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Global indices consolidate as US$ stabilizes with Federal Reserve on hold!!

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Major headlines:

·         Telecom subscriber base crossed 1.12 bn in NOV

·         Government awards 6.26 lakh people to promote digital payments

·         Railways add 2 new features to its mobile app














Indian Indices: Asian markets opened in the green as value buying emerged after the recent bout of profit booking. With base metals seeing resumption of demand commodities could be clear gainers this year. Oil prices saw an uptick while Gold consolidated around US$ 1200.

Nifty saw bouts of profit booking through the day but managed to close in the green as Pharma stocks saw a sharp rebound. With the Rupee showing extreme strength & results of corporates surprising on the upside any fall would be an opportunity to buy since the left out feeling looms large. For today expect Pharma& IT to see value buying while commodities & banks could see profit booking.

The BSE Sensex is currently trading at 28228.56, up by 1.95 points or 0.01% after trading in a range of 28180.11 and 28280.58. There were 20 stocks advancing against 10 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index surged 1.05%, while Small cap index was up by 0.80%.

The CNX Nifty is currently trading at 8734.90, up by 0.65 points or 0.01% after trading in a range of 8717.75 and 8748.25. There were 30 stocks advancing against 21 stocks declining on the index.




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Technical view: Nifty will make an attempt till 8780-8800 which should act as resistance while 8600 will act as strong support. Bank Nifty sees resistance closer to 20283 while 19800 acts as strong support.

Market Sentiment:

The market breadth on BSE was negative in the ratio of 808:1371, while 153 scrips remained unchanged.


Trading ideas :PNB (Buy above Rs 143 for target of Rs 150, SL at Rs 139.5): Stock has seen decent accumulation in the past five weeks with higher top and higher bottom formation in place. After this consolidation, PNB has broken out from a rounding bottom formation giving a close above crucial resistance of Rs 141. Past few days have seen volume spurting with price action on higher side indicating strength in the current momentum. We advise to Buy PNB above Rs 143, stop loss at Rs 139.5 and Target of Rs 150.

Corporate Snippets:

Dishman Pharmaceuticals and Chemicals Ltdhas received an Establishment Inspection Report (EIR) from the US health regulator on closure of inspection of its Bavla facility in Gujarat

NLC is installing 500 MW solar power plants for Rs. 21.70 billion at various places in Tamil Nadu. It said the power plants are expected to generate 83 crore unit of power per annum.

IL&FS Engineering and Construction Company Ltdhas received Letter of Intent for two Rural Electrification Works under DeenDayalUpadhyay Gram JyotiYojana, and Integrated Power Development Works of West Bengal State Electricity Distribution Company Limited, Kolkata worth  Rs5.16bn.

Nifty Movers: The top gaining sectoral indices on the BSE were PSU up by 0.82%, Power up by 0.58%, Metal up by 0.40%, Bankex up by 0.35% and Oil & Gas was up by 0.33%, while Consumer Durables down by 0.71%, IT down by 0.53%, Auto down by 0.41% and Capital Goods was down by 0.04% were the few losing indices on BSE.

Top Sectoral& Stock Screening: The top gainers on Nifty were BhartiInfratel up by 2.62%, Bank of Baroda up by 2.45%, Indusind Bank up by 1.76%, Idea Cellular up by 1.55% and BHEL was up by 1.40%. On the flip side, ICICI Bank down by 1.43%, Infosys down by 1.27%, Eicher Motors down by 1.17%, Tata Motors - DVR down by 0.96% and Bosch was down by 0.83% were the top losers.


On the global front: On the global front, Asian markets were exhibiting mixed trend with Chinese market declining after resuming the trade from the long Lunar New Year holidays. China raised the interest rates in open-market operations. The US markets made a flat closing in last session after showing a choppy trade amid uncertainty about monthly jobs report as well as the impact of President Donald Trump's policies.

Global Signals: Asian markets were trading mixed; Jakarta Composite rose 4.75 points or 0.09% to 5,358.47, FTSE Bursa Malaysia KLCI increased 6.15 points or 0.37% to 1,679.63, Taiwan Weighted gained 8.61 points or 0.09% to 9,437.58 and Nikkei 225 was up by 39.27 points or 0.21% to 18,953.85.On the flip side, Hang Seng decreased 111.88 points or 0.48% to 23,072.64, Shanghai Composite declined 18.07 points or 0.57% to 3,141.10 and KOSPI Index decreased 2.93 points or 0.14% to 2,068.08.