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Developed markets see profit booking with value buying emerging in emerging markets as year end sets in

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Major headlines:

·         GE Power zooms on wining contract worth Rs 271 cr from BHEL

·         Key Indian equity indices trade higher in early trade

·         China to relax curbs on foreign investment in banking securities state planner














Indian IndicesMost Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices. Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days. Fall in bond yields, weakness in US$ are prompting buying in most emerging markets with Brazil & India seeing relative gains.


Nifty managed to close above 8100 with derivative expiry seeing huge short covering in the last hour. With pessimism overdone around 7900 expect Nifty to see another 100 points gain before profit booking reemerges. For today expect window dressing in select sector/stocks as NAV(net asset value) boosting could see metals, banks & select infra stocks gain ground.

The BSE Sensex is currently trading at 26576.94, up by 210.79 points or 0.80% after trading in a range of 26406.53 and 26587.66. There were 25 stocks advancing against 5 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 1.20%, while Small cap index was up by 1.02%.

The CNX Nifty is currently trading at 8162.80, up by 59.20 points or 0.73% after trading in a range of 8114.75 and 8168.95. There were 42 stocks advancing against 9 stocks declining on the index..





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Technical view: Nifty now finds strong support @ 8020 with 8180 being the next resistance on the upside. Bank Nifty also finds strong support @ 17829 while resistance will now come @ 18143 which was the previous support.


Market Sentiment:

The market breadth on BSE was positive in the ratio of 1625:453, while 101 scrips remained unchanged.


Trading ideas: TECHM (Buy above Rs 484.5 for target of Rs 506, SL at Rs 474): Stock in yesterday's trade broke out of a pennant formation after consolidating for a month. Prior trend being positive, the continuation pattern augurs well for the stock to move up. The stock also successfully closed above its important 200-DMA of Rs 476.5. RSI crossover is another positive trigger for the stock. We advise to Buy TechM above Rs 484.5, stop loss at Rs 474 and Target of Rs 506.


MacroeconomicFront: A RBI report has said that curbing of speculative activities in the realty sector after the establishment of a regulator is expected to adversely impact the housing finance companies. Commenting on the issue, a RBI Official told the media, "The push to regulate the realty sector is likely to have an impact on housing finance segments as it may help curb speculative activities significantly."


Corporate Snippets: Tata Steel Special Economic Zone LTd has sought more time from the Goverenment for setting up a multi product SEZ in Odisha


Lupinhas received tentative approval from the US health regulator to market its Balasalazide Disodium tablets used for the treatment of ulcerative colitis in the American market.


Reliance Industries Ltd has announced the success ful commissioning of the first phase of the paraxylene plant at its janagar petrochemicals complex in Gujarat with capacity of 2.2 mntpa.

Top Sectoral & Stock Screening: The top gaining sectoral indices on the BSE were FMCG up by 1.40%, Power up by 1.12%, Realty up by 1.08%, Capital Goods up by 1.03% and Bankex up by 0.95%, while there were no losing indices.

Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 2.52%, BHEL up by 2.15%, ICICI Bank up by 1.81%, Tata Power up by 1.80% and Grasim Industries up by 1.77%.  On the flip side, BPCL down by 0.95%, BhartiAirtel down by 0.61%, BhartiInfratel down by 0.47%, Tata Motors down by 0.37% and Coal India down by 0.23% were the top losers.





On the global front: On the global front, Asian shares were trading mostly in green, while profit-taking weighed on the dollar and the euro held near a two-week high after spiking early in the day. China’s stock exchange was trading in green taking cues from a survey by the People’s Bank of China which showed that business confidence among entrepreneurs in China rose for the third straight quarter in October-December.


Global Signals: The Asian markets were trading mostly in green; Shanghai Composite increased 3.03 points or 0.1% to 3,099.13, Nikkei 225 increased 6.03 points or 0.03% to 19,151.17, Jakarta Composite increased 27.77 points or 0.52% to 5,330.34, Taiwan Weighted increased 94.79 points or 1.04% to 9,247.88 and Hang Seng increased 255.43 points or 1.17% to 22,046.34.On the other hand, FTSE Bursa Malaysia KLCI decreased 2.02 points or 0.12% to 1,635.91. South Korea Stock Exchange was closed on account of ‘New Year’s Eve’ holiday.