Weekly Nifty Trading View for the Week July 31, 2017- August 06, 2017

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Events to watch this week

US growth sees modest Q2 bounce-back
Fed: Balance sheet run off to commence “relatively soon”
IMF lowers US growth outlook, raises others'
US Senate debates Obamacare changes
Abe’s support slides as scandals mount
Trump backs corporate, middle-class tax cuts

The Week ahead:

Date	Country/Area	Release/Event
Mon, 31 Jul	Japan	Industrial production
Mon, 31 Jul	China	Non-manufacturing purchasing managers' index
Mon, 31 Jul	eurozone	Unemployment report, consumer price index
Tue, 1 Aug	Global	Manufacturing purchasing managers’ indices
Tue, 1 Aug	eurozone	Q2 preliminary gross domestic product
Tue, 1 Aug	United States	Personal income, spending, personal consumption expenditures
Thu, 3 Aug	Global	Non-manufacturing purchasing managers indices

For the week,Global equities rose a touch this week, with major US indices once again setting new highs. The yield on the US 10-year note rose six basis points to 2.30% on the week while the price of West Texas Intermediate crude oil rose over $3 a barrel to $49.65. Volatility, as measured by the Chicago Board Options Exchange Volatility Index (VIX), rose to 11.00 from 9.9 a week ago.

NIFTY- 10,014.50
CRUDE OIL-Rs 3192barrel
GOLD-Rs 28,580gram
Rs/$-Rs 64.15

MARKET ROUND UP
Market registered modest gains on positive global cues. The Nifty breached the psychologically important 10,000-mark for the first time. Both the Sensex, and the Nifty, attained record high levels. A bout of volatility was witnessed as traders rolled over positions in the futures & options (F&O) segment from July 2017 series to August 2017 series. The July 2017 derivatives contract expired on Thursday, 27 July 2017.

Overseas, US Federal Reserve kept its benchmark interest rate unchanged after the conclusion of a two-day policy meeting on Wednesday, 26 July 2017. The Fed gave no clear signal about the chances for another increase this year or about any concerns about low inflation. But the central bank did confirm that it plans to begin to reduce its massive bond holdings relatively soon. The Fed had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
Back home, the Sensex rose 280.99 points or 0.88% to settle at 32,309.88 in the week ended 28 July 2017. The Nifty 50 index advanced 99.25 points or 1% to settle at 10,014.50. Broader market trailed large caps. The S&P BSE Mid-Cap index jumped 0.95%. The S&P BSE Small-Cap index rose 0.49%. Both these indices underperformed the Sensex.

Macro Economic Front:
On the Economic Front,the International Monetary Fund (IMF) in its latest World Economic Outlook (WEO) report on Monday, 24 July 2017, said that growth in India is expected to pick up further in 2017 and 2018 with global economic recovery remaining on track on the back of better performing emerging economies. IMF projects India to grow at 7.7% in 2018, estimating a significant increase against the backdrop of ongoing economic reforms. The IMF estimates a global growth rate of 3.5% this year, which is projected to increase to 3.6% in 2018.

In a key political development, Nitish Kumar formed new government in Bihar with the BharatiyaJanata Party (BJP). He took oath as Chief Minister of Bihar at 10:00 IST on Thursday, 27 July 2017. With oath Nitish Kumar ended his party, JDU's mahagathbandhan or Grand Alliance with LaluYadav's RJD and the Congress last evening and joined hands with his former partner BJP.

Major Action &Announcement:
HDFC's net profit fell 16.84% to Rs 1555.74 crore on 3% fall in total income to Rs 8141.76 crore in Q1 June 2017 over Q1 June 2016. The company announced its Q1 results during market hours on Wednesday, 26 July 2017. HDFC's board of directors at its meeting held on 26 July 2017, approved issue of secured, redeemable, non convertible debentures aggregating Rs 35000 crore on private placement basis.

HDFC Bank rose 4.26% to Rs 1,775.90 after net profit rose 20.22% to Rs 3893.84 crore on 14.81% growth in total income to Rs 22185.4 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours on Monday, 24 July 2017.

State Bank of India gained 3.05% to Rs 299.20. The bank announced on Wednesday, 26 July 2017, that its executive committee of the central board approved extension of validity period to raise the remaining additional tier I capital to the tune of Rs 2000 crore till 31 March 2018 and accordingly authorized bank to raise uptoRs 2000 crore additional tier I capital, by way of issue of Basel III compliant perpetual debt instruments in dollar and/or rupee, at par, through private placement to overseas and/or Indian investors.

ICICI Bank lost 1.73% to Rs 296 after net profit fell 8.21% to Rs 2049 crore on 0.52% growth in total income to Rs 16847.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Thursday, 27 July 2017.

Axis Bank lost 4.66% to Rs 515. The bank's net profit fell 16.07% to Rs 1305.60 crore on 1.44% growth in total income to Rs 14052.30 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Tuesday, 25 July 2017.

Axis Bank's gross non-performing assets (NPAs) stood at Rs 22030.87 crore as on 30 June 2017 as against Rs 21280.48 crore as on 31 March 2017 and Rs 9553.17 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 5.03% as on 30 June 2017 as against 5.04% as on 31 March 2017 and 2.54% as on 30 June 2016.

Maruti Suzuki India's operating EBITDA (earnings before interest, taxes, depreciation and amortization) rose 5.3% to Rs 2331.20crore in Q1 June 2017 over Q1 June 2016. Sales volume rose 13.2% to 3.94 lakh vehicles in Q1 June 2017 over Q1 June 2016.

Cigarette major ITC rose 0.95% to Rs 291.25 after net profit rose 7.4% to Rs 2561 crore on 4.3% growth in gross revenue to Rs 13722 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Thursday, 27 July 2017.

Global Front:
In Overseas Markets,China will unveil manufacturing PMI data for July on Sunday, 30 July 2017. Eurozone consumer price index (CPI) data for July will be unveiled on Monday, 31 July 2017. US pending home sales data for June will be unveiled on Monday, 31 July 2017. US ADP non-farm employment change data for July will be unveiled on Wednesday, 2 August 2017. US ISM non-manufacturing PMI data for July will be unveiled on Thursday, 3 August 2017. US Non-farm Payrolls data for May will be unveiled on Friday, 4 August 2017. US Unemployment Rate data for July will be unveiled on Friday, 4 August 2017.

Global Economic News:

US GDP rebounds from sluggish start to year
US economic growth accelerated in the second quarter, rising 2.6%, up from the first quarter’s 1.2% pace. Economists had expected a slightly stronger rebound, and the bounce is well short of expectations from earlier in the quarter. Wage pressures remain muted as hopes for sustained faster growth fade, given that pro-growth policies from Washington are looking less likely by the day. Modest growth averaging around 2% looks to be in the cards again in 2017. This should keep the US Federal Reserve on a gradual rate-hiking path.

Fed signals it’s ready to cut balance sheet soon
In a statement released after Wednesday’s Federal Open Market Committee meeting, the Fed indicated it is ready to begin trimming its balance sheet, which mushroomed in the wake of the global financial crisis. In a statement, the Fed said it expects to begin allowing some of its bond holdings to mature “relatively soon.” This is a shift from earlier language, released after the June FOMC meeting, that indicated a move by the end of the year. Many expect an announcement to come at the September FOMC meeting. The Fed held rates steady while acknowledging that inflation is running below its 2% target.

US health care push fizzles
Despite their effort being pronounced dead on several occasions, US Senate Republicans took up health care reform again this week after a dramatic return to the Capitol by Senator John McCain, who was recently diagnosed with brain cancer. Vice President Mike Pence broke a 50–50 tie to allow the Senate to begin debate on several Republican-sponsored legislative options. Ironically, McCain helped scuttle the final alternative, a “skinny repeal” bill that would have ended Obamacare’s individual mandate, among other provisions. Now that the health care bill has been defeated, Senate leaders hope to move on to tax reform and to passing a spending bill in order to avoid a government shutdown at the end of September.

Trump talks taxes
Amid a swirl of controversy, US president Donald Trump, in an interview with the Wall Street Journal this week, reiterated his desire to slash the US corporate tax rate to 15% from 35% while lowering the tax burden on the middle class. Additionally, Trump kept open the option of raising taxes on upper-income earners. The president did not rule out reappointing Fed chair Janet Yellen, but said that economic advisor Gary Cohn, former president of Goldman Sachs, is also under consideration for the post. In a press release on tax reform on Thursday, congressional leaders and administration officials agreed to table the border-adjustment tax that would have taxed US imports.

Moody’s sees less China bank risk
Credit rating agency Moody’s has upgraded its outlook on the Chinese banking system to stable from negative. Moody's sees receding concerns over China’s massive shadow banking sector following action from regulators to curb systemic imbalances. It also expects nonperforming loans to stabilize near current levels.

GLOBAL CORPORATE NEWS

According to Thomson Reuters I/E/B/S, with 48% of the members of the S&P 500 Index reporting, second-quarter earnings are expected to rise 10.7% versus Q2 2016. Excluding the energy sector, the rise is 8%. Revenues are expected to climb 4.9%. Excluding energy, a 4.1% earnings rise is expected.

Greece returns to bond market after three-year hiatus
Having recently secured another bailout tranche from European creditors, Greece returned to the bond markets with a €3 billion five-year offering, which was more than two times oversubscribed. Greece is the rare sovereign that issues sovereign debt at a higher yield than some Greek corporates. The new issue yields 4.65% versus some recently issued corporate debt with a 3.1% yield. The extra yield reflects the political risk posed by Greece’s relatively market-unfriendly Syriza government.

NEW 52-WEEK HIGH BSE (A):

ADANIPORTS	398.40
ASHOKLEY	109.85
BRITANNIA	3925.00

NEW 52-WEEK LOWS BSE (A):

AJANTAPHARM

1393.75

MAJOR WEEKLY GAINERS IN BSE A CATEGORY(%):

GET&D INDIA	21.04
YES BANK	16.80
SUN PHARMA	13.71

MAJOR WEEKLY LOSERS IN BSE A CATEGORY:

SREI INFRA	-13.23
LAKSHMI VILAS	-11.95
DR. REDDY	-10.79

Eyes will be set on the certain US economic data releases are:
Monday (31July)
Pending Home Sales Index
Tuesday (01 August)
PMI Manufacturing Index
Wednesday (02 August)
MBA Mortagage Applications
Thursday (03 August)
Jobless Claims & Factory Orders
Friday (04 August)
Employment Situation

TechnicalPick of the week:

Buy ACC Ltd For Target Rs.1,810.00

STOCK IN FOCUS
* ACC Ltd is in the strong up-trend as the stock price reversed after taking support of 38.2% Fibonacci Retracement level of prior upmove (Rs1531-1597) and rose to seven day closing high.
* Rise in Stochastic post positive cross-over and reversal in RSI from sub-60 mark is also signaling strength in the stock.
* As per the current daily set-up, we believe that ACC Ltd will keep moving higher and soon record new life-time-high.
* In case of any negative surprise, the stock will find support around Rs1680, which is coinciding with the prior swing low and its shortterm moving average 20-day EMA.
* Thus, long position can be initiated at Rs1715 for the target of Rs1810 and with a strict stop loss of Rs1680.

MARKET OUTLOOK:
The market does appear to get a dizzy at heights and the late sell-off had a lot to do with the F&O expiry. While market-wide rollovers were in line with three-month average, Nifty rollovers were relatively lower than the previous three series. Nifty Open Interest is also at a calendar-year low as foreign investors The outlook is a subdued start. Global cues are mixed. While the Dow gained, the S&P and Nasdaq settled lower. Quarterly results are bringing in some swings and for the day numbers of Larsen & Toubro, Escorts and India Cements are scheduled. Investors will prefer to wait and watch before taking the plunge as the RBI policy meet takes place next week. The mid-cap segment, which has been defying gravity continues to soar higher.

Other technical observations
Nifty did gave long entry to Chopad Followers as we made high of 9919 and did 2 target on upside and close above 10000. Lets see How to trade Nifty in coming week as we approach the Monthly/RBI Policy and volatile time cycle from 31 Jul to 07 Aug.All target done on upside, for coming week above 10025 we can see fast move towards 10115/10157. Bearish below 9930 for a move towards 9877/9792.

Conclusion:
Yet another chartbuster week for the Indian equity markets as Nifty scaled past the 10000 milestone while Bank Nifty zoomed past the 25000 mark for the first time ever. Various government reforms, strengthening economy, chasing liquidity and cues from the US markets hitting fresh life-time highs have all fuelled the ongoing rally. Highlight of the week was sharp rally in HDFC, HDFC Bank, Yes Bank which gained 4-16% on decent set of results. From June lows of 9448, Nifty has rallied consecutively for the past four weeks gaining over 650 points or 7%. For the week, NSE Nifty and BSE Sensex gained by 1% each.
Besides, ongoing results season continued its impact on the market sentiment. Reliance Industries started off the week with a bang followed by decent numbers by Yes Bank and Hero MotoCorp. On the other hand, Dr Reddy’s Labs came out with dismal earnings; ONGC and ICICI Bank were a mixed bag. Furthermore, market-wide rollovers into August were just a little below average.

US indices see huge intraday volatility as 'vertigo' effect at new highs causes pessimism. US Dollar rebounds even as VIX (volatility index) rises after many days as Amazon results trigger weakness.

28. July 2017 Rohit Stock Market Research (0)

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Indian Indices: Asian indices opened weak after seeing huge intraday volatility in the US indices with tech stocks leading a mini selloff. Expect profit booking to be the key for today as most markets digest the smart gains clocked in the month of July.

Nifty hit fresh intraday highs but profit booking and expiry related pressure saw the index give up all gains to close flat. The relentless rise in the index saw the July series see over 5% gains for the Nifty. Traders were seen piling up position in Consumer Durables and Utilities stocks, while selling was witnessed in Healthcare, Telecom and Metal sector stocks. In scrip specific development, Zenotech Laboratories was trading in green after Sun Pharmaceutical Industries raised its stake in the company to over 50 percent.

For today expect profit booking above 10000 as markets assimilate the gains clocked in the month of July.

The BSE Sensex is currently trading at 32210.81, down by 172.49 points or 0.53% after trading in a range of 32164.16 and 32381.36. There were 7 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.25%, while Small cap index was up by 0.32%.

The CNX Nifty is currently trading at 9985.10, down by 35.45 points or 0.35% after trading in a range of 9963.05 and 9999.35. There were 19 stocks advancing against 32 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Relcapital*	705.40	7.02
*Jswenergy*	70.10	4.71
*Laxmimach*	5771.35	4.49
*Religare*	106.00	4.43
*Group ATopLosers*
*Drreddy*	2481.45	-5.34
*Lupin*	1065.35	-4.12
*Biocon*	387.70	-2.86
*Sunpharma*	557.70	-2.69

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*32225*	*32535*
*Nifty*	*9950*	*10045*

Technical view: Nifty finds resistance around 10115 which was yesterday's high while 9950 will act as strong support on the downside. Bank Nifty also finds resistance around 25050 while 24850 will act as support.

‘July’ RolloverSnippets

Markets were on a hot streak in July F&O series. Global cues are conducive as well as local sentiments are at all time high which has led the market to continue its dream run and cross new milestones on daily basis. Short covering was observed across the high Beta stocks as the government had issued a circular that prohibits p-notes from taking any unhedged derivative exposure in the Indian market.

Nifty and Bank Nifty crossed its lifetime high and closed above 10000/24900 on EoE basis for the first time ever. Bank Nifty Index outperformed Nifty Index by ~1.9% as the call option writers in both the indices were taken for a toss during the entire series. Huge build-up of long positions in index future contracts along with short covering in OTM Nifty and Bank Nifty call option strikes propelled markets to a newer height. Long gamma positions were the flavor of the series.

DII's & FII's continued its buying spree posting a buying figure to the tune of ~Rs 3.2k/1.01k Cr. Rollovers of Nifty/Bank Nifty stood at 68% / 76% (1.72cr/25lakh shares) as against 73% / 69% (2.03 Cr/23 Lakh shares). Rollovers for Nifty and Banknifty were lower in terms of total open interest vis-a-vis last month. Based on analysis of the mentioned data, Nifty/ Bank Nifty can face resistance at the higher levels limiting the upside potential for the markets. India Vix index ended the series on a neutral note. On the options front, July series start with the highest open interest put strike at 9800 strike (3.84mn shares) and maximum call strike at 10000 strike (3.01 mn shares).

Nifty Movers: The top gainers on Nifty were HDFC up by 1.89%, Yes Bank up by 1.58%, GAIL India up by 1.56%, Adani Ports & Special Economic Zone up by 1.26% and Indiabulls Housing up by 1.10%. On the flip side, Dr. Reddy’s Lab down by 5.53%, Lupin down by 3.53%, Sun Pharma down by 2.58%, ICICI Bank down by 2.29% and Hindustan Unilever down by 2.13% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Consumer Durables up by 0.48% and Utilities up by 0.03%, while Healthcare down by 1.67%, Telecom down by 0.96%, Metal down by 0.91%, TECK down by 0.64% and IT down by 0.61% were the losing indices on BSE.

On the global front: On the global front, Asian markets were trading in red, as investors looked ahead to more corporate earnings due during the session and were cautious on the dollar. China’s registered urban unemployment rate stayed below 4 percent for the second consecutive quarter as the world’s No. 2 economy maintained a robust growth trajectory in 2017’s first half.

Global Signals:The Asian markets were trading in red; Hang Seng decreased 174.83 points or 0.64% to 26,956.34, Nikkei 225 decreased 125.89 points or 0.63% to 19,953.75, Taiwan Weighted decreased 96.84 points or 0.92% to 10,411.53, KOSPI Index decreased 37.64 points or 1.54% to 2,405.60, Jakarta Composite decreased 10.86 points or 0.19% to 5,808.88, Shanghai Composite decreased 2.04 points or 0.06% to 3,247.74 and FTSE Bursa Malaysia KLCI decreased 0.76 points or 0.04% to 1,769.31.

SENSEX ERASES ALL GAINS, NIFTY CLOSES FLAT BUT ABOVE 10K: HDFC TWINS GAIN DRL TANKS

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Indian Indices: Indian equity benchmarks came off day’s highs but trade continued on strong note in late afternoon session with gains of half a per cent each. Buying in Utilities, Banking and FMCG stocks aided the markets, while the broader indices failed to hold the rally and slipped into negative territory.

Traders took some support with the private report that the Reserve Bank is expected to go for a 25 basis points (bps) repo rate cut in its policy review meet on August 2 as inflation is likely to have reached a new normal of 4 percent. Banking shares were trading higher despite Moody’s latest report that India's banking system remain most vulnerable among South and Southeast Asia, revising the outlook on several Indian banks to stable or negative from positive.

However, some profit booking ahead of the derivatives expiry of the July series pared some gains.Moody’s also signalled lowered government support to some extent as it appeared reluctant to increase capital injections into the PSU banks, despite the limited ability of these to access equity markets for the much-needed capital. Indian PSBs have experienced significant asset quality problems and capital shortages over the last three years.

The BSE Sensex is currently trading at 32543.19, up by 160.73 points or 0.50% after trading in a range of 32473.12 and 32672.66. There were 12 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.22%, while Small cap index was down by 0.46%.

The CNX Nifty is currently trading at 10074.50, up by 53.85 points or 0.54% after trading in a range of 10052.35 and 10114.85. There were 23 stocks advancing against 28 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*HDFC*	1728.50	5.83
*Godrejcp*	1078.30	5.21
*Yesbank*	1786.75	4.33
*GRUH*	478.05	4.33
*Losers*
*Renuka*	20.29	-6.45
*Lakshvilas*	183.35	-6.02
*Sreinfra*	124.30	-3.42
*Orientbank*	151.60	-3.35

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*32,383.30*	*0.84*
*Nifty*	*10,020.55*	*-0.10*

Crporate Front: Battery manufacturer Exide Industries today reported a 3.59 per cent decline in net profit at Rs 189 crore for the quarter ended June. It had posted a net profit of Rs 196.05 crore in the corresponding period a year ago, the company said in a filing to the Bombay Stock Exchange. Total income grew by 4.80 per cent to Rs 2,389.57 crore during the quarter under review as against Rs 2,279.93 crore in the year-ago period, Exide Industries said in a BSE filing.

Macroeconomic front: An official release said that JDI was concluded on May 30 in Berlin during the fourth Inter-Governmental Consultations between India and Germany between Prime Minister Modi and German Chancellor Angela Merkel to to promote cooperation between German and Indian scientists on fundamental and applied scientific research. It includes areas such as policy support, teaching, training and dissemination of information in the area of sustainable development and climate change through inter-disciplinary/trans-disciplinary research.

On the global front: On the global front, European Markets were trading mixed after the US Federal Reserve kept interest rates unchanged and investors reacted to a slew of earnings reports. Asian markets were trading in green. Back home, in scrip specific development, Tamil Nadu Newsprint & Papers (TNPL) was trading jubilantly after the company resumed normal production / operation in the plant from July 27, 2017, pursuant to availability of water.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*28536.00*	*0.54*
*Silver*	*38530.00*	*1.15*
*Crude oil*	*3137.00*	*0.16*
*Natural Gas*	*187.10*	*-0.32*
*Alluminium*	*123.75*	*0.16*
*Copper*	*409.65*	*0.38*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Bankex up by 1.10%, Utilities up by 0.28%, FMCG up by 0.27%, Oil & Gas up by 0.06%, and PSU up by 0.02%, while Telecom down by 2.03%, TECK down by 1.15%, IT down by 1.10%, Consumer Durables down by 0.96% and Metal down by 0.73% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were HDFC up by 6.11%, Yes Bank up by 4.48%, HDFC Bank up by 2.45%, Indusind Bank up by 2.39% and ACC up by 2.15%. On the flip side, BhartiAirtel down by 3.18%, Tata Motors - DVR down by 2.59%, TCS down by 2.29%, Tech Mahindra down by 2.03% and Tata Motors down by 1.80% were the top losers.

Global Signals:

All Asian markets were trading in green; Shanghai Composite increased 2.11 points or 0.06% to 3,249.78, FTSE Bursa Malaysia KLCI increased 3.27 points or 0.19% to 1,769.27, KOSPI Index increased 8.73 points or 0.36% to 2,443.24, Jakarta Composite increased 9.81 points or 0.17% to 5,810.02, Nikkei 225 increased 29.48 points or 0.15% to 20,079.64, Taiwan Weighted increased 89.26 points or 0.86% to 10,508.37 and Hang Seng increased 190.15 points or 0.71% to 27,131.17.

European markets were trading mixed; France’s CAC increased 17.65 points or 0.34% to 5,207.82. On the flip side, Germany’s DAX decreased 45.88 points or 0.37% to 12,259.23 and UK’s FTSE 100 decreased 1.13 points or 0.02% to 7,451.19.

Persistent System-Research Report-Sharetipsinfo

27. July 2017 Rohit Stock Market Research (0)

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Company Overview:

Established in 1990, Persistent Systems (BSE & NSE: PERSISTENT) is a global company specializing in software product development services. For more than two decades, Persistent has been an innovation partner for the world's largest technology brands, leading enterprises and pioneering start-ups. With a global team of 6,600+ employees, Persistent has 350+ customers spread across North America, Europe, and Asia. Today, Persistent focuses on developing best-in-class solutions in four key next-generation technology areas: Cloud Computing, Mobility, BI & Analytics, Collaboration across technology, telecommunications, life sciences, consumer packaged goods, banking & financial services and healthcare verticals.

Business Growth Outlook

The PSL management expects Q4FY2017 to be strong, as it has acquired new logos for its digital business. Further, the recent partnership with Dell Boomi will drive its digital business going ahead. The company has successfully completed the transition of the IBM IOT business and could be able to take the entire team into its Board. The management foresees traction in this IBM CE/CLM product and expects a strong growth in FY2018; for the nine months ended December 31, 2016, the partnership has fallen short of its revenue target of $50 million (contributed $48 million; the management expects some contribution to come by the end of FY2017). Digital, Alliance and Accelerite will continue to deliver sustainable growth in the coming years. The management stated that the Services segment (43.9% of total revenue in Q3FY2017) has bottomed out and believes this business may do well in the coming quarters (for Q4FY2017, the management has indicated it could trim some tail-end clients).

Key Points:

Persistent Systems (PSL) delivered better-than-expected revenue growth of 3.6% QoQ at $113 million during Q1FY2018, led by a 2.4% QoQ growth in IP-led revenue and a 3.6% QoQ growth (1.8% QoQ growth in volume and 2.2% QoQ increase in realisations) in IT Services. However, the company delivered lower-than-expected EBITDA margin at 14.3% (down 357BPS QoQ), due to the appreciation of the rupee (120BPS), higher onsite revenue mix, investments in partnerships (90BPS), lower offshore utilisations (40BPS), visa and acquisition expenses (70BPS), investments in sales team (30BPS) and provision of debts (40BPS), partially offset by higher revenue from IP-Led business. Forex gains increased to Rs 18.5 crore (vs negative Rs 2.8 crore in Q4FY2017), resulting in a 3.2% QoQ growth in the adjusted net profit at Rs75.1 crore.

Revenue drivers are intact, but margins to improve gradually:

The management remains optimistic on the prospects of acceleration of its revenue growth going ahead. This is on the back of strong traction in the IOT business, a healthy pipeline of deals in the digital space, deal closures of the reseller contract for IBM IOT solutions, good response for its IP products and strengthening of partnerships with USAA and Partners Healthcare for digital offerings. Further, the company has closed three deals (one deal in India for the legislative assembly of the State of Madhya Pradesh and two deals in USA) in the Service vertical, which is expected to sustain the growth momentum. The management believes that the traction in growth in the service segment will be mainly on account of its strong focus on large and strategic accounts as well as higher adoption of digital technologies in the Enterprise. On margin front, It expects improvement from Q2FY18 onwards despite high investments in sales team, higher onsite mix and developing global delivery centres. The management highlighted the key levers for the margins improvement are (1) higher revenue from IP-Led business, (2) improvement in profitability in IBM Watson, (3) cost control measures.

Acquisition of PARX to strengthen its presence in Europe:

PSL has agreed to acquire ParxWerk AG to strengthen its presence in the European region (5.9% of total revenue as of June 30, 2017) as part of its global expansion strategies. PSL will initially pay CHF 8.5 million (~Rs 58 crore) and will pay an additional CHF 7.5 million (Rs 51 crore) over three years depending on performance. PARX reported revenue of CHF 8 million (~Rs 54 crore) for CY2016. As Parx is a certified partner of Salesforce, we believe this acquisition would provide opportunities to PSL to cross-sell its products.

Outlook and valuation:

We have tweaked estimates for FY2018/FY2019 due to below-than-expected Q1FY18 margin performance and higher onsite mix. We believe there could be pressure to profitability in near-term owing to currency headwinds, shifting from effort-based business model and macro uncertainties. In long term, however, we continue to remain positive on PSL, as the company has been continuously focusing on strengthening its digital capabilities to remain relevant to customers in the ongoing IT industry transition. PSL’s stock price has already gained close to 16% in last three months, we do not see major upside from current levels owing to weak margin performance. Hence, we downgrade our rating on PSL from ‘Buy’ and ‘Hold’ with a target of Rs700.

SENSEX ENDS AT RECORD HIGH NIFTY CLOSES ABOVE 10K FOR FIRST TIME EVER

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Indian Indices: Indian equity benchmarks traded range-bound in late afternoon session, with Nifty trading around 10,000 mark. Buying in Metal, Realty and Energy stocks along with better earnings result, kept the markets up. Sentiments remained upbeat with report that the government approved an addition of 7.47 lakh new registration applications under the Goods and Services Tax (GST) regime.

Besides, the report stating that a team of officers, led by the commerce secretary, is holding detailed consultations with states to clear the bottlenecks that are hampering exports, also added some optimism.

However, traders remained on sidelines ahead of the July derivatives contract expiry tomorrow and the outcome from the Federal Reserve meet later in the day.Gangwar further said that the GST would positively impact the country’s business environment and help the domestic sectors become more competitive.The Minister of State for Finance also said that following the GST implementation, the government will soon come up with an anti-profiteering authority which will help to ensure the benefit of tax reduction is passed on to consumers.

The BSE Sensex is currently closed at 32,382.46 up by 154.19 points or 0.48% after trading in a range of 32226.08 and 32413.63. There were 24 stocks advancing against 7 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.17%, while Small cap index was up by 0.34%.

The CNX Nifty is currently shut up at 10020, up by 56.10 points or 0.56% after trading in a range of 9965.95 and 10010.80.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Get&D*	392.90	19.99
*Sparc*	359.85	9.18
*Jindalstel*	151.55	8.37
*MMTC*	61.60	6.39
*Losers*
*Renuka*	20.29	-6.45
*Lakshvilas*	183.35	-6.02
*Sreinfra*	124.30	-3.42
*Orientbank*	151.60	-3.35

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*32,382.46*	*0.48*
*Nifty*	*10,020.65*	*0.56*

Crporate Front:The Goa Government has said that the first phase of Goa's upcoming Mopa international airport will be operational by May 2020. Commenting on the issue, Chief Minister ManoharParrikar told the media, "GMR Goa International Airport Limited (GGIAL) has already started pre-construction work and, as per concession agreement.

Macroeconomic front: Leading bourse Bombay Stock Exchange said that it has joined hands with Egyptian Exchange (EGX) for cooperation in exchange of information across business areas. In a statement, EGX Executive Chairman Mohamed Omran said that the exchange aims to cross list and trade securities that would provide new investment alternatives to investors in both markets.

On the global front: On the global front, European markets were trading in green as investors geared up for a rate decision from the US Federal Reserve and continued to digest earnings reports. Asian markets were also trading in green. Back home, in scrip specific development, Indraprastha Gas (IGL) gained after the company revised the selling prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in NCT of Delhi, Noida, Greater Noida and Ghaziabad. This step has been taken by the company in order to offset the overall impact on its costs after transition to GST regime.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*28333.00*	*-0.51*
*Silver*	*37984.00*	*-0.8*
*Crude oil*	*3117.00*	*0.87*
*Natural Gas*	*189.70*	*0.05*
*Alluminium*	*123.85*	*-0.08*
*Copper*	*407.50*	*0.37*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 1.69%, Realty up by 0.92%, Energy up by 0.78%, Utilities up by 0.77% and Healthcare up by 0.66%, while Telecom down by 0.51%, TECK down by 0.47% and IT down by 0.30% were the losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Vedanta up by 2.75%, Tata Steel up by 2.56%, Sun Pharma up by 2.13%, IndusInd Bank up by 2.10% and Eicher Motors up by 1.96%. On the flip side, Axis Bank down by 3.03%, Asian Paints down by 1.75%, Zee Entertainment down by 1.60%, ACC down by 1.47% and HCL Tech. down by 1.23% were the top losers.

Global Signals:

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 1.36 points or 0.08% to 1,764.70, Shanghai Composite increased 3.99 points or 0.12% to 3,247.68, Hang Seng increased 88.97 points or 0.33% to 26,941.02 and Nikkei 225 increased 94.96 points or 0.48% to 20,050.16. On the flip side, Taiwan Weighted decreased 44.04 points or 0.42% to 10,419.11, Jakarta Composite decreased 22.6 points or 0.39% to 5,790.93 and KOSPI Index decreased 5.39 points or 0.22% to 2,434.51.

All European markets were trading in green; France’s CAC increased 35.27 points or 0.68% to 5,196.35, UK’s FTSE 100 increased 46.83 points or 0.63% to 7,481.65 and Germany’s DAX increased 49.01 points or 0.4% to 12,313.32.

US Dollar rallies from oversold territory as oil advances along with bond yields. S&P index hits fresh all time highs as markets bounce back after 3 days consolidation.

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Indian Indices: Asian indices opened firm with the Japanese 'Nikkei' leading gains as US Dollar strength bode well for the Japanese Yen and exporters. Oil rally witnessed gains across the board for energy stocks as markets globally rebound after consolidation.

Nifty hit 10000 and saw profit booking as markets digested an important milestone. Sentiment seems upbeat as Rupee, bonds and earnings till now all seem in consensus with flows being the main driver for stock prices. For today expect positive opening followed by a volatile session as expiry of derivative contracts tomorrow puts pressure on rollovers.

The BSE Sensex is currently trading at 32319.22, up by 90.95 points or 0.28% after trading in a range of 32226.08 and 32320.01. There were 20 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.54%, while Small cap index was up by 0.80%.

The CNX Nifty is currently trading at 9992.50, up by 27.95 points or 0.28% after trading in a range of 9965.95 and 9993.45. There were 31 stocks advancing against 20 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Get&D*	392.90	19.99
*Sparc*	354.40	7.52
*JPAssociat*	28.70	6.69
*Jindalstel*	146.85	5.01
*Group ATopLosers*
*Lakshvilas*	189.20	-3.02
*Pidilitind*	802.95	-3.01
*Idea*	95.30	-2.56
*Axisbank*	533.15	-2.11

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*32225*	*32535*
*Nifty*	*9950*	*10045*

Technical view: Nifty finds support around 9930 while 10000 will act as initial resistance on the upside. Bank Nifty also finds resistance at 24650 while 24250 will act as strong support.

Union Bank of India (UNIONBANK) (Buy Above 161.25 with Stop Loss at 158 for Target of 167): After consolidating for over nine weeks, the stock has given a breakout on daily chart. The price breakout has been accompanied with smart uptick in volumes. Other oscillators also indicate that the current momentum is here to stay. We expect UNIONBANK to carry forward the momentum and rally towards the 167 levels in the near term.

EconomicSnippets

The inter-ministerial group (IMG) set up to address the financial stress in the telecom sector has prepared a draft report recommending steps to benefit the industry.

India's edible oil imports are set to fall for the first time in six years as a surge in local oilseed output cuts into overseas purchases, but intake needs to fall further to fortify the health of the market, the head of a leading importer said.

Unichem Laboratories has received approval from the US health regulator for losartan potassium and hydrochlorothiazide tablets, used in the treatment of hypertension and reduction in risk of strokes in patients with hypertension. (HBL)

Piramal Financesaid it has sanctioned Rs 400 crore through its vertical - Emerging Corporate Lending (ECL) to fund emerging and mid-market businesses.

Nifty Movers: The top gainers on Nifty were GAIL India up by 2.91%, Vedanta up by 2.81%, Tata Steel up by 2.08%, Eicher Motors up by 1.69% and Reliance Industries up by 1.64%. On the flip side, Zee Entertainment down by 1.98%, Axis Bank down by 1.80%, Asian Paints down by 1.75%, BhartiInfratel down by 1.46% and ACC down by 1.14% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 1.71%, Realty up by 1.55%, Utilities up by 1.19%, Energy up by 1.01% and Oil & Gas up by 0.86%, while Telecom down by 0.54%, TECK down by 0.36% and IT down by 0.16% were the only losing indices on BSE.

On the global front: On the global front, Asian markets were trading mostly in red, as investors awaited the Federal Reserve’s policy decision later in the day for more clues on its tightening plans. China’s securities regulator said that it will regulate and expand access to capital markets for all types of investors, while also encouraging more long-term institutional participation.

Global Signals:The Asian markets were trading mostly in red; Taiwan Weighted decreased 41.13 points or 0.39% to 10,422.02, KOSPI Index decreased 8.14 points or 0.33% to 2,431.76, Shanghai Composite decreased 6.86 points or 0.21% to 3,236.83 and FTSE Bursa Malaysia KLCI decreased 0.42 points or 0.02% to 1,762.92.On the other hand, Jakarta Composite increased 6.99 points or 0.12% to 5,820.52, Hang Seng increased 43.5 points or 0.16% to 26,895.55 and Nikkei 225 increased 90.56 points or 0.45% to 20,045.76.

Markets consolidate ahead of earnings as liquidity reigns supreme with all falls being bought. US Dollar sees pullback with oil also regaining lost ground while bond yields climb higher.

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Indian Indices: Asian indices opened on a mixed note with most indices trading marginally in the green as the US Dollar saw a smart pullback which saw the Japanese Yen weaken. This week expect more earning related plays as global investors rotate market in the emerging market basket with China seeing strong inflows in the last month.

Nifty came within striking distance of 10000 as Reliance, ITC and HDFC Bank saw strong buying lift the index to near 5 digit levels. Metals and Pharma stocks saw profit booking while Banks, FMCG and Energy stocks led the Nifty higher. For today expect mid-caps will continue to witness more action as large caps take a breather at 10000.

The BSE Sensex is currently trading at 32266.69, up by 20.82 points or 0.06% after trading in a range of 32209.68 and 32374.30. There were 13 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.33%, while Small cap index was up by 0.05%.

The CNX Nifty is currently trading at 9969.20, up by 2.80 points or 0.03% after trading in a range of 9954.70 and 10011.30. There were 20 stocks advancing against 31 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Renuka*	21.13	8.75
*ABFRL*	181.70	4.46
*IDEA*	96.20	4.74
*Tatacomm*	675.00	4.23
*Group ATopLosers*
*Fconsumer*	42.35	-4.19
*Strtech*	223.10	-3.67
*Videoind*	25.20	-3.08
*J&KBank*	87.90	-2.98

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*32225*	*32535*
*Nifty*	*9950*	*10045*

Technical view: Nifty finds strong support around 9900 while 10000 will act as resistance on the upside. Bank Nifty also finds strong support around 24200 while 24550 will act as resistance on the upside.

MCX (Buy Above 1166 with Stop Loss at 1126 for Target of 1245): After consolidating for over ten months, the stock has finally given a breakout from a Declining Channel on daily as well as weekly charts. The price breakout has been accompanied with smart uptick in volumes. Other oscillators also indicate that the current momentum is here to stay. We expect MCX to carry forward the momentum and rally towards the Rs 1245 levels in the near term.

EconomicSnippets

The IMF said global gross domestic product would grow 3.5% in 2017 and 3.6% in 2018, unchanged from estimates issued in April. (ET)

Finance Minister ArunJaitley introduced a bill in LokSabha to amend the Banking Regulation Act 1949.

Godrej Consumer Products foray into the Rs 1,200 crore-professional hair care segment and aims to capture at least 10% of market share in the next two and a half years. (ET)

IndiGoand Jet Airways have introduced additional flights to Doha and Mumbai on a daily basis from Calicut International airport. (Livemint).

Nifty Movers: The top gainers on Nifty were Indiabulls Housing up by 2.54%, BhartiInfratel up by 2.36%, Vedanta up by 1.78%, Hero MotoCorp up by 1.42% and TCS up by 0.88%.
On the flip side, Zee Entertainment down by 1.78%, HCL Tech down by 1.74%, Tata Motors down by 1.51%, Eicher Motors down by 1.50% and Tata Motors - DVR down by 1.02% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 1.50%, Metal up by 0.46%, Bankex up by 0.40%, Basic Materials up by 0.37% and TECK up by 0.33%, while Capital Goods down by 0.48%, Industrials down by 0.41%, Energy down by 0.29%, Oil & Gas down by 0.22% and FMCG down by 0.20% were the top losing indices on BSE.

On the global front: On the global front, Asian markets were trading mostly in red. China’s economy is likely to grow at an annual rate of around 6.7 percent in the second half of 2017, slowing slightly from the first half of the year, the State Information Center (SIC) said. It forecast full-year growth in the world’s second largest economy of around 6.8 percent.

Global Signals:The Asian markets were trading mostly in red; Jakarta Composite decreased 14.83 points or 0.26% to 5,786.75, Nikkei 225 decreased 10.47 points or 0.05% to 19,965.20, Hang Seng decreased 10 points or 0.04% to 26,836.83, Shanghai Composite decreased 5.16 points or 0.16% to 3,245.44, KOSPI Index decreased 2.62 points or 0.11% to 2,448.91 and Taiwan Weighted decreased 0.49 points to 10,460.79.On the other hand, FTSE Bursa Malaysia KLCI increased 0.5 points or 0.03% to 1,762.49.

SENSEX CLOSES 124 PTS HIGHER, NIFTY HOLDS 9900 BUT MIDCAP UNDERPERFORMS

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Indian Indices: Indian equity benchmarks traded flat in late afternoon session, as anxiety spread among the investors with Asian Development Bank's (ADB) statement that the goods and services tax is expected to boost growth in the medium term, however there may be some teething pains as firms adjust to the new system. Besides, Finance Minister ArunJaitley said that the government is considering to change the country's financial year to January-December from April-March. Meanwhile, index heavyweight BhartiAirtel fell over 2% after MukeshAmbani launched Jio Phone in RIL's 40th AGM while Idea Cellular also tumbled.

However, the markets erased their most of losses in noon deals with taking support from the private report that strong import growth in June points to continued recovery in India's domestic demand and also indicating that economic expansion will accelerate from the April-June quarter. Besides, investors' sentiments were buoyed by earnings results. Meanwhile, foreign investment in Indian real estate sector jumped more than two-fold at $7.6 billion during 2014-16 period compared with the previous three years.

The BSE Sensex is currently trading at 31891.78, down by 12.62 points or 0.04% after trading in a range of 31808.93 and 32062.23. There were 12 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.21%, while Small cap index was down by 0.31%.

The CNX Nifty is currently trading at 9867.50, down by 5.80 points or 0.06% after trading in a range of 9838.00 and 9919.85. There were 21 stocks advancing against 30 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Renuka*	19.30	16.83
*JPAssociat*	26.60	15.40
*Fretail*	436.40	10.75
*Stertech*	222.15	7.45
*Losers*
*Dishtv*	78.00	-5.85
*DHFL*	458.45	-3.80
*Atul*	2298.60	-3.78
*Suntv*	798.80	-3.50

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*32028.89*	*0.39*
*Nifty*	*9915.25*	*0.42*

Crporate Front: The Cabinet approved the 'Modified Implementation Strategy' of BharatNet project for providing broadband connectivity to all gram panchayats by March 2019, according to an official source as per PTI report. "The Cabinet has approved the modified implementation Strategy of BharatNet towards realisation of vision of digital India," the media report said quoting the source.

Macroeconomic front: Finance Minister ArunJaitley on Friday told lawmakers that the government is considering to change the country's financial year to January-December from April-March. "The matter of changing financial year is under consideration," Jaitley told lawmakers in a written reply to the lower house of parliament.

On the global front: On the global front, European markets were trading in green, supported by a surge in global stocks, as investors awaited a rate decision by the European Central Bank (ECB). Asian markets were also trading in green. Back home, in scrip specific development, ABB India jumped higher after the company reported 13% orders growth in Q2FY18 and 20% orders growth in H1 ending June 30, 2017.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*28353.00*	*0.08*
*Silver*	*37937.00*	*0.15*
*Crude oil*	*3039.00*	*0.07*
*Natural Gas*	*194.30*	*-1.22*
*Alluminium*	*122.95*	*0.53*
*Copper*	*390.85*	*0.93*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Energy up by 1.49%, IT up by 1.19%, Consumer Durables up by 0.71%, TECK up by 0.60% and Oil & Gas up by 0.29%, while Telecom down by 1.89%, Realty down by 1.44%, Metal down by 0.98%, Power down by 0.94% and Capital Goods down by 0.86% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Wipro up by 6.78%, Reliance Industries up by 2.95%, HCL Tech. up by 1.93%, Coal India up by 1.63% and Zee Entertainment up by 1.20%. On the flip side, BhartiAirtel down by 3.03%, Lupin down by 2.28%, Indiabulls Housing Finance down by 2.17%, Vedanta down by 1.76% and NTPC down by 1.57% were the top losers.

Global Signals:

Asian markets were trading mostly in red; Taiwan Weighted decreased 62.66 points or 0.6% to 10,436.70, Jakarta Composite decreased 51.36 points or 0.88% to 5,773.85, Nikkei 225 decreased 44.84 points or 0.22% to 20,099.75, Hang Seng decreased 34.12 points or 0.13% to 26,706.09 and Shanghai Composite decreased 6.88 points or 0.21% to 3,237.98. On the flip side, FTSE Bursa Malaysia KLCI increased 1.51 points or 0.09% to 1,757.14 and KOSPI Index increased 8.22 points or 0.34% to 2,450.06.

All European markets were trading in green; France’s CAC increased 4.31 points or 0.08% to 5,203.53, UK’s FTSE 100 increased 13.48 points or 0.18% to 7,501.35 and Germany’s DAX increased 15.96 points or 0.13% to 12,463.21.

Euro hits 23 month high versus US Dollar while VIX (volatility index) sinks to recent lows as markets resilient against most political news. Oil retraces recent gains while Gold sees protection buying as yields fall on US treasuries.

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Indian Indices: Asian indices opened flat to marginally weak as US indices closed flat after digesting most political news. With weekend blues ahead expect a range bound day today with currency related plays in stocks/sector.

Nifty saw selling above 9900 for another session as profit booking by local funds dominated proceedings. Mid-cap stocks and the broader market saw selling while large caps saw selective buying in private banks. For today expect 9900 to be the fulcrum point with selling above and buying below in tranches as weekend blues keeps market range bound.

The BSE Sensex is currently trading at 32037.23, up by 132.83 points or 0.42% after trading in a range of 31931.34 and 32062.23. There were 16 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.19%, while Small cap index was up by 0.31%.

The CNX Nifty is currently trading at 9911.35, up by 38.05 points or 0.39% after trading in a range of 9878.80 and 9919.85. There were 27 stocks advancing against 24 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Strtech*	241.70	16.90
*JPassociat*	25.05	8.68
*Wipro*	286.85	6.64
*IFCI*	27.75	5.92
*Group ATopLosers*
*Appltd*	540.55	-3.14
*Lupin*	1140.00	-2.23
*Jublfood*	1268.80	-2.27
*Bhartiartl*	410.90	-2.11

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*31825*	*32135*
*Nifty*	*9850*	*9945*

Technical view: Nifty finds strong support around 9850 while 9935 will act as resistance on the upside. Bank Nifty finds strong support around 24000 while 24350 will act as resistance on the upside.

Liberty Shoes (Buy Above 207 with Stop Loss at 202 for Target of 215): The stock has been consolidating for over twelve weeks and has finally had broken out from a consolidation phase on the daily as well as the weekly charts. The price outburst has been accompanied with smart uptick in volumes. Other oscillators also indicate that the current momentum is here to stay.

EconomicSnippets

The Cabinet cleared a 15% hike in salaries for public sector company employees. (ET)

India is expected to achieve the projected growth rate of 7.4 per cent in 2017 and further up 7.6 per cent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said.

The RBI will submit a fresh proposal to the government for introducing a new liquidity management tool as it grapples with strong foreign inflows. (BS)

China intends to unilaterally change the status of the tri-junction with Bhutan, which poses a challenge to India's security, External Affairs Minister SushmaSwaraj said.

Nifty Movers: The top gainers on Nifty were Wipro up by 7.11%, Reliance Industries up by 3.28%, Coal India up by 2.23%, HCL Tech up by 1.82% and Zee Entertainment up by 1.33%. On the flip side, Lupin down by 2.53%, BhartiAirtel down by 2.04%, Cipla down by 1.54%, Power Grid down by 1.01% and Indiabulls Housing down by 0.99% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Energy up by 1.96%, IT up by 1.51%, TECK up by 1.12%, Oil & Gas up by 0.90% and Consumer Durables up by 0.86%, while Telecom down by 0.83%, Realty down by 0.42%, Healthcare down by 0.37%, Power down by 0.12% and Metal down by 0.05% were the top losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in red, taking a breather from recent climbs. Hong Kong’s Hang Seng Index was down, with shares still hovering near highs not seen in two years. The market opened on an upbeat note Friday but retreated shortly after on profit taking. Hong Kong has risen for the last nine days.

Global Signals:The Asian markets were trading mostly in red; Taiwan Weighted decreased 52.08 points or 0.5% to 10,447.28, Nikkei 225 decreased 35.73 points or 0.18% to 20,108.86, Hang Seng decreased 34.43 points or 0.13% to 26,705.78, Jakarta Composite decreased 31.64 points or 0.54% to 5,793.57, Shanghai Composite decreased 6.7 points or 0.21% to 3,238.17 and FTSE Bursa Malaysia KLCI decreased 2.06 points or 0.12% to 1,753.57.On the other hand, KOSPI Index increased 4.22 points or 0.17% to 2,446.06.

US indices rally for another day even as Trump reforms seem untenable till 2018. Globally equity rally seems unstoppable with all negative news being ignored as power of liquidity buys every fall.

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Indian Indices: Asian indices opened in the green as overnight most US indices hit new highs with the power of liquidity ignoring all negative news. The market will watch for monetary policy action from the BOJ(Bank of Japan) & the ECB today which will indicate the way forward for equities & fixed income.

Nifty recovered most of the losses of Tuesday with a smart pullback which took the Nifty back to 9900.Bank Nifty hit new highs as financials, metals &Pharma powered the Nifty back with gusto. For today new highs on the Nifty are on the cards with stock specific action as results season plays out with heavyweights Reliance, Kotak Bank & Bajaj Auto declaring results today.

The BSE Sensex is currently trading at 31974.67, up by 19.32 points or 0.06% after trading in a range of 31928.01 and 32057.12. There were 13 stocks advancing against 18 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index was down by 0.12%, while Small cap index was up by 0.27%.

The CNX Nifty is currently trading at 9897.10, down by 2.50 points or 0.03% after trading in a range of 9888.55 and 9922.55. There were 20 stocks advancing against 31 stocks declining on the index..

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Strtech*	194.20	12.71
*Justdial*	386.15	8.94
*Renuka*	16.33	8.79
*GPPL*	147.85	3.36
*Group ATopLosers*
*Canbk*	353.90	-4.61
*Videoind*	24.85	-4.97
*Wabag*	641.40	-4.26
*MRPL*	126.65	-3.14

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*31680*	*31950*
*Nifty*	*9765*	*9850*

Technical view: Nifty finds support around 9850 which was the resistance yesterday while 9930 will act as resistance on the upside. Bank Nifty now finds strong support around 24000 while 24350 will act as resistance on the upside.

Britannia (Buy Above 3810 with SL at 3750 for Target of 3930): It is a solid trending stock and after consolidating for over four months Britannia has broken out from an Ascending Triangle pattern on the daily charts. The breakout has been accompanied with credible uptick in traded volumes. The stock has also convincingly bounced from its 21-DMA which further accentuates our bullish stance on the stock.

EconomicSnippets

CBEC Chairperson VanajaSarna has said that the government has taken a corrective measure and compensation cess hike will not result in rise in cigarette prices.

Import of coking coal from Canada is likely to rise in future keeping pace with the increase in steelmaking capacity in India, the Steel Ministry said in a statement.

The parliamentary panel on finance is likely to finalise its report on demonetisation of high value currency notes on July 20.

The government may impose anti- dumping duty of up to USD 266 per tonne on a certain type of rubber, used in items like footwear and conveyor belts, from EU, Korea and Thailand.

Nifty Movers: The top gainers on Nifty were Axis Bank up by 2.92%, ONGC up by 2.33%, Ambuja Cement up by 2.04%, Kotak Mahindra Bank up by 1.62% and Coal India up by 1.20%. On the flip side, Tata Steel down by 1.86%, BhartiInfratel down by 1.22%, Hero MotoCorp down by 1.10%, Infosys down by 1.06% and Asian Paints down by 1.04% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 0.62%, Bankex up by 0.56%, Energy up by 0.30%, Capital Goods up by 0.29% and Power up by 0.21%, while IT down by 0.56%, Metal down by 0.45%, TECK down by 0.42%, Auto down by 0.32% and Healthcare down by 0.21% were the top 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 pushed back again the timing for achieving its 2 percent inflation target, reinforcing expectations it will lag well behind major global central banks in dialing back its massive stimulus programme.

Global Signals:The Asian markets were trading mostly in green; Shanghai Composite increased 7.09 points or 0.22% to 3,238.07, KOSPI Index increased 7.21 points or 0.3% to 2,437.15, Jakarta Composite increased 9.29 points or 0.16% to 5,815.98, Hang Seng increased 67.04 points or 0.25% to 26,739.20 and Nikkei 225 increased 123.54 points or 0.62% to 20,144.40. On the other hand, Taiwan Weighted decreased 9.6 points or 0.09% to 10,496.50 and FTSE Bursa Malaysia KLCI decreased 2 points or 0.11% to 1,755.27.

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