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SENSEX CLOSES OVER 200 POINTS LOWER, NIFTY BELOW 9500; IT STOCKS GAIN

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Indian Indices: The Indian equity benchmarks continued their sluggish trade in late afternoon session, tracking bearish global cues and heavy selling pressure in Consumer Durables, Realty and Basic Materials stocks. Investors remained cautious over the ongoing two-day Good and Services Tax (GST) Council's meet, which will finalise tax slabs on services and commodities in the country. Some concerns also came with India Ratings and Research’s report that corporate and small & medium enterprise (SME) loans aggregating to Rs 2.60 lakh crore, which is 3.2 percent of total bank credit, could potentially be recognized as stressed loans by FY19. 

It further noted that Indian banks are sitting on unrecognized stressed loans worth of Rs 7.7 lakh crore. It also pegs stressed corporate and SME debt at 22 percent of total bank credit. Meanwhile, the railways will launch shortly its redesigned e-tendering system with more user-friendly new features to facilitate digital participation of over 60,000 vendors.

The BSE Sensex is currently closed at 30434.79, down by 223.98 points or 0.73% after trading in a range of 30436.56 and 30575.83. There were 10 stocks advancing against 19 stocks declining on the index, while 1 stock remained unchanged.

The broader indices were trading in red; the BSE Mid cap index was down by 1.25%, while Small cap index was down by 0.94%.

The CNX Nifty is currently shut down at 9429.45, down by 96.30 points or 1.01% after trading in a range of 9445.25 and 9489.10. There were 11 stocks advancing against 40 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

JPassociat

12.99

4.42

Wipro

523.60

3.47

Cumminsin

1052.55

3.45

TCS

2534.10

3.38

Losers

 

 

CESC

829.80

-15.10

IDBI

70.00

-7.77

JSWSteel

191.40

-7.38

BhartFin

725.80

-6.91

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,434.79

-0.73

Nifty

9,429.45

-1.01

 

Crporate Front:

Regrob, a top real estate brokerage company in India, announced the launch of its 21st branch in Vijayawada Andhra Pradesh. "With every new branch, the roots of Regrob are growing deeper and stronger in the industry", said CEO Vivek Raman.Rated as the easiest state to do business, Andhara Pradesh is now a new home for Regrob, a company with the second highest market share in the technology based real-estate brokerage sector.


 

Macroeconomic front:

The Union Cabinet has approved the signing and ratifying of an agreement between India and Tajikistan on cooperation and sharing of intelligence in the area of Customs. The agreement will help in availability of information for the prevention and investigation of Customs offences, an official statement said.

 

On the global front:

On the global front, European markets were trading in red as mounting political uncertainty in the U.S. exacerbated concerns among investors as to whether President Donald Trump would be able to deliver on key pro-growth policies. Asian markets were also trading in red. Back home, in scrip specific development, Hindustan Copper traded jubilantly after the company received an approval on fund raising plan. 


The board has recommended issues of fresh equity shares through Further Public Offer (FPO) or Institutional Placement Programme (IIP) or Qualified Institutional Placement (QIP) or a combination of the routes as per extend guidelines, to a extend of 9.25 crore equity shares (10% of existing paid up equity capital). 

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28895.00

0.96

Silver

39176.00

-0.06

Crude oil

3128.00

-0.89

Natural Gas

206.90

1.07

Alluminium

123.70

0.0

Copper

359.10

-1.12

Top Sectoral& Stock Screening:The top gainers on the Sensex were TCS up by 3.47%, Wipro up by 2.89%, Lupin up by 1.54%, Infosys up by 0.98% and ICICI Bank up by 0.90%. On the flip side, Mahindra & Mahindra down by 1.76%, Tata Motors down by 1.69%, Larsen & Toubro down by 1.68%, Hindustan Unilever down by 1.41% and Reliance Industries down by 1.29% were the top losers.

Top Nifty Movers:The top gainers on Nifty were TCS up by 3.21%, Wipro up by 2.20%, Lupin up by 1.37%, Adani Ports & SEZ up by 1.10% and Infosys up by 0.94%. On the flip side, Yes Bank down by 3.06%, Ultratech Cement down by 2.71%, BhartiInfratel down by 2.47%, Hindalco down by 2.44% and Grasim Industries down by 2.42% were the top losers.

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 261.02 points or 1.32% to 19,553.86, Hang Seng decreased 157.11 points or 0.62% to 25,136.52, Taiwan Weighted decreased 44.22 points or 0.44% to 9,969.45, Shanghai Composite decreased 14.3 points or 0.46% to 3,090.14, FTSE Bursa Malaysia KLCI decreased 10.91 points or 0.61% to 1,764.74 and KOSPI Index decreased 6.26 points or 0.27% to 2,286.82. On the flip side, Jakarta Composite increased 19.3 points or 0.34% to 5,634.79.

All the European markets were trading in red; Germany’s DAX decreased 67.72 points or 0.54% to 12,563.89, UK’s FTSE 100 decreased 59.09 points or 0.79% to 7,444.38 and France’s CAC decreased 34.33 points or 0.65% to 5,283.56.

 

US indices record huge 350 plus point fall as Trump policies are in danger of execution. US Dollar falls along with bond yields while gold hits a 3 month high.

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Indian Indices: Asian indices opened in red with the Japanese 'Nikkei" falling over 350 points as stronger ‘Yen’ hurt exporters. With US bond yields falling by 2.22% there was a scramble to buy bonds as ‘risk off’ trade gathered momentum after the Trump/Comey rhetoric saw negative overtones. Globally, markets are perched atop huge highs and any correction will be sharp as paper profits turn to actual.


Nifty refused to correct as all intraday dips are turning to be buying opportunities. Today may be different and if the crucial support gets broken during the day then it will lead to profit booking as overbought market likely to witness sharper than expected corrections. Mid-caps are seeing huge profit booking and could be susceptible today as leveraged players exit long positions.


The BSE Sensex is currently trading at 30500.82, down by 157.95 points or 0.52% after trading in a range of 30436.56 and 30567.82. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined by 1.01%, while Small cap index was down by 0.86%.

The CNX Nifty is currently trading at 9465.60, down by 60.15 points or 0.63% after trading in a range of 9448.75 and 9489.10. There were 9 stocks advancing against 42 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Hindcopper

70.30

5.32

MRPL

139.40

3.18

Wipro

520.55

2.87

Edelweiss

183.00

2.21

Group ATopLosers

 

 

JKLakshmi

481.25

-6.57

Network18

49.25

-4.74

DEN

97.75

-4.07

Unitech

5.79

-3.98

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30430

30660

Nifty

9475

9535

 

Technical view: Nifty will see support initially around 9450 which was the previous resistance and if that is broken then 9370 can be tested, while 9550 on the upside will act as resistance. Bank Nifty will see 23000 act as resistance on the upside while 22550 will act as support.


 

Ashok Leyland (Buy Above 88.5 with Stop Loss at 86 for Target of 93): After consolidating for over six weeks, the stock has finally broken out from a double bottom pattern on the daily charts. The price outburst has been accompanied with smart uptick in volumes. Ashok Leyland has also closed above its long term 200-DMA further accentuating our bullish stance on the stock.

Derivative Snippets

In the last trading session, markets traded in a narrow range for almost entire day. Nifty 9500 PE added fresh open interest to the tune of ~15 lakhs shares making 9500 as strong resistance level going forward.

FIIs were net sellers in cash market segment to the tune of Rs 731 Cr.FIIs index future long short ratio at 1.9x v/s 2x.

Cabinet OKs policy to auction coal linkages to power producers

Skymet says monsoon to hit Kerala May 29; IMD sees onset on May 30 

GST plan enters last stage; Council meets to decide on tax rates

 

Nifty Movers: The top gainers on Nifty were Bank of Baroda up by 0.99%, TCS up by 0.97%, Tech Mahindra up by 0.93%, Wipro up by 0.86% and Sun Pharma up by 0.48%. On the flip side, Hindalco down by 2.62%, Yes Bank down by 2.56%, Axis Bank down by 1.65%, Indiabulls Housing down by 1.54% and Ambuja Cement down by 1.40% were the top losers.

 

Top Sectoral& Stock Screening: The only gaining sectoral indices on the BSE were IT up by 0.40% and TECK up by 0.25%, while Realty down by 2.07%, Metal down by 1.31%, Industrials down by 1.24%, Basic Materials down by 1.22%, Capital Goods down by 1.21% were the top losing indices on BSE.

 

 

On the global front: On the global front, Global cues too remained somber with most of the Asian counters were trading in red at this point of time. The Japanese market was down by over a percent as the yen strengthened against the dollar. The US markets slumped in the last session and the tech-heavy Nasdaq which has been on a record breaking spree pulled back well off its record closing high.

 

Global Signals:Asian markets were trading mostly in red; Nikkei 225 declined 316.94 points or 1.6% to 19,497.94, Hang Seng slipped 59.29 points or 0.23% to 25,234.34, Taiwan Weighted decreased 51.84 points or 0.52% to 9,961.83, KOSPI Index shed 10.6 points or 0.46% to 2,282.48, FTSE Bursa Malaysia KLCI fell 9.52 points or 0.54% to 1,766.13 and Shanghai Composite was down by 5.84 points or 0.19% to 3,098.60. On the flip side, Jakarta Composite was up by 9.38 points or 0.17% to 5,624.88.

 

SENSEX, NIFTY MANAGE TO END SESSION AT A RECORD CLOSING HIGH, TATA GROUP COS GAIN

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Indian Indices: Reversing initial losses, Indian equity benchmarks added gains in late afternoon session to hover near intraday highs, as investors remained optimistic ahead of the two-day Good and Services Tax (GST) Council's meet that is scheduled to start on Thursday and healthy buying in metal, realty and automobile stocks also buoyed investors' sentiments. 

Some support also came with the report that India has overtaken the US to be at second place in this year's 'Renewable energy country attractiveness index' released by EY and this is primarily due to a combination of strong government support and increasingly attractive economics. 

Meanwhile, power stocks gained traction after the CCEA approved a new coal linkage policy to ensure adequate supply of the fuel to power plants through reverse auction. Shares of some steel companies were trading higher with India Ratings and Research’s report that the National Steel Policy 2017 announced by the Ministry of Steel will give a boost to the struggling Indian steel industry and is betting on higher spending on infrastructure and construction sector through government initiatives to push steel demand and increase utilization.

The BSE Sensex is currently closed at 30658.77, up by 76.17 points or 0.25% after trading in a range of 30519.14 and 30692.45. There were 20 stocks advancing against 10 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index was up by 0.17%, while Small cap index was down by 0.04%.

The CNX Nifty is currently shut up at 9525.75, up by 13.50 points or 0.14% after trading in a range of 9486.10 and 9529.30. There were 28 stocks advancing against 23 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Tata Steel

493.35

7.95

Ceatltd

1832.45

7.85

Sobha

429.60

4.28

Welcorp

94.25

4.66

Losers

 

 

Edelweiss

179.05

-5.66

PNB

165.05

-5.44

Religare

182.95

-4.56

Network18

51.50

-4.28

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,658.77

0.25

Nifty

9,525.75

0.14

Crporate Front:

Pharmaceutical and petrochemical industries can help India and Belgium to diversify their bilateral trade beyond the diamond sector, the country's Secretary of State for Foreign Trade Pieter De Crem has said."Bilateral trade between India and Belgium is already strong. This is mainly thanks to the diamond sector and trade between Mumbai and Antwerp. I believe there is scope for diversifying to other sectors," De Crem told IANS on a recent visit to India.

 

Macroeconomic front:The Medium and Heavy Commercial Vehicle (MHCV) segment posted a 55 per cent yoy and 73 per cent mom decline in domestic sales volumes in April 2017, which is disconcerting and reflective of the possible MHCV industry downturn, says India Ratings and Research (Ind-Ra). MHCV sales volumes traditionally have displayed a sharp month on month decline in the month of April, due to highest annual sales usually registered in the month of March.

 

On the global front:

On the global front, European markets were trading in red as investors reacted to fresh corporate earnings and ongoing political uncertainty in the US. Asian markets were also trading in red. Back home, in scrip specific development, Dr. Reddy’s Laboratories traded higher after the company received approval from the U.S. Food and Drug Administration (USFDA) to launch Doxorubicin Hydrochloride Liposome Injection, a therapeutic equivalent generic version of Doxil (doxorubicin hydrochloride liposome injection), for intravenous use, in the United States market.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28345.00

0.89

Silver

39131.00

1.00

Crude oil

3124.00

0.03

Natural Gas

206.90

0.29

Alluminium

123.55

0.08

Copper

362.10

-0.1

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 2.51%, Basic Materials up by 0.65%, Realty up by 0.49%, Auto up by 0.40% and Power up by 0.38%, while Consumer Durables down by 0.91%, IT down by 0.34%, Healthcare down by 0.23%, TECK down by 0.23%, and Oil & Gas down by 0.05% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Tata Steel up by 8.64%, Indiabulls Housing Finance up by 2.96%, ICICI Bank up by 2.08%, Tata Power up by 1.73% and Tata Motors up by 1.67%. On the flip side, Tech Mahindra down by 2.54%, Bosch down by 1.69%, ACC down by 1.47%, Yes Bank down by 1.38% and Adani Ports & SEZ down by 1.38% were the top losers.

 

Global Signals:

All Asian markets were trading in red; Nikkei 225 decreased 104.94 points or 0.53% to 19,814.88, Hang Seng decreased 42.31 points or 0.17% to 25,293.63, Jakarta Composite decreased 25.8 points or 0.46% to 5,621.20, Taiwan Weighted decreased 17.82 points or 0.18% to 10,013.67, Shanghai Composite decreased 8.52 points or 0.27% to 3,104.44, FTSE Bursa Malaysia KLCI decreased 5.82 points or 0.33% to 1,772.33 and KOSPI Index decreased 2.25 points or 0.1% to 2,293.08.

European markets were trading mostly in red; Germany’s DAX decreased 22.26 points or 0.17% to 12,782.27 and France’s CAC decreased 13.96 points or 0.26% to 5,392.14. On the flip side, UK’s FTSE 100 increased 6.15 points or 0.08% to 7,528.18.

 

 

US indices close flat as political rhetoric sees sentiment turn cautious. Global markets consolidate as US Dollar weakens further with emerging market currencies seeing big gains.

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Indian Indices: Asian indices opened weak as profit booking seems on the cards after the heady run of the past few weeks. US Dollar weakness saw strength in most Asian currencies, which boosted sentiments with positive inflows into equities. There could be some more consolidation as US political rhetoric takes centre stage, which could see some more profit booking on rallies.


Nifty crossed 9500 led by Auto, Banks and FMCG as foreign flows and left out feeling witness huge buying chase stocks. With most sideline sitters also jumping in the fray expect another final bout of irrational exuberance as Nifty moves into extremely overbought zone. For today expect Tata Steel to lead from the front after posting excellent results last evening, while mid-cap housing and financials could be under pressure from profit booking.


The BSE Sensex is currently trading at 30599.56, up by 16.96 points or 0.06% after trading in a range of 30519.14 and 30642.94. There were 17 stocks advancing against 13 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.10%.

The CNX Nifty is currently trading at 9507.50, down by 4.75 points or 0.05% after trading in a range of 9489.70 and 9521.00. There were 24 stocks advancing against 27 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Tata Steel

492.85

7.84

RTNPower

8.89

5.58

Sobha

433.00

5.11

Monsanto

2919.45

5.18

Group ATopLosers

 

 

Shreecem

18926.40

-5.11

Edelweiss

181.65

-4.29

PNB

167.65

-3.95

Religare

184.70

-3.65

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30430

30660

Nifty

9475

9535

 

Technical view: Nifty finds strong support around 9450 which was the previous support while 9600 will act as resistance on the upside. Bank Nifty will also find support now around 22750 while 23100 will act as resistance on the upside.


 

SBI (Buy Above 308 with Stop Loss at 301 for Target of 320): After consolidating for the past six weeks, the stock has finally broken out from a symmetrical triangle pattern on the daily charts. The price outburst has been accompanied with credible rise in volumes too. In addition, other momentum oscillators also indicate than the upswing is likely to extend, which further accentuates our bullish stance on the stock.


Derivative Snippets

In the last trading session, Nifty, Bank Nifty, Mid-cap Index closed on record highs. Nifty closed above 9500 level for the first time ever as huge short covering was witnessed in 9500 CE strike. Nifty ATM/OTM put option strikes continue to remain under selling pressure. Nifty 9600 CE added fresh long positions, indicating a further up move. Bank Nifty 22500 CE added fresh long positions to the tune ~95k shares.

FIIs were net buyers in cash market segment to the tune of Rs 858 Cr.

FIIs index future long short ratio at 2x.

 

Nifty Movers: The top gainers on Nifty were Tata Steel up by 5.32%, Indiabulls Housing up by 2.89%, ICICI Bank up by 1.49%, BhartiAirtel up by 1.10% and Mahindra & Mahindra up by 1.04%.  On the flip side, Tech Mahindra down by 2.59%, Yes Bank down by 1.38%, ACC down by 1.31%, Bosch down by 1.23% and Wipro down by 1.23% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Metal up by 1.75%, Power up by 0.61%, Telecom up by 0.55%, Utilities up by 0.53% and Realty up by 0.49%, while Consumer Durables down by 0.77%, IT down by 0.55%, FMCG down by 0.38%, TECK down by 0.33% and Healthcare down by 0.16% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading in red, on the continued chaotic US political situation weighing on expectations for economic policies favoring tax cuts and higher spending. Japanese stocks dropped after the dollar eased against the yen on weak US economic data, while financials stocks underperformed hit by lower US yields.

 

Global Signals:The Asian markets were trading in red; Nikkei 225 decreased 109.98 points or 0.55% to 19,809.84, Hang Seng decreased 42.16 points or 0.17% to 25,293.78, Taiwan Weighted decreased 34.27 points or 0.34% to 9,997.22, Jakarta Composite decreased 22.05 points or 0.39% to 5,624.95, FTSE Bursa Malaysia KLCI decreased 6.67 points or 0.38% to 1,771.48, KOSPI Index decreased 3.33 points or 0.15% to 2,292.00 and Shanghai Composite decreased 2.45 points or 0.08% to 3,110.52.

 

US indices close flat as political rhetoric sees sentiment turn cautious. Global markets consolidate as US Dollar weakens further with emerging market currencies seeing big gains.

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Indian Indices: Asian indices opened weak as profit booking seems on the cards after the heady run of the past few weeks. US Dollar weakness saw strength in most Asian currencies, which boosted sentiments with positive inflows into equities. There could be some more consolidation as US political rhetoric takes centre stage, which could see some more profit booking on rallies.


Nifty crossed 9500 led by Auto, Banks and FMCG as foreign flows and left out feeling witness huge buying chase stocks. With most sideline sitters also jumping in the fray expect another final bout of irrational exuberance as Nifty moves into extremely overbought zone. For today expect Tata Steel to lead from the front after posting excellent results last evening, while mid-cap housing and financials could be under pressure from profit booking.


The BSE Sensex is currently trading at 30599.56, up by 16.96 points or 0.06% after trading in a range of 30519.14 and 30642.94. There were 17 stocks advancing against 13 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.10%.

The CNX Nifty is currently trading at 9507.50, down by 4.75 points or 0.05% after trading in a range of 9489.70 and 9521.00. There were 24 stocks advancing against 27 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Tata Steel

492.85

7.84

RTNPower

8.89

5.58

Sobha

433.00

5.11

Monsanto

2919.45

5.18

Group ATopLosers

 

 

Shreecem

18926.40

-5.11

Edelweiss

181.65

-4.29

PNB

167.65

-3.95

Religare

184.70

-3.65

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30430

30660

Nifty

9475

9535

 

Technical view: Nifty finds strong support around 9450 which was the previous support while 9600 will act as resistance on the upside. Bank Nifty will also find support now around 22750 while 23100 will act as resistance on the upside.


 

SBI (Buy Above 308 with Stop Loss at 301 for Target of 320): After consolidating for the past six weeks, the stock has finally broken out from a symmetrical triangle pattern on the daily charts. The price outburst has been accompanied with credible rise in volumes too. In addition, other momentum oscillators also indicate than the upswing is likely to extend, which further accentuates our bullish stance on the stock.


Derivative Snippets

In the last trading session, Nifty, Bank Nifty, Mid-cap Index closed on record highs. Nifty closed above 9500 level for the first time ever as huge short covering was witnessed in 9500 CE strike. Nifty ATM/OTM put option strikes continue to remain under selling pressure. Nifty 9600 CE added fresh long positions, indicating a further up move. Bank Nifty 22500 CE added fresh long positions to the tune ~95k shares.

FIIs were net buyers in cash market segment to the tune of Rs 858 Cr.

FIIs index future long short ratio at 2x.

 

Nifty Movers: The top gainers on Nifty were Tata Steel up by 5.32%, Indiabulls Housing up by 2.89%, ICICI Bank up by 1.49%, BhartiAirtel up by 1.10% and Mahindra & Mahindra up by 1.04%.  On the flip side, Tech Mahindra down by 2.59%, Yes Bank down by 1.38%, ACC down by 1.31%, Bosch down by 1.23% and Wipro down by 1.23% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Metal up by 1.75%, Power up by 0.61%, Telecom up by 0.55%, Utilities up by 0.53% and Realty up by 0.49%, while Consumer Durables down by 0.77%, IT down by 0.55%, FMCG down by 0.38%, TECK down by 0.33% and Healthcare down by 0.16% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading in red, on the continued chaotic US political situation weighing on expectations for economic policies favoring tax cuts and higher spending. Japanese stocks dropped after the dollar eased against the yen on weak US economic data, while financials stocks underperformed hit by lower US yields.

 

Global Signals:The Asian markets were trading in red; Nikkei 225 decreased 109.98 points or 0.55% to 19,809.84, Hang Seng decreased 42.16 points or 0.17% to 25,293.78, Taiwan Weighted decreased 34.27 points or 0.34% to 9,997.22, Jakarta Composite decreased 22.05 points or 0.39% to 5,624.95, FTSE Bursa Malaysia KLCI decreased 6.67 points or 0.38% to 1,771.48, KOSPI Index decreased 3.33 points or 0.15% to 2,292.00 and Shanghai Composite decreased 2.45 points or 0.08% to 3,110.52.

 

BULLS LIFT MARKET TO NEW CLOSING HIGH; NIFTY ABVOE 9500, SENSEX GAINS 260 PTS

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Indian Indices: Indian equity benchmarks extended their previous session gain as investors remained bullish about the prospects of a good monsoon. The benchmark indices -- BSE Sensex touched fresh all-time intra-day high of 30,590.71, while the NSE index Nifty touched a new peak of 9,517.20 in trade. The equity benchmarks made a positive start in early deals as traders took support from industry body FICCI’s latest Economic Outlook Survey which pegged India’s gross domestic product (GDP) growth at around 7.4 percent for the fiscal year 2017-18. The survey was conducted during March and April 2017 and recorded a median GDP group forecast of 7.4 percent for the current fiscal year, with a minimum and maximum level of 7 percent and 7.6 percent respectively. The pick-up in overall GDP growth will also be supported by an improvement in industry and services sector growth. Some support also came with the report that India’s monsoon rains are expected to arrive on the southern Kerala coast on May 30, two days ahead of schedule. India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased.

The BSE Sensex ended at 30587.36, up by 265.24 points or 0.87% after trading in a range of 30363.37 and 30590.71. There were 22 stocks advancing against 8 stocks declining on the index. The broader indices ended in green; the BSE Mid cap index was up by 0.27%, while Small cap index was up by 0.36%.

The CNX Nifty ended at 9509.70, up by 64.30 points or 0.68% after trading in a range of 9456.35 and 9517.20. There were 36 stocks advancing against 15 stocks declining on the index

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Unitech

6.19

11.13

J&KBank

88.65

8.71

KEC

247.95

7.31

Indhotel

144.35

5.17

Losers

 

 

CholaFin

1016.95

-3.10

IL&Fstrans

114.20

-2.89

Godrejcp

1876.05

-2.61

Bharatfin

790.85

-2.36

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,582.60

0.86

Nifty

9,512.25

0.71

Crporate Front:

The Indian Government has said that it is planning to build multimodal logistic parks at 15 places across the country with an investment of Rs 33,000 crore. As per reports, the National Highways Authority of India (NHAI) inked a pact with the Tamil Nadu government for one such park. The NHAI signed anMoU with the Tamil Nadu Industrial Development Corporation Ltd (TIDCO) in New Delhi today, for the development of a multimodal logistics park in the Ponneri Industrial Node area near Kamarajar Port in Tamil Nadu.


 

Macroeconomic front:The Reserve Bank of India today fixed the reference rate of the rupee at 64.0758 against the US dollar and 70.5539 for the euro. The corresponding rates were 64.1188 and 70.1332, previously. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.7795 and 56.52 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

 

On the global front:

On the global front, European markets were trading in green, as investors look beyond global cybersecurity threats and the latest North Korean missile test. Asian markets were also trading in green. Back home, in scrip specific development, Fortune Financial Services (India) edged higher after the company acquired 49,00,000 equity shares of Rs 10 each fully paid of ITI Gilts (earlier known as Crest Debt Capital Markets). The Company was already holding 51% of the paid up capital of ITI Gilts and now on acquisition of these 49,00,000 equity shares, ITI Gilts has become a wholly owned subsidiary of the company.

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28028.00

0.33

Silver

38672.00

0.44

Crude oil

3153.00

0.13

Natural Gas

215.50

0.23

Alluminium

122.70

0.37

Copper

360.30

-0.35

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 1.90%, TECK up by 1.10%, IT up by 1.06%, FMCG up by 1.02% and Auto up by 0.99%, while Metal down by 0.61% was the sole loser on BSE.

Top Nifty Movers:The top gainers on Nifty were Hero MotoCorp up by 3.06%, ACC up by 2.86%, TCS up by 2.54%, BhartiAirtel up by 2.43% and Bank of Baroda up by 2.33%. On the flip side, Kotak Mahindra Bank down by 1.65%, Indiabulls Housing down by 1.10%, ONGC down by 0.88%, Mahindra & Mahindra down by 0.84% and Zee Entertainment down by 0.84% were the top losers.

 

 

Global Signals:

Asian markets were trading mostly in red; Hang Seng decreased 35.65 points or 0.14% to 25,335.94, Jakarta Composite decreased 22.57 points or 0.4% to 5,666.30, Taiwan Weighted decreased 5.33 points or 0.05% to 10,031.49 and FTSE Bursa Malaysia KLCI decreased 4.19 points or 0.24% to 1,774.46. On the flip side, KOSPI Index increased 4.68 points or 0.2% to 2,295.33, Shanghai Composite increased 22.74 points or 0.74% to 3,112.96 and Nikkei 225 increased 49.97 points or 0.25% to 19,919.82.

European markets were trading mixed; UK’s FTSE 100 increased 22.68 points or 0.3% to 7,477.05 and Germany’s DAX increased 7.96 points or 0.06% to 12,815.00. On the flip side, France’s CAC decreased 19.89 points or 0.37% to 5,397.51.

 

Auto Sector -Research Report-Sharetipsnfo

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Sector Overview:

The big getting bigger – category leaders reinforce their dominance

* Demonetization puts brakes on growth of passenger cars and motorcycles.

* Value continues to migrate toward scooters and SUVs, driven by changing customer preferences.

* Uptrading in 2Ws/4Ws continues, as reflected in the increasing share of premium motorcycles and PVs priced more than ~INR800k.

* Category leaders getting stronger as competition hurts second/third ranked players more.

We took a deep dive into granular data on the Indian 2W/PV industry, observing continuance of bigger trends in FY17, along with increased dominance of category leaders in both 2W and 4Ws. While demonetization had stalled a revival, there are early signs of a 2W export market recovery. Key highlights:

 

Sector Growth Outlook:

Demonetization puts brakes on recovery, especially of 2Ws

Demonetization had stalled the recovery in the auto sector, primarily impacting the 2W segment due to its higher exposure to the rural market and lower financing penetration. Between November 2016 and March 2017, while PV volume growth slowed to 6% (v/s +11% over Apr-Oct 2016), 2W volumes fell 6% (v/s +16% over Apr- Oct 2016). However, we note that normalcy has been restored in PVs (volumes up ~10% in March 2017) and 2Ws have recovered to record flat YoY growth.

 

 

Value migration toward scooters/SUVs continues

The structural trend of customers preferring scooters in 2Ws and SUVs in 4Ws continued in FY17. Scooters’ share increased to ~31.8% of 2W volumes (+120bp YoY). Similarly, SUVs continued to grow faster than the PV industry (32% growth in UVs v/s +9.2% in domestic PVs), increasing its share to 24.8% of domestic PVs (+420bp YoY).

Premiumization continues in both 2Ws/4Ws

The trend of premiumization continued in both 2Ws and 4Ws, with customers upgrading to relatively premium products. In 2Ws, motorcycles >150cc grew by 22%, driving up the share of premium 2Ws by 190bp to 15.4% of domestic 2W volumes. In PVs, volumes of vehicles priced INR800k & above grew ~22% YoY, translating into a higher share of products priced INR800k & above to 41% (+100bp).

Investment Rationals:

The big getting bigger: Category leaders gaining further dominance

Category leaders further strengthened their dominance in FY17, despite intensifying competition . In the executive segment, HMCL’s market share improved to 72% (v/s 61% three years back), despite the entry of TVS Victor. In scooters, HMSI’s market share expanded to ~57% (+170bp YoY), at expense of HMCL (-220bp) and TVS (- 60bp). In PVs, MSIL gained market share for the fifth consecutive year (since Manesar issue), now commanding ~47.4% share of the domestic PV industry.

New launches drive PV industry growth

FY17 domestic PV volumes grew 9.2% to 3.05m units, driven by ~30% growth in UVs and ~4% in cars. New products (including ramp-up of last year’s launches) drove entire growth, with 185% share of incremental volumes. The key volume drivers were Brezza, Baleno, Tiago, Kwid and Ignis.

2W exports showing signs of recovery; other players eating into market share of Bajaj Auto

After a prolonged period of weakness since 2HFY16, 2W exports are showing signs of recovery with ~12.5% growth in 4QFY17 (v/s -6% in FY17). With all the relevant players focusing on exports, the share of Bajaj Auto has reduced 660bp to ~52% of 2W exports (motorcycle export share shrunk by 580bp to 60%). HMSI gained the most, with a 400bp increase in exports share to ~12%.

 

Conclusion:

Valuation and view

We prefer 4Ws over 2Ws/CVs due to stronger volume growth and a stable competitive environment. Our top picks are Tata Motors, Maruti Suzuki and Amara Raja. We also believe that MM is an attractive play on a rural market recovery.

 

Global indices consolidate as gold rises with North Korean missile test, while US data indicates Federal Reserve on track to raise rates in June.

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Indian Indices: Asian indices opened mildly with losses as North Korea conducting missile test over the weekend witnessed sentiment turn weak. This even as US data indicates the Federal Reserve would raise rates in June, which has seen the bond yields rise to over 2.42% on the US 10 year bond. This week should see some caution initially with any dip being a chance to buy as the global bull market remains intact.


Nifty hit 9450 and reacted sharply during midsession to close around 9400 with foreign buying being matched by local selling. Banks both Private and PSU bore the brunt of selling while Auto, Realty and select IT saw fresh buying. For today expect mixed reaction on the index while stock/sector outperformance may continue as local profit booking gathers momentum.


The BSE Sensex is currently trading at 30317.57, up by 129.42 points or 0.43% after trading in a range of 30273.62 and 30357.96. 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 1.03%, while Small cap index was up by 0.74%.

The CNX Nifty is currently trading at 9442.25, up by 41.35 points or 0.44% after trading in a range of 9423.10 and 9445.35. There were 34 stocks advancing against 17 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Pel

2925.00

12.09

Net Work18

52.25

7.29

CUB

183.00

5.48

CGPower

96.10

5.43

Group ATopLosers

 

 

Idea

85.50

-7.04

UCOBank

39.30

-5.42

Titan

477.00

-3.54

Glenmark

731.80

-3.63

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30065

30350

Nifty

9355

9436

 

Technical view: Nifty found strong support around 9372, which was Friday's low and will act as initial support on the downside while 9450 will act as resistance on the upside. Bank Nifty also finds strong support around 22550 while 22800 will now act as resistance on the upside.


 

MothersonSumi (BUY Above 415 with Stop Loss at 407 for Target of 430): The stock has been in a solid uptrend for the past five months. On analysing the daily chart, Motherson was stuck in a narrow trading range for the past two weeks; however, the stock has finally broken out from this gestation period and has given a continuation pattern breakout. The price outburst has been accompanied with increase in volumes, which further accentuates out bullish stance on the stock.


Derivative Snippets

Infosys has deferred salary hikes for employees to July and even later in case of senior executives as the Indian tech industry struggles to cope with uncertain environment and visa-related issues in key markets like the US.

In the last trading session, markets closed on a negative note dragged by banking stocks. Nifty ATM/OTM call and put option strikes saw short selling, indicating of a trading range between 9300-9500. Bank Nifty 23000 CE saw some unwinding of long positions, making 23000 levels as an important resistance for the index.


FIIs were net buyers in cash market segment to the tune of Rs 842 Cr.FIIs index future long short ratio at 2 x v/s 2.3x.

 

Nifty Movers: The top gainers on Nifty were Hindalco up by 3.82%, Tata Steel up by 2.61%, Dr. Reddy’s Lab up by 2.32%, Ultratech Cement up by 1.92% and Kotak Mahindra Bank up by 1.90%. On the flip side, Infosys down by 1.47%, BhartiInfratel down by 1.45%, AurobindoPharma down by 0.99%, Eicher Motors down by 0.66% and Wipro down by 0.60% were the top losers.

 

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Metal up by 1.79%, Basic Materials up by 1.65%, Realty up by 1.28%, Bankex up by 0.94% and Utilities up by 0.84%, while Consumer Durables down by 1.02%, Telecom down by 0.85%, IT down by 0.70% and TECK down by 0.66% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, despite headwinds from a weekend missile test by North Korea and concerns over further spread of ransomwarecyberattacks globally. China’s factory output and fixed asset investment growth cooled more than expected in April, adding to signs that momentum in the world’s second-biggest economy is slowing from a strong start in the first quarter.

 

Global Signals:The Asian markets were trading mostly in green; KOSPI Index increased 1.89 points or 0.08% to 2,287.91, Shanghai Composite increased 7.84 points or 0.25% to 3,091.35, Taiwan Weighted increased 35.68 points or 0.36% to 10,022.50 and Hang Seng increased 149.17 points or 0.59% to 25,305.51.On the other hand, Nikkei 225 decreased 34.46 points or 0.17% to 19,849.44, Jakarta Composite decreased 15.74 points or 0.28% to 5,659.47 and FTSE Bursa Malaysia KLCI decreased 2.2 points or 0.12% to 1,773.67.

 

Know the proper timing when to invest

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If you are able to know how to invest in the stock market then you can always get good profits from the market. You have to get in hold of a good website where you can get to find many useful information of the market. If you fail to find the right time to invest in the market then you might have to lose all your money. You cannot just invest your money in the stocks and lose it. You need to know that it takes quite a long time to understand the market well. You also need to know about the working and functioning of the different concepts of the market so that you can clear all your doubts in the market. 

If you fail to understand the market then you would be solely responsible for all your losses that you incur in the market. In case you feel that you have understood the market well then you can surely reap profits from your invested cash in the stocks. So try to gather as much knowledge as possible by reading books on stock market or even watching the business news. In thus way you can know the market scenario and the right time to invest in the market. You should get to know the proper timing when to invest.

 

Do not be impatient

You might have seen people who lose their money investing in the stocks. One of the main reasons why they fail in the market is that they do not have enough patience when they invest in the market. You need to have good patience when it comes to investing in the market so that you remain on a much safer side. You should also not try to get influenced by your ignorant friends to invest in the market. They do not have any good knowledge of the market and they try to invest blindly. In such cases you have to lose your money investing in the wrong stocks. So the more research you make in the market, the more knowledge you can gain in the market. You have to get to know about the past performances of the different stocks in the market so that you can get the one that would help you in getting some good profits from the market. You can also get to know about the online stock trading where buying and selling of stocks is done all online. This type of trading is very popular because it helps in saving a lot of your time and money. 

 

Plan your decisions accordingly

You have to make your decisions very carefully and you should also try to determine which types of investments would be profitable for you. You have to know the advantages of both long term and short term investments. If you are ready to invest in the short term investment then you can go for day trading. But you should know that there are some investors who feel this type of trading to be very risky. So you should know all the important information of day trading. You would be glad to find that you have invested in the right stocks. You might lose some of your money in the market but this should not let you feel down. You should try to have good confidence on yourself and try to know what went wrong in the previous stocks that you incurred losses in the market.

 

Visit genuine websites

You have to make sure that you try to visit genuine websites so that you do not fall prey to websites that might try to rob off your money. You can have a look at the comments or feed backs of the different visitors so that you can know which would be the best website. You should try to put your best foot forward in order to reap the ultimate benefits from the market.

 

Thus you have to know the proper timing when to invest. If you are able to get the right time to invest then you would not have to worry about anything regarding your investments in the market.

Weekly Nifty Trading View for the Week May 15, 2017–May 21, 2017

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Events to watch this week

  • Trump agenda tougher sell after Comey firing

  • Macron cruises to French presidency

  • South Korea elects new president

  • Volatility touches multi-decade lows

  • IMF expected to rejoin Greek bailout

The Week ahead:

  • China reports retail sales and industrial production data on Monday, 15 May

  • US industrial production is released on Tuesday, 16 May

  • Japan releases its Q1 gross domestic product figures on Wednesday, 17 May

  • The United Kingdom releases its April retail sales report on Thursday, 18 May

For the week,Global equities were little changed on the week amid presidential elections in France and South Korea and fresh political turbulence in Washington. The yield on the US 10-year Treasury note, at 2.34%, saw scant net change on the week. West Texas Intermediate crude oil firmed modestly, to $47.50 a barrel from last week’s $45.50.

NIFTY- 9,400.90
CRUDE OIL-Rs 3,062 barrel
GOLD-Rs 28,015 gram
Rs/$-Rs 64.31

MARKET ROUND UP 
Key equity benchmark indices registered strong gains in the week ended Friday, 12 May 2017. The barometer index, the S&P BSE Sensex and the Nifty 50 index scaled record highs on the back of domestic and global cues. 
The market sentiment was boosted by chief of the India Meteorological Department (IMD) reportedly commenting that India may likely receive higher monsoon rainfall than previously forecast. A good monsoon would positively impact rural incomes which in turn could give a boost to mass consumption sectors like FMCG, two-wheeler industry etc. A substantial part of the country derives income from agriculture and allied sectors. 
The Sensex rose 329.35 points or 1.1% to settle at 30,188.15. The Nifty 50 index advanced 115.60 points or 1.24% to settle at 9,400.90. 

The BSE Mid-Cap index rose 0.92%, under performing the Sensex. The BSE Small-Cap index advanced 1.12%, outperforming the Sensex. 

Macro Economic Front: 
On the Economic Front,the government will announce industrial production data for the month of March 2017 after market hours on Friday, 12 May 2017. The data on inflation based on consumer price index (CPI) or retail inflation for April 2017 will also be announced after market hours on that day.

The data on inflation based on wholesale price index (WPI) for April 2017 is also slated to release after market hours on Friday, 12 May 2017. India's trade data for the month of April 2017 is scheduled on Monday, 15 May 2017.

Major Action &Announcement:
Asian Paints declined 1.21%. The company's consolidated net profit rose 10.4% to Rs 462.22 crore on 8.9% rise in revenue from operations to Rs 4416.23 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Thursday, 11 May 2017.

TCS advanced 1.86%. The company announced that it has opened its first Drones Research Lab in the US at its Seven Hills Park Innovation center located in Cincinnati, Ohio to address the rapidly expanding demand for unmanned aerial vehicles and business solutions across industries. The announcement was made after market hours on Friday, 5 May 2017.TCS announced that South Africa's Mercantile Bank successfully transformed its banking operations with TCS BaNCS Digital. The announcement was made during market hours on Wednesday, 10 May 2017.

Power Grid Corporation of India (PGCIL) was down 1.32%. The company said that Department of Telecommunications, Ministry of Communications, Government of India has granted unified license dated 2 May 2017 to the company with national long distance and internet service provider-category A service authorizations for providing telecom services. The license is valid for 20 years. The announcement was made during market hours on Tuesday, 9 May 2017. 

Lupin rose 0.29%. The company issued clarification to the media news after market hours on Tuesday, 9 May 2017. The company said that recently its Aurangabad facility underwent an inspection by the USFDA. The inspection was completed on 26 April 2017, subsequent to which, the USFDA issued Form 483 citing eight observations. The company is in the midst of putting together a response to address the observations. 

DrReddys Laboratories declined 0.66%. The company's consolidated net profit rose 175.37% to Rs 337.60 crore on 5.32% decline in net sales to Rs 3498.50 crore in Q4 March 2017 over Q4 March 2016. The result was announced during trading hours on Friday, 12 May 2017. 

Tata Motors was up 2.54%. Tata Motors Group global wholesales including Jaguar Land Rover (JLR) declined 4% to 73,691 units in April 2017 over April 2016. The announcement was made during market hours on Wednesday, 10 May 2017.

Global Front: 
In Overseas Markets,centrist candidate Emmanuel Macron won the French presidential election with about 66.1% of the votes, against 33.9% for rival Marine Le Pen. The victory on Sunday, 7 May 2017 for the 39-year-old Macrona staunch supporter of the European Union is likely to placate anxious global market investors, who have fretted for weeks that far-right candidate Le Pen would win and make good on promises to yank France out of the EU, potentially unsettling the eurozone and world markets.
The International Monetary Fund said Asia's economic outlook faces significant uncertainty and downside growth risks from any sudden tightening in global financial conditions or rise in protectionist trade policies. The IMF, which in April raised its 2017 Asia-Pacific growth forecast to 5.5% from its previous October forecast of 5.4%, said loose monetary and fiscal policies across most of the region would underpin domestic demand. India's growth is expected to rebound to 7.2% in the FY 2018 and 7.7% in FY 2019 after disruptions caused by demonetization, the IMF said.

Global Economic News:

Legislative calendar grows more challenging for Trump
President Donald Trump’s health care reform and tax cut agenda have faced significant legislative headwinds for some time, but those headwinds stiffened considerably after the president removed from office embattled Federal Bureau of Investigation director James Comey. Measures that require a 60-vote majority in the 100-seat United States Senate will be extremely difficult to enact given the charged political environment. Republicans, with 52 senators, hold a slim majority.

Macron outperforms expectations
Centrist Emmanuel Macron was expected to easily beat right-wing populist Marine Le Pen in the second round of the French presidential election, but his margin of victory proved to be even larger than expected. Macron received 66% of the vote to Le Pen’s 34%. He must now forge a governing majority in the National Assembly, with two-round parliamentary elections scheduled for 11 June and 18 June.

South Korea’s president aims for warmer North Korea relations
Newly-elected South Korean president Moon Jae-in took office on Wednesday and vowed to resolve the security crisis on the Korean peninsula as soon as possible, including by traveling to Pyongyang, under the right conditions. On the economic front, Moon is expected to push for the reform of South Korea’s conglomerate system, as well as to seek higher corporate taxes.

Greek bailout may secure IMF backing
Concerns over the sustainability of Greek debt have caused in the International Monetary Fund to bypass the past several rounds of funding for the indebted Euro zone member. But the IMF looks likely to rejoin the bailout in the weeks ahead, and continues to push European authorities to grant Greece debt relief. An agreement is expected at a meeting of Euro group finance ministers on 22 May.

US consumer perks up
US retail sales expanded at the fastest rate in three months in April, while prior months’ data were revised higher. Strong labor markets and modestly rising wages are supporting consumption. Consumer prices in the US remain subdued, rising 0.2% in April after falling 0.3% in March. Core CPI rose 0.1% in April, and was up 1.9% versus a year ago.

Bank of England leaves policy untouched, lowers outlook
The Bank of England left interest rates unchanged at their rate-setting meeting on Thursday but the Monetary Policy Committee slightly downgraded its economic growth forecast for 2017 to 1.9% from an earlier 2% outlook. Governor Mark Carney allowed in a press conference that the BOE “has not modeled” for a disorderly Brexit process. Carney also said that if the Brexit process goes smoothly, the Bank may need to hike interest rates faster than the market expects.

GLOBAL CORPORATE NEWS

VIX bounces from 24-year lows
Volatility, as measured by the Chicago Board Options Exchange Index (VIX), fell to its lowest level since 1993 this week amid unusually calm equity trading conditions. The VIX, at 10.6 on Friday morning 12 May, is running at roughly half of its twenty-year average, according to Reuters. Analysts are struggling to explain the unusually placid market environment, with one well-known pundit this week pinning the blame on social media. The VIX slipped as low as 9.7 on Monday 8 May.


As of 11 May, with 457 of the S&P 500 companies having reported, earnings are expected to increase 14.7% in Q1 versus a year ago. Excluding energy, earnings are expected to grow 10.4%. Revenues are expected to grow 7.3%, or 5.3%, excluding energy. The next-twelve-months P/E ratio is 17.8%, according to Thomson Reuters I/B/E/S.

NEW 52-WEEK HIGH BSE (A):

ALBK

92.50

CENTURYTEX

1218.20

DLF

209.40

NEW 52-WEEK LOWS BSE (A):


DRREDDY

2525.25

MAJOR WEEKLY GAINERS IN BSE A CATEGORY(%):


ADANI TRANSMISSION

22.40

CG POWER

17.23

UNITED SPIRITES

14.64

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:


DENA BANK

-13.76

GLENMARK

-10.27

YES BANK

-7.76



Eyes will be set on the certain US economic data releases are: 
Monday (15May)
Housing Market Index
Tuesday (16 May)
Housing Starts 
Wednesday (17May)
MBA Mortgage Applications
Thursday (18May)
Jobless Claims
Friday (19May)
No Major Data


Fundamental Pick of the week:
Buy Majesco Ltd For Target Rs. 556.00 

STOCK IN FOCUS 
* Majesco’s stock rose by 2.4% yesterday, while the BSE Sensex was flat. While the company reported a disappointing 4QFY17, with revenue down 6.2% QoQ in USD terms, we believe underlying industry fundamentals and the key IBM partnership will enable Majesco to boost revenue growth in FY18E.

* Under-penetrated and significant market opportunity, highly rated products - Total addressable market for Majesco stands at ~US$ 25bn. Within this, the addressable market size for the US P&C market stands at US$ 9.25bn.
Majesco has also developed products for the L&A market; of the total estimated addressable market of US$25bn for Majesco, around US$15-16bn relates to the L&A market. We currently have a target price of Rs 556 on the stock.

TECHNICAL VIEW:


S3

S2

S1

NIFTY

R1

R2

R3

9,300

9,338

9,365

9,400.90

9,434

9,468

9,520

NIFTY began the session on lifetime- high tracking positive cues from Asian markets, but later index remained sideways during the day. Finally, after oscillating in 9,451-9,411 range, NIFTY closed the day at 9,422 mark with gain of 15 points.NSE Cash segment reported turnover of Rs25,387crore as compared to Rs24,298 crore earlier.Overall market breadth remained negative, where 672 stocks advanced against 986 declined stocks.Mixed trend was observed across all the sectoral indices during the day, where Media index emerged as a top gainer with the increase of 3.4% respectively. However, none of the sectoral indices reported loss of more than 0.5%

Bank Nifty made high of 22977 doing our target of 22940 and now holding 20700 we can move towards 23110.Bearish only below 22500. Hope traders are Enjoying this wonderful ride we are having in market. Dance till the music lasts. Bank Nifty finally closed below 22700 suggesting bulls are near the gann angle support holding the same we can again see an upmove towards 23000/23110.Bearish below 22500 for a move towards 22350/22100

Conclusion: 
Indian equity market following a breather in the last week regained its upward journey. With the statement from IMD that projected a normal monsoon provided the required impetus to push Nifty to pierce 9450 mark for the first time ever. Post a big rally, the market invariably faces a hurdle in the form of resistance at higher levels. This is a normal phenomenon in a bull market, which was very much in play during this week’s trade. In addition, Friday sell-off led by Banking stocks saw markets giving away some of the gains. Yes Bank, ICICI Bank and Axis Bank stocks declined sharply on wide divergence between reported NPA and RBI assessed NPA. Pharma stocks remained under pressure as earnings continue to disappoint with latest Glenmark results reporting a wide miss on estimates.


Interestingly, BankNifty under performed against the benchmark index, and was the main reason for slowdown in index action post the breakout session on Wednesday. Furthermore, records kept tumbling on indices even as the global market rally and an historical low VIX contributed towards the gains.

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