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SENSEX ENDS OVER 200 POINTS LOWER, NIFTY BELOW 9400, PHARMA, REALTY STOCKS DECLINE

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Indian Indices: Indian equity benchmarks traded on a weak note throughout the day and ended the session in negative territory as investors remained cautious over the blast in Manchester at a pop concert. The markets tried to recover from their intraday lows but LOC tension dragged the market in last hour of trade. The Indian army said that it is engaging in ‘punitive fire assaults’ on Pakistani posts that were aiding infiltrators into India. The explosion struck an Ariana Grande concert in northern England on Monday, killing at least 19 people and injuring dozens. Some selling also crept in on report that as the implementation of Goods & Service Tax (GST)is nearing, there are concerns that it could put pressure on the working capital of industries. According to credit rating agency- India Ratings and Research (Ind-Ra), GST implementation will affect the working capital cycle of business in the initial phase owing to the lock up of input credit and noted that easy liquidity in the system is essential to minimize the magnitude of such disruption at the earliest and to absorb the sudden changes in requirement of short term finance.

The BSE Sensex ended at 30351.42, down by 219.55 points or 0.72% after trading in a range of 30316.92 and 30610.64. There were 8 stocks advancing against 22 stocks declining on the index. The broader indices ended in red; the BSE Mid cap index was down by 1.70%, while Small cap index was down by 2.01%. (Provisional)

The CNX Nifty ended at 9381.00, down by 57.25 points or 0.61% after trading in a range of 9370.00 and 9448.05. There were 18 stocks advancing against 33 stocks declining on the index. (Provisional)

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

SreInfra

101.95

5.21

OFSS

3725.00

3.40

Maruti

6880.30

2.70

VRLLOG

315.50

3.31

Losers

 

 

Videoind

64.80

-20.00

JpAssociat

10.31

-9.88

HDIL

83.00

-7.42

Sintex

104.40

-7.41

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

30,365.25

-0.67

Nifty

9,386.15

-0.55

 

 

Crporate Front: Markets regulator Sebi has proposed to make electronic book mechanism mandatory for all private placement issues on debt basis that have a threshold of Rs 50 crore. Currently, the mechanism is mandatory for all private placements of debt securities with an issue size of Rs 500 crore or more.

 

 

 

Macroeconomic front:The Reserve Bank of India has fixed the reference rate of the rupee at 64.7751 against the US dollar and 72.7489 for the euro. The corresponding rates were 64.5632 and 72.2333, yesterday.According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.0327 and 58.37 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.


On the global front:

On the global front, Asian markets closed mixed, reacting to the news of a deadly suicide bombing at a pop concert in Manchester. Japanese manufacturing activity expanded at the slowest pace in six months in May as export orders slowed, in a warning sign that global demand may be weakening. European markets were trading in green as investors digested deadly suicide bombing news and further political and economic turmoil in the euro zone.


 

Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28868.00

0.29

Silver

39917.00

0.11

Crude oil

3291.00

-0.57

Natural Gas

214.80

0.14

Alluminium

125.20

-0.04

Copper

370.35

-0.31

Top Sectoral& Stock Screening: The only gainer on the BSE was Auto up by 0.17%, while Realty down by 2.84%, Healthcare down by 2.77%, Power down by 1.99%, Utilities down by 1.92% and Consumer Durables down by 1.82% were the top losing indices on BSE. The top gainers on the Sensex were Maruti Suzuki up by 2.54%, Mahindra & Mahindra up by 1.49%, Wipro up by 0.92%, Tata Steel up by 0.72% and Hero MotoCorp up by 0.69%. (Provisional)

Top Nifty Movers: The top gainers on Nifty were Maruti Suzuki up by 2.48%, Mahindra & Mahindra up by 1.69%, Eicher Motors up by 1.43%, Wipro up by 0.90% and HCL Tech up by 0.88%. On the flip side, Adani Ports & Special Economic Zone down by 6.84%, AurobindoPharma down by 6.11%, Cipla down by 5.40%, Sun Pharma down by 3.87% and Bajaj Auto down by 3.49% were the top losers.

 

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 65 points or 0.33% to 19,613.28, Jakarta Composite decreased 52.39 points or 0.91% to 5,697.06, Shanghai Composite decreased 13.73 points or 0.45% to 3,061.95 and FTSE Bursa Malaysia KLCI decreased 6.16 points or 0.35% to 1,768.79. On the flip side, KOSPI Index increased 7.71 points or 0.33% to 2,311.74, Taiwan Weighted increased 10.58 points or 0.11% to 10,007.84 and Hang Seng increased 11.81 points or 0.05% to 25,403.15.All the major European Markets were trading in green; UK’s FTSE 100 was up by 17.65 points or 0.24% to 7,513.99, France’s CAC increased 37.06 points or 0.7% to 5,359.94 and Germany’s DAX was higher by 67.18 points or 0.53% to 12,686.64.European markets were trading mostly in green; France’s CAC increased 1.29 points or 0.02% to 5,325.69 and UK’s FTSE 100 increased 30.02 points or 0.4% to 7,500.73. On the flip side, Germany’s DAX decreased 1.29 points or 0.01% to 12,637.40.

 

 


Dow Jones hits new highs even as oil falls with bonds and US Dollar move higher. Equity markets globally in full 'risk on' trade as liquidity chases stocks aggressively.

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Indian Indices: Asian indices opened flat to marginally weak as profit booking before the weekend was on the cards. With most indices trading at new highs, consolidation would be in order for the next week. Oil weakness saw Energy stocks decline while Financials were seeing buying.

Nifty saw a sharp short covering led rally, which saw the index scale new highs led by Bank Nifty which sent the bears scurrying for cover. The Sensex closed higher by over 450 points with huge frontline buying and even underperforming mid-caps seeing huge buying. For today expect consolidation with mid-caps seeing more catch up on the upside while Nifty remains range bound near 9500.   


The BSE Sensex is currently trading at 30868.63, up by 118.60 points or 0.39% after trading in a range of 30745.57 and 30884.18. There were 20 stocks advancing against 9 stocks declining on the index, while one stock remained unchanged. The broader indices were trading in green; the BSE Mid cap index surged 1.15%, while Small cap index was up by 1.19%.

The CNX Nifty is currently trading at 9544.95, up by 35.20 points or 0.37% after trading in a range of 9495.40 and 9545.55. There were 33 stocks advancing against 17 stocks declining on the index, while one stock remained unchanged.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Sintex

29.90

15.89

JPAssociat

13.06

14.16

Dishman

290.35

8.20

KSCL

564.00

7.65

Group ATopLosers

 

 

Videoind

47.30

-9.99

IOC

419.75

-4.32

Cipla

491.50

-2.50

BPCL

710.65

-2.11

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30900

Nifty

9410

9560

 

Technical view: Nifty scaled 9500 and now finds resistance closer to 9550 while 9450 will act as strong support. Bank Nifty also closed well above 23000 with 23350 now acting as resistance while 22850 will act as strong support.


 

LT (BUY Above 1770 with Stop Loss at 1749 for Target of 1810): The stock has been stuck in a narrow trading range for past one month, it also broke down during the week but has recovered sharply and ended with strong gains in previous trade. Finally the stock has broken out from a Flag Pattern on the daily chart. The price outburst has been accompanied with smart uptick in volumes and also other momentum oscillators indicate that the momentum is here to stay.

May Rollover Snippets     

Markets were resilient in May F&O series, as whipsaw movement pushed the market and enabled it to foray into uncharted territories. Nifty and Bank Nifty crossed its lifetime high and closed above 9500/23000 on EoE basis for the first time ever. Bank Nifty Index outperformed Nifty Index by ~1% as the call option writers in both the indices were taken for a toss on the last day of expiry. Huge short covering was witnessed in OTM Nifty and Bank Nifty Index options that propelled markets to a newer height. Long gamma positions were the flavor of the series.

DIIs continued its buying spree posting a buying figure to the tune of ~Rs 3.7k Cr. FIIs long/short index futures ratio stood above 2x throughout the series indicating of a positive bias. Rollovers of Nifty/Bank Nifty stood at 74% / 61% (2.04 Cr/32 Lakh shares) as against 66%/77% (2.08 Cr/34 Lakh shares). Rollovers for Nifty and Bank Nifty were lower in terms of open interest vis-a-vis last month. Based on analysis of the mentioned data, a positive start in Nifty can be expected up to the immediate resistance level of 9600. India Vix index continues to tumble testing new lows. On the options front, June series start with the highest open interest put strike at 9300 strike (3.8mn shares) and maximum call strike at 9600 strike (3.39 mn shares).

 

Nifty Movers:  The top gainers on Nifty were Tata Steel up by 4.70%, AurobindoPharma up by 2.79%, Asian Paints up by 2.38%, Yes Bank up by 2.35% and Hindalco up by 2.31%. On the flip side, Indian Oil Corporation down by 3.18%, Cipla down by 2.75%, BPCL down by 2.39%, TCS down by 0.88% and Tech Mahindra down by 0.61% were the top losers.

 

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Metal up by 2.35%, Basic Materials up by 1.44%, Telecom up by 1.17%, Power up by 1.14% and Auto up by 1.07%, while Oil & Gas down by 0.69%, Realty down by 0.31%, Energy down by 0.23% and PSU down by 0.06% were the top losing indices on BSE.

 

 

On the global front: On the global front, Asian markets were exhibiting mixed trend at this point of time and some of the indices in the region are in red, heading for a lower finish for the week. Slump in crude oil prices have weighed heavily on the energy stocks. The US markets continued their upmove, extended their recent winning streak to six sessions.

Global Signals: Asian markets were trading mixed; Shanghai Composite rose 2.91 points or 0.09% to 3,110.74, Hang Seng gained 6.5 points or 0.03% to 25,637.28, Jakarta Composite increased 13.86 points or 0.24% to 5,717.30 and KOSPI Index was up by 14.87 points or 0.63% to 2,357.80.On the flip side, Nikkei 225 decreased 79.48 points or 0.4% to 19,733.65, Taiwan Weighted dropped 25.93 points or 0.26% to 10,082.56 and FTSE Bursa Malaysia KLCI was down by 1.46 points or 0.08% to 1,772.50.

 

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