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Markets rally globally as risk on trade sees fresh equity impetus for 2017!!

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Major headlines:

·         Trump claims $50 billion SoftBank investment due to his election win

·         Equities markets open flat ahead of RBI monetary policy review

·         Petrol, diesel prices likely to rise in next 3-4 months














Indian Indices:  Asian markets traded in the green after the Dow Jones hit another high. Weakness in oil & gold saw money chase financials as most European indices hit fresh 2 month highs. The ECB meet on Thursday could further add fuel to the fire with expectations of further bond buying on the cards.

Nifty is set to discount the RBI policy today with a 25 basis rate cut built in. The moot question would be the CRR limit being relaxed which will see banks cut rates aggressively. With lower cost of borrowing corporate India would see better performance on the bottom lines which should over the next 6 months show better profit realisations. For today expect any fall to be bought into as foreign selling also has abated.

The BSE Sensex is currently trading at 26437.07, up by 44.31 points or 0.17% after trading in a range of 26408.77 and 26469.93. There were 22 stocks advancing against 8 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.29%, while Small cap index was up by 0.26%. The CNX Nifty is currently trading at 8158.65, up by 15.50 points or 0.19% after trading in a range of 8149.90 and 8170.70. There were 34 stocks advancing against 17 stocks declining on the index.





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Technical view:   Nifty finds very strong support around 8120 while 8230 will act as resistance. Bank Nifty also finds support around 18250 while 18600 will act as resistance.


Market Sentiment:

The market breadth on BSE was positive in the ratio of 1470:603, while 103 scrips remained unchanged.


Trading ideas :     ITC reported good set of numbers in 2QFY17 with its net sales growing by 9.6% yoy to Rs95.4bn and net profit rising by 10.5% yoy to Rs25bn. Volume in cigarettes business is estimated to have grown by 4% in 2QFY17 compared to 2% growth in 1Q FY17, led by strong growth in DSFT cigarettes. Segmental EBIT margins improved 40bps to 37.7% of sales, which is impressive considering the deterioration in product-mix towards DSFT cigarettes.

Macroeconomic Front:   Fitch Ratings has said that there is scope for monetary easing in India as retail inflation is holding below the 5 per cent target. Commenting on the issue, a Fitch Official told the media, “India's growth outlook remains strong on the back of infrastructure spending and the implementation of ambitious reform agenda.” "Further monetary easing is likely, for instance, in India, where inflation of 4.2 per cent in October 2016 was below the intermediate target of 5 per cent by March 2017 and within the medium-term target range of 4 per cent (+/-) 2 per cent," he added.

Corporate Snippets:

JM Financial subsidiary has completed acquition of 24.5% stake in India Home Loan on a preferential allotment basis.


Sudan is holding up extension to ONGC Videsh’s licence over oil field as the government seeks higher royalties, tax and profit petroleum even as it deleys paying nearly USD 300 mn in Oil dues


Lupin has received tentative approval for its generic version of Diclofenac capsules, used in pain management of osteoarthritis from US health regular USFDA.

Top Sectoral& Stock Screening:      The top gaining sectoral indices on the BSE were Oil & Gas up by 1.05%, PSU up by 0.98%, Realty up by 0.71%, Auto up by 0.63% and Power up by 0.50%, while IT down by 0.30%, TECK down by 0.13% and FMCG down by 0.04% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Idea Cellular up by 2.62%, BPCL up by 2.01%, Adani Ports & Special Economic Zone up by 1.86%, Eicher Motors up by 1.79% and Bharti Airtel up by 1.40%. On the flip side, Sun Pharma down by 4.16%, Zee Entertainment down by 1.99%, Aurobindo Pharma down by 1.05%, HCL Tech down by 0.77% and Tech Mahindra down by 0.60% were the top losers.




On the global front:       On the global front, Asian shares were trading mostly in green, tracking the positive cues overnight from Wall Street. The yuan fell against the dollar Wednesday after the People’s Bank of China set a weaker fixing at 6.8808.



Global Signals:    The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 2.74 points or 0.17% to 1,632.47, Shanghai Composite increased 7.12 points or 0.22% to 3,206.77, Taiwan Weighted increased 8.95 points or 0.1% to 9,259.72, Hang Seng increased 67.6 points or 0.3% to 22,742.75 and Nikkei 225 increased 103.34 points or 0.56% to 18,463.88.