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Indian Indices: Asian indices opened flat as Japanese election results, strength in ‘Yen’ and persisting pullback in oil prices saw mixed start to trading. Expect this week to see follow through of market correction as it adjusts to higher rates and could see equity markets losing at the expense of bonds.

Nifty saw a smart pullback from the lows of Friday on value buying and ‘NAV’ boosting by local mutual funds even as foreign investors remained sellers. Select heavyweights like ITC, Sun Pharma, Cipla and Bank of Baroda propelled the Index higher even as broader market remained under pressure. For today expect global cues to be dominant as Rupee weakness, expectation of weak results and implementation of GST weigh on markets.

The BSE Sensex is currently trading at 31157.54, up by 235.93 points or 0.76% after trading in a range of 31017.11 and 31258.33. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.72%, while Small cap index was up by 0.90%.

The CNX Nifty is currently trading at 9586.85, up by 65.95 points or 0.69% after trading in a range of 9543.55 and 9612.75. There were 36 stocks advancing against 15 stocks declining on the index.

Technical view: Nifty found support around 9448 on Friday which if broken on closing basis can see Nifty test 9380, while 9570 will act as strong resistance on the upside. Bank Nifty also found support around 23000 which if broken cans see the index hit 22800 while 23350 will act as resistance on the upside.

Britannia (Buy Above 3691 with Stop Loss at 3660 for Target of 3753): The stock has been stuck in a narrow trading band for the past week and has finally broken out from a Symmetrical Triangle pattern on the daily chart. The price outburst has been accompanied with smart uptick in volumes. In addition, other oscillators also indicate that the momentum is likely to extend further.

EconomicSnippets      

India's fiscal deficit touched Rs. 3.73 lakh crore during April-May period or 68.3 percent of the budgeted target for the current fiscal year that ends in March. (NDTV Profit)

The government has reduced interest rates on small saving schemes, including the Public Provident Fund (PPF), NSCs and KisanVikasPatra by 10 basis points. (ET)

The Telecom regulator has suggested a cut in Universal Services Obligation Fund (USOF) levy to 3% of adjusted gross revenue (AGR) from the existing 5% and a reduction in goods and services tax (GST) rate to 8% from the government set 18% as a few remedial measures to alleviate the financial health of the ailing telecom sector.

Nifty Movers: The top gainers on Nifty were ITC up by 6.29%, Hindalco up by 3.14%, BhartiInfratel up by 2.79%, Maruti Suzuki up by 1.61% and Vedanta up by 1.59%. On the flip side, NTPC down by 2.14%, HCL Tech. down by 1.67%, Wipro down by 1.55%, Bajaj Auto down by 0.91% and Dr. Reddy’s Lab down by 0.66% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were FMCG up by 3.45%, Metal up by 1.53%, Basic Materials up by 1.37%, Realty up by 1.34% and Telecom up by 1.04%, while IT down by 0.26% and TECK down by 0.01% were the losing indices on BSE.On the flip side, NTPC down by 1.77%, Wipro down by 1.62%, Bajaj Auto down by 0.98%, Kotak Mahindra Bank down by 0.52% and Tata Motors down by 0.47% were the top losers.