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US stocks hit new highs even as Trump reforms see little progress, while oil hits fresh 6 month low. Globally this week to see decision on Brexit and Trump legislation-could be decisive for market trend going forward.

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Major headlines:

·         Trade partners worried over cash flow in run up to GST

·         Asia stocks shake off Wall Street blues, sterling steady before Brexit talks

·         India to allow late filling in first two months of GST


Indian Indices: Asian markets opened in the green led by the Japanese 'Nikkei", which traded above 20000 as the weaker ‘Yen’ aided gains. With important decisions like Brexit and Trump legislation, this week could be decisive in marking the market trend for the next few weeks and months.

Nifty saw weakness creep in the second half as Pharma, IT and Metals counters dragged the Nifty lower. This week could see Nifty break the small range it has been in for over 3 weeks as global and local cues emanate a decisive trend. For today expect Financials, Banks and Auto stocks to see buying while Pharma and IT to remain under pressure.  

The BSE Sensex is currently trading at 31184.44, up by 128.04 points or 0.41% after trading in a range of 31163.35 and 31247.69. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.08%, while Small cap index was up by 0.11%.

The CNX Nifty is currently trading at 9618.30, up by 30.25 points or 0.32% after trading in a range of 9618.25 and 9638.75. There were 32 stocks advancing against 19 stocks declining on the index.




Group ATopGainers




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Technical view: Nifty is range bound between 9560-9660 and this week should see breakdown or breakout of the range. Bank Nifty also finds support around 23300 while 23750 acts as resistance, either side breakdown/out will see further direction.


COLPAL (BUY Above 1096 with Stop Loss at 1077.5 for Target of 1133): The stock has been consolidating for over seven trading sessions and has finally broken out from a Flag Pattern on the daily charts. The price outburst has been accompanied with credible volumes. Other oscillators also indicate that the current momentum is here to stay.


India’s forex reserves slipped USD11.5mn, to stand at USD381.156bn in the week to June 9. In the previous week, they had risen USD2.4bn to touch a record-high of USD381.167bn. Gold reserves remained unchanged at USD20.095bn. (BL)

The Department of Telecommunications (DoT) has expressed its inability to meet its revenue target of Rs473.05bn for FY18 and has asked the finance ministry to revise the projection to Rs295.24bn almost a 40% fall. (BS)

Corporate India's mergers and acquisition deals stood at USD1.89bn in May, taking the year to date tally to USD35.44bn. (BL)


Net income tax collection till June 15 grew at a healthy 26.2% to Rs1.01trn from across the country as of June 15 this fiscal from Rs 800.75bn in the year ago period.

Nifty Movers: The top gainers on Nifty were Adani Ports up by 1.98%, BhartiInfratel up by 1.88%, Reliance Industries up by 1.44%, Tata Steel up by 1.31% and TCS up by 1.27%. On the flip side, Cipla down by 1.43%, AurobindoPharma down by 1.24%, Yes Bank down by 1.17%, Lupin down by 1.11% and Tata Motors down by 1.02% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Energy up by 0.81%, FMCG up by 0.67%, Metal up by 0.60%, Telecom up by 0.57% and Consumer Durables up by 0.54%, while Realty down by 0.94% and Healthcare was down by 0.61% were the only losing indices on BSE.



On the global front: On the global front, Asian markets were trading mostly in green at this point of time, as traders took some comfort with a member of the US president’s legal team stating that President Donald Trump isn’t under investigation by special counsel Robert Mueller. The US markets ended modestly in red in the last session on another round of downbeat economic data.


Global Signals:Asian markets were trading mostly in green; KOSPI Index gained 7.75 points or 0.33% to 2,369.58, Jakarta Composite rose 13.49 points or 0.24% to 5,737.13, Shanghai Composite increased 20.61 points or 0.66% to 3,143.77, Taiwan Weighted surged 85.04 points or 0.84% to 10,241.77, Nikkei 225 added 129.58 points or 0.65% to 20,072.84 and Hang Seng was up by 241.53 points or 0.94% to 25,868.02.

On the flip side, FTSE Bursa Malaysia KLCI was down by 2.72 points or 0.15% to 1,788.59.