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Topic :- Share Market Closing Note

Equity benchmark indices ended the session on a weak note, with the Nifty ending just above 9900-mark.

The Sensex was down 147.58 points at 31661.97, while the Nifty was down 36.00 points at 9916.20. The market breadth was narrow as 1328 shares advanced against a decline of 1242 shares, while 148 shares were unchanged.

Midcaps ended the session on a flat note, while all sectoral indices except metals and energy were in the red.

Kotak Bank, Reliance, Hindalco and Indiabulls Housing gained the most on both indices, while Sun Pharma, ITC and Bosch were the top losers.

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Topic :- Time:3.05 PM

Nifty is trading flat mainly. Nifty spot if closes above 9880 level then pull back is expected in the market which can take Nifty to once again past 10,000 market. and close below 9880 level will result in some decline.

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Topic :- Time:2.45 PM

SILVER Trading View:

SILVER is trading at 41541.If it breaks and trade below 41500 level then expect some fall in it and if it manages to trade and sustain above 41575 level then some upmove can be seen in it.

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Topic :- Time:2.00 PM

Nifty is stucked in a small range. Nifty spot if manages to trade and sustain above 9940 level only then upmove can be seen and below 9900 level some softness can be seen in the market.

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Topic :- Time:1.40 PM

COPPER TRADING VIEW:

COPPER is trading at 447.65. If it manages to trade and sustain above 448.20 level then expect some upmove and if it breaks and trade below 446.80 level then some profit booking can follow in it.

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Topic :- Time:12.15 PM

Bitcoin is a bubble, says Nobel winning economist who predicted US housing crisis:

Some fifteen years ago, Nobel Prize winning economist Robert Shiller had famously spotted the first housing bubble of the 21st century in the US. Shiller also went on to write a best-selling book Irrational Exuberance on market manias around the world.

He has spoken again, and this time he has termed the frenzy around bitcoin as the bubble.

In an interview given to The Quartz, trying to simplify the bubbles, the Yale professor said it is all about inventing a right story and promulgating it.

When asked to name the best example of a bubble happening right now, without hesitation, he said, The best example right now is bitcoin. And I think that has to do with the motivating quality of the bitcoin story. And Ive seen it in my students at Yale. You start talking about bitcoin and theyre excited! And I think, whats so exciting? You have to think like humanities people. What is this bitcoin story?

At the end of August, bitcoin was priced at USD 4600, after rallying over 60 percent in a month. It has increased over 700 percent over the year.

According to Shiller, the bitcoin bubble is a result of a fundamental deep angst of our digitisation and computers. People are anxious and unsure of their future. Somehow, the bitcoin story is providing a sense of empowerment.

It starts with Satoshi Nakamoto—remember him? The mysterious figure who may or may not be real. Hes never been found. That has a nice mystery quality to it. And then he has this clever idea about encryption and blockchain and public ledgers, and somehow the idea is so powerful that governments cant even stop it. You cant regulate this. It kind of fits in with the angst of this time in history, he adds.

He, however, refrained from terming it as the biggest bubble. Though, he compared the frenzy with the story of Donald Trump. The way US president has understood the nerve of people and presented himself is commendable. Its just amazing how he dominates and I think he has a genius at recognising stories and listening to his audience and understanding what drives them, he said.

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Topic :- Time:12.00 PM

Nifty spot is trading in a range. Nifty spot if manages to trade and sustain above 9920 level then expect some upmove in it and if it breaks and trade below 9900 level then some decline can be seen in the market.

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Topic :- Time:11.30 AM

Economic Times

Business Standard

Ø  2.09 lakh companies deregistered; directors face action:Govt

Ø  PMO asks I-T dept to crack down on black money in banks

Ø  Better to under-promise and over-achieve: Rajan

Ø  Phone makers get 7 days to answer data security call

Ø  HDFC Mutual Fund buys 4.6% stake in Just Dial

Ø  McDonals to close down 169 stores in India; more than 7,000 to lose jobs

Ø  Sebi panel suggests splitting of CMD roles at listed cos

Ø  IDFs fail to grow despite regulatory reform: ICRA

Ø  Sebi panel mulls splitting CMD roles at India Inc

Ø  UP to clock record sugar output of 9.7 mn tonnes in upcoming season: Icra

Ø  Debt MFs cut exposure to debentures issued by PSUs

Ø  ICICI Lombard gets Sebis approval for Rs 6,000 crore IPO

Ø  NCLT issues showcause notice to McDonalds

Business Line

Mint

Ø  Maruti will not hold back in electric vehicle segment: Bhargava

Ø  Restore NCLT action against Jaypee: IDBI to Supreme Court

Ø  Rail Vikas Nigam to flag off stake sale in five PSUs 

Ø  HCL to acquire data automation platform Dataware

Ø  Govt to dig ponds in drought prone areas, use soil for NHs 

Ø  Reliance General Insurance gets IRDAI nod for IPO 

Ø  India to offer investment sops to RCEP nations

Ø  GDR manipulation: Sebi bars 19 companies from securities markets

Ø  NSE sends suspension notice to OPG Securities on unfair access issue

Ø  Undersea Iran-India gas pipeline can bring cheaper LNG to India

Financial Express

Financial Chronicle

Ø  Self-seal export cargoes without Customs monitoring from October 1

Ø  Higher tax mop-up has 12 states in Rs 4000 crore fiscal surplus in Q1

Ø  FPIs lap up investment limits in govt securities

Ø  US factory orders post biggest drop in nearly three years

Ø  Rajan puts Modi govt in dock; says he disfavoured DeMo

Ø  North Korean crisis pushes gold prices to 12-month high

Ø  Industry wants another extension for filing returns as GST portal found wanting

Ø  Patanjalis Divya Jal to take on Bisleri, Aquafina

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Topic :- Time:11.00 AM

After negative opening nifty is still trading in negative zone. Nifty spot if breaks and trade below 9880 level then expect some profit booking and if it manages to trade and sustain above 9920 level then some pull back can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 06 Sept,2017:

Nifty is likely to trade volatile and is expected to follow global cues.

Nifty spot if manages to trade and sustain above 9980 level then expect some upmove and if it breaks and trade below 9900 level then some profit booking can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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Economic activity in the country lost some pace amid GST related disruptions but underlying growth momentum remains strong and the country may clock 6.7 per cent growth this fiscal, says a Morgan Stanley report.

India's economic growth slipped to a three-year low of 5.7 per cent in April-June, underscoring the disruptions caused by uncertainty related to the GST rollout amid slowdown in manufacturing activities. Commenting on the GDP numbers, Morgan Stanley said, "We are inclined not to read this as a sign of general slowdown in aggregate demand".

"Indeed, we remain skeptical that the GDP statistics are fully reflecting the underlying growth trends in the economy," Morgan Stanley said in a research note. It further said that a number of high frequency growth indicators are indicating that end demand is holding up well and is running counter to the slowdown exhibited in the national accounts.

However, on account of the weak GDP print in June 2017 quarter, Morgan Stanley has made some mark-to-market adjustments to its full year GDP growth estimates.

"We believe that June 2017 likely marked the trough in growth in this cycle and we expect GDP growth to accelerate by almost 200 bps to 7.5 per cent year-on-year in March 2018 quarter," it said.

On a calendar year basis, Morgan Stanley now project growth of 6.4 per cent and 7.4 per cent in 2017 and 2018, respectively, as against 7.6 per cent and 8.0 per cent previously. The revised new financial 2018 and fiscal 2019 growth estimates are at 6.7 per cent and 7.5 per cent, respectively.

According to Morgan Stanley, currency replacement programme and GST had led to a deceleration in growth momentum. "However, considering that these events are already in the rear view mirror, we expect the underlying economic growth momentum to reassert themselves, leading to a re-acceleration in growth," it said.

"In our view, India is moving on to the next phase of the business cycle of productive growth – a phase marked by further improvement in growth while macro stability remains in check. This will also set the stage for a sustained growth cycle," it added.

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Topic :- Share Market Closing Note

Equity benchmarks recouped more than half of previous days losses on Tuesday, driven by short covering and positive European cues despite lingering North Korea tensions.

The 30-share BSE Sensex was up 107.30 points at 31,809.55 and the 50-share NSE Nifty rose 39.35 points to 9,952.20.

The broader markets outperformed benchmarks on positive breadth. About two shares advanced for every share falling on the BSE.

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Topic :- Time:3.00 PM

Nifty spot close above 9950 will result in some upmove in coming trading session and if it closes below above mentioned level then some sluggish movement is expected. Avoid open positions for tomorrow.

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Topic :- Time:3.00 PM

Nifty spot close above 9950 will result in some upmove in coming trading session and if it closes below above mentioned level then some sluggish movement is expected. Avoid open positions for tomorrow.

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Topic :- Time:2.40 PM

GOLD Trading View:

GOLD is trading at 30072. If it breaks and trade below 30050 level then some decline can be seen however 30000 will act as immediate support to watch out for and if it manages to trade and sustain above 30120 level then some upmove can be seen in it.

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Topic :- Time:2.20 PM

Reliance Nippon Life AMC IPO likely to hit markets by first week of Nov

Reliance Nippon Life Asset Management Companys initial public offer is likely to hit the markets by first week of November, sources in know of the development told Moneycontrol.

Anil Ambani-led Reliance Groups asset management arm had filed draft papers with markets regulator Securities and Exchange Board of India to float an IPO on August 18 which is expected to value the company at about Rs 18,000 crore, according to merchant bankers.

This would be the first initial public offering by an asset management company in India, although UTI Mutual Fund IPO have been in the works for a long time.

According to the draft papers filed with SEBI, the public issue of Reliance Nippon Life Asset Management comprises fresh issue of 2,44,80,000 equity shares, besides an offer for sale of 1,12,30,200 shares by Reliance Capital and 2,54,89,800 scrips by Nippon Life Insurance Company.

The IPO size aggregates to 10 percent of the post issue paid-up capital of RNAM.

The proceeds from the fresh issue will be used for setting up new branches and relocating existing branches, upgrading the information technology system, advertising, lending to subsidiary Reliance AIF, investing in new MF schemes managed by the company, funding inorganic growth and meeting expenses towards general corporate purposes.

Generally, asset management companies are valued at 5 percent of AUM, which is likely to give RNAM a valuation of about Rs 18,000 crore. A 10 percent stake sale could fetch Rs 1,800 crore, according to bankers.

RNAM, jointly owned by Japans Nippon Life and Reliance Capital, is the asset manager to Reliance Mutual Fund with 11.42 percent market share.

It has an asset base of over Rs 3.6 lakh crore, including Rs 2.23 lakh crore for mutual funds.

The company has appointed JM Financial, CLSA, Nomura and Axis Capital as the global coordinators and book running lead managers.

In June, the board of RNAM had approved a proposal to list its shares on the stock exchanges.

RNAM CEO Sundeep Sikka had earlier said that the company initially aims to dilute 10 percent stake by March and further 15 percent over three years as per SEBI norms.

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Topic :- Time:2.00 PM

Nifty is still trading in same range. Nifty spot if manages to trade and sustain above 9940-9945 levels then some upmove is expected and if it breaks and trade below 9920 level then some profit booking can be seen in the market.

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Topic :- Time:1.10 PM

Once again nifty is showing recovery. Nifty spot if manages to trade and sustain above 9935-9940 levels then expect some upmove and if it breaks and trade below 9920 levels then some profit booking can be seen in the Nifty.

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Topic :- Time:12.45 PM

COPPER Trading View:

COPPER is trading at 450.50. If it manages to trade and sustain above 451 level then expect some quick upmove and if it breaks and trade below 449.70 level then some decline can be seen in it.

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Topic :- Time:12.30 PM

Securities in Ban for Trade Date 05-09-2017(F&O Segment):

1. IBREALEST

2. JSWENERGY

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Topic :- Time:12.15 PM

Nifty is looking bit tired however bulls are likely to dominate bears. Nifty spot if breaks and trade below 9920 level then further some decline can be seen and if it manages to trade and sustain above 9940 level then some upmove can be seen.

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Topic :- Time:11.30 AM

Economic Times

Business Standard

Ø  No info on black money removed by note ban: RBI

Ø  Govt actively weighing option to sell Air India stake in parts 

Ø  RBI includes HDFC Bank in too big to fail list

Ø  Trade on Multi Commodity Exchange halts due to glitch

Ø  DBS gets RBI nod to open local subsidiary in India

Ø  High collection: GST Council may lower tax rates

Ø  RCom to pick one from 9 cos to develop DAKC campus

Ø  Coal India sets up monitoring cell for supply to thermal power plants

Ø  Crisil lowers GDP forecast to 7% in FY18 post GST hiccups

Ø  Virtual currencies like Bitcoin prone to misuse, cautions RBI

Ø  ONGC seeks shareholders approval to raise $4 billion

Ø  Insurers pull out $4 billion from equities in 2017

Ø  Novartis names Indian-origin Vasant Narasimhan as the new Global CEO

Business Line

Mint

Ø  Gold hits near 1-year peak as North Korea tensions escalate

Ø  Ashok Ley will roll out one LCV every 4-5 months: Nitin Seth

Ø  Australian firms eyeing infra projects in India

Ø  Odisha govt issues notice to 152 mine lessees for illegal extraction 

Ø  ADB in talks for energy efficiency credit line 

Ø  Star India wins IPL global media rights 

Ø  SC stays NCLTs order on insolvency proceedings against Jaypee Infra

Ø  India starts exporting petroleum products to Myanmar

Ø  Hindalco earmarks $3 billion for overseas acquisitions

Ø  NCLT admits Bank of Barodas IBC plea against Amrapali Silicon City

Ø  Delhi HC dismisses Vodafone plea seeking Trai cost model of interconnection charges

Financial Express

Financial Chronicle

Ø  Rainfall deficit narrows 3 per cent in this week: MS

Ø  Supreme Court refuses to stay new Finance Act

Ø  Urtan coal block scam: JSPL confirms to have provided documentary evidence

Ø  Nikon expects India to be among top 5 markets in next 3-4 years

Ø McDonalds workers stage companys first strike in Britain

Ø  BRICS Summit 2017: India turning into open economy fast, GST biggest reform, says PM Modi

Ø  PM calls on BRICS to work closely with intl solar alliance

Ø  Birlas enter top league with $50 billion m-cap

Ø  SC asks Bombay HC to expeditiously decide RERA-related pleas

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Topic :- Time:11.15 AM

After positive opening nifty is still trading in positive zone. Nifty spot if manages to trade and sustain above 9955 level then expect some upmove and if it breaks and trade below 9925 level then some profit booking can be seen in it.

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Topic :- Time:11.00 AM

As on 05 Sept, 2017.Due to server downtime we were unable to update site earlier but now its fixed and is working fine.

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Topic :- Share Market Closing Note

The benchmark indices snapped three-session long gaining spree on Monday, in line with Asian markets, as North Koreas latest nuclear test prompted investors to seek refuge in safe havens such as gold.

North Korea on Sunday conducted its sixth and most powerful nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regimes stand-off with the United States and its allies.

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Topic :- Time:3.15 PM

Nifty spot close above 9920 will result in some pull back in the market and if it closes below above mentioned level then some sluggish movement is expected. Avoid open sell positions for tomorrow.

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Topic :- Time:2.00 PM

Nifty is still trading in same small range. Once above 9900 level will show some quick upmove and if it breaks and trade below 9850 level then some profit booking can follow in it.

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Topic :- Time:1.45 PM

Just In:

Crude palm oil futures gain 0.73% on rising demand.

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Topic :- Time:1.30 PM

ZINC Trading View:

ZINC is trading at 204. It will find immediate resistance to upmove at 205 level. If it holds below 205 level then it is likely to slide down and is expected to test 202 level quite soon. Sell on every rise till it holds below 205 is recommended in it.

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Topic :- Time:1.15 PM

Pradhan says daily petrol, diesel price revision to continue:

Oil Minister Dharmendra Pradhan today said the daily revision in petrol and diesel prices will continue despite petrol price spiking by Rs 6.6 per litre in two months. 

Pradhan, who was yesterday elevated as Cabinet minister and given additional charge of Ministry of Skill Development and Entrepreneurship, said the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses. 

He previously was Minister of State (with Independent Charge) for Ministry of Petroleum and Natural Gas. He is now the Cabinet Minister for Petroleum and Natural Gas. 

It is in the interest of consumers. I dont think that there is a need for change in it, he told reporters after taking charge as Minister for Skill Development. 

State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight dropped but have been on the rise since July 3. 

While petrol prices have increased by Rs 6.6 to reach Rs 69.66 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 4.02 to Rs 57.38. 

Daily revision in prices is good. When we started daily revisions on June 16, rates dropped in the first fortnight. Thereafter it has increased mainly because of rise in global oil prices, he said. 

Daily revision, he said, results in any drop in international oil rates being passed on to consumers immediately rather than having to wait for 15 days. In the reverse scenario when international oil rates rise, pump prices are hiked by few paise per day. 

Should prices be hiked by Rs 2.50 or Rs 3 per litre in one go or they should be spaced out in small doses, he asked. 

The rate changes are being done on a transparent basis and city-wise prices are available through SMS, he said, adding the daily price change model best reflects the happenings in the market. 

Pradhan also said his ministry is seeking approval of the safety organisations for starting home delivery of fuel. 

The issue involves safety and we have to first get their approval before a pilot is launched, he said. We are trying to permission.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting international oil prices. In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre. 

The windfall from the excise duty hikes helped the government bridge its budgetary deficit.

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Topic :- Time:1.10 PM

Nifty spot is trading at 9898.If it manages to trade and sustain above 9910 level then expect some upmove and if it breaks and trade below 9880 level then some profit booking can be seen in the market. As current market sentiments are not favorable due to geopolitical so its advisable to prefer only day trading with strict stoploss.

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Topic :- Time:12.30 PM

Just In:

Infosys promoters including Narayana Murthy, Nandan Nilekeni to sell shares worth Rs 2,038 crore for buyback

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Topic :- Time:12.15 PM

BRICS voices concern over attacks by terror groups like Taliban, Al Qaeda, Pak-based Lashkar-e-Taiba and JeM: news agency PTI.

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Topic :- Time:12.10 PM

Nifty cracking. Nifty spot if breaks and trade below 9870 level then further fall is expected in the market and if it manages to trade and sustain above 9900 level then some pull back is expected. Currently Nifty is at 9883.

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Topic :- Time:11.45 AM

Just In:

Infy promoters offer shares of Rs 2,038 cr for buyback.

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Topic :- Time:11.30 AM

Securities in Ban for Trade Date 04-09-2017(F&O Segment):

1. IBREALEST

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Topic :- Time:11.15 AM

Economic Times

Business Standard

Ø  State Bank of India planning $3 bn green bonds

Ø  Rajan warned Modi against demonetisation: Book

Ø  Sebi firming up rules to classify mutual fund schemes

Ø  RBI was never asked about demonetisation: Rajan

Ø  China wants India to go slow on Asia-Africa corridor

Ø  India condemns North Koreas nuclear test 

Ø  Credit card growth beats bank loans: RBI

Ø  Fresh I-T crackdown on shell firms, 2,138 firms identified

Ø  Sebi to detoxify derivatives market; brokers say NSE data overstated

Ø  Cabinet reshuffle: Economic ministries work rewarded

Ø  Turnaround scheme to drive SAIL towards profitability: Report

Ø  L&Ts proposal to expand Powai project gets green nod

Ø  Slow GDP growth to delay recovery to December: India Inc

Business Line

Mint

Ø  Modi arrives in Xiamen to attend BRICS Summit

Ø  Infy promoters offer shares worth Rs. 2,038 cr for buyback

Ø  Tata Motors CV sales up 24% in July-August 

Ø  Produce more special steel to cut imports: Minister to PSUs 

Ø  Birlas enter top league with $50-bn market cap;Tatas on top 

Ø  NIC developing e-mail server for all govt officers: Ajay Kumar  

Ø  Ragh Rajan says he wasnt on board for demonetisation

Ø  Brics summit expected to oppose US trade protectionism: China

Ø  Nandan Nilekani will not receive any remuneration for his current post: Infosys

Ø  Coal India quashes privatisation rumours, says no coal shortage

Ø  Govt said to plan setting new gold bourse rules in November

Ø  Sun Pharma sees single-digit decline in revenue for 2017-18

Financial Express

Financial Chronicle

Ø  NPAs crisis: Raghuram Rajan says banks were reluctant to even recognize problems

Ø  Indias economic growth will bounce back, says BRICS Bank chairman K V Kamath

Ø  UBS lowers India growth forecast to 6.6 per cent for FY18

Ø  Telecom Commission to decide on North East mobile towers project

Ø  Finance Ministry writes to heads of PSU banks on consolidation

Ø  Scooters India, Shipping Corp, 4 others lined up for strategic sale

Ø  Car sales in Aug a mixed bag, two-wheeler makers recover

Ø  Apple all set to debut revamped iPhone on September 12

Ø  Modi asks taxmen to be friendly to honest taxpayers

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Topic :- Time:10.30 AM

After positive to flat opening nifty is now trading in negative zone. Nifty spot if breaks and trade below 9935 level then further some decline can be seen and if it manages to trade and sustain above 9960 level then some upmove is possible.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 04 Sept,2017:

Nifty to turn volatile as the day progresses. Stock specific movement will be there in the market.

Nifty spot if manages to trade and sustain above 10000 level then expect some upmove and if it breaks and trade below 9935 level then some profit booking can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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Chinese President Xi Jinping told an international summit on Tuesday that although the global economy had improved, risk factors had also increased.

Addressing the "Dialogue of Emerging Market and Developing Countries", Xi appeared to rebuke the United States's recent resistance to international agreements - including the Paris climate accord.

He said emerging and developing markets had been the primary engine of global growth and that such countries needed to work closely to build an open world economy.

The leaders of BRICS states and other developing countries are meeting in the southeastern Chinese city of Xiamen.

"Recently, the world economy has taken a turn for the better. International trade and investment has picked up," Xi said. "At the same time, we must take note that risk and uncertainty in the world economy are also increasing."

China used the meeting of the BRICS countries - Brazil, Russia, India, China and South Africa - and other developing economies to stress the need to promote trade liberalisation and an open world economy.

The summit has also given China, the host, its latest chance to position itself as a bulwark of globalisation in the face of U.S. President Donald Trump's "America First" agenda.

"Multilateral trade negotiations make progress only with great difficulty and the implementation of the Paris Agreement has met with resistance," Xi said.

"Some countries have become more inward-looking, and their desire to participate in global development cooperation has decreased."

President Trump has called for improved terms for the United States in ongoing North American Free Trade Agreement (NAFTA) negotiations under threat of leaving the pact, and has said he will withdraw his country from the Paris climate accord.

Xi said on Tuesday that China will contribute $500 million for a South-South cooperation assistance fund to help other developing countries deal with famine, refugees, climate change and public health challenges.

The BRICS leaders are joined by observer nations Thailand, Mexico, Egypt, Guinea and Tajikistan, and officials will discuss a "BRICS Plus" plan to possibly expand the bloc to new members.

Xi said developed nations needed to provide more assistance to developing countries, while the BRICS nations and their developing country partners should oppose protectionism.

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In a span of 20 years, the Reserve Bank of India (RBI) has reduced its employee base by more than half to 15,461 people as on December 2016.

This headcount stood at 33,084 in December 1997.

"The total staff strength of the Reserve Bank as on December 31, 2016 was 15,461 as compared to 15,854 a year ago," RBI said in its annual report. This number was even higher at 16,794 in December 2014.

According to RBI, during 2016 (January-December), the Reserve Bank recruited 666 employees. The number of full-time employees in the Reserve Bank stood at 15,693 as on June 30, 2016. Of these, 6,932 were in Class I, 4,119 in Class III and 4,642 in Class IV categories.

The regulator has been steadily reducing its full-time employee base over the years and looking at more contractual and of late some more lateral hiring.

Former RBI Deputy Governor R Gandhi, who once handled the human resources department among other functions, said, "This is because of technology. RBI has some 42,000 people in the late 80s and early 90s. That is when a conscious decision was taken to reduce the unproductive staff and positions. We should rely more on ordinary day-to-day operations and get rid of redundant manual work."

In the 1970s and 80s, a lot of recruitment took place during the RBI’s expansion phase. However, the RBI recruited in smaller numbers and focused on quality of people employed.

It gradually purged away from class 3 and 4 officers and assistants, which did more of manual work that is now largely handled by technology.

In its annual report last year, RBI said, "The changes introduced in the recruitment process have led to a reduction in the recruitment cycle for Grade ‘B’ (Direct Recruit) officers from more than 14 months in 2012-13 to about 6 months in 2015-16."

The RBI is strengthening its information technology (IT) and cyber security cell and is hiring specialists to handle cyber security, systems audit, research & innovation, project management and administration.

For the first time in RBI’s 79-year history, under the leadership of former Governor Raghuram Rajan, the institution also made its first lateral recruitment in November 2014 with Prachi Mishra as a "special advisor".

Mishra, a Columbia University-trained economist who spent nearly 10 years working for the IMF, had joined the central bank’s economic and policy research department and left the institution early this year.

During Rajan’s tenure, the idea that new talent must be hired from outside was firmly solidified and the banking regulator became open to tapping talent from outside of RBI.

Shortly after Rajan’s appointment at the helm, RBI board floated the idea of creating an additional post of Chief operating officer. However, it was immediately rejected by the finance ministry, with the government asking for 'more consensus' to build around the idea.

This year, the RBI has also set out a new position of Chief Financial Officer, to the ranks of executive director, to entrust the responsibility of communicating RBI’s expected and actual financial performance and overseeing its budget processes.

At a recent public event, Viral Acharya, an outsider who took charge as the Deputy Governor in January this year, said, "We (RBI staff) are burning midnight oil, not just at higher positions but those doing research, currency management and bank supervision. People do not pack their bags and leave at 5 pm like other places."

He added, "We have been shrinking in size overtime. At its peak, it was 42,000 and we are now down to under 15,000 in terms of full-time employees at RBI. I think the sincerity and dedication to the job is tremendous and RBI is the most professional institution I have worked with."

Acharya might have made the right move by applying to the RBI for the post, but at other levels, given the dwindling of recruitment in RBI staff, a lot of aspirants may remain disappointed.

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Topic :- Time:6.00 PM

SILVER Trading View:

SILVER is trading at 39620.It will find its immediate resistance to upmove at 39840. If it holds below above mentioned level then it is likely to show some good fall and is expected to test 39340 level. Sell on every rise till it holds below 39840 is recommended in it.

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Topic :- Time:5.30 PM

RBI annual report: 99% of demonetised currency back into the system:

The Reserve Bank of India on Wednesday revealed in its annual report that Rs 15.28 lakh crore worth of the Rs 15.44-lakh-crore scrapped currency notes, or 99 per cent, had come back into the system after the governments demonetisation decision.

What came as a surprise to many, given that the government had claimed a windfall from demonetisation, the RBI report said that about 89 million units of the demonetised Rs 1,000 notes, worth Rs 8,900 crore, had not come back into the system.

The share of the newly introduced Rs 2,000 notes in the total value of banknotes in circulation as at March-end was a little more than 50 per cent, the RBI annual report added.

Mentioning that the central bank spent Rs 7,965 crore on printing new currency notes in 2016-17, it said the overall currency in circulation into the system had come down by 20.2 per cent on a year-on-year basis as at the end of March.

In the biggest-ever demonetisation exercise India had seen, Prime Minister Narendra Modi on 8 November 2016 announced high-value currency notes of Rs 500 and Rs 1,000 would cease to be public tender. The move, to stem the circulation of black money and fake currency, and to choke terror funding and corruption, was to take effect within hours of the announcement.

The next few days saw serpentine queues at bank branches to deposit and exchange the demonetised banknotes. With people facing inconvenience, the governments decision to ban old currency notes and handling of the whole process came under scrutiny. Reserve Bank of India (RBI) Governor Urjit Patel appeared before a probing parliamentary panel several times, but the total number of demonetised currency notes deposited in banks remained elusive for long. It was only in the Reserve

While there were several estimates and statements, the official numbers were not revealed until the RBI released its annual report on August 30.

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Topic :- Time:5.00 PM

NATURAL GAS Trading View:

NATURALGAS is trading at 198.60. If it breaks and trade below 198.40 level then some profit booking can be seen in it and if it manages to trade and sustain above 190.60 level then some upmove can be seen.

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Topic :- Stock Market Closing Note

The Sensex and Nifty rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow

Across the board buying in metal, oil & gas, energy, realty, industrials, financials, auto, capital goods, consumer durables and banks helped indices to recover most of previous days losses.

Financial stocks accounted for more than a third of gains on the NSE index, with Nifty finance index gaining 1%. Nifty Metal index also advanced over 2%, adding to the gains.

Sentiment was also supported by a recovery in broader Asia as concerns stemming from North Koreas firing of a missile over Japan receded, with MSCIs broadest index of Asia-Pacific shares outside Japan rising 0.5%.

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Topic :- Time:3.10 PM

Nifty spot if manages to close above 9900 level then expect some quick upmove in coming trading sessions and close below above mentioned level will result in some sluggish movement. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 29524.If it manages to trade and sustain above 29550 level then expect some quick upmove and if it breaks and trade below 29500 level then some profit booking can follow in it.

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Topic :- Time:2.15 PM

Nifty is still trading flat and dull. Avoid big trades and trade with stoploss.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 2966. If it breaks and tradebelow 2960 level then expect some fall in it and if it manages to trade and sustain above 2980 level then some upmove can be seen in it.

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Topic :- Time:1.00 PM

Nifty spot is trading at 9892. If it manages to trade and sustain above 9920 level then expect some upmove and if it breaks and trade below 9880 level then some softness can be seen in the market.

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 9900 level then expect some quick upmove in the market and if it breaks and trade below 9875 level then some profit booking can be seen.

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Topic :- Time:11.30 AM

News Headlines - 30.08.2017

Economic Times

Business Standard

#  HCL Infosystems to raise Rs 500 cr via rights issue

#  USFDA hikes fee for processing new drug application by $100,000 for FY18

#  Nilekani will bring back Infosys past glory, Murthy tells investors

#  Tata Motors mulls electric variant of Nano cars

#  MRF Tyres plans to invest around Rs 1000 crore a year till 2020-21

#  I-T department slaps Rs 7,900-cr penalty on Vodafone over tax dues

#  Jute industry fears Rs 200-cr loss on new pricing formula

#  Reserve Bank cracks whip on 50 more loan defaulters

#  Rs 92k-cr GST collections in July above target: FM 

#  UN Council unanimously condemns N.Korea missile test

#  AirAsia shares down after profit drop, fleet expansion plans

#  China launches anti-dumping probe into some rubber imports from E.U., U.S. and Singapore

#  Hyundai Motors shares slump after production suspended in China

#  Gold inches lower on dollar rebound as North Korea concerns ease

#  Japan retail sales slow in July, still top expectations

#  Growth in digital services makes India a very attractive market: Cognizant

#  BSNL plans to set up 1 lakh wi-fi spots by March 2019

#   IOC to invest Rs 32,000 cr to ramp up petrochemicals capacity by FY21

#  TVS Logistics eyes $1-billion revenue in 3 years

#  GST a unique reform that changed tax procedure overnight, says PM Modi

#  Room rent in hospitals to attract no GST

#  India-focused funds net inflows at $5.3 bn in first seven months of 2017

#  Reliance Capital to be excluded from 11 BSE S&P indices

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Topic :- Time:11.00 AM

After positive opening nifty is still trading in positive zone. Nifty spot if manages to trade and sustain above 9885 level then expect some upmove and if it breaks and trade below 9840 level then some profit booking can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 30 Aug,2017:

Geopolitical tension along with flood problem to add woes however strong pull back is expected in the market very shortly.

Nifty spot if manages to trade and sustain above 9820 level then expect some upmove and if it breaks and trade below 9760 level then expect some profit booking in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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The Union Cabinet approved a proposal on Wednesday to promulgate an ordinance that will allow hiking the cap on cess of SUVs, large, and luxury cars to 25 percent from 15 percent now.

The ordinance would come into effect after it receives Presidential assent, which will enable amendments in the GST (Compensation to State) Act, 2017. The Central Board of Excise and Customs will issue a formal notification on the raised cess cap.

“This was in pursuance of the last meeting of the GST Council”, finance minister Arun Jaitley told reporters after the Cabinet meeting.

Two out of 12 categories of vehicles will be affected by the hike in the cess cap.

“Pursuant to the implementation of GST, the price of vehicles of had substantially come down. The cess was to be levied on large and luxury vehicles. The maximum taxation under GST is 28 percent. The cess cap has now been increased from 15 percent to 25 percent,” Jaitley said.

The GST council is now entitled to take a decision, when and by how much it decides to increase the cess. Therefore, an enabling Ordinance has been recommended to the government, the finance minister said.

Earlier this month, the Jaitley-headed GST (Goods and Services Tax) Council had recommended hiking the cap on cess on luxury cars and some SUVs, a decision that automobile companies fear would raise the price of these class of vehicles.

The higher cess is unlikely to come into effect before September 9, the next date for the GST Council’s meeting in Hyderabad.

In May, the Council decided to keep all cars in the highest tax slab of 28 percent. However, it was decided that a 15 percent ad valorem cess over and above the tax rate will be levied on large motor vehicles, SUVs, mid-segment, large, hybrid cars and hybrid motor vehicles. The revenue from the cess would then ultimately go to the compensation kitty of the states. The cap on this cess has now been increased to 25 percent.

Under GST, the states will receive provisional compensation from Centre for loss of revenue due to abolition of taxes such as VAT (value added tax), octroi and implementation of GST. The Council had decided that the compensation would be met through levy of a 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.

The finance ministry's indirect tax policy making body CBEC (Central Board of Excise and Customs) has maintained that the change in cap was being made to keep the incidence of taxation similar to the pre-GST regime.

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Topic :- Share Market Closing Note

Benchmark indices ended higher on Monday, gaining for a fourth consecutive session of gains with Nifty settling above 9,900, as index heavyweight Infosys surged on the first day of trading since the appointment of co-founder Nandan Nilekani as chairman on hopes that the move would help defuse a months-long row between the founders and the board.

Infosys shares ended 3% higher after earlier rising as much as 4.6% on hopes that the appointment would provide some much needed stability to the company that has been reeling since the shock resignation of Chief Executive Vishal Sikka, who waged an acrimonious battle with the founders for months over alleged corporate governance lapses.

Globally, European shares fell in a broad sell-off as the euro strengthened after ECB chief Mario Draghi did not express concern about a strong currency in a closely watched speech.

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Topic :- Time:3.15 PM

Just In:

Export of big cars, SUVs may lose speed under GST .

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Topic :- Time:3.10 PM

Just In::

Arguments end in court; CBI seeks 10 year jail term for rape convict Gurmeet Ram Rahim.

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Topic :- Time:3.05 PM

Nifty spot if manages to close above 9900 level then expect bulls to dominate quite more and close below 9900 will result in some sluggish movement.Avoid open sell positions for tomorrow.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 3043. If it breaks and trade below 3038 level then expect some quick fall in it and above 3055 level some upmove can be seen in it.

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Topic :- Time:1.15 PM

Just In:

India and China agree to withdraw troops from Doklam after 2 months standoff.

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Topic :- Time:1.00 PM

Nifty spot is trading at 9914. If it manages to trade and sustain above 9920 level once again then upmove is expected in the market and if it breaks and trade below 9900 level then some profit booking can be seen in it.

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Topic :- Time:12.50 PM

Just In:

GST, demonetisation left nations youth unemployed: Akhilesh Yadav

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 431.90.If it breaks and trade below 431.50 level then it is likely to show some fall and if it manages to trade and sustain above 432.60 level then some upmove can be seen in it.

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Topic :- Time:12.00 PM

CESC demerger details-

Demerger date -1 Oct 2017

Demerger business - 4 companies - all will be listed

1) CESC Ltd. (FV Rs.10)

2) CESC Generation (FV Rs.10)

3) CESC Ventures Ltd. ( FV Rs.10)

4) Spencers Retail Ltd. (FV Rs.5)

On every 10 CESC Shares, shareholder to get : 18 Shares

- 5 Shares in CESC Ltd.

- 5 Shares in CESC Generation

- 6 Shares in Spencers Retail

- 2 shares in CESC Ventures 

Share Capital to be increased from Rs.133 Crs to Rs.198 Crs

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Topic :- Time:11.00 AM

Worlds first diamond futures exchange starts trading in India:

The worlds first diamond futures exchange will begin trading in India on Monday, enabling companies in the largest producer of the cut and polished gems to better hedge price risks. 

Indian manufacturers most require this type of financial product, said Sanjit Prasad, managing director of the Indian Commodity Exchange Ltd. India carries the price risk of holding huge inventories of cut and polished and rough diamonds, he said. 

The exchange, backed by companies including Reliance Capital LtdBSE 2.24 %. and MMTC Ltd.BSE 1.26 %, will start trading in 1 carat/100 cent contracts and will eventually add 50 cent and 30 cent contracts, he said. The futures, two-and-a-half years in the making, followed talks with the Ministry of Finance and the Securities and Exchange Board of India, Prasad said. 

Indian diamond cutters polish about 14 of every 15 of the worlds gems and imported about 153 million carats of rough diamonds in the financial year ended Mar. 31. Polishers source their gems from De Beers, the worlds biggest diamond producer, and also through direct imports from some producing nations. 

Sellers will need to get the diamond certified by the De Beers-promoted International Institute of Diamond Grading and Research and will get credit in electronic form equivalent to the carat deposited, according to the exchange. The exchange has 20 large diamond companies including Rosy Blue (India) Pvt. Ltd. and Kiran Gems Pvt. Ltd. as members and expects about 45 sightholders of De Beers to transact on the exchange platform, Prasad said. 

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Topic :- Time:10.30 AM

After positive opening nifty is still trading in positive zone. Nifty spot if manages to trade and sustain above 9920 level then expect some further upmove and if it breaks and trade below 9960 level then some softness can be seen.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 28 Aug,2017:

Nifty to turn volatile as the day progresses. Global cues to play critical role.

Nifty spot if manages to trade and sustain above 9880 level then expect some upmove in the market and if it breaks and trade below 9820 level then some profit booking can be seen in the nifty. 

Please note this is just opening view and should not be considered as the view for the whole day.

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Indian Indices:Asian stocks opened flat to mildly negative as news of fresh probe into President Trump's Russia links saw markets turn cautious. Fresh weakness in the US Dollar also saw the Japanese yen hit 109.5, which would further hit exporter stocks in the Japanese market.   

Nifty saw a correction led by banks as markets witnessed selling emanate for the first time on good news post the RBI rate cut. The undertone was cautious with Bank Nifty seeing the first 1.5% correction in the last 4 months. For today weekend blues would see range bound trade as investors buy Auto and FMCG stocks while selling may continue in Banks and Pharma. 

The BSE Sensex is currently trading at 32118.74, down by 119.14 points or 0.37% after trading in a range of 32107.99 and 32252.45. There were 13 stocks advancing against 18 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.36%, while Small cap index was down by 0.22%.

The CNX Nifty is currently trading at 9995.30, down by 18.35 points or 0.18% after trading in a range of 9991.10 and 10026.80. There were 28 stocks advancing against 23 stocks declining on the index. MARKET INDICATORS •

Group ATopGainers

Company Price (Rs) % chg

Titan 610.00 9.41

Unitech 7.96 6.28

IOC 405.40 4.78

Repcohom 759.45 3.18

Group ATopLosers

Ceatltd 1774.85 -6.70

HDIL 78.15 -6.35

Biocon 354.30 -5.60

Hcc 39.25 -4.15

Technical view: Nifty now will see support around 10000 and 9980 on the downside while 10050 will act as resistance on the upside. Bank Nifty also finds strong support around 24500 while 24800 will act as strong resistance on the upside.

Bank of Baroda Aug Futs (Sell Below 158 with Stop Loss at 161 for Target of 152): The stock has been consolidating from the past four weeks and has finally broken down from a Rectangle pattern on the daily chart. Bank of Baroda has once again convincingly slipped below its long term 200-DMA, which further accentuates our short term bearish stance on the stock. Other oscillators also indicate that current weakness is likely to extend. 

Economy Snippets:

The LokSabha gave its nod for a Bill to replace the NPA Ordinance promulgated on May 7 this year.  FM ArunJaitley indicated that there could be scope for rationalisation of rates under the Goods and Services Tax (GST) as its implementation progresses. (ET)

The Nikkei India Services Purchasing Managers’ Index (PMI), a pointer to services output on a monthly basis, plunged to 45.9 in July, the lowest since September 2013, from June’s eight-month high of 53.1. (FE)

The government has taken further steps to gradually reduce subsidy on kerosene, continuing the series of market-oriented reforms that have galvanised the petroleum sector and attracted big-ticket investment after an era of excessive controls, controversies and untargeted subsidies that made it difficult for private companies to operate. 

Nifty Movers:  The top gainers on Nifty were Indian Oil up by 4.07%, Vedanta up by 1.84%, Tata Steel up by 1.39%, Hindustan Unilever up by 1.25% and Hindalco up by 1.18%.  On the flip side, Sun Pharma down by 2.37%, Tata Power down by 2.24%, Dr. Reddy’s Lab down by 2.01%, AurobindoPharma down by 1.93% and Bosch down by 1.85% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Consumer Durables up by 3.61%, Metal up by 0.78%, Basic Materials up by 0.38%, PSU up by 0.29% and IT up by 0.15%, while Healthcare down by 1.53%, Telecom down by 1.05%, Energy down by 0.80%, Power down by 0.40% and Capital Goods down by 0.38% were the losing indices on BSE.

On the global front:On the global front, Asian markets were trading mostly in green. A flurry of data in coming weeks should show steady growth in China in July, though the potential for increased trade friction with the United States poses a risk to the world’s second-largest economy as it navigates a tighter policy environment.

Global Signals: The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 0.07 points or 0% to 1,771.97, KOSPI Index increased 9.04 points or 0.38% to 2,395.89, Shanghai Composite increased 10.58 points or 0.32% to 3,283.51, Jakarta Composite increased 10.88 points or 0.19% to 5,791.45, Hang Seng increased 11.4 points or 0.04% to 27,542.41 and Taiwan Weighted increased 26.92 points or 0.26% to 10,496.80.On the other hand, Nikkei 225 decreased 56.28 points or 0.28% to 19,972.98.

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