PMI Services Flash
Tuesday(20 Dec)
Week Bill Auction

Wednesday(21 Dec)
Existing Home Sales
Thursday(22 Dec)
Jobless Claims
Friday(23 Dec)
New Home Sales & Consumer Sentiment

Fundamental Pick of the week:

Buy UPL Ltd For Target Rs. 700.00

Strategy:-

Strategy:- UPL added around 6% of open interest as fresh long positions along with some delivery based buying in previous sessions. Daily vwap is around 655 levels. On charts, it has created a fresh buying pivot on daily as well as on intraday charts above 100 EMA. We recommend doing a covered call strategy as per levels given below.

Recommendation

BUY UPL DEC FUTS BETWEEN 657-660, SL 640, TARGET 700.

Indian Market Outlook:

Nifty Futures rose sharply by 140 points in first 35 mins of trading friday. Nifty opened gap down at 8129 and made a low of 8123 followed by a sharp buying to make a high of 8264. However, Nifty traded in a range of 78 points for rest of the day to finally close at 8177. The open interest data showed a heavy buying on the 8th Dec from a low of 8164 in Nifty Futures.  Nifty futures took support of the same level, 8166, in the second half of trading. Nifty futures is expected to find its major support at 8160 levels, with an immediate resistance at 8260. However, if 8160 is breached on the down side might result in Nifty retesting its November low of 7921. The Open Interest data yesterday along with the Cash market activity display a weakness before this week.

TECHNICAL VIEW:

 

S3

S2

S1

NIFTY

R1

R2

R3

8,050

8,085

8,118

8,139.45

8,170

8,220

8,295

 

Now coming week holding 8250 nifty can  move towards 8330/8370/8444. Bearish below 8250 for a move towards 8180/8100.

Nifty opened below 8250 and did the target of 8180 and low made 8121 near 8100. Bulls are backend till we do not close above 8154, Above 8154 target 8230/8272. Below 8130 move towards 8097/8051/8000.

Conclusion:

 

Zone of 8154-8250 is like no trade zone for trend followers and paradise for scalper :). As Time Cycle is changing so expect this range to break in next 2 trading sessions. Above 8250 target 8330/8370/8444.Below 8150 target 8100/8050/7972. High made friday 8178 and close at 8139 so small range breakdown has happened , Monday we should see follow down move towards 8100/8050 till we are closing below 8150, Trading activity will reduce in next 2 weeks best strategy is to sit out analyze the trades of 2016 and see what all improvement can be done so that 2017 will be more better than 2016. Invest time in education and spend time with your families, Every day is not meant for trading.  Below 8150 target 8100/8050/7972, Above 8250 target 8330/8370/8444.    Bank Nifty continue to frustrate trend traders.

Nifty still struggles below 8150; Axis Bank falls,

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Major headlines

·         Government signs pact with Asian Development Bank

·         We want discussion on Agusta Westland deal

·         Aurobindo shares hit 9- month low on US price fixing lawsuit

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

26,489.56

-0.11

Nifty

8,139.45

-0.17

Indian Indices: In late afternoon session, Indian equity benchmarks continued to trade in red on the back of selling in metal and oil and gas counters. Sentiments also remained downbeat as activities on FIIs desk started slowing down ahead of Christmas holiday and vacation. However, losses remained capped with chief economic Advisor (CEA) Arvind Subramanian’s statement that though the interest rate hike by the US Federal Reserve will bring volatility and uncertainty in capital flows into emerging market economies, but India is very well cushioned to absorb the impact. On the global front, European markets were trading in green as investors continued to digest the Federal Reserve’s most recent policy decision. However, Asian markets were showing tepid trend at this point of time. Back home, in scrip specific developments, Swan Energy jumped over five per cent after the Government of Gujarat decided to participate by investing 26% in equity of company's LNG port project in Gujarat and A2Z Infra Engineering edged higher after Delhi Metro Rail Corporation awarded three facility management services contacts to its material subsidiary.

The BSE Sensex is currently trading at 26484.00, down by 35.07 points or 0.13% after trading in a range of 26455.21 and 26594.55. The broader indices were trading in red; the BSE Mid cap index down by 0.25%, while Small cap index was down by 0.06%.  The CNX Nifty is currently trading at 8137.75, down by 15.85 points or 0.19% after trading in a range of 8127.45 and 8178.70. There were 19 stocks advancing against 32 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Oberoirlty

325.10

4.45

Bajajfinsv

2835.65

4.40

Biocon

975.00

4.38

Crisil

2265.35

4.22

 Losers

 

 

Edelweiss

83.25

-5.29

JPPower

3.73

-4.60

Indianb

232.00

-4.05

Balkrisind

1101.00

-3.96

Market Statistics

 

 

 

BSE

NSE

Advances

1190

648

Declines

1397

811

 

Market Sentiment:  

The market breadth on BSE was positive in the ratio of 1190: 1397, while 159 scrips remained unchanged.

Crporate Front:

The government on Thursday declared that the cash shortage induced by demonetization of high value currency notes would end by mid-January by which time about Rs 3.5 crore of black money would be sucked out of the economy, leaving about Rs 12 crore in cash to finance normal transactions, assures Amitabh Kant.

Macroeconomic front:

Moody's Investors Service, a global rating agency, has said that the overall asset profile of Indian banks' property retail loan portfolio is stable, although risks are rising in the non-traditional loan against property (LAP) segment. "Growth in LAP loans has outpaced overall retail credit growth in recent years, but relatively loose underwriting practices and a tightening in credit following India's demonetization would translate into higher asset quality risk .

 

On the global front:

On the global front, The Chinese diplomat said that mutual cooperation between the two countries has resulted in a win-win situation for both and would help increase profitability in the coming years. Co-chairman of CII Task Force on Ease of Doing Business and CMD Chemtrols Industries K. Nandakumar said that India is at the same position where China was 10 years ago and hence there is a huge potential here considering its present demographics.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

27121.00

0.38

Silver

39675.00

0.97

Crude oil

3445.00

-1.2

Natural Gas

230.20

-1.71

Alluminium

117.85

-0.55

Copper

387.40

-1.09

Top Sectoral & Stock Screening:    The top gainers on the Sensex were TCS up by 2.63%, Axis Bank up by 1.96%, Power Grid Corpn. up by 1.68%, Adani Ports &Special up by 1.30% and Wipro up by 1.18%. On the flip side, Sun Pharma  down by 2.44%, Tata Motors down by 1.46%, NTPC down by 1.22%, ITC down by 1.01% and Lupin down by 0.84% were the top losers.

Top Nifty Movers:     The top gainers on Nifty were TCS up by 2.58%, Axis Bank up by 2.20%, HCL Tech. up by 1.69%, Power Grid Corpn. up by 1.57% and Adani Ports &Special up by 1.20%. On the flip side, Sun Pharma Inds. down by 2.37%, Grasim Industries down by 1.69%, Tata Motors down by 1.44%, NTPC down by 1.22% and Tata Motors - DVR down by 1.10% were the top losers.

 

Global Signals:

Asian markets were trading mixed; Shanghai Composite increased 5.3 points or 0.17% to 3,122.98, KOSPI Index increased 5.59 points or 0.27% to 2,042.24 and Nikkei 225 increased 127.36 points or 0.66% to 19,401.15. On the flip side, Hang Seng decreased 38.65 points or 0.18% to 22,020.75, Taiwan Weighted decreased 33.57 points or 0.36% to 9,326.78, Jakarta Composite decreased 11.4 points or 0.22% to 5,242.97 and FTSE Bursa Malaysia KLCI decreased 2.59 points or 0.16% to 1,634.40.

European Markets were trading mostly in green; UK’s FTSE 100 increased 1.29 points or 0.02% to 7,000.30, France’s CAC increased 6.71 points or 0.14% to 4,825.94 and Germany’s DAX increased 15.86 points or 0.14% to 11,382.26.

 

 

US $ hits fresh highs as it enters heavily overbought zone with consensus bullishness capping upside!!

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Major headlines:

·         Ratan Tata to step down as chairman of Tata Trusts

·         Oil prices rise as planned oil production cuts start to materialise

·         Asia stocks tepid, dollar near 14-year peak on Fed rally

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26370

26705

Nifty

8108

8212

 

Indian Indices:  Asian indices opened flat to positive as most currencies adjusted to the renewed bout of strength in the US$. The US$ now looks very heavily overbought as consensus bullishness makes the gains a one way street which could cap the upside in the near term. Oil rallied marginally as US equities flirted with 19500 before profit booking trimmed the gains. Gold continues to test bear market territory & could well be the casualty asset class for 2017. 

Nifty saw a sharp intraday spike as smart money bought the fall closer to 8100. For today expect another day of volatile trade with Rupee weakness hurting sentiment. IT stocks could continue to see buying as under ownership could drive prices higher. Foreign selling as a collateral to US$ strength may continue albeit marginally while value buying of Indian stocks being best bet in the emerging market basket may well be the theme for the next 45 days till the Union budget.   

The BSE Sensex is currently trading at 26485.14, down by 33.93 points or 0.13% after trading in a range of 26480.00 and 26594.55. There were 110 stocks advancing against 19 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.29%, while Small cap index was tad lower by 0.01%.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Redington

96.85

4.53

Tatacomm

655.00

3.83

Biocon

960.00

2.78

Eidparry

261.95

2.07

Group ATop Losers

 

 

Edelweiss

84.80

-3.53

Auropharm

673.20

-3.12

Hindalco

171.05

-2.90

Intellect

157.25

-2.96

Market Statistics

 

 

 

BSE

NSE

Advances

1021

1092

Declines

1016

333

 

Technical view: Nifty finds support around 8100-8120 with 8250 being a strong resistance. Bank Nifty also finds strong support around 18250 while 18650 will act as resistance.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1021:1016, while 119 scrips remained unchanged.

 

Trading ideas :    RBLBANK (Buy above Rs 357 for target of Rs 369, SL at Rs 351): Stock has witnessed breakout from a downward sloping trend line connecting highs attempted from first week of Nov 2016. RBL Bank also formed a bullish engulfing pattern on the daily charts with sharp surge in volumes. Stock has also seen RSI crossover from its oversold zone. We advise to Buy RBLBANK above Rs 357, stop loss at Rs 351, and Target of Rs 369.

 

Macroeconomic Front:    As the government is promoting cashless transactions, the Payment of Wages (Amendment) Bill will amend the 1936 act, which states that payment of wages in cheque or through bank transfer can only be made after taking the employee's permission in writing, said Labour Minister Bandaru Dattatreya.

Corporate Snippets: Bajaj Auto lauched its latest sports bike Dominar 400 priced up to Rs 1.5 lakh as it looks to challenge segment leader Royal Enfield in the Rs 1-2 lakh category.

 

Cipla subsidiary in the Netherlands will pump in up to euro 16.8 million to form a joint venture with its Iranian distributor Aharan Tejarat Company, The JV proposes to undertake manufacturing and markting of pharmaceutical products in Iran.

 

Welspun India is investing Rs 600 crore for setting up a facility for manufacturing carpets, area rugs and carpet tiles here, marking the leading global home textile firms foray into flooring solutions segment.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Consumer Durables up by 0.44%, IT up by 0.39%, TECK up by 0.32% and Auto up by 0.25%, while Metal down by 1.09%, Oil & Gas down by 0.78%, PSU down by 0.63%, FMCG down by 0.52% and Power down by 0.45% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Tata Motors up by 1.53%, Zee Entertainment up by 1.50%, HDFC up by 1.25%, Bank of Baroda up by 1.16% and Infosys up by 1.07%.
On the flip side, Aurobindo Pharma down by 3.74%, Hindalco down by 2.61%, ONGC down by 2.28%, Sun Pharma down by 1.85% and BHEL down by 1.72% were the top losers.

 

 

On the global front:       On the global front, Asian shares were trading mostly in red, after the US Federal Reserve overnight indicated it would raise interest rates faster than expected in 2017. The rate hike in US would lead outflow of money from emerging market equities into US bonds which are considered as safer investment options. This is only for the second time in a decade that the Federal Reserve has raised its rate.

 

Global Signals:    The Asian markets were trading mostly in red; Taiwan Weighted decreased 20.85 points or 0.22% to 9,339.50, Jakarta Composite decreased 12.57 points or 0.24% to 5,241.79, Hang Seng decreased 9.69 points or 0.04% to 22,049.71, FTSE Bursa Malaysia KLCI decreased 3.52 points or 0.22% to 1,633.47 and Shanghai Composite decreased 2.17 points or 0.07% to 3,115.51.On the other hand, KOSPI Index increased 3.26 points or 0.16% to 2,039.91 and Nikkei 225 increased 142.11 points or 0.74% to 19,415.90.

 

Sensex falls, Nifty ends at 8153 after Fed move;

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Major headlines

·         Indian equites trade flat on profit booking, global cues

·         We want discussion on Agusta Westland deal

·         SC bans sale of liquor near all highways

INDEX PERFORMANCE

 

 

Index

Close

% Chg

Sensex

26,519.07

-0.31

Nifty

8,153.60

-0.35

Indian Indices: Altering between positive and negative territory, Indian equity benchmarks are now trading with small gains in late noon session led by upmove in frontline blue chip stocks such as TCS, Wipro and Axis Bank among others. Some support came with private report stating that the Reserve Bank is expected to meet its inflation target 'comfortably' as CPI inflation is likely to remain well below 5 per cent over the first half of 2017. On the global front, European Markets were trading mixed and Asian markets were trading mostly in red after the U.S. Federal Reserve announced a 25 basis point rate increase and opened the door to three hikes next year. Back home, stocks related to the IT sector were trading firm on the back of weakness in rupee. The rupee weakened to 67.77 against the U.S. dollar, down 33 paise from its previous close. Shares of ports, shipping and logistics companies were trading higher on the bourses after the Cabinet approved a Major Port Trust Authorities Bill to replace the Major Port Trusts Act of 1963.

The BSE Sensex is currently trading at 26655.16, up by 52.32 points or 0.20% after trading in a range of 26407.58 and 26737.86. There were 18 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index gained 0.32%, while Small cap index was up by 0.45%.

The CNX Nifty is currently trading at 8193.75, up by 11.30 points or 0.14% after trading in a range of 8121.95 and 8225.90. There were 27 stocks advancing against 24 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Hathway

36.20

5.39

IFCI

27.20

4.62

IGL

906.75

4.25

Mphasis

555.00

4.10

 Losers

 

 

Nationalum

61.05

-7.78

Sunpharma

649.45

-4.36

Unitech

4.56

-3.59

Intellect

160.30

-3.49

Market Statistics

 

 

 

BSE

NSE

Advances

1190

648

Declines

1397

811

 

Market Sentiment:  

The market breadth on BSE was positive in the ratio of 1190: 1397, while 159 scrips remained unchanged.

Crporate Front:

The Lok Sabha lost the second last day of the winter session on Thursday to disruptions, with the opposition benches demanding a debate on demonetisation while the treasury benches demanded a discussion on the AgustaWestland helicopter deal.

Macroeconomic front:

Union Minister M. Venkaiah Naidu on Thursday said that the government wants to discuss the Agusta Westland VVIP chopper deal in Parliament over the allegations of the kickbacks paid to political leaders and officers.

 

On the global front:

On the global front, The Chinese diplomat said that mutual cooperation between the two countries has resulted in a win-win situation for both and would help increase profitability in the coming years. Co-chairman of CII Task Force on Ease of Doing Business and CMD Chemtrols Industries K. Nandakumar said that India is at the same position where China was 10 years ago and hence there is a huge potential here considering its present demographics.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

27155.00

-1.57

Silver

40574.00

-2.77

Crude oil

3480.00

-0.49

Natural Gas

239.50

0.29

Alluminium

117.90

0.0

Copper

389.00

0.03

Top Sectoral & Stock Screening:    The top gainers on the Sensex were TCS up by 2.63%, Axis Bank up by 1.96%, Power Grid Corpn. up by 1.68%, Adani Ports &Special up by 1.30% and Wipro up by 1.18%. On the flip side, Sun Pharma  down by 2.44%, Tata Motors down by 1.46%, NTPC down by 1.22%, ITC down by 1.01% and Lupin down by 0.84% were the top losers.

Top Nifty Movers:     The top gainers on Nifty were TCS up by 2.58%, Axis Bank up by 2.20%, HCL Tech. up by 1.69%, Power Grid Corpn. up by 1.57% and Adani Ports &Special up by 1.20%. On the flip side, Sun Pharma Inds. down by 2.37%, Grasim Industries down by 1.69%, Tata Motors down by 1.44%, NTPC down by 1.22% and Tata Motors - DVR down by 1.10% were the top losers.

 

Global Signals:

The Asian markets were trading mostly in red; Hang Seng decreased 397.22 points or 1.77% to 22,059.40 , Shanghai Composite decreased 22.85 points or 0.73% to 3,117.68 , Taiwan Weighted decreased 8.17 points or 0.09% to 9,360.35 , Jakarta Composite decreased 5.67 points or 0.11% to 5,257.15, FTSE Bursa Malaysia KLCI decreased 5.35 points or 0.33% to 1,637.94 and KOSPI Index decreased 0.22 points or 0.01% to 2,036.6. On the flip side, Nikkei 225 increased 20.18 points or 0.1% to 19,273.79. 

European Markets were trading mixed; France’s CAC increased 18.14 points or 0.38% to 4,787.38 and Germany’s DAX increased 40.8 points or 0.36% to 11,285. On the flip side, UK’s FTSE 100 decreased 9.07 points or 0.13% to 6,940.12.

 

 


US indices correct after 8 days of gains as Federal rate hike acts as temporary pause in rally!!

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Major headlines:

·         Oil prices stablilise after Fed hike as tighter market looms

·         China’s yuan opens at weakest vs dollar since june 2008

·         Gold falls to over 10- month low as Fed signals more rate hikes

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

26180

26550

Nifty

8075

8195

 

Indian Indices:  Asian markets opened weak with the exception of the Japanese 'Nikkei" index which traded higher on the back of a weaker yen. Initial reaction to the Federal Reserve rate hike saw bond yields rise & the US $ get stronger which as a follow through will see most Asian indices trade in the red. Gold prices hit new 1 year lows & oil prices also traded near US$50 which should see return of smart money to equity with Asian stocks becoming value picks after the sharp under performance.

Nifty continues to trade sideways with a negative bias as muted foreign flows combined with weak rhetoric on the impact of demonetization keeps the index in check. The rise in yields could see some more foreign money exit even as India remains in total opposition to the global markets with surplus cash in the system seeing our yields hit 6 year lows. For today expect smart money to buy the fall as we head closer to 8100 as nearness to budget in next 45 days should see value buying emerge.  

The BSE Sensex is currently trading at 26675.05, up by 72.21 points or 0.27% after trading in a range of 26407.58 and 26737.86. 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 0.38%, while Small cap index was up by 0.73%.

 

MARKET INDICATORS

·           

 

Group ATop Gainers

 

 

Company

Price (Rs)

% chg

Hathway

36.05

4.95

IFCI

27.00

3.85

Hindzinc

283.95

2.92

Justdial

390.00

2.92

Group ATop Losers

 

 

Nationalum

62.80

-5.14

Hindpetro

420.70

-3.22

Unitech

4.62

-2.33

Muthootfin

274.15

-1.93

Market Statistics

 

 

 

BSE

NSE

Advances

1349

1092

Declines

715

333

 

Technical view: Nifty finds support @ 8100 & faces resistance around 8200, any breach either way will see move up or down. Bank Nifty also finds support around 18250 & faces resistance around 18600.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1349:715, while 104 scrips remained unchanged.

 

Trading ideas :        MOTHERSUMI Dec Fut (Sell below Rs 319  for Target of Rs 305 , SL at Rs 326): The stock has taken resistance on the upper band of the weekly channel and moving down. Multiple attempts to close above Rs 331 went futile, and stock also made a bearish engulfing pattern in yesterday's trade. Sustaining below Rs 319, stock would see a pennant breakdown. We advise to SELL Mothersumi Dec Fut at Rs 319, stop loss at Rs 326, and Target of Rs 305.

 

Macroeconomic Front:    Amid concerns of missing the GST rollout deadline of April 1, the government Wednesday came out with a report card detailing the efforts being made to reach a consensus on support legislations for timely implementation of the new indirect tax regime, reported PTI. "All efforts are being made to meet the necessary deadlines to ensure that GST is rolled out by April 1, 2017.

Corporate Snippets: Bharti Airtel and Vodafone India are pushing ahead the government’s broad agenda to move towards cashless economy, at a time when demonetization has crippled cash payments due to inadequate cash in the system.

 

Bajaj Electricals has entered in to a strategic alliance with the UK based firm Gooee to create lighting products and solutions on the Internet of Things platform.

 

Lupin has received approval from the US health regulator to market its Desoximetasone ointment, used for providing relief from inflatmmation and itching in a skin disease.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were IT up by 1.71%, TECK up by 1.30%, Realty up by 1.09%, Bankex up by 0.64% and Metal up by 0.50%, while Oil & Gas down by 0.59% and FMCG down by 0.38% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were TCS up by 2.58%, HCL Tech up by 2.17%, Infosys up by 1.58%, Mahindra & Mahindra up by 1.54% and IndusInd Bank up by 1.54%. On the flip side, Sun Pharma down by 1.58%, Tata Motors down by 1.17%, Bharti Airtel down by 1.04%, BPCL down by 1.03% and NTPC down by 0.98% were the top losers