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NIFTY ENDS BELOW 9600, SENSEX FALLS FOR 2ND DAY; LUPIN DOWN 4%

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Major headlines

·         No plan to issue next list of defaulters any time soon

·         IT spend in indian banking and securities industry to grow 8.6% in 2017

·         TDP MP incident at Vizag airport to be probed

Indian Indices: Indian equity benchmarks remained range-bound in late afternoon session, though some good buying was being witnessed in Realty, FMCG and Consumer Durables stocks amid higher European markets. There was some optimism as India's exports grew 8.32 per cent to $24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery. 

Some support also came with the report that India has moved up six places from 66th in last year to reach 60th position in this year's Global Innovation Index (GII), an annual global ranking that assesses the innovation capabilities of 127 countries. 

However, gains were limited as the current account deficit (CAD) soared to $3.4 billion or 0.6 per cent of gross domestic product (GDP), in the fourth quarter of fiscal 2017, from $0.3 billion a year ago. Meanwhile, India Inc's foreign investment witnessed a sharp 56 percent decline at $1.26 billion in May this year.

The BSE Sensex is currently shut down at 31056.40, down by 19.33 points or 0.06% after trading in a range of 31059.41 and 31182.73. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.18%, while Small cap index gained 0.36%.

The CNX Nifty is currently closed up at 9588.05, up by 10.00 points or 0.10% after trading in a range of 9575.40 and 9615.85. There were 29 stocks advancing against 21 stocks declining on the index, while 1 stock remained unchanged.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Aban

194.20

11.64

FSL

33.00

8.02

BEML

1455.45

7.68

GVLPIL

6.28

4.67

Losers

 

 

Videoind

22.20

-4.93

Lupin

1131.00

-4.40

Fortis

190.65

-3.61

Ipcalab

471.70

-8.08

INDEX PERFORANCE

 

 

Index

Close

% Chg

Sensex

31,056.40

-0.06

Nifty

9,588.05

0.10

CrporateFront: Following the Reserve Bank of India (RBI) identifying 12 accounts that are responsible for 25 per cent of non-performing assets (NPAs), the central bank on Friday said it has no plans to come out with a next list any time soon.
"If you look at it (NPAs), RBI had a detailed circular. Twelve cases have been referred for resolution by Insolvency and Bankruptcy Code (IBC). Other (bad loan) cases, banks are encouraged to resolve in six months' time," RBI Deputy Governor S.S. Mundra said.

 

Macroeconomic front: Dismissing all talk of job losses in Indian information technology (IT) industry as being "motivated", the government on Friday outlined its vision for building the sector into a $1 trillion economy by 2022 that would become a global hub of low-cost digital technology.
"There has been a lot of debate, and by any standards of economy, this talk of job decline in the IT sector is motivated," Electronics and Information Technology Minister Ravi Shankar Prasad said while addressing the industry leaders at an event here to launch work on the blueprint to realise a $1 trillion IT economy.

 

On the global front:

On the global front, European markets were trading in green as investors digested news of a fresh disbursement to Greece and focus on wider political events. Asian markets were also trading in green.  Back home, in scrip specific development, Filatex India jumped higher after the company completed financial closure with the lenders for Rupee and Foreign Currency Loan for capacity expansion project.


Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

28738.00

-0.1

Silver

38724.00

0.01

Crude oil

2879.00

0.07

Natural Gas

197.30

-0.15

Alluminium

120.45

-0.21

Copper

365.40

-0.31

Top Sectoral& Stock Screening:The top gainers on the Sensex were ITC up by 2.22%, Tata Motors up by 1.86%, GAIL India up by 1.02%, Axis Bank up by 0.81% and NTPC up by 0.69%. On the flip side, Lupin down by 4.41%, Wipro down by 1.97%, Cipla down by 1.80%, Sun PharmaInds. down by 1.61% and Dr. Reddys Lab down by 1.07% were the top losers.

Top Nifty Movers:The top gainers on Nifty were Tata Motors - DVR up by 2.69%, ITC up by 2.27%, Tata Motors up by 1.92%, AurobindoPharma up by 1.41% and BhartiInfratel up by 1.31%. On the flip side, Lupin down by 4.26%, Wipro down by 2.34%, Cipla down by 2.07%, Indiabulls Housing down by 1.91% and Sun PharmaInds. down by 1.60% were the top losers.

 

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 0.18 points or 0.01% to 2,361.83, Hang Seng increased 61.15 points or 0.24% to 25,626.49, Taiwan Weighted increased 68.38 points or 0.68% to 10,156.73 and Nikkei 225 increased 111.44 points or 0.56% to 19,943.26. On the flip side, Jakarta Composite decreased 47.85 points or 0.83% to 5,728.43, Shanghai Composite decreased 9.32 points or 0.3% to 3,123.17 and FTSE Bursa Malaysia KLCI decreased 0.11 points or 0.01% to 1,789.90.

All European markets were trading in green; UK’s FTSE 100 increased 24.93 points or 0.34% to 7,444.29, France’s CAC increased 52.84 points or 1.01% to 5,269.72 and Germany’s DAX increased 56.1 points or 0.44% to 12,747.91.

 

US stocks recover losses as US Dollar regains strength while yields rise in tandem. Oil prices slump again as demand concerns see concerted weakness.

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Major headlines:

·         In latest sign of crude glut, ageing supertankers used to store unsold oil

·         India equity markets open marginally higher

·         Indian’s GST launch spawns tech cottage industry for compliance

 

Indian Indices: Asian indices opened in the green as overnight US stocks staged a sharp pull back even as Tech stocks saw weakness. The US Dollar rose along with bond yields while oil prices saw weakness. Friday will see quiet trade as the week will see most indices close with losses after almost 3 months of relentless gains.


Nifty saw selling from foreign investors get absorbed by local mutual funds as liquidity is seeing all minor corrections get bought into. FMCG and Pharma saw value buying while Auto, Banks and Media saw selling. For today expect more range bound consolidation with select pockets of mid-cap stocks/sector outperforming with Aviation stocks hitting fresh 52 week highs.


The BSE Sensex is currently trading at 31128.69, up by 52.96 points or 0.17% after trading in a range of 31092.19 and 31182.73. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.47%, while Small cap index gained 0.63%.

The CNX Nifty is currently trading at 9600.80, up by 22.75 points or 0.24% after trading in a range of 9593.00 and 9615.85. There were 32 stocks advancing against 19 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Aban

187.15

7.59

GVKPIL

6.30

5.00

L&TFH

146.80

4.04

GPPL

153.40

3.93

Group ATopLosers

 

 

IPcalab

457.15

-10.91

Amtekauto

30.70

-8.08

Lupin

1138.15

-3.80

Albk

70.40

-2.56

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

30990

31195

Nifty

9550

9615

 

Technical view: Nifty did break the support around 9580 and tested 9560, which if broken can see Nifty test 9500 on the downside, while 9670 acts as resistance on the upside. Bank Nifty also saw a lower bottom around 23311 which if broken can see test of 23000, while 23700 will act as resistance on the upside.


 

Delta Corp (BUY Above 167 with Stop Loss at 163.5 for Target of 174): The stock has been in a strong recovery mode since hitting its 200-DMA in late May 2017. After consolidating for over three trading sessions the stock has broken out from a flag pattern on the hourly charts. The price outburst has also been accompanied with credible volumes. Other oscillators also indicate that the current momentum will further persist.


EconomicSnippets      

India’s current account deficit (CAD) in the fourth quarter widened to USD3.4bn, or 0.6% of gross domestic product (GDP), against USD0.3bn (0.1% of GDP) in the fourth quarter (Q4) of 2015-16, owing to a widening trade deficit. (BS)


Petrol price was cut by Rs1.12/l and diesel by Rs1.24/l, the last of the fortnightly revisions after which daily correction in rates in step with cost will be implemented. (BS)

Country's trade deficit further widened to USD13.84bn in May, its highest in two-and-a-half years, on higher gold imports.


India Inc's foreign investment witnessed a sharp 56% decline at USD1.26bn in May this year.


Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 2.51%, BhartiInfratel up by 2.05%, ITC up by 1.67%, Tata Motors up by 1.27% and Mahindra & Mahindra up by 1.15%. On the flip side, Wipro down by 2.28%, Dr. Reddy’s Lab down by 1.23%, Lupin down by 1.13%, Bank of Baroda down by 0.97% and Cipla down by 0.95% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.48%, FMCG up by 0.83%, Consumer Durables up by 0.68%, Basic Materials up by 0.65% and Industrials up by 0.49%, while IT down by 0.51%, Healthcare down by 0.49% and TECK down by 0.33% were the only losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green. The Bank of Japan kept monetary policy steady and offered a more upbeat view on private consumption and overseas economies, signaling its confidence that the recovery was gaining momentum. In a widely expected move, the BOJ maintained the 0.1 per cent interest it charges on a portion of the excess reserves that financial institutions park with the central bank.

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 2.63 points or 0.15% to 1,792.64, Taiwan Weighted increased 60.72 points or 0.6% to 10,149.07, Hang Seng increased 101.52 points or 0.4% to 25,666.86 and Nikkei 225 increased 148 points or 0.75% to 19,979.82.On the other hand, Jakarta Composite decreased 27.61 points or 0.48% to 5,748.67, Shanghai Composite decreased 9.35 points or 0.3% to 3,123.13 and KOSPI Index decreased 0.96 points or 0.04% to 2,360.69.

 

NBFC Sector research report=ICICI Prudential Life by Sharetipsinfo

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NBFC SectorOverview :

ICICI Prudential Life boosts industry growth.

ICICI Prudential Life delivered 100% individual APE growth in May 2017, pushing private sector growth to 46%, which would have been 30% otherwise. We expect ICICI Life’s high growth to moderate in 2HFY18 on a high base. On the other hand, HDFC Life’s low base will benefit from June 2017 leading to higher (20% yoy in May 2017) growth over the next 10 months. Other players continue to deliver steady (about 20-30%) growth.

High growth for most; ICICI Life pulls up industry growth rate

Most large private players reported 20-30% growth in APE; high growth at ICICI Prudential Life (up 100% yoy) lifted private sector individual APE growth to 46%; excluding ICICI Prudential Life, the rest of the private sector reported 30% individual APE growth. LIC remained muted at 5% yoy. Overall industry was up 24% in individual APE during the month.

ICICI Prudential Life will moderate in 2H

According to the management of ICICI Prudential Life, the business is now in a secular growth mode across channels and doing away with seasonal trends. While individual APE growth was 100%, ticket size growth in individual non-single segment was 52% yoy, flat qoq, i.e. about half its yoy growth was driven by volumes. The company reported Rs5.7 bn of individual APE in May 2017; it has maintained a run-rate of Rs5-6 bn since November 2017. ICICI Life’s management expects the run-rate to continue or trend up marginally throughout the year and as such yoy growth rate in 2H will be lower.

Behavioral pattern of deposits and interest rates is not straightforward

As against the expectations of a strong inverse correlation between savings deposit growth and interest rates and a positive correlation between growth in term deposits and interest rates, the data too are not playing out in India. Urban/metro region shows this relationship in savings but not term (see Exhibits 32-33). Rural and semi-urban shows in term deposits but not in savings (see Exhibits 28-31). We believe that a combination of new depositors coming to the fold, especially in rural and semi-urban as well as weak performance by nonhouseholds, especially in urban markets, could explain this contradiction.

20-30% growth in individual APE for most large players

* HDFC Life delivered 20% yoy growth, following a long period of subdued growth. Its base was a bit large at 43% growth in May 2016. The company has delivered average growth of 3% between June 2016 and March 2017. As such, we expect yoy growth rate to be significantly higher from June 2017 onwards. One of the reasons for low growth for HDFC Life was slowdown at HDFC Bank due to streamlining of its KYC process; this is now back on track. HDFC Bank’s partnership with Birla SL may take away some share of the banks franchise though the terms of the agreement are not yet clear.

* Max Life remains steady with 22% growth in May 2017; this compares with 25% growth in FY2017. Interestingly, its ticket size is reducing – down 11% yoy, 19% qoq. This may likely be due to increase in policies in the protection segment and lower share of unit-linked policies.

* Reliance Life delivered moderate (15%) growth; the company has been shifting its focus on traditional business from unit-linked policies leading to slow growth/yoy decline in last few months. Interestingly, the company reported 47% growth in average ticket size in the individual non-single segment even as its ticket size at Rs28,000 is lowest amongst large players.

* Bajaj Life and Birla SL remained strong with 67% and 32% growth respectively. Both reported about 35% growth in average ticket size.

 

Conclusion 

Private sector up in group business; single business remains strong for LIC

 

LIC continues to have high share of single premium (81% in May 2017in its overall business)

; the ratio has been stable for last two years.

 

Private players have generally been selective in this segment; the share of single premium of private players was 40% in May 2017: 35-40% for last three years. The ratio has been highfor Bajaj Life, Birla SL and HDFC Life at about 60%.

 

In the group business, the share of private players has been stable at about 18-19%.

increased to 25% from 19% in the last two financial years. Bajaj Allianz Life lost share to

ICICI Prudential Lifeon mom basis.

 

Have a Nice Day  !!

Federal Reserve raises rates and indicates 1 more hike in 2017. Bond yields and oil fall to fresh 8 month lows as inflation falls and hurts growth prospects.

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Major headlines:

·         Bajaj Auto reduces bike prices

·         India South Korea sign $10 bn funding agreement for infra projects

·         Gold gains as stocks fall; weak U.S data spurs safe haven demand

 

Indian Indices: Asian indices opened mixed as oil weakness hurt the Australian index while the US Dollar rebound saw the Japanese 'Nikkei' open in the positive. With equity markets hitting fresh highs expect some consolidation as the US President Trump reforms agenda seems to get delayed and could see sentiment weaken.


Nifty saw a strong pullback mid session as investors bought Financials, PSU banks and Reality on the back of aggressive steps announced by Government on loan defaulters. Rupee strength, lower bond yields and inflation, all bode well for lending cycle to resume as credit growth still appears a lag indicator on the economy. 


The BSE Sensex is currently trading at 31164.72, up by 8.81 points or 0.03% after trading in a range of 31113.43 and 31229.44. 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 0.15%, while Small cap index was up by 0.53%.

The CNX Nifty is currently trading at 9610.10, down by 8.05 points or 0.08% after trading in a range of 9589.40 and 9621.40. There were 20 stocks advancing against 31 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

SCI

86.30

8.76

Auropharm

636.20

5.78

Network18

53.75

4.07

Wockard

649.30

3.96

Group ATopLosers

 

 

Videoind

23.35

-4.89

BPCL

672.20

-2.83

CUB

182.85

-2.77

KSCL

648.55

-2.74

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31195

31350

Nifty

9636

9675

 

Technical view: Nifty has seen 9580 act as strong support on the downside while 9700 act a strong resistance on the upside. Break either side will see Nifty chart further course. Bank Nifty also sees support around 23350 while 23750 will act as resistance on the upside.


 

Godrej Properties (BUY Above 552 with Stop Loss at 542.5 for Target of 571): After consolidating in a narrow trading band for eight trading sessions, Godrej Properties has broken out from a channel pattern on the daily charts. The price volume breakout was witnessed after the stock bounced back convincingly from its 15-Day EMA support zone. Other oscillators also indicate that the current momentum is likely to extend.


EconomicSnippets      

The wholesale price index based inflation eased to 2.17% in May this year from 3.85% in April. The government is working on a proposal to merge the Directorate General of Foreign Trade (DGFT) with Central Board for Excise and Customs (CBEC) to promote ease of doing business for exports and imports. (BL)


The Union Cabinet has decided to introduce a Financial Resolution and Deposit Insurance Bill to provide for a comprehensive resolution framework to deal with bankruptcy situation in banks, insurance companies and financial sector entities. (BL)


The Reserve Bank of India’s (RBI) internal advisory committee (IAC) had identified 12 accounts that covered about 25% of the banking system’s non-performing assets for immediate resolution under the Insolvency and Bankruptcy Code. The Centre’s plans to shed stake in Air India, appear set for take off, if a Cabinet note is anything to go by.


Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 5.41%, Dr. Reddy’s Lab up by 1.71%, Sun Pharma up by 1.68%, Cipla up by 1.19% and Reliance Industries up by 1.14%. On the flip side, BPCL down by 2.38%, GAIL India down by 1.63%, Coal India down by 1.34%, Indian Oil Corporation down by 1.32% and HCL Tech down by 1.18% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.36%, Healthcare up by 1.25%, Telecom up by 0.50%, Power up by 0.35% and FMCG up by 0.34%, while Oil & Gas down by 0.58%, PSU down by 0.35%, Bankex down by 0.28%, IT down by 0.28% and TECK down by 0.19% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, with investors in Japan looking ahead to a central bank policy review to conclude on Friday. China’s central bank left interest rates for open market operations unchanged, shrugging off an overnight increase in the US Federal Reserve’s key policy rate. 

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 253.37 points or 0.98% to 25,622.53, Nikkei 225 decreased 58.31 points or 0.29% to 19,825.21, KOSPI Index decreased 14.03 points or 0.59% to 2,358.61, Jakarta Composite decreased 12.99 points or 0.22% to 5,779.91 and Shanghai Composite decreased 0.46 points or 0.01% to 3,130.21.On the other hand, FTSE Bursa Malaysia KLCI increased 0.39 points or 0.02% to 1,792.74 and Taiwan Weighted increased 2.46 points or 0.02% to 10,074.92.

 

US indices hit fresh highs as money rotates out of Tech and into Financials. US Dollar trends lower along with oil as Fed rate hike gets discounted today

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Major headlines:

·         Banks shares edge higher on RBI action on defaulters

·         Asia shares lag record Wall Street, Cautious of Fed plans

·         Gold edges higher, all eyes on Fed

 

 

Indian Indices: Asian markets open in the green as overnight positive US cues see value buying, however most await on the sideline as Fed meet today to be crucial. Overnight oil cooled off further while US bond yields also saw weakness. Globally investors turn cautious as overheating in equities sees little room for complacency.


Nifty saw second half weakness give away all the gains and end marginally in the red. Metals, Auto and select Energy stocks saw weakness while Reality, Financials and Pharma witnessed buying as the Nifty drifted after a firm opening. For today expect select buying in stock/sector specific while the index remains range bound. 


the S&P BSE Sensex, was up 15.24 points or 0.05% at 31,118.73. The Nifty 50 index was down 6.10 points or 0.06% at 9,600.80. Shares from cement and metal & mining sectors declined. Investors chose to stay on the sidelines and awaited clarity on the Federal Reserve's future path for US policy.

Domestic stocks saw a quiet start to the day's trading session with the key benchmark indices trading on a flat-to-positive note in early trade.

The S&P BSE Mid-Cap index was down 0.35%. The S&P BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

GPPL

141.85

3.81

Reliance

1347.20

2.64

Edelwiess

207.15

2.40

Beml

1342.70

2.38

Group ATopLosers

 

 

Videoind

24.55

-4.84

GVKPil

5.86

-3.62

GMRInfra

18.35

-2.65

Raymond

712.30

-2.51

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31195

31350

Nifty

9636

9675

 

 

Technical view: Nifty now finds support closer to 9580 which if broken can trigger a sharp fall while 9700 acts as strong resistance on the upside.


 

 

DHFL (BUY Above 441 with Stop Loss at 434.5 for Target of 454): The stock has been stuck in a trading range for over two weeks and has finally broken out from a consolidation pattern on the daily charts. The stock has surged smartly on the back of credible volumes. DHFL has rebounded from its short term moving averages support zone, which further accentuates our bullish stance on the stock.


EconomicSnippets      

The government is working on a new industrial policy with a view to promoting and developing frontier technologies, innovation and enhancing competitiveness of domestic products. (BL)


The statistics ministry is set to change the base year of national accounts to 2017-18 from 2011-12 after completion of the household consumer expenditure survey and labour force data by the end of 2018. (BS)


In the last trading session, markets gave away the opening gains and closed at the lowest point. Nifty 9500PE & 9700CE remained under selling pressure as the open interest continue to soar higher, indicating of the new floor and ceiling for Nifty during the June F&O expiry.

FIIs were net sellers in cash market segment to the tune of Rs 312 Cr.FIIs index future long short ratio at 3.3 vs 4.3x.

 

Nifty Movers: Metal and mining stocks declined. Vedanta (down 1.3%), JSW Steel (down 0.23%), Tata Steel (down 0.97%), Steel Authority of India (Sail) (down 1.06%), Hindustan Zinc (down 1.15%), Jindal Steel & Power (down 1.55%), Hindalco Industries (down 1.55%) and NMDC (down 0.88%) edged lower. Hindustan Copper (up 1.96%) and National Aluminium Company (up 0.31%) rose.

Top Sectoral& Stock Screening: Copper edged lower in the global commodities market. High Grade Copper for July 2017 delivery was currently up 0.04% at $2.5975 per pound on the COMEX. Cement stocks declined. ACC (down 1.31%), Ambuja Cements (down 0.91%), UltraTech Cement (down 1.07%) and Shree Cement (down 0.37%) fell. Grasim Industries was off 0.21%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

 

 

 


On the global front: On the global front, Asian stocks were trading lower as investors awaited clarity on the Federal Reserve's future path for US policy after a likely rate rise later in the day. In US, the Dow and the S&P 500 closed at records yesterday, 13 June 2017, as technology shares rebounded following a two-day decline.

 

Global Signals: The US Federal Reserve's two-day meet ends today, 14 June 2017 and investors expect the central bank to raise interest rates for the third time since December. Super-low unemployment, gains in factory output and other economic data pointing to a recovery in the US economy have led investors to believe that the Fed will lift rates.

 


MARKET MOOD TO REMAIN CAUTIOUS ON THE LAST TRADING DAY OF WEEK-Research Report by Sharetipsinfo

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Domestic Market View :

Market mood to remain cautious on the last trading day of week

The Indian markets showing a lackluster trade ended marginally in red in the last session. Today, the start is likely to remain cautious and traders will be eyeing the major global developments following the mixed cues after an exit poll suggested British Prime Minister Theresa May’s Conservative party not getting majority. On the domestic front traders will be getting some support with UN trade report that despite stagnant foreign direct investment (FDI) inflow of $ 44 billion in 2016, India will most likely remain most favoured destination due to its attractiveness among MNCs for cross-border mergers and acquisitions. Meanwhile, Chief Economic Adviser Arvind Subramanian has expressed concern over growing protectionism in global markets and felt that India needs open markets to grow at 8-10%. He said that the biggest beneficiaries of the open market policy or globalisation have been middle income countries and the continuation of this is in their interest. There will be some buzz in the power and coal stocks on report that India’s coal imports in May declined 6 per cent due to lacklustre demand from the power sector and sufficient supply of domestic fuel.

Indian benchmarks settle with moderate losses; Nifty ends below 9650 mark

It turned out to be a lethargic performance from Indian benchmark indices on Thursday, as they failed to snap the session in the green territory and settled marginally below the neutral line. Today’s session largely remained characterized by choppiness, as the aimless indices moved only sideways in a tight band for most part of the day, as investors and foreign funds were adopting a cautious approach, ahead of key political and economic events in the U.S. and Europe. Sentiments remained subdued after Reserve Bank of India (RBI) raised concerns over the possibility of fiscal slippages due to the farm loan waivers. RBI Governor Urjit Patel said unless that state governments' budgets allow that fiscal space to go in for a loan waiver, it would be risky to tread on that path. RBI also cut the economic growth projection to 7.3% for the current fiscal from 7.4% earlier. The central bank, however, used a less hawkish tone and reduced the Statutory Liquidity Ratio (SLR) in its second bimonthly momany liquor stocks gained traction after Karnataka state government decided to send a proposal to the union government seeking to denotify the national highways (NH) pass through urban local bodies in Karnataka as local roads. Likewise, shares of steel companies were trading higher in an otherwise subdued market on the expectations of a revival in consumption during the current financial year 2017-18. The market breadth remained pessimistic, as there were 1328 shares on the gaining side against 1351 shares on the losing side, while 177 shares remained unchanged.netary policy for financial year 2017-18.

Traders turned anxious after chief economic adviser Arvind Subramanian expressed his unhappiness over the Reserve Bank's inflexibility on interest rates. He warned that real policy rates are becoming tighter and rising at a time of low inflation and slowing growth. However, losses remained capped with UNCTAD’s latest report that India would be the top prospective foreign direct investment (FDI) destination globally after the US and China. It also said that an improved economic outlook in major Asian economies such as India, China is likely to lift investor confidence and help boost FDI inflows by about 15 percent in 2017

 

Global Market Overview 

Asian markets end mixed on Thursday

Asian equity markets made a mixed closing on Thursday as investors awaited directional cues from three big upcoming events today and next week's Federal Reserve meeting. The European Central Bank (ECB) will announce its latest interest rate decision later today, with traders on the lookout for any hints of policy changes on rate and stimulus outlook. Polls have opened in the UK with the latest polls predicting a narrow victory for Theresa May's party over the main opposition Labour Party. Former FBI Director James Comey's testimony before the Senate Intelligence Committee also remained in the spotlight after he confirmed media reports that President Donald Trump demanded his loyalty and asked him to drop at least part of the bureau's investigation of former National Security Adviser Mike Flyn. Japanese shares ended lower as the yen edged higher in late Asian deals on a report that the Bank of Japan was re-calibrating its communications to acknowledge it is thinking about how to handle a withdrawal from its monetary stimulus. Meanwhile, Chinese shares ended higher after Chinese exports and imports data topped expectations. Exports advanced 8.7 percent year-on-year in dollar terms in May, faster than the 7.2 percent increase economists had forecast. Imports climbed 14.8 percent, much above expectations for 8.3 percent growth.

US markets closed higher following Comey's testimony

The US markets closed higher on Thursday, with the Nasdaq Composite Index finishing at a record, marking its 38th all-time closing high in 2017. The former FBI Director James Comey’s appearance in front of the US Senate Intelligence Committee concluded without any significant revelations. The street had signaled that above events don’t appear to threaten the stock market’s extended push into record territory, which has been driven by President Donald Trump’s promises of tax cuts, infrastructure spending and deregulation.

The Dow Jones added 8.84 points or 0.04 percent to 21,182.53, Nasdaq was up 24.38 points or 0.39 percent to 6,321.76, while S&P 500 edged higher by 0.65 points or 0.03 percent to 2,433.79

Economy Overview 

Indiato be one of the top prospective FDI destination: UNCTAD

 

The United Nations Conference on Trade and Development (UNCTAD), in its latest report ‘World Investment Report 2017’ has saidthat India would be the top prospective foreign direct investment (FDI) destination globally after the U.S. and China. The report however noted that although new liberalization efforts continue to improve the investment climate in India, tax-related concerns remain a deterrent for some foreign investors.

 

UNCTAD report said that an improved economic outlook in major Asian economies such as India, China is likely to lift investor confidence and help boost FDI inflows by about 15 per cent in 2017. Besides, it has said that the country’s renewed policy efforts to attract FDI may also contribute to higher inflows in 2017, adding that foreign multinational enterprises (MNEs) are increasingly relying on cross-border M&As (mergers and acquisitions) to penetrate the rapidly growing Indian market.

 

It said that in major recipients such as China, India and Indonesia, renewed policy efforts to attract FDI could contribute to an increase of inflows in 2017. However, the report found that FDI in India remained almost flat in year 2016 at about $44 billion, up only 1 per cent from 2015. At the same time India's outward FDI declined by about third from $7.572 billion in 2015 to $5.12 billion in 2016. UNCTAD has also reported that FDI inflows to developing Asia shrank by 15 per cent to $443 billion in 2016, the first decline since 2012.

Record jumpin FDI from $34,487 billion to $61,724 billion since 2013: Modi

 

Giving an overview of his three-year-old government, Prime Minister NarendraModi has said that there has been a record jump in Foreign Direct Investment (FDI) from $34,487 billion to $61,724billion since 2013. Terming India a bright spot in the cloudy global

economy, he said that doing business here has been made easier and the tax regime is more predictable and stable. He pointed out that the goods and services tax (GST) regime is also going to have long standing benefits for the nation.

Talking about his 'guiding tenet-reform to transform', Modi said that the reform agenda of government is comprehensive and inclusive, covering all sections of society, all regions of India and all aspects needing attention. He also said that it was a matter of immense happiness that a friendly spirit of competition has developed among the states for accelerating reforms and getting more investment.

 

On matters related to next-gen infrastructure for a new India, PM said that they are giving the added push to infrastructure projects with a special emphasis on timely completion. Adding further, he said that the government’s goal is a new India, powered by the skills and talent of the youth. He also said that substantial ground has been covered in the last three years and India is poised to scale newer heights of progress.

Farm loan waivers may harm country’s fiscal health, spur inflation: RBI

 

Raising concerns over the recent spate of farm loan waivers across the country, the Reserve Bank of India (RBI) Governor Urjit Patel has said that rush for such actions may harm the country’s fiscal health and may have inflationary spillovers. He said that past episodes have shown when there are significant fiscal slippages they do permeate through inflation sooner or later.

Markets ignore UK elections, pound weakness &Comeytestification and hit fresh highs. Global risk levels at highest levels since 2008 as scramble for equities sees markets in heavily overbought zone.

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Indian Indices: US markets hit fresh new all time highs as the Dow Jones nearly hit 21300 on the upside. The weakness in UK Pound saw strength in US Dollar, which further prompted buying in the S&P while the Nasdaq fell heavily after rising nonstop for the last 9 days. Asian indices saw profit taking on opening bell with the Japanese 'Nikkei" down over 150 points as North Korean rhetoric saw weak sentiment prevail.


Nifty saw last hour buying led by Metals and select Auto stocks drive the index higher even as the broader market saw corrections. For today expect range bound trade on the Nifty while stock/sector outperformance continuing. Expect defensive buying in Pharma and select mid-caps to be the theme today while selling in PSU banks and Financials may be witnessed in the light of further farm loan waivers being announced by states.


The BSE Sensex is currently trading at 31132.97, down by 129.09 points or 0.41% after trading in a range of 31070.65 and 31225.43. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.14%, while Small cap index was down by 0.09%.

The CNX Nifty is currently trading at 9625.30, down by 42.95 points or 0.44% after trading in a range of 9606.40 and 9647.05. There were 19 stocks advancing against 32 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Mothersumi

478.45

4.14

GMRInfra

17.65

4.13

Ibrealest

183.80

4.11

Gruh

443.45

3.91

Group ATopLosers

 

 

Videoind

27.15

-4.90

Bharatfin

709.00

-3.06

Tatacomm

744.55

-2.86

IndianB

298.75

-2.62

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31195

31350

Nifty

9636

9675

 

Technical view: Nifty sees resistance closer to 9700 while 9580 will act as strong support, any breach either side could see Nifty chart way forward. Bank Nifty also sees strong resistance around 23750 while 23500 act as strong support.


 

Eros International (Buy Above 233.5 with Stop Loss at 229.25 for Target of 242): After being in the declining mode for over three weeks, the stock has broken out from a declining trend line. The strong bounce is seen after Eros found support at its 200-DMA. The up-thrust in price is seen on the back of smart uptick in volumes. In addition, other oscillators also indicate that the current momentum may extend further.


Derivative Snippets :

Oil and Natural Gas Corp (ONGC)is keen to acquire HPCL in a Rs422.54bn deal after finding Bharat Petroleum Corp Ltd (BPCL) too expensive to buy.

In the last trading session, markets ended on a positive note as the banking stocks continued to shine. Bank Nifty 23500CE witnessed marginal short selling as the open interest increased by ~68k shares, making 23500 level as an important support for Bank Nifty.

FIIs were net sellers in cash market segment to the tune of Rs 101 Cr.

FIIs index future long short ratio at 4.3 vs 5.6x with a significant addition of short positions to the tune of ~14k contracts, indicating of a minor correction.

Nifty Movers: The top gainers on Nifty were Sun Pharma up by 1.35%, Mahindra & Mahindra up by 1.21%, GAIL India up by 1.15%, Vedanta up by 0.76% and Tata Steel up by 0.70%. On the flip side, Wipro down by 2.83%, Bank of Baroda down by 2.13%, Larsen & Toubro down by 1.41%, Adani Ports & Special Economic Zone down by 1.24% and Tata Motors - DVR down by 1.19% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 0.90%, Metal up by 0.48%, Healthcare up by 0.39%, Telecom up by 0.19% and Consumer Disc up by 0.15%, while IT down by 0.84%, Capital Goods down by 0.78%, TECK down by 0.66%, Industrials down by 0.58% and Bankex down by 0.52% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, as central bank meetings ahead and uncertainty over the chances for a coalition government in Britain turned investors cautious. In a report, Economic and Social Research Institute said that Japan’s Core Machinery Orders fell to -3.1%, from 1.4% in the preceding month.

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 319.7 points or 1.23% to 25,710.59, Nikkei 225 decreased 111.75 points or 0.56% to 19,901.51, Taiwan Weighted decreased 72.22 points or 0.71% to 10,127.43, KOSPI Index decreased 25.07 points or 1.05% to 2,356.62 and Shanghai Composite decreased 14.77 points or 0.47% to 3,143.63.On the other hand, Jakarta Composite increased 32.09 points or 0.57% to 5,707.61.Kuala Lumpur Stock Exchange is closed on account of National holiday.

 

WEEKLY NIFTY TRADING VIEW FOR THE WEEK JUNE12, 2017-JUNE 18, 2017

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Events to watch this week

  • UK vote muddles Brexit process
  • ECB drops possibility of lower rates
  • Comey testifies on Russia probe
  • Eurozone maintains faster growth

The Week ahead:

Date

Country/Area

Release/Event

Sun, 11 Jun

France

Parliamentary elections, round one

Tue, 13 Jun

United Kingdom

Consumer price index

Tue, 13 June

eurozone

ZEW economic sentiment index

Tue, 13 June

United States

Producer price index

Wed, 14 Jun

China

Retail sales and industrial production

Wed, 14 Jun

eurozone

Industrial production

Wed, 14 Jun

United States

Retail sales and Consumer Price Index

Wed, 14 Jun

United States

FOMC meeting, Yellen press conference

Thu, 15 Jun

Switzerland

SNB interest rate decision


For the week,The day began with the European Central Bank meeting, followed by ex-FBI director Comey’s testimony later in the day. It wound up with the Conservative Party losing its majority in the House of Commons. Prior to the news from the United Kingdom, the Dow Jones Industrial Average closed at a record high Thursday, despite Comey’s unsettling testimony regarding private meetings with US president Donald Trump. Despite increased uncertainty surrounding the Brexit process, global equities have shown little net change on the week. The yield on the US 10-year Treasury note rose three basis points to 2.20% while West Texas Intermediate crude extended its drop to $45.50 from $47.35 a week ago after a forecast from the Energy Information Agency projected that US domestic oil output will top 10 million barrels a day in 2018. Equity volatility, as measured by the Chicago Board Options Exchange Volatility Index (VIX), remained historically muted, virtually unchanged at 10.

NIFTY- 9,668.25
CRUDE OIL-Rs 2963barrel
GOLD-Rs 29,009 gram
Rs/$-Rs 64.25

MARKET ROUND UP

Key benchmark indices settled with modest gains in a volatile session of trade on Wednesday, 7 June 2017, after the RBI decided to keep the policy repo rate unchanged after a policy review meet on Wednesday, 7 June 2017. The Sensex had risen 80.72 points or 0.26% to settle at 31,271.28, its highest closing level since 5 June 2017.

Key indices settled with small losses after range-bound trade on Thursday, 8 June 2017, as caution prevailed in global markets ahead of key global events of outcome of elections in the UK and the European Central Bank's (ECB) monetary policy review. The Sensex shed 57.92 points or 0.19% to settle at 31,213.36, its lowest closing level since 6 June 2017.

Key benchmark indices settled with small gains after a lacklustre session of trade on Friday, 9 June 2017, as most global stocks rose after the surprise UK general election result left the country facing a “hung parliament,” where no single party has a majority. The Sensex had risen 48.70 points or 0.16% to settle at 31,262.06, its highest closing level since 7 June 2017.

Both the Sensex, and the Nifty, had hit record high in intraday trade on Tuesday, 6 June 2017. The Sensex fell 11.23 points or 0.03% to settle at 31,262.06. The Nifty advanced 14.75 points or 0.15% to settle at 9,668.25. Broad market depicted strength. The S&P BSE Mid-Cap index rose 0.49%. The S&P BSE Small-Cap index advanced 1.55%. Both these indices outperformed the Sensex.

Macro Economic Front:

On the Economic Front,the RBI's Monetary Policy Committee (MPC) in its meeting held on Wednesday, 7 June 2017, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.5%.

A private business survey showed activity in India's services industry accelerated in May as domestic and foreign orders rose. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a seven-month high of 52.2 in May, from April's 50.2.

Major Action &Announcement:

State Bank of India (SBI) advanced 0.38%. The bank said that it has successfully concluded India's largest ever qualified institutional placement (QIP) of Rs 15000 crore which was launched on 5 June 2017. The QIP book was oversubscribed and demand exceeded Rs 27000 crore. Post issue, the Government of India's (GoI) shareholding in the merged entity will be at 57.07%. The announcement was made during market hours on Friday, 9 June 2017.

ICICI Bank rose 1.41%. The bank said its board of directors on Monday, 5 June 2017, approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company in an initial public offering by the company, subject to requisite approvals and market conditions. The size and other details of the offer would be determined in due course, the bank said. The announcement was made at the fag end of market hours on Monday, 5 June 2017.

Wipro fell 2.75%. The company issued clarification to the stock exchanges regarding media news item titled “Wipro promoters in early stage of evaluating sale of part or whole business”. The company said that the news article is baseless and malicious. There is no truth to these unsubstantiated rumors, it added. The announcement was made after market hours on Monday, 5 June 2017.

Infosys was down 2.15%. The company clarified after market hours on Wednesday, 7 June 2017 that the news reports on pricing cuts seen by the IT industry being attributed to the Infosys chief operating officer (COO) are incorrect.

Dr Reddy's Laboratories rose 3.03%. The company announced the launch of Bivalirudin for injection, 250 mg/vial, a therapeutic equivalent generic version of Anglomax (Bivalirudin) for injection in the US market. The announcement was made during market hours on Tuesday, 6 June 2017. Anglomax brand and generic had annual US sales of around $198 million MAT for the most recent twelve months ending in March 2017, according to IMS Health.

Tata Motors was down 2.37%. Jaguar Land Rover retail sales rose 1% to 45,487 vehicles in May 2017 over May 2016 with continued strong demand for the Jaguar F-PACE, since sales began 12 months ago, and solid sales growth of the long wheel base Jaguar XFL from our China joint venture. The announcement was made during market hours on Wednesday, 7 June 2017.

TCS lost 2.01%. The company announced that the company and Siemens unveiled a new collaboration around Internet of Things (IoT) innovation. Focused on customers in the manufacturing, energy, building technology, healthcare and railway industries the partnership will enable customers to benefit from new data insights and services based on MindSphere, the cloud-based, open IoT operating system from Siemens. The announcement was made after market hours on Tuesday, 6 June 2017.

Global Front:

In Overseas Markets,British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election held on Thursday, 8 June 2017. May had unexpectedly called the snap election seven weeks ago, confident of sharply increasing the slim majority she had inherited from predecessor David Cameron before launching into the Brexit talks.

The ECB on Thursday, 8 June 2017, as expected, left interest rates unchanged but said it continued to expect interest rates “to remain at present levels for an extended period of time, and well past the horizon” of its asset-buying program, which is set to run at least through December. In previous statements, the ECB had said it expected rates “to remain at present or lower levels for an extended period of time.”

US non farm payrolls increased 138,000 in May, missing the forecast, suggesting the labour market was losing momentum despite the unemployment rate falling to a 16-year low of 4.3%. Also, the number of jobs created in March and April was reduced by 66,000 from what was previously reported.

Global Economic News:

ECB drops rate-cut reference
With the economy on the upswing, European Central Bank president Mario Draghi announced on Thursday that the bank is dropping its bias toward cutting interest rates, but it retained its bias toward increasing quantitative easing, if necessary. The bank raised its growth forecast while at the same time cutting its inflation outlook. Risks to the economy are now broadly balanced, he said. The overall tone of Draghi’s press conference was decidedly dovish.

Former FBI chief testifies
Former Federal Bureau of Investigation director James Comey testified before the Senate Intelligence Committee regarding the FBI’s investigation into Russia’s interference in the 2016 US presidential election and President Donald Trump’s desire that the Bureau end its investigation of his former national security advisor Michael Flynn. Comey said he would leave it to Special Counsel Robert Mueller to decide whether the president’s conduct rose to the level of obstruction of justice. With Mueller’s investigation in an early phase, there will likely be many months of continued policy paralysis in Washington.

Eurozone economy leads the pack
Purchasing managers’ indices released this week show that the eurozone continues to outperform other developed economies. The eurozone composite PMI, which measures both manufacturing and services, stood at 56.8, unchanged from April. Meanwhile, the United States clocked in at 53.6 and the UK at 56.7, just below April’s 56.8 three-year high. Japan’s composite PMI registered 52.6 and China’s 51.5.

Catalonia schedules referendum
The president of the Spanish region of Catalonia, CarlesPuigdemont, announced on Friday that an independence referendum will be held on 1 October. The Spanish government strongly opposes the referendum on constitutional grounds, as it did in 2014 when the country’s constitutional court ruled a previous vote invalid. Under the Spanish constitution, Madrid could resort to suspending the region’s autonomy to thwart the plebiscite.

GLOBAL CORPORATE NEWS

May severely weakened in UK vote; Tories lose majority
Prime Minister Theresa May’s gambit to improve her Brexit bargaining position by calling a snap election did exactly the opposite, increasing the uncertainty around the Brexit process. The Conservative Party lost its outright majority in the House of Commons but will be able to form a government with the backing of the 10 members of Northern Ireland’s Democratic Unionist Party. Politically, May is seen as living on borrowed time, and could be replaced as party leader in the near future. Early indications are that May’s failure to secure a larger parliamentary majority undermines the case for a “hard” Brexit, which the Tories campaigned for. That is one reason — along with a weaker pound — that markets have taken the election outcome in stride so far. A softer Brexit is seen as less disruptive to UK business interests. One side note: A very poor showing by the Scottish National Party is seen as halting momentum toward a second referendum on Scottish independence.

 

NEW 52-WEEK HIGH BSE (A):

 

BAJAJFINANCE

1380.00

CADILAHC

548.00

EDELWEISS

209.40


NEW 52-WEEK LOWS BSE (A):

VIDEOIND

28.55

IDBI

58.75


MAJOR WEEKLY GAINERS IN BSE A CATEGORY(%):

IIFL HOLDINGS

14.25

INFO EDGE

13.97

PAGE INDS

13.90


MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

ADANI TRANSMISSION

-13.37

VIDEOCON INDUSTRIES

-22.31

RELAINCE COMM

-10.90


Eyes will be set on the certain US economic data releases are:

Monday (12June)

Month Bill Auction

Tuesday (13 June)

Week Bill Auction& FOMC Meeting Begins

Wednesday (14 June)

Consumer Price Index

Thursday (15 June)

Hosing Market Index& Jobless Claims

Friday (16 June)

Consumer Sentiment


Fundamental Pick of the week:

Derivative Ideas Federal Bank Ltd For Target Rs.120.00


Derivative Ideas

FEDERALBNK added around 2.5% of open interest as long positions along with some delivery based buying in previous trading session. On charts, it is trading above important moving averages in higher highs—higher lows formation on daily charts. Hence, we recommend buying FEDERALBNK June futures as per levels mentioned below.

Strategy:

BUY FEDERALBNK JUNE FUTS BETWEEN 114-115, SL 112, TARGET 120.


TECHNICAL VIEW:

S3

S2

S1

NIFTY

R1

R2

R3

9,520

9,590

9,630

9,668.25

9,710

9,770

9,820


Nifty saw small correction on friday and closed just near the gann angle also also near the lower end of range at 9640, bulls need to hold the gann angle for upmove to continue towards 9750/9790. Bearish below 9610 for a move towards 9530/9480.  As per Geometric Time Cycle big move can be seen in market in next 2 days.Low made today was again 9608 near the gann angle, as shown in below chart and we saw a good bounce back. As per time cycle if today’s low is not broken we can see an up move towards 9720/9800. Bearish below 9610 for a move towards 9530/9480. 

Conclusion:

Markets extended their winning streak to the fifth consecutive week as the index yet again closed at a fresh life time high thanks to late buying on Friday. However, throughout the week, traders and investors remained jittery amid multiple global events like ECB meet and UK elections. Even upgrades in monsoon estimates and RBI’s decision of keeping repo rate and reverse repo rate unchanged at 6.25% and 6%, respectively didn’t bring any cheer to the market.

Start of this week witnessed ITC and HUL lead the main indices as the FMCG companies helped five of the top 10 most valued Indian firms raise their market cap by more than Rs 37,000 crore. The PSU Banking stocks were in action after media reports stated that the government was examining the possibility of further consolidation in the public sector banking space without waiting for their finances to improve. OMCs like BPCL, HPCL and IOC were in action after reports stated that petrol and diesel prices will be revised every day across the country from June 16.

Global cues turn volatile as Comeytestification and UK election results see negative sentiment. British Pound sinks in early trade as Asian indices open flat.

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Indian Indices: US markets closed almost flat as the Comeytestification saw sentiment remain weak as doubts over further reforms by President Trump gathered pace. Asian indices however opened flat to mildly positive as bulls seen in full control with all risk being brushed under the carpet. With US Dollar also seeing safe haven buying against the UK pound, expect currencies to be at the centre of attention as results pour in.


Nifty gave up gains as IT downgrades saw tech stocks witness huge selling. The Pharma sector saw strong defensive buying and emerged as the biggest gainer yesterday. For today expect Pharma, Private Banks and Metals to see buying while IT, PSU Banks and Mid-caps could be under pressure.


The BSE Sensex is currently trading at 31178.33, down by 35.03 points or 0.11% after trading in a range of 31087.28 and 31200.59. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.02%, while Small cap index was up by 0.36%.

The CNX Nifty is currently trading at 9633.35, down by 13.90 points or 0.14% after trading in a range of 9608.15 and 9644.10. There were 19 stocks advancing against 32 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Hathway

40.75

4.76

NHPC

32.95

4.60

NCC

90.20

4.58

SREinfra

113.70

3.55

Group ATopLosers

 

 

Videoind

28.55

-4.99

HDIL

86.15

-2.93

Techm

386.25

-2.81

GVKPil

6.07

-2.25

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31195

31350

Nifty

9636

9675

 

Technical view: Nifty has seen 9700 act as resistance and needs to close over the same for further upside, while 9580 will act as support on the downside. Bank Nifty also saw resistance around 23650 while 23350 will act as support


 

Magma Fincorp (Buy Above 135.5 with Stop Loss at 132.75 for Target of 141): After consolidating for over four weeks, the stock has finally broken out from a Symmetrical Triangle pattern on the daily hart. The price outburst has been accompanied with smart uptick in traded volumes, moreover, Magma has also convincingly closed above the 15-DMA accentuating our bullish stance on the stock.


Derivative Snippets    

Bodhtree Consulting has entered into a strategic partnership with Infosys as an application service provider wherein the clients of the Bengaluru-headquartered company will have an option to utilise the GSP platform of the former for their GST filings.

In the last trading session, markets ended on a lacklustre note. Nifty 9700CE witnessed marginal short selling as the open interest increased by ~4.5 lakh shares, making 9700 level as a new resistance point for Nifty.

FIIs were net buyers in cash market segment to the tune of Rs 91 Cr.FIIs index future long short ratio at 5.6x vs 5.5x.

Nifty Movers:  The top gainers on Nifty were Vedanta up by 1.49%, Indiabulls Housing Finance up by 1.19%, Maruti Suzuki up by 1.11%, Reliance Industries up by 0.84% and Mahindra & Mahindra up by 0.73%. On the flip side, Tech Mahindra down by 2.67%, Infosys down by 2.12%, GAIL India down by 1.87%, Adani Ports & Special Economic Zone down by 1.45% and Ultratech Cement down by 1.37% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 0.70%, Healthcare up by 0.33%, Metal up by 0.29%, Consumer Disc up by 0.24% and Energy up by 0.17%, while IT down by 0.92%, TECK down by 0.74%, Oil & Gas down by 0.37%, FMCG down by 0.32% and Consumer Durables down by 0.30% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, as investors eyed UK poll results. A board member of South Korea’s central bank said the nation’s potential annual growth rate will stay below 3 percent due to a shrinking workforce and the high-level of household debt among the elderly.

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 78.02 points or 0.3% to 25,985.04, Jakarta Composite decreased 13.57 points or 0.24% to 5,689.35, Taiwan Weighted decreased 7.41 points or 0.07% to 10,218.37 and Shanghai Composite decreased 0.22 points or 0.01% to 3,150.12.

On the other hand, FTSE Bursa Malaysia KLCI increased 3.64 points or 0.2% to 1,789.21, KOSPI Index increased 19.51 points or 0.83% to 2,383.08 and Nikkei 225 increased 70.66 points or 0.35% to 19,979.92.

 

Event heavy Thursday will see markets chart further direction as risk levels rise. Oil prices react sharply with higher US inventories, while US Dollar and bond yields fall.

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Indian Indices: Asian indices may remain range-bound ahead of an event filled Thursday as markets at all time highs prompt cautiousness. Energy stocks to lag while financials to gain as oil hits 4 month lows indicating lower than expected global growth.


Nifty moved up by 30 points as RBI kept rates unchanged, while Bank Nifty did scale new highs. Flows, Rupee strength and bond yields locally @ 6.6% are seeing sentiment at the most positive levels in 2017 which is seeing unbridled bullishness in stocks. Expect rallies above 9700 to be sold into as event risk will limit upside. 


The BSE Sensex is currently trading at 31240.39, down by 30.89 points or 0.10% after trading in a range of 31214.35 and 31354.51. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.22%, while Small cap index was up by 0.21%.

The CNX Nifty is currently trading at 9652.80, down by 11.10 points or 0.11% after trading in a range of 9643.05 and 9688.70. There were 19 stocks advancing against 32 stocks declining on the index.

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

MMTC

59.85

6.97

PVR

1475.00

5.33

Hindcopper

65.40

4.89

Jindalstel

123.70

3.82

Group ATopLosers

 

 

Adanitrans

113.85

-4.97

Videoind

30.05

-4.91

Hdil

89.50

-3.8

Naukri

1046.40

-3.16

INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

31195

31350

Nifty

9636

9675

 

Technical view: Nifty now finds support closer to 9630 which was yesterday's low while 9730 will act as resistance on the upside. Bank Nifty can also see resistance around 23750 levels while 23350 will act as support.


 

Maruti (Buy Above 7207 with Stop Loss at 7125.5 for Target of 7370): After being under pressure for four consecutive trading sessions, Maruti has once again shown signs of resuming its uptrend. The stock has broken out from a Flag pattern on the daily charts accompanied with smart uptick in traded volumes. Other oscillators also indicate that the momentum is here to stay.


Derivative Snippets    

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In the last trading session, markets resumed its uptrend as banking stocks shimmered. Nifty and Bank Nifty OTM/ATM put option strikes remained under selling pressure as the underlying assets moved higher. Fresh long build-up was seen in Nifty and Bank Nifty ATM call option strikes, indicating of a continued upward momentum.

FIIs were net buyers in cash market segment to the tune of Rs 74 Cr.FIIs index future long short ratio at 5.5x vs 6.2x.

Nifty Movers: The top gainers on Nifty were Tata Steel up by 3.64%, Dr. Reddy’s Lab up by 3.13%, HDFC up by 1.87%, Sun Pharma up by 1.85% and Tata Motors - DVR up by 1.57%.

On the flip side, GAIL India down by 2.88%, TCS down by 2.68%, Adani Ports & Special Economic Zone down by 1.96%, BhartiInfratel down by 1.71% and ONGC down by 1.45% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 1.48%, Healthcare up by 1.12%, Basic Materials up by 0.55%, Auto up by 0.10% and Bankex up by 0.09%, while IT down by 1.18%, TECK down by 1.00%, Oil & Gas down by 0.93%, Utilities down by 0.86% and Energy down by 0.64% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, as investors focused on risk events later in the day. South Korea’s Kospi was trading in red after North Korea fired a salvo of land-to-ship missiles on Thursday morning. Back home, the NSE Nifty and BSE Sensex were trading below the psychological 9,700 and 31,300 levels respectively.

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 1.08 points or 0.06% to 1,787.00, Shanghai Composite increased 4.02 points or 0.13% to 3,144.35, Taiwan Weighted increased 5.03 points or 0.05% to 10,215.02, Nikkei 225 increased 16.07 points or 0.08% to 20,000.69 and Hang Seng increased 47.7 points or 0.18% to 26,021.86.On the other hand, KOSPI Index decreased 1.13 points or 0.05% to 2,359.01 and Jakarta Composite decreased 0.85 points or 0.01% to 5,716.48.

 

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