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Markets react to Brexit concerns as US$ regains strength with bond yields falling while gold rises & oil falls

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Major headlines:

·         DoT to meet telcos to discuss call drops:

·         Value buying lifts bourses

·         Full and fitting reply will be given, say sources close to Mistry














Indian Indices:

Asian indices opened flat with further consolidation as US stocks lost ground on fresh brexit worries over UK's trading role with Europe. This saw safe haven buying in US$, gold & bonds while oil prices dropped sharply. With 20000 being the near term target on the Dow Jones profit booking around these pivot levels could see some more consolidation before the Trump swearing in later this month.

Nifty had a very quiet session with only a 40 point intraday move on low volumes. IT stocks rebounded on value buying while Pharma stocks continued to under perform the market with fresh selling seeing stocks lose ground. For today expect energy, financials & industrials to attract buying while Metals & FMCG could see profit booking.

The BSE Sensex is currently trading at 26854.11, up by 127.56 points or 0.48% after trading in a range of 26804.17 and 26902.05. 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 0.48%, while Small cap index was up by 0.62%.The CNX Nifty is currently trading at 8271.95, up by 35.90 points or 0.44% after trading in a range of 8261.00 and 8288.10. There were 34 stocks advancing against 17 stocks declining on the index.




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Technical view: Nifty is seeing strong resistance around 8280 while 8180 acts as support, break either side will see further direction. Bank Nifty needs to cross 18300 for further upmove while 18230 which is the 200 DMA will act as strong support.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1354:828, while 98 scrips remained unchanged.


Trading ideas :PHILIPCARB (Buy above Rs 243 for Target of Rs 253, SL at Rs 238): Stock has witnessed a breakout from a base building pattern closing above the crucial resistance zone of Rs 236 and Rs 238. This coincided with a close above the important 50 and 100-DMA. It’s an ideal price volume breakout, with volumes higher than the past 12 trading sessions. We advise to Buy PHILIPCARB above Rs 243, stop loss at Rs 238 and Target of Rs 253.


MacroeconomicFront: Global brokerage Citigroup has said that it has lowered India's growth forecast to 6.8 per cent for this fiscal from 7.2 per cent earlier, as cash crunch has affected pick-up in consumption while uncertainty around demonetisation may further delay any recovery in private investments.

Corporate Snippets:Jaiprakash Power Ventures has sought its shareholders not through postal and electronic ballot, to convert part of its outstanding debt of Rs 30.58 bn into 3.06 bn equity shares.


Divis Lab has filed a detailed response with in the permitted time to the observations made by the US health regulator after inspection of the drug firm’s manufacturing plant at Visakhapatnam in Andhra Pradesh.


Oil and Natural Gas Corporation is close to finalizing ways to complete its USD 800 mn projects stuck midway after the contractor, Singapore’s Swiber Holding Ltd, collapsed last year following an oil slump.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Oil & Gas up by 1.56%, Metal up by 1.19%, PSU up by 0.90%, Auto up by 0.80% and Consumer Durables up by 0.55%, while there were no losers.

Nifty Movers:The top gainers on Nifty were Hindalco up by 4.05%, BPCL up by 3.01%, Tata Motors up by 2.47%, Tata Motors - DVR up by 1.98% and GAIL India up by 1.77%.  On the flip side, Axis Bank down by 0.86%, Ambuja Cement down by 0.76%, ACC down by 0.70%, IndusInd Bank down by 0.63% and Tech Mahindra down by 0.63% were the top losers.




On the global frontOn the global front, Asian shares were trading mostly in red, as investor sentiment soured after the Dow retreated further from the 20,000 mark and oil prices plunged as much as 4 percent overnight. Investors are awaiting remarks from key US policymakers this week, including Fed Chair Janet Yellen and President-elect Donald Trump.

Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 132.97 points or 0.68% to 19,321.36, Jakarta Composite decreased 13.59 points or 0.26% to 5,302.78, KOSPI Index decreased 6.08 points or 0.3% to 2,042.70, Shanghai Composite decreased 0.64 points or 0.02% to 3,170.60 and Taiwan Weighted decreased 0.41 points or 0% to 9,342.01.On the other hand, FTSE Bursa Malaysia KLCI increased 2.44 points or 0.15% to 1,670.34 and Hang Seng increased 138.33 points or 0.61% to 22,697.02.