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Dow Jones scales new highs as equity outperformance continues with rise in stocks & bond yields.

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Indian Indices: Asian markets saw profit booking in early trade even as US indices continued to hit new highs with Dow Jones scaling 20400.Equity allocations continue to see increase with US assets being most sought after, even as bond yields hit near term highs.US$ retreated from fresh near term highs as markets await Federal Reserve Chairman Janet Yellen's testimony on rate outlook this week.

Nifty saw weakness creep in above 8800 with PSU banks & metals leading the market lower. However late session buying by foreign investors pushed up the index to close above 8800 as rupee strength & better then expected corporate results buoyed sentiment. For today expect positive opening & consolidation with any fall being bought by foreign institutional investors which could see Nifty attempt 8840 on the upside.

The BSE Sensex is currently trading at 28329.16, down by 22.46 points or 0.08% after trading in a range of 28263.45 and 28386.68. There were 11 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index shed 0.33%, while Small cap index was down by 0.18%.The CNX Nifty is currently trading at 8792.10, down by 12.95 points or 0.15% after trading in a range of 8772.50 and 8820.45. There were 20 stocks advancing against 31 stocks declining on the index.




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Technical view: Nifty  finds strong support around 8750 which was yesterday's low & faces resistance around 8840, break either side will see Nifty direction in the near  term. Bank Nifty also finds support @ 20116 which was yesterday's low while 20576 continues to act as hurdle on the upside. 














Trading ideas: Wipro (Buy above Rs 475 for target of Rs 490, SL at Rs 468): The stock was stuck in narrow trading range for the past two weeks and has been creating a base between 450-470 levels. Wipro has finally broken from the consolidation phase. The stock has also closed above all its crucial moving averages. Other momentum oscillators are also indicating that current momentum is here to stay.

Corporate Snippets:

Reliance Defence and Engineeringsigned an agreement with the American Navy for repair and alteration services for warships of the largest forward-deployed Seventh Fleet operating in the region.

Suzlon Energyhas divested 49% stake in solar power projects totalling 210mw and is in advanced talks to sell stake in another 130mw projects in a deal that the company aims to close before March.

L&T entered into a joint venture with European defence major MBDA MissileSystems for development of missiles in India.

Nifty Movers: The top gainers on Nifty were Adani Ports up by 1.55%, Reliance Industries up by 1.11%, Grasim Industries up by 0.99%, Tech Mahindra up by 0.99% and ONGC was up by 0.91%. On the flip side, BPCL down by 2.21%, Hero MotoCorp down by 1.90%, Ambuja Cement down by 1.69%, Zee Entertainment down by 1.41% and Coal India was down by 1.34% were the top losers.

Top Sectoral& Stock Screening: The only gaining sectoral indices on the BSE were Realty up by 0.28% and Bankex was up by 0.08%, while Consumer Durables down by 0.85%, Auto down by 0.66%, Metal down by 0.57%, Capital Goods down by 0.48%, Power was down by 0.42% were the top losing indices on BSE.




On the global front: On the global front, Asian counters were trading mostly in red at this point of time with the rally fizzling out, traders are pricing in a 30 percent chance the US Fed will lift rates at its March 15 meeting. Japanese market too was in red ahead of Bank of Japan Governor Haruhiko Kuroda’s speech later in the day. The US markets extended their upmoves in last session to reach fresh record highs, on optimism about reduced corporate taxes under President Donald Trump.


Global Signals:Asian markets were trading mostly in red; Nikkei 225 declined 151.14 points or 0.78% to 19,308.01, Jakarta Composite decreased 10.7 points or 0.2% to 5,398.85, KOSPI Index shed 7.04 points or 0.34% to 2,071.61, Shanghai Composite slipped 4.41 points or 0.14% to 3,212.43, FTSE Bursa Malaysia KLCI dipped 2.47 points or 0.14% to 1,707.77 and Taiwan Weighted was down by 0.99 points or 0.01% to 9,709.33. On the flip side, Hang Seng was up by 1.19 points or 0.01% to 23,712.17.