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Sensex up 193 pts, Nifty ends above 8850; Buy back lifts lifts TCS 4%

20. February 2017 Rohit Stock Market Research (0)

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Indian Indices: Indian equity benchmarks continued their momentum to trade near highest point of the day in late afternoon session as broadly positive global indices and a strong rupee buoyed investors' sentiments. Sentiments also remained optimistic with the report that GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to the next meeting. The council will meet again on March 4 and 5 to approve the legally vetted draft of the supporting legislations for Central GST (C-GST) and Integrated GST (I- GST), days before the start of the second leg of the Budget Session. Besides, investors opted for bargain-hunting as well as short-covering ahead of derivatives expiry this week. On sectoral front, buying was witnessed in most of the steel sector stocks with Care Ratings report that the country's steel production and consumption is likely to remain higher in 2017-18 from 89.79 MT of crude steel during 2015-16 backed by an increase in infrastructure allocation in the Budget.

The BSE Sensex is currently closed at 28661.58, up by 192.83 points or 0.68% after trading in a range of 28419.27 and 28652.91. There were 23 stocks advancing against 7 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.67%, while Small cap index was up by 0.78%.

The CNX Nifty is currently shut up at 8879.20, up by 57.50 points or 0.65% after trading in a range of 8809.80 and 8863.95. There were 37 stocks advancing against 14 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Marksans*	48.70	19.95
*DCB Bank*	152.65	10.58
*Punjlloyd*	22.15	10.20
*Jindalsteel*	100.20	7.80
*Losers*
*Aiaeng*	1462.00	-2.86
*Havells*	414.55	-2.66
*Coromande*	333.15	-2.43
*Gruh*	369.95	-1.78

*Market Statistics*
	*BSE*	*NSE*
*Advances*	1450	843
*Declines*	647	251

Crporate Front:

Shares of DilipBuildcon rallied over 5 per cent on the Bombay Stock Exchange after the realty major said it has received a letter of award issued by National Highways Authority of India for the Project of four laning of Tuljapur-Ausa Section of NH-361 from Km 0.000 to km 55.835 under NHDP Phase IV on Hybrid Annuity Mode in the State of Maharashtra.

Macroeconomic front:

In a bid to bring awareness among the youth regarding the growing cyber attacks and cyberbullying, Delhi-based IT risk assessment and digital security services provider Lucideus on Monday launched a first-of-its-kind cyber security course.

On the global front:

On global front, European markets were trading in green as investors eyed earnings and fresh economic data, as well as monitoring for any more details from President Donald Trump on his economic policies. Asian markets were trading mostly in green. Back home, in scrip specific development, Tata Steel traded higher on exploring possibility of entering overseas markets like Bangladesh and Myanmar with retail branded steel solution products. The company is taking this step boosted with success of its solution business in the retail segment in the domestic market.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*29260.00*	*-0.34*
*Silver*	*42789.00*	*-0.34*
*Crude oil*	*3639.00*	*0.97*
*Natural Gas*	*185.60*	*-2.93*
*Alluminium*	*125.90*	*0.2*
*Copper*	*402.40*	*0.55*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 2.24%, Basic Materials up by 1.40%, Telecom up by 1.40%, Realty up by 1.36% and Utilities up by 1.24%, while there were no losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Tata Steel up by 4.12%, Idea Cellular up by 3.35%, GAIL India up by 2.45%, BPCL up by 2.36% and Asian Paints up by 1.87%. On the flip side, Axis Bank down by 0.84%, ITC down by 0.80%, Tech Mahindra down by 0.76%, HDFC down by 0.75% and Yes Bank down by 0.61% were the top losers.

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 3.81 points or 0.18% to 2,084.39, FTSE Bursa Malaysia KLCI increased 5.13 points or 0.3% to 1,712.81, Jakarta Composite increased 6.34 points or 0.12% to 5,357.27, Nikkei 225 increased 16.46 points or 0.09% to 19,251.08, Shanghai Composite increased 37.89 points or 1.18% to 3,239.96 and Hang Seng increased 112.34 points or 0.47% to 24,146.08. On the flip side, Taiwan Weighted decreased 26.72 points or 0.27% to 9,753.20.

All European markets were trading in green, UK’s FTSE 100 increased 12.45 points or 0.17% to 7,312.41, France’s CAC increased 28.94 points or 0.59% to 4,896.52 and Germany’s DAX increased 78.54 points or 0.67% to 11,835.56.

Markets start week on quiet note after huge February rally as Japanese data disappoints even as M&A activity picks up

20. February 2017 Rohit Stock Market Research (0)

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Indian Indices: Asian markets opened mixed with the Japanese 'Nikkei' seeing marginal losses as export data released today disappointed coming below most estimates. However the huge Kraft Heinz bid for Unilever globally would be the talking point this week as M&A activity picks up. This also should see higher valuations for most FMCG stocks as value buying props up stock prices.

Nifty saw a huge move till almost 8900 led by banks with Bank nifty scaling new all time highs in morning trade on Friday. However domestic profit booking trimmed the gains with Nifty closing @ 8821.The left out feeling seems evident for most foreign investors & any fall is being used as an opportunity to buy with huge scramble to buy HDFC bank shares on Friday seeing the stock hit fresh all time highs. For this holiday shortened week expect volatility to rise as we head for derivative contracts expirythis Thursday.

The BSE Sensex is currently trading at 28499.07, up by 30.32 points or 0.11% after trading in a range of 28419.27 and 28521.16. There were 18 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.57%, while Small cap index was up by 0.71%.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Marksans*	47.60	17.24
*Jindalstel*	100.65	8.28
*Adanient*	99.10	5.76
*HCC*	41.05	5.66
*Group ATopLosers*
*AIAENG*	1471.50	-2.23
*GVKPIL*	6.58	-1.94
*Suntv*	690.60	-1.81
*Havells*	420.40	-1.29

Market Statistics
	BSE	NSE
*Advances*	*1675*	*1064*
*Declines*	*505*	*420*

Technical view: Nifty finds strong support around 8770 which was an earlier resistance while 8900 acts as strong resistance. Bank Nifty now finds support around 20500 while 20900 will act as resistance.

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*8785*	*8933*
*Nifty*	*28345*	*28850*

Trading ideas :PETRONET (Buy above Rs 401, for target of Rs 418, SL at Rs 390): Stock has broken out from a short term consolidation pattern which took 12 weeks to complete. The immediate resistance of Rs 396.5 was breached convincingly accompanied with impressive volumes. Momentum oscillators have also witnessed positive crossover which further adds confirmation to our positive stance.

Derivative Snippets: Markets surge higher as the index call option writers run for a cover, massive short covering was witnessed in Nifty 8800 to 9000 call options and Banknifty 20200 to 20700 call options.

FIIs were net buyers in cash market segment to the tune of Rs. 8043 crores.

FII’s index future long/short ratio at 2.9x vs 3.1x. Heavy call option buying (short covering) to the tune of 15k contracts was observed.

Nifty Movers: The top gainers on Nifty were Idea Cellular up by 2.97%, BhartiAirtel up by 2.27%, GAIL India up by 1.81%, Tata Power up by 1.66% and TCS up by 1.51%.

On the flip side, Hindalco down by 1.50%, Tech Mahindra down by 1.06%, HDFC down by 0.99%, Bosch down by 0.99% and Yes Bank down by 0.87% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Telecom up by 1.91%, Consumer Durables up by 1.13%, Basic Materials up by 0.88%, Realty up by 0.78% and Utilities up by 0.72%, while FMCG down by 0.04% was the sole loser on BSE.

The top gainers on the Sensex were BhartiAirtel up by 2.30%, GAIL India up by 1.80%, Tata Steel up by 1.42%, TCS up by 1.41% and Bajaj Auto up by 1.14%.

On the global front: On the global front, Asian shares were trading mostly in green, with Tokyo shares erasing morning losses and Hong Kong equities resuming a rally. Japan’s exports rose in January at a slower pace than the previous month due to a decline in shipments to the US and the Lunar New Year holidays and as concerns about growing trade protectionism cast doubts over the outlook.

Global Signals:The Asian markets were trading mostly in green; KOSPI Index increased 0.53 points or 0.03% to 2,081.11, FTSE Bursa Malaysia KLCI increased 4.09 points or 0.24% to 1,711.77, Jakarta Composite increased 15.89 points or 0.3% to 5,366.82, Nikkei 225 increased 16.76 points or 0.09% to 19,251.38, Shanghai Composite increased 27.08 points or 0.85% to 3,229.15 and Hang Seng increased 81.32 points or 0.34% to 24,115.06.On the other hand, Taiwan Weighted decreased 25.33 points or 0.26% to 9,754.59.

Emerging markets join the rally with strong flows now chasing 'alpha' as developed markets look expensive

17. February 2017 Rohit Stock Market Research (0)

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Indian Indices: Asian markets saw routine profit booking in early trade as the Dow Jones index managed to close flat after seeing huge gains in the past few days. The flow of money is now seeing buying emerging markets indices & stocks more aggressively as the developed markets get more expensive. With the MSCI world index hitting all time highs equity flows may continue to chase stocks in the near term.

Nifty rebounded in style & closed within reach of 8800 as IT, energy & gas stocks led the way forward. With expiry due next Wednesday expect another attempt @ 8840 with possibility of hitting 8900 by next week on the cards. For today expect pullback in Auto's, Banks &Mid caps as the broader market may outperform. Shares of HDFC Bank would be in action after the Reserve Bank of India (RBI) removed the heavyweight from ban list for FII Share Purchase. The aggregate foreign shareholding in HDFC Bank has slipped below 72%. The limit specified under the existing FDI Policy is of 74%. Thus, the restriction on purchase of shares of HDFC Bank is withdrawn with immediate effect.

The CNX Nifty is currently trading at 8821.15, up by 43.15 points or 0.49% after trading in a range of 8804.25 and 8896.45. There were 26 stocks advancing against 25 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*HDFCBank*	1413.00	6.45
*Wabag*	519.50	5.03
*Cadilahc*	450.50	4.90
*Dishman*	217.50	4.39
*Group ATopLosers*
*Godrejind*	484.50	-4.27
*Aiaeng*	1493.00	-3.47
*NHPC*	30.10	-2.75
*Idea*	104.85	-2.74

Market Statistics
	BSE	NSE
*Advances*	*503*	*280*
*Declines*	*1673*	*1227*

Technical view: Nifty now finds strong support around 8720 with 8820 being the resistance on the upside. Bank Nifty also finds strong support around 20000 while 20350 will act as initial resistance.

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*8769*	*8845*
*Nifty*	*28261*	*28460*

Trading ideas :TATAMOTORS (Buy above Rs 447 for target of Rs 465, SL at Rs 438):Stock has formed a bullish hammer pattern on the daily charts after hitting a low of Rs 435 in yesterday's trade. Tata Motors bounced from the multiple support line from where it has reversed twice earlier. The stock also after retracing 50% of its previous up move is showing signs of a reversal. We advise to Buy Tatamotors above Rs 447, stop loss at Rs 438 and Target of Rs 465.

Corporate Snippets:

Cadila Healthcarehas said the US health regulator has inspected the company’s Moraiya plant and found it meeting the manufacturing norms.

IL&FS Engineering and Construction Companyhas bagged two pipeline laying contracts worth Rs1.23bn from Gas Authority of India Ltd (GAIL).

Tata Consultancy Services’s (TCS),board of directors would consider a proposal for buyback of equity shares of the company at its meeting to be held on Feb 20, 2017.

NTPC is planning to expand into cement manufacturing with the twin objectives of utilising fly ash from its power stations and create captive demand for electricity.

Nifty Movers: The top gainers on Nifty were HDFC Bank up by 6.24%,Indusind Bank up by 1.66%, Bosch up by 1.61%, BPCL up by 1.50% and HDFC was up by 1.39%. On the flip side, Idea Cellular down by 3.25%, BhartiInfratel down by 1.82%, Infosys down by 1.79%, TCS down by 1.52% and HCL Tech was down by 1.43% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Bankex up by 1.80%, Oil & Gas up by 0.58%, Consumer Durables up by 0.36%, PSU up by 0.21% and Capital Goods was up by 0.20%, while IT down by 1.21%, TECK down by 1.06%, Metal down by 0.31%, FMCG down by 0.03% and Auto was down by 0.01% were the top losing indices on BSE.

On the global front:On the global front, Asian stock markets took a breather on Friday from their recent surge as investors took profits, while the dollar inched up after Thursday’s slide and optimism over possible renewed supply cuts by OPEC lifted oil prices. The US markets ended almost flat after a lackluster performance in the last session, as traders expressed some uncertainty about the near-term outlook for the markets following the recent run to record highs.

Global Signals:Asian markets were trading mostly in red; Nikkei 225 declined 132.06 points or 0.68% to 19,215.47, Hang Seng decreased 96.44 points or 0.4% to 24,011.26, Jakarta Composite fell 27.64 points or 0.51% to 5,350.36, Shanghai Composite shed 15 points or 0.46% to 3,214.62, Taiwan Weighted slipped 7.88 points or 0.08% to 9,763.37 and KOSPI Index was down by 3 points or 0.14% to 2,078.84. On the flip side, FTSE Bursa Malaysia KLCI was up by 2.36 points or 0.14% to 1,709.95.

Dow Jones in new orbit as new highs coming on a daily basis with chase for equities seeing huge global liquidity rally

16. February 2017 Rohit Stock Market Research (0)

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Indian Indices: Asian markets opened flat with profit booking seen on opening bell even as the US indices chase new highs daily. Globally the equity rally gathers steam with the developed markets seeing new all time highs, led by the US & German indices. The Brazilian 'Bovespa' also seems to be seeing huge interest with new 52 week highs being seen on a regular basis in tandem with the US indices.

Nifty succumbed to profit booking in mid session& broke most near term supports to hit 8715 as the carnage in Tata Motors spoilt sentiment. With expiry for derivative contracts next Wednesday expect higher than normal volatility as foreign flows continue to buy the falls & protect the downsides. For today expect IT & energy to see buying while auto, metals & banks could see further selling on the downside.

The BSE Sensex is currently trading at 28185.31, up by 29.75 points or 0.11% after trading in a range of 28146.19 and 28264.67. There were 18 stocks advancing against 12 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.53%, while Small cap index was up by 0.57%.The CNX Nifty is currently trading at 8737.80, up by 13.10 points or 0.15% after trading in a range of 8719.60 and 8751.45. There were 31 stocks advancing against 20 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*JPAssociat*	13.25	9.69
*IIFL*	355.80	4.68
*Edelweiss*	116.30	3.98
*Jindalstel*	92.90	3.51
*Group ATopLosers*
*Godrejind*	502.00	-3.43
*Southbank*	19.90	-2.69
*DEN*	81.65	-1.63
*ITC*	269.10	-1.57

Market Statistics
	BSE	NSE
*Advances*	*503*	*280*
*Declines*	*1673*	*1227*

Technical view: Nifty could find support close to 8675 while 8775 will act as resistance. Bank Nifty finds strong support @ 20000 while 20350 will act as resistance & the weekly expiry today could see volatility spurt intraday.

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*8769*	*8845*
*Nifty*	*28261*	*28460*

Trading ideas :HDFC BANK (Buy above Rs 1324 for target of Rs 1354, SL at Rs 1310): HDFC Bank has broken out from a trading range and also closed above the immediate crucial resistance of Rs 1320. The breakout in yesterday's session comes with impressive volumes, and confirm the continuation of the primary uptrend. We advise to Buy HDFC BANK above Rs 1324, stop loss at Rs 1310 and Target of Rs 1354.

Corporate Snippets: Reliance Infrastructure has decided to reboot its engineering, procurement and construction (EPC) business after scaling it down in the past 3-4 years due to slowdown in orders and shrinking margins.

DLF has decided to extend the deadline for sale of 40% stake owned by its promoters in its rental arm DLF Cyber City Developers (DCCDL) to March 2018.

Piramal Fund Management (PFM), arm of Piramal Enterprises, has sanctioned investments worth about Rs20bn within three months of launching lease rental discounting (LRD) for completed commercial assets that include office and retail space.

Nifty Movers: The top gainers on Nifty were Sun Pharma up by 2.30%, Tata Motors - DVR up by 1.71%, Infosys up by 1.68%, Eicher Motors up by 1.65% and Tata Motors up by 1.62%. On the flip side, ICICI Bank down by 1.99%, Dr. Reddy’s Lab down by 1.54%, BPCL down by 1.53%, ITC down by 1.41% and Adani Ports & Special Economic Zone down by 1.23% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 2.30%, IT up by 1.23%, Consumer Durables up by 1.06%, TECK up by 0.96% and Auto up by 0.68%, while FMCG down by 0.65% and Bankex down by 0.03% were the only losers on BSE.

On the global front: On the global front, Asian shares were trading mostly in red, as markets tread cautiously on growing prospects for a Fed rate hike in March. Japan’s stock exchange fell with Toshiba shares down amid mounting troubles over efforts to restructure operations after a massive write-down related to its US nuclear unit.

Global Signals: The Asian markets were trading mostly in red; Nikkei 225 decreased 96.96 points or 0.5% to 19,341.02, Taiwan Weighted decreased 40.64 points or 0.41% to 9,759.12, Jakarta Composite decreased 4.28 points or 0.08% to 5,376.39, FTSE Bursa Malaysia KLCI decreased 3.06 points or 0.18% to 1,706.73 and KOSPI Index decreased 2.85 points or 0.14% to 2,081.01. On the other hand, Shanghai Composite increased 8.11 points or 0.25% to 3,221.10 and Hang Seng increased 74.91 points or 0.31% to 24,069.78.

Sensex.Nifty end flat with positive bias ahead of Jan CPI data

15. February 2017 Rohit Stock Market Research (0)

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Indian Indices: Indian equity benchmarks trimmed losses but continued to trade in red amid consolidation in late afternoon trade as investors awaited retail inflation data for the month of January due later today. The markets trimmed its losses led by IT, TECK, Metal and Power stocks. While, the sell-off continued in Consumer Durables, PSU, FMCG and Realty stocks. Investor sentiments remained positive on the back of gains by European and Asian markets. However, upside remained capped with the report indicating that Industrial production contracted in December 2016, due to a sharp decline in production of consumer goods, confirming a demonetisation led contraction in demand. Index of Industrial Production (IIP) was 0.4% lower in December 2016 from the same period a year ago. The number was well below the 5.7% growth in November.

The BSE Sensex is currently trading at 28303.17, down by 31.08 points or 0.11% after trading in a range of 28197.38 and 28458.80. There were 14 stocks advancing against 16 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.61%, while Small cap index was down by 0.62%.

The CNX Nifty is currently trading at 8784.85, down by 8.70 points or 0.10% after trading in a range of 8754.20 and 8826.90. There were 23 stocks advancing against 28 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Suzlon*	18.05	4.95
*Exidind*	215.50	3.68
*IIFL*	341.15	3.57
*PEL*	1832.00	3.37
*Losers*
*Bankbarod*	168.75	-10.26
*SRF*	1594.00	-9.02
*IFCI*	28.90	-6.47
*Unitech*	6.17	-5.95

*Market Statistics*
	*BSE*	*NSE*
*Advances*	1397	648
*Declines*	1190	811

Crporate Front: Driven by strong participation from retail investors, mutual fund (MF) houses have registered an addition of around 62 lakh investor accounts in the first 10 months of the current fiscal, taking the total tally to 5.4 crore, reported PTI. This follows addition of 59 lakh folios in 2015-16 and 22 lakh in 2014-15.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Macroeconomic front: The Reserve Bank central board took stock of the current economic situation, global and domestic challenges and other specific areas of its operations, reported PTI. "The 563rd meeting of the central board meeting was chaired by RBI Governor Urjit R Patel... The board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reserve Bank of India," the central bank said in a statement.

On the global front: On the global front, European markets were trading in green with positive U.S. and Asian cues, reflecting optimism with U.S. President Donald Trump's tax reform plans, and generally upbeat global economic data. Asian markets were trading in green as investor sentiments improved after a meeting between Trump and Japanese Prime Minister Shinzo Abe ended without trouble, avoiding tough talk on currency and trade issues. Back home, in scrip specific development, Trent traded higher after the company received an approval for raising of funds through issue of Commercial Paper up to an amount not exceeding Rs 100 crore.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*29145.00*	*-0.1*
*Silver*	*42641.00*	*0.1*
*Crude oil*	*3588.00*	*-0.58*
*Natural Gas*	*199.60*	*-2.2*
*Alluminium*	*125.25*	*0.32*
*Copper*	*410.20*	*0.5*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 0.72%, TECK up by 0.55%, Metal up by 0.15% and Power up by 0.14%, while Consumer Durables down by 1.18%, PSU down by 1.04%, Realty down by 0.95%, Capital Goods down by 0.60% and FMCG down by 0.53% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Eicher Motors up by 2.51%, Hindalco up by 2.00%, Yes Bank up by 1.73%, Tata Power up by 1.53% and Infosys up by 1.49%. On the flip side, Bank of Baroda down by 9.04%, Idea Cellular down by 3.12%, AurobindoPharma down by 2.57%, BHEL down by 1.99% and SBI down by 1.77% were the top losers.

Global Signals:

All Asian markets were trading in green; KOSPI Index increased 3.57 points or 0.17% to 2,078.65, FTSE Bursa Malaysia KLCI increased 9.32 points or 0.55% to 1,708.26, Shanghai Composite increased 20.14 points or 0.63% to 3,216.84, Jakarta Composite increased 26.46 points or 0.49% to 5,398.13, Taiwan Weighted increased 44.73 points or 0.46% to 9,710.32, Nikkei 225 increased 80.22 points or 0.41% to 19,459.15 and Hang Seng increased 136 points or 0.58% to 23,710.98.

All European markets were trading in green; UK’s FTSE 100 increased 7.45 points or 0.1% to 7,266.20, France’s CAC increased 20.4 points or 0.42% to 4,848.72 and Germany’s DAX increased 34.09 points or 0.29% to 11,701.06.

Dow Jones scales new highs as equity outperformance continues with rise in stocks & bond yields.

14. February 2017 Rohit Stock Market Research (0)

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Indian Indices: Asian markets saw profit booking in early trade even as US indices continued to hit new highs with Dow Jones scaling 20400.Equity allocations continue to see increase with US assets being most sought after, even as bond yields hit near term highs.US$ retreated from fresh near term highs as markets await Federal Reserve Chairman Janet Yellen's testimony on rate outlook this week.

Nifty saw weakness creep in above 8800 with PSU banks & metals leading the market lower. However late session buying by foreign investors pushed up the index to close above 8800 as rupee strength & better then expected corporate results buoyed sentiment. For today expect positive opening & consolidation with any fall being bought by foreign institutional investors which could see Nifty attempt 8840 on the upside.

The BSE Sensex is currently trading at 28329.16, down by 22.46 points or 0.08% after trading in a range of 28263.45 and 28386.68. There were 11 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index shed 0.33%, while Small cap index was down by 0.18%.The CNX Nifty is currently trading at 8792.10, down by 12.95 points or 0.15% after trading in a range of 8772.50 and 8820.45. There were 20 stocks advancing against 31 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*GVK PIL*	7.31	10.76
*MMTC*	66.20	5.08
*SJVN*	34.10	3.33
*Sun tv*	728.00	2.03
*Group ATopLosers*
*Repcohome*	674.00	-7.40
*Shreecem*	15170.00	-4.63
*Unitech*	5.89	-4.54
*Concor*	1252.00	-4.06

Market Statistics
	BSE	NSE
*Advances*	*1703*	*626*
*Declines*	*673*	*872*

Technical view: Nifty finds strong support around 8750 which was yesterday's low & faces resistance around 8840, break either side will see Nifty direction in the near term. Bank Nifty also finds support @ 20116 which was yesterday's low while 20576 continues to act as hurdle on the upside.

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*8769*	*8845*
*Nifty*	*28261*	*28528*

Trading ideas: Wipro (Buy above Rs 475 for target of Rs 490, SL at Rs 468): The stock was stuck in narrow trading range for the past two weeks and has been creating a base between 450-470 levels. Wipro has finally broken from the consolidation phase. The stock has also closed above all its crucial moving averages. Other momentum oscillators are also indicating that current momentum is here to stay.

Corporate Snippets:

Reliance Defence and Engineeringsigned an agreement with the American Navy for repair and alteration services for warships of the largest forward-deployed Seventh Fleet operating in the region.

Suzlon Energyhas divested 49% stake in solar power projects totalling 210mw and is in advanced talks to sell stake in another 130mw projects in a deal that the company aims to close before March.

L&T entered into a joint venture with European defence major MBDA MissileSystems for development of missiles in India.

Nifty Movers: The top gainers on Nifty were Adani Ports up by 1.55%, Reliance Industries up by 1.11%, Grasim Industries up by 0.99%, Tech Mahindra up by 0.99% and ONGC was up by 0.91%. On the flip side, BPCL down by 2.21%, Hero MotoCorp down by 1.90%, Ambuja Cement down by 1.69%, Zee Entertainment down by 1.41% and Coal India was down by 1.34% were the top losers.

Top Sectoral& Stock Screening: The only gaining sectoral indices on the BSE were Realty up by 0.28% and Bankex was up by 0.08%, while Consumer Durables down by 0.85%, Auto down by 0.66%, Metal down by 0.57%, Capital Goods down by 0.48%, Power was down by 0.42% were the top losing indices on BSE.

On the global front: On the global front, Asian counters were trading mostly in red at this point of time with the rally fizzling out, traders are pricing in a 30 percent chance the US Fed will lift rates at its March 15 meeting. Japanese market too was in red ahead of Bank of Japan Governor Haruhiko Kuroda’s speech later in the day. The US markets extended their upmoves in last session to reach fresh record highs, on optimism about reduced corporate taxes under President Donald Trump.

Global Signals:Asian markets were trading mostly in red; Nikkei 225 declined 151.14 points or 0.78% to 19,308.01, Jakarta Composite decreased 10.7 points or 0.2% to 5,398.85, KOSPI Index shed 7.04 points or 0.34% to 2,071.61, Shanghai Composite slipped 4.41 points or 0.14% to 3,212.43, FTSE Bursa Malaysia KLCI dipped 2.47 points or 0.14% to 1,707.77 and Taiwan Weighted was down by 0.99 points or 0.01% to 9,709.33. On the flip side, Hang Seng was up by 1.19 points or 0.01% to 23,712.17.

Arvind Stock Research Report

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Text Box: Company Overview: Arvind has a strong focus on Research and Development for process improvement, cost reduction and new product development. This is evident in the fact that Arvind continuously modifies its production process to enhance flexibility on the use of various types and quality of cotton. To further meet customer needs, Arvind has also introduced a new dyeing and processing method for denims.

State-of-the-art technology and equipment have made Arvind one of the leading producers of denim in the world, paving the way for the Company to emerge as a global textile conglomerate. This cutting edge position comes to Arvind courtesy technologies such as Open-end Spinning, Foam Finishing, Mercerizing, Slasher-dyeing, Rope-dyeing, Air-Jet, Projectile and Wet Finishing. It’s only natural that Arvind quality fabrics are in high demand in the markets of Europe, US, West Asia, the Far East and Asia Pacific.

Continued traction in the brand portfolio

* Consolidated revenues rose by 15% yoy to Rs23bn. EBITDA margin was down 250bps yoy at 10.1%. APAT down 16% yoy at Rs756mn

* “Unlimited” and growth brands drove overall Brand and Retail (B&R) growth by 24% yoy to Rs7.6bn. Textile revenues grew 8% yoy to Rs14bn on the back of a robust volume growth in garmenting division. We expect revenue CAGR of 14.6% over FY16-19E

* EBITDA margins were impacted by weaker mix in favour of garmenting (in textiles) and EBO/LFS (in brands), investment in the internet business and advancement of end of season sale (EOSS). We expect EBITDA margin of 11.9/12.3/12.5% in FY17/18/19E.

Performance highlights:.

Branded apparel sustains growth trajectory; Margins impacted by one-offs

Arvind’s Q3FY17 revenue growth was in-line with our estimates, while EBITDA margins were impacted due to one-offs. Key highlights: 1) Consolidated revenues at Rs23.3bn were up 15% yoy, with textile revenues increasing 8% yoy and B&R revenues increasing 24% yoy. EBITDA at Rs2.4bn down 8% yoy. EBITDA margins corrected down by 250bps yoy to 10.1%, impacted by higher employee costs, weaker mix, and investment in the internet business. Lower interest burden was offset by lower other income resulting in APAT of Rs756mn, down 16% yoy.

Demonetisation impact wears off; Maintains guidance of 15% growth

Company has maintained its revenue growth guidance of 15% going forward, driven by 25% growth in the B&R division. Growth in textiles is expected to be subdued at c.8%. Operating leverage, localised sourcing and improved performance from “Unlimited”, growth brands and specialty retail are expected to partially offset weaker mix (which will weigh down EBITDA margins). We have built in a 14.6% revenue CAGR over FY16-19E. We expect consolidated EBITDA margins to decline by 70bps in FY17E and to improve by 40/20bps in FY18E/19E.

Financials :

Particulars	Dec-16	Sep-16	June-16
Revenue	1463.91	1484.16	1465.85
Other Income	16.75	31.47	23.62
Total Income	1480.66	1515.63	1489.47
Expenditure	-1280.43	-1310.29	-1247.96
Interest	-54.80	-57.40	-70.50
PBDT	145.43	147.94	171.01
Depreciation	-46.46	-45.59	-43.53
PBT	98.97	102.35	127.48
Tax	-27.32	-35.08	-40.03
Net Profit	71.65	67.27	87.45
Equity	258.36	258.36	258.24
EPS	2.78	2.60	3.39

Highlights the fact:

1)Company has maintained its revenue growth guidance of 15% going forward, driven by 25% growth in the B&R division.

2)Lower interest burden was offset by lower other income resulting in APAT of Rs756mn, down 16% yoy.

3)The B&R business is well placed with a strong portfolio of brands, and is expected to drive growth.

4)EBITDA margins were impacted by weaker mix in favour of garmenting (in textiles) and EBO/LFS (in brands), investment in the internet business and advancement of end of season sale (EOSS).

5)Consolidated revenues rose by 15% yoy to Rs23bn. EBITDA margin was down 250bps yoy at 10.1%. APAT down 16% yoy at Rs756mn.

6)We expect consolidated EBITDA margins to decline by 70bps in FY17E and to improve by 40/20bps in FY18E/19E.

Technically View:

The stock is currently trading around 50 days and 100 days, moving average that is all about good positive moov& uptrend signal on daily base. RSI &MFI is present at 48 and 68respectivally, which is uptrend& showing the sideways formation for the short term period. The stock is currently in the upward formation and when it hold above 400 then somemore upside is expecting with major support is found 330 level. MACD line is greaterthen signal line 10 day Avg Volume is very high.

VALUATION & OUTLOOK:

While the revenue growth was in-line with our expectation, the impact of demonetisation on the trade channels, advancement of EOSS and investment in the internet business impacted profitability. The B&R business is well placed with a strong portfolio of brands, and is expected to drive growth. Owing to the weak profitability in the quarter and EBITDA mix moving in favour of low margin B&R and Garmenting segments, we have cut our EBITDA by 6%/4%/2% for FY17E/18E/19E respectively and consequently cut our EPS by 12%/8%/4% for FY17E/18E/19E. We maintain ACCUMULATE rating with revised price target of Rs450/share.

We retain our Buy recommend in this script with a price target of Rs 450 in the very short term outlook. So Entry would be around 380-370as recomanded in this counter.

Sensex, Nifty close higher amid consolidation

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Indian Indices: Indian equity benchmarks trimmed losses to trade in green in late afternoon session amid positive global cues. Sentiments got some support with report that Indian economy attracted $4.68 billion foreign direct investment (FDI) in November 2016, up 60 per cent over the corresponding period last year of $2.93 billion. During April-November period of the current fiscal, FDI in the country grew to $32.49-billion against $24.81 billion in the same period previous year. However, upside remained capped as the Reserve Bank of India decided to hold the key repo rate at 6.25% for the second time in a row, changing its stance to 'neutral' from 'accommodative'. The central bank also cut the economic growth forecast to 6.9 per cent for the current fiscal from 7.1 per cent estimated earlier.Meanwhile, continuing its protectionist approach to support the domestic steel industry hit by cheap imports, the government has extended the anti-dumping duty on certain cold-rolled flat steel products from four nations including China and South Korea, by two months.

The BSE Sensex is currently closed at 28329.70, up by 39.78 points or 0.14% after trading in a range of 28152.18 and 28469.48. There were 16 stocks advancing against 13 stocks declining on the index, while one stock remained unchanged.The broader indices were trading in green; the BSE Mid cap index was up by 0.08%, while Small cap index was up by 0.28%.

The CNX Nifty is currently shut up at 8778.40, up by 9.35 points or 0.11% after trading in a range of 8724.10 and 8821.40. There were 26 stocks advancing against 25 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Titan*	425.15	8.07
*JPassociat*	13.92	6.67
*FSL*	45.95	6.61
*MCleodrus*	170.00	6.18
*Losers*
*Jubilant*	700.00	-6.40
*Ramcocem*	676.25	-5.36
*Adanient*	92.10	-5.20
*JPassociat*	13.08	-4.94

*Market Statistics*
	*BSE*	*NSE*
*Advances*	1397	648
*Declines*	1190	811

Crporate Front: The Reserve Bank's decision not to cut key policy rates is slightly negative for Indian equities and rupee in the near term, says a Nomura report. "The surprising decision not to cut rates is slightly negative for India equities and INR in the near term; however, we maintain our medium-term view of INR outperformance and long INR position in our RV portfolio.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Macroeconomic front: Government will this week launch a portal for bringing in more transparency and speed up mining-related activities in the country. The Mines Ministry has developed a portal which would facilitate in expediting the clearances associated with the mining blocks and help all stakeholders to track status of statutory clearances, an official statement said.

On the global front:

On the global front, European markets were trading in green as investors focused on earnings and took a cautious approach amid rising political uncertainty. Asian markets were trading in green although Japanese markets remained under pressure owing to the yen's overnight strength. Back home, in scrip specific development, Maharashtra Seamless traded higher after the company bagged prestigious ONGC order worth Rs 421 crore ($ 61 million) for supply of seamless casings to ONGC against stiff competition from domestic as well as foreign manufactures from China, Russia, Ukraine, Romania, Argentina and others.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*29362.00*	*0.11*
*Silver*	*42371.00*	*0.06*
*Crude oil*	*3542.00*	*0.8*
*Natural Gas*	*212.70*	*0.42*
*Alluminium*	*123.65*	*0.37*
*Copper*	*394.40*	*-0.01*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 1.47%, TECK up by 1.43%, Realty up by 1.13%, Power up by 0.64% and Consumer Durables up by 0.36%, while Metal down by 0.64%, Bankex down by 0.36%, PSU down by 0.17% and Capital Goods down by 0.15% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were BhartiInfratel up by 3.77%, Tech Mahindra up by 2.30%, AurobindoPharma up by 1.89%, TCS up by 1.87% and Power Grid up by 1.72%. On the flip side, Hindalco down by 2.28%, Tata Steel down by 1.89%, Bank of Baroda down by 1.79%, Cipla down by 1.50% and Indusind Bank down by 1.22% were the top losers.

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 0.8 points or 0.04% to 2,065.88, Jakarta Composite increased 6.18 points or 0.12% to 5,367.27, Shanghai Composite increased 16.2 points or 0.51% to 3,183.18, Hang Seng increased 40.01 points or 0.17% to 23,525.14 and Taiwan Weighted increased 46.93 points or 0.49% to 9,590.18. On the flip side, Nikkei 225 decreased 99.93 points or 0.53% to 18,907.67.

All European markets were trading in green; UK’s FTSE 100 increased 6.35 points or 0.09% to 7,195.17, France’s CAC increased 23.73 points or 0.5% to 4,790.33 and Germany’s DAX increased 56.34 points or 0.49% to 11,599.72.

US bond yields rise as expectations of large stimulus & monetary expansion on the cards!!

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Indian Indices: Asian markets traded flat to mildly negative with the Japanese 'Nikkei" again falling prey to the stronger yen which saw a brief one day bounce back. Gold prices rallied on the back of strong ETF buying as money chases defensives ahead of important monetary announcements in the US.

Nifty saw disappointment creep in as RBI maintained 'status quo' on policy rates. This saw Nifty & Bank Nifty correct sharply intraday only to recover all losses by the end of the day.With uneasiness @ 8800 expect another few days for consolidation before any break out takes place as earnings season nears its end. The RBI no change saw bond yields move up while rupee gained ground which would be the silver lining for foreign investors as the Rupee has been an outperformer in the emerging market basket.

The BSE Sensex is currently trading at 28209.97, down by 79.95 points or 0.28% after trading in a range of 28184.21 and 28469.48. There were 8 stocks advancing against 22 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.35%, while Small cap index was down by 0.12%.The CNX Nifty is currently trading at 8738.80, down by 30.25 points or 0.34% after trading in a range of 8729.15 and 8821.40. There were 16 stocks advancing against 35 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Justdail*	427.40	5.82
*SKFindia*	1408.25	3.55
*Polaris*	162.90	2.74
*Ajantaphar*	1806.35	2.69
*Group ATopLosers*
*Union bank*	154.55	-7.32
*RTNPower*	7.60	-5.00
*Eclerx*	1416.45	-3.66
*CUB*	152.40	-3.64

Market Statistics
	BSE	NSE
*Advances*	*1703*	*639*
*Declines*	*673*	*785*

Technical view: Nifty held on to 8700 which will act as strong support while 8820 continues to act as stiff resistance. Bank Nifty also held 20000 which now will act as strong support while 20576 continues to be a strong resistance.

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*8725*	*8840*
*Nifty*	*28160*	*28520*

Trading ideas: Engineers India (Buy above Rs 159 for target of Rs 167, SL at Rs 155.5): After oscillating in a tight trading range for the past few weeks, Engineers India has finally broken out from a "Pennant" pattern on daily charts. The stock also managed to close above its short term 50-DMA placed at Rs 153.5. It an ideal price-volume breakout with oscillators indicating an upward range shift signalling positive momentum to continue. We advise to Buy Engineers India above Rs 159, stop loss at Rs 155.5 and Target of Rs 167.

Corporate Snippets: The Government is mulling the merger of about half a dozen state-owned consultancy firms like Engineering Projects (India) Ltd with Engineers India Ltd (EIL) to create a mega consultancy firm that can take on the might of global giants like Bechtel.

Reliance Jiorubbished BhartiAirtel’s statement on providing 35,000 points of interconnect to the company as “malicious” and “misleading”.

Federal BankLimited has partnered with online data and information portal Commodity Online for the distribution of loans against warehouse receipts and collateral management services across the country.

Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 1.38%, Power Grid up by 1.12%, HCL Tech up by 1.10%, Hero MotoCorp up by 1.07% and Tech Mahindra up by 0.77%. On the flip side, Hindalco down by 2.99%, Bank of Baroda down by 2.70%, Tata Steel down by 1.99%, ICICI Bank down by 1.77% and BHEL down by 1.70% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Consumer Durables up by 0.70%, IT up by 0.67%, TECK up by 0.52%, Realty up by 0.23% and Oil & Gas up by 0.07%, while Metal down by 1.38%, Bankex down by 0.92%, Capital Goods down by 0.77%, PSU down by 0.51%, Auto down by 0.51% were the losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in green, barring Nikkei as investors grew more confident about the world’s second-largest economy. Japan’s core machinery orders rebounded more than expected in December from the prior month’s fall and are seen rising again this quarter - an encouraging sign of a pick-up in capital expenditure.

Global Signals: The Asian markets were trading mostly in green; KOSPI Index increased 5.91 points or 0.29% to 2,070.99, Shanghai Composite increased 12.58 points or 0.4% to 3,179.56, Jakarta Composite increased 20.1 points or 0.37% to 5,381.19, Taiwan Weighted increased 48.38 points or 0.51% to 9,591.63 and Hang Seng increased 76.74 points or 0.33% to 23,561.87.On the other hand, Nikkei 225 decreased 87.23 points or 0.46% to 18,920.37.Malaysia stock exchange was closed for the day on account of ‘Thaipusam’ holiday.

Dow Jones hits new highs as US$ rallies even as crude oil slumps which drags energy stocks

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Indian Indices: Asian markets will see a positive opening as the Japanese index gains with the yen weakening after 4 days of gains. The US$ rallied from oversold territory which saw stocks bounce back even as crude prices tumbled most in the last 3 months. This saw energy stocks drag the index lower from new highs even as financials outperformed.

Nifty saw volatility creep in ahead of the Central bank meeting today on interest rates. With consensus 25 basis point rate cut being priced in more emphasis will be on the policy outlook going forward with a 'dovish' stance being seen by most. Earnings beat by Bhel& Tata Steel should see more action on stocks as Nifty may remain range bound.

The BSE Sensex is currently trading at 28341.70, up by 6.54 points or 0.02% after trading in a range of 28305.91 and 28391.64. 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 0.45%, while Small cap index was up by 0.33%.The CNX Nifty is currently trading at 8779.25, up by 10.95 points or 0.12% after trading in a range of 8765.85 and 8782.85. There were 35 stocks advancing against 16 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Titan*	424.10	7.80
*JPASSOCIT*	13.59	4.14
*FSL*	44.80	3.94
*BFUTILITIE*	409.50	3.88
*Group ATopLosers*
*GMDCLTD*	115.80	-3.50
*Natcophar*	758.55	-3.45
*UBL*	796.45	-2.58
*Amtekauto*	37.80	-2.45

Market Statistics
	BSE	NSE
*Advances*	*1703*	*918*
*Declines*	*673*	*555*

Technical view: Nifty will see support around 8700 while 8800 will act as resistance, break either side will see further up or down side. Bank Nifty will face resistance around 20576 while 20000 will act as support.

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*8735*	*8840*
*Nifty*	*28220*	*28595*

Trading ideas: IBULHSGFIN (Buy above Rs 830 for target of Rs 865, SL at Rs 814): Stock has broken out from a cup and handle pattern on daily charts recently and has carried forward the momentum swiftly. The strong move has been accompanied with a solid rise in traded volumes. Other momentum oscillators also indicate the current momentum is here to stay. Our analysis of weekly chart also suggests, the stock is trending up in a rising channel which further accentuates our positive bias on the stock.

Corporate Snippets:

In a major blow to liquor baron Vijay Mallya, the Karnataka High Court ordered winding of the United Breweries (Holdings) Limited, the parent company of UB Group for recovering dues payable by UBHL-promoted Kingfisher Airlines Ltd.

Gujarat State Petronet Ltd (GSPL)has commissioned the Mandali-Becharaji pipeline to supply natural gas for manufacturing in the North Gujarat plants of Maruti Suzuki India Ltd (MSIL) and Honda Motors Scooters India (HMSI).

Addressing the need of pacing up constructions with skilled labour that would result in quicker delivery and hand overs, PNB Housing Finance Limited (PNBHFL) has signed an MOU with CREDAI West Bengal to train 1000 construction workers in Kolkata and nearby villages.

Nifty Movers: The top gainers on Nifty were Ambuja Cement up by 2.66%, ACC up by 2.32%, BhartiInfratel up by 2.09%, Hindalco up by 1.96% and Grasim Industries up by 1.78%. On the flip side, Axis Bank down by 2.00%, ITC down by 1.23%, Dr. Reddy’s Lab down by 0.75%, Infosys down by 0.67% and Hindustan Unilever down by 0.64% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Consumer Durables up by 3.13%, Auto up by 0.79%, Realty up by 0.78%, Metal up by 0.67% and Oil & Gas up by 0.49%, while FMCG down by 0.55% and Bankex down by 0.15% were the losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in red, with pressure on oil prices hitting energy shares. A summary of opinions from January 30-31 meeting showed that Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure but warned that it may take time for inflation expectations to pick up.

Global Signals:The Asian markets were trading mostly in red; Jakarta Composite decreased 31.47 points or 0.58% to 5,350.01, KOSPI Index decreased 15.75 points or 0.76% to 2,059.46, Hang Seng decreased 10.9 points or 0.05% to 23,320.67, Shanghai Composite decreased 8.47 points or 0.27% to 3,144.62 and FTSE Bursa Malaysia KLCI decreased 1.16 points or 0.07% to 1,687.68.On the other hand, Taiwan Weighted increased 0.03 points or 0% to 9,554.59 and Nikkei 225 increased 46.13 points or 0.24% to 18,956.91.