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SENSEX ENDS ON A POSITIVE NOTE, NIFTY ABOVE 9650; HERO MOTO, CIPLA GAIN

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Indian Indices: Indian equity benchmarks held firm trade in late afternoon session on optimism about a normal monsoon and healthy buying in Realty, Healthcare and Power stocks. Traders took encouragement with Moody's Investors Service’s latest report that a number of wide-ranging reforms initiated by the government would gradually ease the country's high debt burden, if implemented successfully. The agency also noted that demonetization & financial inclusion efforts will help broaden the tax base, while expenditure reforms will enhance spending efficiency and the Aadhaar identification system can help reduce fiscal leakage. 

Some support also came with NITI Aayog vice chairman ArvindPanagariya’s statement that India's 'fragile economy' has been turned around in the last three years and a sustained growth of 8 percent would now be possible within a few years. Meanwhile, markets regulator SEBI has launched an online registration mechanism for mutual funds with effect from June 1 to improve ease of doing business.

The BSE Sensex is currently closed at 31,273.29, up by 135.70 points or 0.44% after trading in a range of 31190.40 and 31332.56. There were 20 stocks advancing against 10 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.71%, while Small cap index was up by 0.60%.

The CNX Nifty is currently shut up at 9653.50, up by 37.40 points or 0.39% after trading in a range of 9637.45 and 9673.50. There were 35 stocks advancing against 16 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

GVKPIL

5.94

14.45

GMRINfra

17.00

13.71

M&MFin

388.95

7.59

Bayercrop

4981.00

9.25

Losers

 

 

Sintex

25.40

-3.79

Videoind

36.75

-4.92

Intellect

120.60

-2.94

GDL

243.00

-2.86

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

31,273.29

0.44

Nifty

9,653.50

0.39

Crporate Front: In a view to generate awareness and educate retail partners around GST implications, ASSOCHAM and the leading consumer electronics and home appliances company, Videocon, on Thursday organized the first-of-its-kind GST Summit for traders. The daylong ASSOCHAM VIDEOCON GST Summit for traders witnessed deep discussions around GST, addressing retailers’ queries, and offering them a clearer understanding of the GST concept.

 

 

Macroeconomic front: The Union Minister for Finance, Defence and Corporate Affairs, ArunJaitley will chair the 15th Meeting of the GST Council scheduled to be held on Saturday, June 03, 2017 at VigyanBhavan in the national capital, according to a statement released by the ministry of finance. The ministry said that this meeting is important because it is likely to finalize the rates of tax and cess to be levied on the commodities remaining after the fitment exercise in the 14th GST Council Meeting.

 

On the global front:

On the global front, European markets were trading mixed, as political uncertainty took center stage once again. Asian markets were trading in red. Back home, in scrip specific development, JaiPrakash Associates jumped higher after the company executed a definitive agreement with Orient Cement (OCL), a part of CK Birla Group. The agreement is for acquisition by OCL of company's 74% equity stake in BhilaiJaypee Cement (BJCL) based on an enterprise value of Rs 1,450 crore on a cash free and debt free basis.


Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28650.00

-0.01

Silver

39700.00

-0.28

Crude oil

3024.00

-4.27

Natural Gas

193.70

-0.31

Alluminium

123.45

-0.6

Copper

363.10

-1.53

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.39%, Healthcare up by 1.21%, Power up by 0.98%, Consumer Durables up by 0.95% and Telecom up by 0.90%, while Oil & Gas down by 0.31%, Energy down by 0.14% and Metal down by 0.13% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Cipla up by 3.25%, Hero MotoCorp up by 3.12%, Adani Ports & SEZ up by 2.73%, Yes Bank up by 2.55% and HDFC up by 1.78%. On the flip side, GAIL India down by 2.12%, Vedanta down by 1.62%, BPCL down by 1.60%, Indiabulls Housing Finance down by 1.24% and Hindustan Unilever down by 1.13% were the top losers.

 

Global Signals:

Asian markets were trading mostly in green; Shanghai Composite increased 2.92 points or 0.09% to 3,105.54, FTSE Bursa Malaysia KLCI increased 13.03 points or 0.74% to 1,776.14, KOSPI Index increased 27.11 points or 1.16% to 2,371.72, Taiwan Weighted increased 65.11 points or 0.65% to 10,152.53, Hang Seng increased 114.83 points or 0.44% to 25,924.05 and Nikkei 225 increased 317.25 points or 1.6% to 20,177.28. On the flip side, Jakarta Composite decreased 3.69 points or 0.06% to 5,734.46.

All European markets were trading in green; UK’s FTSE 100 increased 25.82 points or 0.34% to 7,569.59, France’s CAC increased 33.56 points or 0.63% to 5,352.23 and Germany’s DAX increased 116.77 points or 0.92% to 12,781.69.

 

 

US indices close at new all time highs as jobs data spurs growth. Japanese ‘Nikkei’ crosses 20000 for the first time after 2015 as ‘Yen’ weakness spurs buying in exporters.

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Indian Indices: Asian indices opened in the green led by the Japanese ‘Nikkei’, which crossed 20000 for the first time as the 'Yen' weakness saw stocks rally. With the global rally in equities getting more pronounced higher risk taking seems the present norm as bond yields fall with oil and gold prices.


Nifty closed unchanged for another session due to weak macro data, however, intraday weakness got quickly bought into. The sentiment for higher return in equities is evident as all bad news is getting bought into without any correction. For today expect buying in mid-caps as they have corrected more than the market and a rebound is on the cards. 


The BSE Sensex is currently trading at 31252.40, up by 114.81 points or 0.37% after trading in a range of 31190.40 and 31332.56. 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 0.62%, while Small cap index was up by 0.36%.

The CNX Nifty is currently trading at 9646.35, up by 30.25 points or 0.31% after trading in a range of 9637.45 and 9673.50. There were 32 stocks advancing against 19 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

GMRINFRA

17.05

14.05

GVKPIL

5.61

8.09

Adanitrans

132.75

4.98

Welcorp

91.90

4.08

Group ATopLosers

 

 

Videoind

36.75

-4.92

GDL

242.80

-2.94

PFC

128.15

-1.88

Voltas

499.80

-1.79

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30480

30900

Nifty

9410

9560

 

Technical view: Nifty finds strong support around 9570 while 9700 will be the target on the upside. Bank Nifty also finds support around 23100 while 23700 will act as major resistance on the upside.


 

CEAT Limited (Buy Above 1791 with Stop Loss at 1766.5 for Target of 1840): After consolidating for over 10 trading sessions and correcting from highs of Rs 1897 to Rs 1635 the stock has finally broken out from a continuation Flag pattern. This indicates that a fresh up move is on the cards. The breakout is accompanied with credible volumes. The stock has also bounced back from its short term moving average, which further accentuates our bullish stance on the stock.


Derivative Snippets    

Pharma Sector: Attractive Valuations

L&T Technology Services (LTTS)has completed the acquisition of Esencia. With this, EsenciaTechnologies will become a subsidiary of L&T Technology. 

In the last trading session, Nifty ended on a flat note for the fourth trading day in a row. Nifty and Bank ATM/OTM put option strikes witnessed marginal short selling, indicating a continued uptrend for the markets.

FIIs were net sellers in cash market segment to the tune of Rs 517 Cr.FIIs index future long short ratio at 6x.

Nifty Movers: The top gainers on Nifty were BhartiAirtel up by 3.42%, Cipla up by 2.18%, Adani Ports & Special Economic Zone up by 1.85%, Hero MotoCorp up by 1.77% and Tata Motors - DVR up by 1.65%. On the flip side, Tata Steel down by 1.49%, Power Grid down by 1.06%, GAIL India down by 0.93%, Vedanta down by 0.89% and Hindustan Unilever down by 0.86% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Healthcare up by 2.00%, FMCG up by 1.15%, Consumer Disc up by 0.74%, Auto up by 0.66% and Realty up by 0.47%, while Oil & Gas down by 1.21%, Energy down by 0.97%, Metal down by 0.94%, Bankex down by 0.43% and PSU down by 0.38% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, with Shanghai bucking the trend. The offshore Chinese yuan hit its highest level since October on Thursday, a move traders believe was engineered by Chinese authorities as a show of strength to scare off yuan sellers after Moody’s downgraded China last week. South Korea’s benchmark Kospi index was higher as markets digested the release of revised Q1 GDP, which reflected the economy grew 2.9% on year compared to the 2.7%.

 

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 9.65 points or 0.55% to 1,772.76, KOSPI Index increased 24.93 points or 1.06% to 2,369.54, Taiwan Weighted increased 33.83 points or 0.34% to 10,121.25, Hang Seng increased 93.04 points or 0.36% to 25,902.26 and Nikkei 225 increased 319.14 points or 1.61% to 20,179.17.On the other hand, Shanghai Composite decreased 9.83 points or 0.32% to 3,092.80 and Jakarta Composite decreased 6.49 points or 0.11% to 5,731.66.

 

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