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Sensex, Nifty hold early gains; Midcap outperforms, FMCG falls

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Major headlines:

·         Preview- China November data to show steady growth, but yuan, capital controls a worry.

·         A shy actress who became queen of Tamil nadu

·         Tata Power SED bags order for Pinaka missile systems














Indian Indices:  Indian equity benchmarks continued their firm trade in late morning session taking cues from regional counterparts as most Asian markets jumped in early trade following an overnight rise in US stocks. The rupee strengthened against the US dollar in early trade at the interbank foreign exchange on increased selling of the greenback by exporters and banks amid higher opening in the domestic equity market. Forex dealers attributed the weakness of the dollar against other currencies to investors viewing the recent spurt of the greenback as unsubstantiated which supported the rupee. Prime Minister Narendra Modi stated that India’s economy is expected to grow five folds by 2040, the government expects growth in manufacturing, transport, civil aviation among other sectors. Modi said while global economy is going through uncertainty, India has shown tremendous resilience. Indian economy is more stable than others with investment in India at the highest levels.

The BSE Sensex is currently trading at 26452.56, up by 103.46 points or 0.39% after trading in a range of 26393.99 and 26490.42. There were 20 stocks advancing against 10 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.68%, while Small cap index was up by 0.75%. The CNX Nifty is currently trading at 8158.80, up by 30.05 points or 0.37% after trading in a range of 8148.50 and 8174.05. There were 36 stocks advancing against 15 stocks declining on the index.




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Technical view:  Nifty finds support around 8050 while 8150 acts as resistance & for Bank Nifty 18143 continues to be the key as support while 18550 now acts as key 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:  The Indian Government has said that State-run Energy Efficiency Services Ltd (EESL) will distribute LED tube lights at Rs 230 per unit to consumers through discoms and other marketing channels. At present, the retail price of LED tube lights of 20 W ranges between Rs 700-800 per unit. The consumers would get these lights at one-fourth of the market price and that too without any subsidy. Commenting on the issue, Power Minister Piyush Goyal told the media.

Corporate Snippets:


TATA POWER : The order worth over Rs 200 crore is for 20 launchers and 8 command posts, said a company release.


Jet Airways on Monday announced a four-day fare sale starting at Rs 899 on select sectors across its domestic network.


Yes Bank on Monday announced a partnership with cab aggregator Ola to set up mobile ATMs and enable convenient cash withdrawals by swiping debit cards from any bank.

Top Sectoral& Stock Screening:      The top gaining sectoral indices on the BSE were Realty up by 1.46%, Oil & Gas up by 1.08%, IT up by 0.94%, Power up by 0.92% and TECK up by 0.85%, while FMCG down by 0.66%, Consumer Durables down by 0.10% and Bankex down by 0.03% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Tata Power up by 2.67%, HDFC up by 2.36%, Zee Entertainment up by 1.91%, GAIL India up by 1.88% and Idea Cellular up by 1.58%. On the flip side, ITC down by 1.25%, Eicher Motors down by 1.03%, Hindustan Unilever down by 0.82%, Axis Bank down by 0.80% and Asian Paints down by 0.67% were the top losers.




On the global front:       On the global front, Asian shares were trading in green, as sentiment was boosted after rating agency Standard & Poor’s said the outcome of Italian referendum would not have an immediate impact on Italy's creditworthiness.


Global Signals:    The Asian markets were trading in green; Shanghai Composite increased 0.42 points or 0.01% to 3,205.13, FTSE Bursa Malaysia KLCI increased 3.57 points or 0.22% to 1,628.54, Jakarta Composite increased 4.93 points or 0.09% to 5,273.24, KOSPI Index increased 29.02 points or 1.48% to 1,992.38, Nikkei 225 increased 86.34 points or 0.47% to 18,361.33, Taiwan Weighted increased 98.62 points or 1.08% to 9,259.28 and Hang Seng increased 157.98 points or 0.7% to 22,663.53.