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The global equity 'party' continues as Dow, Nikkei hit fresh highs and fence sitters join in!!

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Major headlines:

·         JP Power posts Q2 net loss at Rs 161.67 cr

·         Key Indian equity indices open in red

·         Oil prices soar on global producer deal to cut crude output.














Indian Indices:  Asian markets opened in the green after the Dow Jones ran up another fresh high with a stellar 140 point gain on Friday. The Dow rally from 19000 upwards has been very fast & furious & the Federal Reserve policy meet could be the speed breaker this week.Oil rallied above US$ 50 as speculation saw huge long build up with 60 being the target in the short term.

Nifty looks set to hit 8300 where it could pause for breath as the rally catches most of guard.PSU banks, energy & gas stocks continue to surge on expectations of good results. The strength in the Rupee coupled with foreign investors turning buyers could see the rally extend till 8500 albeit after a pause for the Federal Reserve policy on the 14th December.

The BSE Sensex is currently trading at 26606.87, down by 140.31 points or 0.52% after trading in a range of 26578.63 and 26725.31. There were 9 stocks advancing against 21 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.56%, while Small cap index was lower by 0.20%. The CNX Nifty is currently trading at 8210.45, down by 51.30 points or 0.62% after trading in a range of 8195.55 and 8230.65. There were 12 stocks advancing against 39 stocks declining on the index.





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Technical view:    Nifty will find resistance around 8350 while 8180 acts as strong support, while Bank nifty could face resistance around 19000 with 18500 acting as support.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 930:1091, while 113 scrips remained unchanged.


Trading ideas :      Cairn India (Buy above Rs 265  for Target of Rs 274 , SL at Rs 260.5): The stock has broken out from a short term consolidation phase. Cairn saw see-saw movement between Rs260 and Rs223 in the past four weeks. However, the stock has broken out from this congestion. The price outburst is accompanied with credible trading volumes. Given the above evidence, we advise to Buy Cairn India for potential target of Rs274.


Macroeconomic Front:    Madhya Pradesh Government has said that it has settled and disbursed claims worth Rs 4,416 crore under the Prime Minister's Crop Insurance Scheme in the state. As per reports, Prime Minister Narendra Modi had launched the scheme at Sherpur in Sehore district of Madhya Pradesh during the Farmers' Convention held on February 18, 2016

Corporate Snippets:

JSW Energy is believed to have intiated talks for a possible acquisition of Monnet Power’s 1050 mw coal fired plant in Odisa at Angul, Close to the site of another Group company.


IL&FS Engineering and Construction co has emerged as the lowest bidder for rural electrification works of Jharkhand Biijli Vitran Nigam, Ranchi worth Rs 2.25 bn.


MIC Electonics Ltd has received a letter of award for supply of 20000 standalone off grid solar LED street lights with a contract price of Rs 329 mn.

Top Sectoral& Stock Screening:  The two gaining sectoral indices on the BSE were Metal up by 0.30% and PSU up by 0.24%, while Auto down by 1.17%, TECK down by 0.89%, IT down by 0.88%, FMCG down by 0.77% and Bankex down by 0.68% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were ONGC up by 1.66%, Reliance Industries up by 1.01%, Sun Pharma up by 0.82%, NTPC up by 0.58% and SBI up by 0.47%.  On the flip side, Asian Paints down by 2.29%, Idea Cellular down by 2.02%, Bajaj Auto down by 1.89%, Ambuja Cement down by 1.87% and Grasim Industries down by 1.80% were the top losers.





On the global front:       On the global front, Asian shares were trading mostly in red, ahead of a Federal Reserve meeting that is widely expected to raise US interest rates and as oil prices soared after producers agreed to reduce output. Japan’s Nikkei rose amid weakness in the Japanese Yen. Japan’s Core Machinery Orders rose to 4.1% in November, from -3.3% in the preceding month.


Global Signals:    The Asian markets were trading mostly in red; Hang Seng decreased 243 points or 1.07% to 22,517.98, Shanghai Composite decreased 60.93 points or 1.88% to 3,171.96 and Taiwan Weighted decreased 43.86 points or 0.47% to 9,348.82. On the other hand, KOSPI Index increased 2.46 points or 0.12% to 2,027.15 and Nikkei 225 increased 180.4 points or 0.95% to 19,176.77.Indonesia Stock Exchange and Malaysia Stock Exchange were closed for the day on account of ‘Celebration of the Prophet birthday’ holiday.