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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.

 

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