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US indices in euphoria as Dow Jones almost hits 20000 with banks leading gains

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Major headlines:

·         FIPB to take up 17 investment proposals on December 28

·         Markets open on a positive note on Wednesday

·         Mutal funds bet on new investors post demonesisation














Indian Indices:  Asian indices opened in the green with the Japanese index "Nikkei" gaining for 11 of the last 12 sessions. Overnight Dow Jones closed @ new record highs & closed within 25 points of 20000.Banks led the gains which could spill over to Asian indices also.Strength in the US$, steady flow of ETF money & rise in US bond yields have been the theme after the Trump victory last month.  

Nifty continues to drift lower as low volumes coupled with weak sentiment add to downturn. The index seems set to bounce from oversold territory as 8050 seems to have been defended on the down side. For today expect second half bounce back led by IT, Financials & Metals which should see value buying coupled with short covering driving prices higher.

The BSE Sensex is currently trading at 26374.27, up by 66.29 points or 0.25% after trading in a range of 26296.26 and 26394.14. There were 21 stocks advancing against 9 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.37%, while Small cap index was up by 0.44%. The CNX Nifty is currently trading at 8102.15, up by 19.75 points or 0.24% after trading in a range of 8075.85 and 8112.55. There were 33 stocks advancing against 18 stocks declining on the index.





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Technical view:   Nifty has found strong support @ 8050 which should hold & faces strong resistance @ 8150. Bank nifty also found support around 18000 which should hold while 18500 will act as resistance on the upside.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 999:1021, while 138 scrips remained unchanged.


Trading ideas :      TCS (Buy above Rs 2344 for target of Rs 2405, SL at Rs 2314): Stock has given a classic double bottom breakout on the daily charts. The stock also managed to close above the important resistance of 2322, which was earlier important historical support for the stock. TCS managed to move above its 50-DMA and sustain above the same with credible volumes. We advise to Buy TCS above Rs 2344, stop loss at Rs 2314, and Target of Rs 2405.


Macroeconomic Front:  Rating agency, Crisil has said that Government's demonetising Rs 500 and Rs 1,000 notes may yield lasting economic benefits but its immediate impact has been "stunningly disruptive", with cash shortages roiling business plans. Commenting on the issue, Crisil Chief Economist Dharmakirti Joshi told the media.

Corporate Snippets: Bajaj Hindustan Sugar Ltd plans to sell its co generation power business to its group company Lalitpur Power Generation Company Ltd for about Rs 18 bn.


Welspun Enterprises Ltd said its board of directors will meet later this week to consider buy back of equity shares.


Sun Pharma said one of its subsidiaries has voluntarily requested the US health regular to withdraw approval for 28 abbreviated new drug applications belonging to Ranbaxy Laboratories.


Jubilant Life Sciences, a global leader in the pyridine, picolines and nutrition industry, announced a price increase of up to 15% on select products.

Top Sectoral& Stock Screening:   The top gaining sectoral indices on the BSE were Realty up by 1.29%, Metal up by 0.76%, PSU up by 0.61%, Power up by 0.56% and Auto up by 0.52%, while Consumer Durables down by 0.15% and FMCG down by 0.14% were the losing indices on BSE..            

Nifty Movers:    The top gainers on Nifty were Hindalco up by 1.94%, Bajaj Auto up by 1.66%, Mahindra & Mahindra up by 1.48%, Eicher Motors up by 1.41% and HDFC up by 1.21%. On the flip side, Zee Entertainment down by 1.11%, Bharti Infratel down by 0.94%, Tata Motors down by 0.92%, GAIL India down by 0.90% and TCS down by 0.83% were the top losers.





On the global front:        On the global front, Asian shares were trading mostly in red. Japan’s government upgraded its overall assessment of the economy, echoing the Bank of Japan’s more upbeat view, in a sign the economy may be steadying. The government also upgraded its view of household spending, exports and business sentiment, saying consumers’ mindsets are improving and exports to Asia are recovering.


Global Signals:     The Asian markets were trading mostly in red; Nikkei 225 decreased 79.08 points or 0.43% to 19,415.45, Taiwan Weighted decreased 10.76 points or 0.12% to 9,231.65, FTSE Bursa Malaysia KLCI decreased 0.59 points or 0.04% to 1,633.93 and KOSPI Index decreased 0.43 points or 0.02% to 2,041.51. On the other hand, Jakarta Composite increased 5.6 points or 0.11% to 5,168.07, Shanghai Composite increased 30.2 points or 0.97% to 3,133.07 and Hang Seng increased 135.07 points or 0.62% to 21,864.13.