Mothersonsumi Research report by sharetipsinfo

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Company Overview:

MSSL is a flagship company of the SamvardhanaMothersonGroup . MSSL, along with its subsidiaries and joint ventures, is one of the top manufacturers of automotive wiring harnesses and mirrors for passenger cars and a leading supplier of plastic components and modules to the automotive industry globally. The company operates over 230 facilities spread across 33 countries.

Broadly, MSSL’s products can be classified into three categories – modules and polymer products (under SMP), rear view mirrors (under SMR) and wiring harnesses. The company’s product portfolio spans across a wide array of products, including wiring harnesses, mirrors for passenger cars, injectionmoulded products, modules including dashboards, door trims, bumpers, blow-moulded components, liquid silicone rubber-moulded components, injection-moulding tools, extruded rubber products, precision machined metal components and waste recycling systems.

MSSL supplies to most of the leading auto OEMs in the domestic as well as global markets. Some of the company’s key clients include Volkswagen AG, Daimler, Ford, BMW, Maruti Suzuki and Renault Nissan.

Key Points:

MSSL to outpace industry growth; Aims at $18 billion revenue by FY2020:

MothersonSumi Systems Limited (MSSL) has given a revenue target of $18 billion for FY2020, indicating almost triple of revenues from $6.5 billion in FY2017. MSSL has indicated that half of the growth (about $6 billion) would come through organic growth opportunities. The company has identified opportunities across its product range – wiring harnesses (complex wiring systems to comply with stringent emission norms), mirrors (camera-based rear view systems and digital mirrors with greater field of vision) and polymers (lightweight foam plastics and increased sensor technology in bumpers) – all of which would significantly enhance the company’s topline. Further MSSL’s subsidiaries – SamvardhanaMothersonPeguform (SMP) and SamvardhanaMothersonReflectec (SMR) – reported a combined order book of Euro12.9 billion as of March 2017 (includes Euro4 billion of new orders), which highlights consumer confidence and provides topline growth visibility. Apart from organic growth, MSSL also highlighted inorganic growth opportunities ($5 billion-6 billion), which would significantly boost the company’s topline going ahead.

PKC’s acquisition to fuel growth; Open up huge cross-selling opportunities:

MSSL recently completed the acquisition of PKC Group (PKC) by purchasing 93.75% shares for a consideration of Euro571 million (Rs.4,150crore). PKC is the leading supplier of wiring harnesses to the commercial vehicle (CV) industry (commanding 62% and 43% market share in the US and Europe heavy-duty truck market, respectively; and 31% and 23% market share in the US and Europe medium-duty truck market, respectively). As per MSSL, the acquisition is complementary as PKC supplies to the CV segment, while MSSL predominantly is a passenger vehicle (PV) wiring harness provider. Acquisition of PKC would enable MSSL to become a full-fledged wiring harness solutions provider (catering to both the PV and CV segments). Further, PKC is exploring opportunities to almost double its topline to Euro1.4 billion by 2018 (as compared to Euro0.84 billion in 2016) by enhancing its presence in the Asian truck market (particularly China) and entering new segments such as railways and aerospace wiring harness. Further, MSSL is targeting to cross-sell (mirrors and polymer products) to PKC’s existing customers (such as MAN, Paccar, Volvo and Ford).

Focus to improve margins; Targets ROCE of 40% by FY2020:

SMP and SMR have opened up several new plants in the past three to four years to cater to increasing customer requirements. The plants have now reached optimum utilisation levels, giving benefits of operating leverage, which would improve margins. Additionally, MSSL’s focus on value-added products in wake of the stricter emission and enhanced safety norms is likely to augment margins (MSSL has indicated that new order wins offer better margins). MSSL is also targeting to significantly enhance PKC’s performance by improving operational efficiencies and incorporating best manufacturing practices. MSSL is targeting to augment PKC’s ROCE from 7-8% currently to about 40% by FY2020 (MSSL’s wiring harness division ex. PKC generates ROCE of 40%). We expect MSSL’s consolidated margins to improve from 10% in FY2017 to 11.4% in FY2019.

Key risks:

MSSL derives about 85% of its revenue from exports, which are predominantly Euro denominated. Any adverse movement in the currency would impact the company’s performance.

Outlook and valuation:

On a robust growth path; Expect 15-18% upside in the next 6-8 months:

MSSL is likely to post 24% and 36% growth in its topline and bottom line, respectively, over FY2017- 2019, which is amongst the fastest in the auto ancillary space. MSSL is well placed to outpace the auto industry’s growth through increasing content per vehicle and opening up cross-selling opportunities through PKC’s acquisition. Moreover, with increasing valueadded products and improved performance by PKC, we expect MSSL’s return on equity (ROE) to improve significantly from about 18.8% in FY2017 to 22.4% in FY2019. MSSL is a quality auto ancillary company having a diversified product and customer profile with a proven track record of outpacing the industry’s growth and successful improvement in the performance of its subsidiaries.

At the CMP of Rs.318, MSSL is trading at 32.4x FY2018E and 22.4x FY2019E earnings, respectively. We have a positive view on the stock and expect 15-18% upside over the next six to eight months.

US indices hit fresh all time highs as oil prices continue pullback with energy stocks joining the rally. US Dollar hits September lows as bearish bets mount on the currency with bond yields also seeing some weakness.

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Indian Indices: Asian indices opened in the green for another day with most indices now trading at fresh highs. With US Dollar weakness most ETF flows are gathering further momentum with Asian indices seeing strong inflows into equity markets. Despite overbought conditions the trend seems strongly upwards as liquidity surges to highest levels in 2017.

Nifty hit 9900 before closing marginally lower as profit booking set in late on Friday. For today expect a strong start above 9900 with profit taking again expected in second half as local mutual funds book profit. Corporate results will be the key as large cap stocks report earnings this week. For today PSU banks and Gas utilities could see upside while profit booking could emerge in Metals and FMCG counters.

The BSE Sensex is currently trading at 32119.87, up by 99.12 points or 0.31% after trading in a range of 32053.98 and 32128.36. There were 20 stocks advancing against 11 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.03%, while Small cap index was up by 0.17%.

The CNX Nifty is currently trading at 9917.40, up by 31.05 points or 0.31% after trading in a range of 9894.70 and 9920.30. There were 33 stocks advancing against 18 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*JPassociat*	22.15	6.75
*Unitech*	8.13	6.27
*Sreinfra*	119.60	4.68
*Wipro*	268.45	3.45
*Group ATopLosers*
*Fortis*	151.35	-7.09
*Videoind*	28.90	-4.93`
*KTKBank*	160.0	-3.30
*Religare*	113.40	-3.24

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

Technical view: Nifty finds strong support around 9850 while 9935 will act as resistance on the upside. Bank Nifty finds support around 23750 while 24100 will act as initial resistance on the upside.

Canara Bank (Buy Above 368 with Stop Loss 362 at for Target of 380): The stock has been consolidating for over four trading sessions and has finally broken out from a Flag pattern on the daily charts. The price outburst has been accompanied with impressive rise in volumes. Other oscillators also indicate that the current momentum is here to stay.

EconomicSnippets

The market regulator, the Securities and Exchange Board of India (SEBI) and Finance Ministry are in discussions for extending the deadline for unwinding naked position through Participatory note (P-notes).

According to the Commercial Taxes department, “the different procedures for different auction centres is inadmissible” after the launch of the GST Act, which is a unified tax rate applicable across the country.According to the Commercial Taxes department, “the different procedures for different auction centres is inadmissible” after the launch of the GST Act, which is a unified tax rate applicable across the country.

Lower inflation in food articles, manufacturing and fuel cooled India's wholesale inflation to 0.9% in June from 2.17% in May. For decades, many Indians have escaped tax and legitimised their money stashed abroad by staying 182 days out of the country every year and declaring themselves as ‘non-resident’.

Nifty Movers: The top gainers on Nifty were Wipro up by 3.41%, Vedanta up by 1.89%, Mahindra & Mahindra up by 1.70%, Infosys up by 1.67% and Adani Ports & Special Economic Zone up by 1.56%. On the flip side, ITC down by 2.36%, GAIL India down by 0.97%, AurobindoPharma down by 0.87%, Indian Oil Corporation down by 0.80% and Coal India down by 0.46% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 1.31%, TECK up by 1.06%, Metal up by 0.79%, Basic Materials up by 0.77% and Utilities up by 0.60%, while FMCG down by 1.25% and Realty down by 0.01% were the only losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in green. China reported better-than-expected trade data for June, suggesting the economy is holding up well thanks to firmer global demand, despite a cooling property market at home amid a financial crackdown that has put firms under pressure.

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 0.22 points or 0.01% to 1,755.22, Taiwan Weighted increased 1.34 points or 0.01% to 10,445.25, Jakarta Composite increased 1.55 points or 0.03% to 5,833.34, KOSPI Index increased 9.07 points or 0.38% to 2,423.70 and Hang Seng increased 132.43 points or 0.5% to 26,521.66. On the other hand, Shanghai Composite decreased 14 points or 0.43% to 3,208.42. Tokyo Stock Exchange was closed on account of National holiday.

SENSEX, NIFTY CLOSE LOWER AFTER RANGEBOUND TRADE; INFOSYS LOSSES SHINE

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Indian Indices: Indian equity markets traded on a lackluster note throughout the day and ended the session with modest cut. The equity benchmarks continued its bullish run in early deals with Nifty touching a new peak of 9,900 mark for the first time ever. However, the markets, failed to hold on to their gains and entered into red terrain, breaching their respective crucial levels, as traders remained concerned with disappointing earnings by the Tata Consultancy Services, India’s largest software services exporter whose quarterly profit fell 10 percent sequentially, while revenues declined 0.2 percent. Separately, global IT research firm Gartner further lowered its 2017 IT spending growth estimate to 2.4 percent from the 2.7 percent earlier on worries on digitization. The firm had first predicted for a 3 percent growth in worldwide IT spends, which got revised down to 2.7 percent in January this year. The downward revision in growth estimates comes amid growing anxieties over the future of the IT industry, with concerns surrounding automation and rising protectionism that is being blamed for job losses in the country.

The BSE Sensex ended at 32000.11, down by 37.27 points or 0.12% after trading in a range of 31897.87 and 32109.75. There were 13 stocks advancing against 18 stocks declining on the index. The broader indices ended mixed; the BSE Mid cap index was up by 0.20%, while Small cap index was down by 0.39%.

The CNX Nifty ended at 9886.70, down by 5.00 points or 0.05% after trading in a range of 9845.45 and 9913.30. There were 23 stocks advancing against 28 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Unitech*	7.65	9.44
*Biocon*	399.20	8.88
*Religare*	117.20	8.57
*Trent*	261.70	5.33
*Losers*
*Videoind*	30.40	-4.85
*Naukri*	1002.45	-4.08
*Sintex*	32.90	-3.66
*Prestige*	265.70	-3.10

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*32,020.75*	*-0.05*
*Nifty*	*9,886.35*	*-0.05*

Crporate Front: The government has extended the deadline for listed PSUs to achieve the minimum 25 per cent public shareholding norm by a year to August 2018, a finance ministry order said. The deadline has been extended to avoid bunching of share sale offers from state-owned firms and the government gets to decide on the opportune time to divest stake in any PSU, including the blue chip ones.

Macroeconomic front: The government has nominated Subhash Chandra Garg, Secretary in the Department of Economic Affairs in the Ministry of Finance, to replace Shaktikanta Das as the Director on the Central Board of Directors of the RBI.
The nomination came into effect from July 12, the Reserve Bank of India said in a statement here on Friday. Das superannuated as the Economic Affairs Secretary on May 31 after an extended term.

On the global front: On the global front, Asian markets closed mostly in green. Japan’s government raised its growth forecasts for private consumption, capital expenditure, and housing investment for the current fiscal year as domestic demand gathers strength. South Korea’s central bank held its policy rate at a record-low 1.25 percent for a 13th straight month, a widely expected decision as policy makers seek to boost subdued private consumption and keep any thoughts of tightening off the table for now

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*27845.00*	*0.03*
*Silver*	*36563.00*	*-0.07*
*Crude oil*	*2995.00*	*1.05*
*Natural Gas*	*192.00*	*-0.1*
*Alluminium*	*123.30*	*-0.08*
*Copper*	*381.30*	*0.12*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Healthcare up by 0.89%, Utilities up by 0.78%, Telecom up by 0.48%, Power up by 0.33% and PSU up by 0.28%, while Realty down by 0.73%, Capital Goods down by 0.64%, Industrials down by 0.63%, IT down by 0.56% and Metal down by 0.55% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were AurobindoPharma up by 5.06%, ACC up by 2.20%, GAIL India up by 1.94%, Kotak Mahindra Bank up by 1.73% and NTPC up by 1.37%. On the flip side, Indian Oil Corporation down by 2.26%, TCS down by 2.01%, Coal India down by 1.77%, Tata Motors - DVR down by 1.66% and Wipro down by 1.46% were the top losers.

Global Signals:

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 0.15 points or 0.01% to 1,753.93, Shanghai Composite increased 4.25 points or 0.13% to 3,222.42, KOSPI Index increased 5.14 points or 0.21% to 2,414.63, Nikkei 225 increased 19.05 points or 0.09% to 20,118.86 and Hang Seng increased 43.06 points or 0.16% to 26,389.23. On the flip side, Jakarta Composite decreased 22.07 points or 0.38% to 5,807.97 and Taiwan Weighted decreased 16.24 points or 0.16% to 10,443.91.

European markets were mostly trading in red; UK’s FTSE 100 decreased 7.29 points or 0.1% to 7,406.15 and Germany’s DAX decreased 1.23 points or 0.01% to 12,640.10. On the flip side, France’s CAC increased 7.48 points or 0.14% to 5,242.88.

SENSEX ENDS UP OVER 200 PTS, NIFTY NEAR 9900; ITC UP 3%

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Indian Indices: Indian equity benchmarks continued their record-setting spree in late afternoon session, as investors were riding on firm macro data and expecting Reserve Bank of India (RBI) to cut interest rates in its monetary policy review in August. India’s retail inflation cooled down to 1.54% in June from 2.18% in May, while industrial output grew 1.7% in May on a yearly basis after expanding revised 2.8% in April.

Sensex and Nifty were trading above the crucial 32,000 and 9,850 levels respectively, with gains of over half a percent. Some support also came with the industry body PHDCCI’s latest report that share of India’s total exports to top 10 destinations worldwide has increased to 51.6% in 2016-17, compared to 49% in 2013-14. The industry body has highlighted that higher GST in this segment will directly promote the use of chemical fertilisers, thereby leading to increase in green house gas emissions. Apart from this, it noted that this will adversely impact public health too.

The BSE Sensex is currently closed at 32037.38, up by 232.56 points or 0.73% after trading in a range of 31892.63 and 32091.52. There were 25 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.43%, while Small cap index was up by 0.47%.

The CNX Nifty is currently shut up at 9891.70, up by 75.60 points or 0.77% after trading in a range of 9853.45 and 9889.95. There were 40 stocks advancing against 11 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Network 18*	57.60	11.84
*Sintex*	34.15	15.76
*Nationalum*	72.70	7.23
*KEC*	295.15	6.26
*Losers*
*Gvkpil*	7.29	-4.33
*Prestige*	273.00	-3.63
*Shriramcit*	2230.00	-3.18
*Hexaware*	245.50	-2.77

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*32,037.38*	*0.73*
*Nifty*	*9,891.70*	*0.77*

Crporate Front: The Union Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal said that India has had a long history of social responsibility. He underlined the need for introducing innovations to be able to effectively contribute to social development and nation building through CSR projects.

Macroeconomic front: Global IT research firm Gartner today further lowered its 2017 IT spending growth estimate to 2.4 per cent from the 2.7 per cent earlier on worries on digitisation. The firm had first predicted for a 3 per cent growth in worldwide IT spends, which got revised down to 2.7 per cent in January this year. The downward revision in growth estimates comes amid growing anxieties over the future of the IT industry, with concerns surrounding automation and rising protectionism that is being blamed for job losses in the country.

On the global front: On the global front, European markets were trading in green, as investors digested new earnings reports and looked ahead to more comments from US Federal Reserve Chair Janet Yellen who will testify to Congress for a second day. Asian markets were also trading in green. Back home, in scrip specific development, Chartered Logistics traded jubilantly after the company bagged an order worth Rs 24 crore from ONGC Petro-additions to be executed in a period of two years.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*27914.00*	*0.23*
*Silver*	*37039.00*	*0.19*
*Crude oil*	*2927.00*	*-0.75*
*Natural Gas*	*192.90*	*0.21*
*Alluminium*	*123.45*	*1.86*
*Copper*	*384.60*	*0.35*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were FMCG up by 1.72%, Capital Goods up by 1.08%, Bankex up by 0.95%, Power up by 0.76% and Utilities up by 0.62%, while Oil & Gas down by 0.16% and Metal down by 0.08% were the only losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were ITC up by 3.06%, Yes Bank up by 2.93%, Indiabulls Housing Finance up by 1.98%, ICICI Bank up by 1.86% and HDFC up by 1.48%. On the flip side, Indian Oil Corporation down by 3.11%, BhartiInfratel down by 2.21%, ONGC down by 2.00%, Hindalco down by 0.97% and Eicher Motors down by 0.58% were the top losers.

Global Signals:

Asian markets were trading mostly in green; Nikkei 225 increased 1.43 points or 0.01% to 20,099.81, KOSPI Index increased 17.72 points or 0.74% to 2,409.49, Shanghai Composite increased 20.62 points or 0.64% to 3,218.16, Taiwan Weighted increased 39.47 points or 0.38% to 10,460.15 and Hang Seng increased 302.53 points or 1.16% to 26,346.17. On the flip side, FTSE Bursa Malaysia KLCI decreased 3.69 points or 0.21% to 1,753.55 and Jakarta Composite decreased 1.31 points or 0.02% to 5,817.82.

European markets were trading mostly in green; France’s CAC increased 13.72 points or 0.26% to 5,235.85 and Germany’s DAX was up by 18.36 points or 0.15% to 12,644.94. On the flip side, UK’s FTSE 100 decreased 1.46 points or 0.02% to 7,415.47.

Dow Jones at new high as Janet Yellen spurs bulls with accommodative stance on policy rates. Oil falls with bond yields as US Dollar holds steady as risk on trade resumes.

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Indian Indices: Asian indices opened in the green taking cues from the US as markets resume uptrend. The market seemed pleased with the accommodative stance sounded by the Federal Reserve Chairman Janet Yellen and hit fresh new all time highs.

Nifty hit new closing high above 9800 with foreign investors covering their P-Note hedges and value buying by mutual funds. For today expect new highs to continue as strong momentum drives an overbought market further up. Also, expect the broader market to outperform as risk on trade spreads to the Mid- and Small-cap stocks/sectors.

The BSE Sensex is currently trading at 32028.94, up by 224.12 points or 0.70% after trading in a range of 31892.63 and 32046.57. There were 27 stocks advancing against 4 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.68%, while Small cap index was up by 0.72%.

The CNX Nifty is currently trading at 9880.35, up by 64.25 points or 0.65% after trading in a range of 9853.45 and 9885.65. There were 43 stocks advancing against 8 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Sintex*	33.20	12.54
*KEC*	298.05	7.31
*CUB*	175.00	5.04
*Videoind*	31.95	4.93
*Group ATopLosers*
*Prestige*	274.00	-3.28
*IOC*	384.00	-2.22
*Infratel*	411.75	-2.16
*Polaris*	242.15	-1.72

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

Technical view: Nifty finds strong support around 9709 which was the previous resistance while 9870 will act as resistance on the upside.

Muthoot Finance (Buy Above 468 with Stop Loss at 460 for Target of 484): The stock has been consolidating for over three weeks and has finally broken out from a Symmetrical Triangle pattern on the daily charts. The price outburst has been accompanied with impressive jump in volumes. In addition, other oscillators also indicate that a fresh up move is on the cards.

EconomicSnippets

Retail inflation declined to 1.54% in June from 2.1% in May, according to data released by the statistics office on Wednesday. A separate set of data showed industrial growth at 1.7% in May below the downwardly revised 2.7% figure for April. (ET)

The wet grinder cluster in Coimbatore finally had something to cheer about when JayantSinha, Minister of State for Civil Aviation, took note of their plea on GST rate fitments and assured the members that he would do his best to convince the Council about their concerns.

The Intelligence Bureau (IB) has raised serious concerns over the government's proposal to allow 100 per cent foreign direct investment in local airlines citing security issues.

The Supreme Court dismissed pleas from private bars and restaurant associations requesting modification or clarification of its judgment banning liquor business on state and national highways.

Nifty Movers: The top gainers on Nifty were Indiabulls Housing Finance up by 2.25%, ITC up by 1.75%, ICICI Bank up by 1.59%, Yes Bank up by 1.38% and Larsen & Toubro up by 1.31%. On the flip side, BhartiInfratel down by 2.03%, Indian Oil Corporation down by 1.94%, ONGC down by 1.20%, ACC down by 0.41% and Tata Motors down by 0.39% were the top losers.

Top Sectoral& Stock Screening:The top gainers on the Sensex were ITC up by 1.72%, ICICI Bank up by 1.40%, Larsen & Toubro up by 1.36%, Axis Bank up by 1.19% and BhartiAirtel up by 1.11%. On the flip side, ONGC down by 1.11%, Tata Motors down by 0.41%, Bajaj Auto down by 0.16% and Mahindra & Mahindra down by 0.12% were the top losers.

On the global front: On the global front, Asian shares were trading mostly in green. China reported better-than-expected trade data for June, suggesting the economy is holding up well thanks to firmer global demand, despite a cooling property market at home amid a financial crackdown that has put firms under pressure.

Global Signals:The Asian markets were trading mostly in green; Shanghai Composite increased 17.84 points or 0.56% to 3,215.38, KOSPI Index increased 27.5 points or 1.15% to 2,419.27, Taiwan Weighted increased 47.61 points or 0.46% to 10,468.29 and Hang Seng increased 286.33 points or 1.1% to 26,329.97.On the other hand, Nikkei 225 decreased 4.71 points or 0.02% to 20,093.67, FTSE Bursa Malaysia KLCI decreased 1.78 points or 0.1% to 1,755.46 and Jakarta Composite decreased 1.11 points or 0.02% to 5,818.02.

US indices recover from intraday losses, however undertone remains extremely cautious. All eyes on today's Janet Yellen testimony on rates going forward with bond yields to decide market trajectory in the near term.

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Indian Indices: Asian indices opened with minor losses as weak oil prices and sell off in US Dollar saw Japanese stocks fall along with the Yen strengthening. The Federal Reserve Chairman Janet Yellen testimony today will be closely tracked as her call on rates will see bond yields decide the way forward for equities in the near term.

Nifty hit new highs above 9800 but succumbed to profit booking in the last hour to close below 9800. Short covering by foreign investors due to P-NOTE ban may have played out in the last 2 days with market now seeing the highest long positions in recent times. Caution would be the buzzword as PCR (put call ratio) readings @ 1.40 signal extremely over bought readings on the derivative counters

The BSE Sensex is currently trading at 31810.55, up by 63.46 points or 0.20% after trading in a range of 31755.32 and 31865.69. There were 19 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.51%, while Small cap index was up by 0.22%.

The CNX Nifty is currently trading at 9810.75, up by 24.70 points or 0.25% after trading in a range of 9791.20 and 9823.00. There were 34 stocks advancing against 17 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*PTC*	108.35	7.92
*Biocon*	342.85	6.11
*Videoind*	30.45	5.00
*GMDCLTD*	150.70	3.97
*Group ATopLosers*
*Unitech*	7.18	-5.03
*Bajajelec*	332.95	-2.15
*DHFl*	430.50	-1.52
*APLLTD*	526.95.	-1.37

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

Technical view: Nifty finds strong support around 9709 which was the previous top while 9825 will act as resistance on the upside. Bank Nifty also faces resistance around 23750 while 23500 will act as support on the downside.

Cipla July FUT (Sell Below 540 with Stop Loss at 547.5 for Target of 525): The stock has been consolidating for over five weeks and has finally broken down from the neckline of the consolidation pattern on the daily charts. Other oscillators also indicate negative crossovers, which mean that the decline is likely to further extend. We expect Cipla to slip lower towards Rs 525 in near term.

EconomicSnippets:

India's Supreme Court suspended a government order that had banned the trade of cattle for slaughter, giving relief to the multi-billion dollar beef and leather industries that employ millions of poor workers.

A Public Private Partnership (PPP) model could be tried to to give a fillip to India's mineral exploration that is currently constrained due to lack of private sector participation in the activity, PiyushGoyal, union minister of state for power, coal, new & renewable energy and mines, said. The finance ministry will soon seek Cabinet approval for a legislation to ban illicit deposit schemes and table it in the Parliament's forthcoming Monsoon session, a senior government official said today.

Union transport minister NitinGadkari has asked National Highway Authority of India (NHAI) to order an enquiry into bribery allegations involving Boston-based consultancy firm CDM Smith for securing highway contracts in India.

Nifty Movers: The top gainers on Nifty were Hindustan Unilever up by 2.63%, Indian Oil Corporation up by 2.27%, ACC up by 2.01%, Ambuja Cement up by 1.37% and ONGC up by 1.34%. On the flip side, TCS down by 0.72%, Bank of Baroda down by 0.43%, AurobindoPharma down by 0.30%, Hero MotoCorp down by 0.28% and HDFC down by 0.26% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Oil & Gas up by 1.29%, Energy up by 1.18%, PSU up by 0.71%, Utilities up by 0.62% and Power up by 0.53%, while IT down by 0.14% was the sole loser on BSE.

On the global front: On the global front, Asian shares were trading mostly in red, while shares in Hong Kong put in a strong showing. Investors across Asia are now looking forward to a raft of economic data coming out on Thursday and Friday as well as the testimony of US Federal Reserve chair Janet Yellen

Global Signals: The Asian markets were trading mostly in red; Nikkei 225 decreased 94.89 points or 0.47% to 20,100.59, Shanghai Composite decreased 7.85 points or 0.24% to 3,195.19, KOSPI Index decreased 2.69 points or 0.11% to 2,393.31 and FTSE Bursa Malaysia KLCI decreased 1.38 points or 0.08% to 1,753.65. On the other hand, Taiwan Weighted increased 8.01 points or 0.08% to 10,423.58, Jakarta Composite increased 22.74 points or 0.39% to 5,796.07 and Hang Seng increased 213.51 points or 0.83% to 26,091.15.

NIFTY ENDS BELOW 9800, SENSEX MARGINALLY HIGHER, ITC, ICICI DRAG

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Indian Indices: Indian equity markets ended the session with modest gains. The last hour of trade, however, dragged equity benchmarks to erase gains due to profit booking but still managed to end at fresh record closing highs. NSE Nifty breached 9,800 points for the first time as trading turned normal a day after a major technical disruption. The equity benchmarks made a gap-up opening and traded jubilantly in early deals taking support on account of short covering after SEBI put in place restrictions on Foreign Portfolio Investors from issuing participatory notes (P-Notes) where the underlying asset is a derivative.

In cases where the derivatives positions are not for the purpose of hedging the equity shares, FPIs have to liquidate the holdings latest by date or maturity or by December 31, 2020, whichever is earlier. Investors took note of India Meteorological Department’s (IMD) statement that the seasonal monsoon rains have covered most of India and the amount of precipitation so far is within expectations, raising hopes for higher farm output after increased sowing of rice and soybean crops.

The BSE Sensex ended at 31753.41, up by 37.77 points or 0.12% after trading in a range of 31718.48 and 31885.11. There were 16 stocks advancing against 15 stocks declining on the index. The broader indices ended in red; the BSE Mid cap index was down by 0.79%, while Small cap index was down by 0.56%.

The CNX Nifty ended at 9785.85, up by 14.80 points or 0.15% after trading in a range of 9778.85 and 9830.05. There were 28 stocks advancing against 23 stocks declining on the index

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Videoind*	29.00	4.88
*NIITTech*	590.00	4.45
*IGL*	1117.10	4.05
*APLLtd*	534.25	3.52
*Losers*
*Religare*	102.35	-19.98
*Unitech*	7.56	-6.33
*GVKPil*	7.67	-4.96
*Shriramcit*	2236.80	-4.78

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*31,747.09*	*0.10*
*Nifty*	*9,786.05*	*0.15*

Crporate Front: Gold exchange traded funds (ETFs) continued losing steam as an investment class with investors pulling out more than Rs 200 crore from the instrument in the first quarter of the current fiscal, preferring equities over them, reported PTI. The outflow meant assets under management (AUMs) of gold funds plunged by over 22 per cent during the quarter to Rs 5,174 crore, from Rs 6,645 crore in the year-ago period.

Macroeconomic front: Russia has offered India the latest "Generation 3-plus" nuclear reactor -- the VVER-1200 -- powered by advanced fuel, to be set up at a yet-to-be designated site in parallel to the ongoing 6,000 MW Kudankulam project in Tamil Nadu.

Both countries have agreed on a second nuclear power project to follow Kudankulam, which envisages the construction of six reactors of the earlier generation VVER type of 1,000 MW capacity each. The VVER-1200 has 20 per cent more capacity than the VVER-1000.

On the global front:

On the global front, Asian markets closed mostly in green as investors’ awaited testimony from Federal Reserve Chair Janet Yellen. South Korean finance ministry said that weak private consumption and tepid employment growth are holding back the country’s economy even as exports steadily gain. May retail sales declined 0.9 percent from April while the consumer price index gained 1.9 percent year-on-year in June, cooling from 2 percent in July and pointing to a slower-than-expected recovery in domestic demand.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*27715.00*	*-0.28*
*Silver*	*36155.00*	*-1.06*
*Crude oil*	*2854.00*	*-0.76*
*Natural Gas*	*190.90*	*0.79*
*Alluminium*	*121.65*	*-0.25*
*Copper*	*379.10*	*-0.04*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 1.09%, Auto up by 0.87%, TECK up by 0.49%, Capital Goods up by 0.43% and Power up by 0.28%, while Telecom down by 1.84%, Realty down by 1.68%, Consumer Durables down by 0.87%, Healthcare down by 0.68% and FMCG down by 0.53% were the losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Bajaj Auto up by 2.47%, BPCL up by 2.30%, Hindalco up by 2.27%, Infosys up by 2.25% and Tata Motors up by 2.15%. On the flip side, BhartiAirtel down by 2.77%, Bank of Baroda down by 2.67%, Cipla down by 1.77%, Wipro down by 1.58% and AurobindoPharma down by 1.47% were the top losers.

Global Signals:

Asian markets were trading mostly in green; Jakarta Composite increased 2.28 points or 0.04% to 5,773.79, KOSPI Index increased 13.9 points or 0.58% to 2,396.00, Nikkei 225 increased 114.5 points or 0.57% to 20,195.48, Taiwan Weighted increased 125.66 points or 1.22% to 10,415.57 and Hang Seng increased 377.58 points or 1.48% to 25,877.64. On the flip side, Shanghai Composite decreased 9.59 points or 0.3% to 3,203.04 and FTSE Bursa Malaysia KLCI decreased 2.03 points or 0.12% to 1,755.10.

European Markets were trading mostly in green; France’s CAC increased 0.27 points or 0.01% to 5,165.91 and Germany’s DAX increased 25.27 points or 0.2% to 12,471.19. On the flip side, UK’s FTSE 100 decreased 37.36 points or 0.51% to 7,332.67.

SENSEX SOARS 355 PTS, NIFTY ENDS AT RECORD CLOSING HIGH; IT LEADS

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Indian Indices: Indian equity markets traded on a firm note throughout the day and ended the session with gain of around one percent. Optimism over quarterly corporate earnings coupled with covering-up of short positions lifted the index. Stock market investors’ wealth today touched the $2 trillion mark, helped by a rally in the BSE benchmark

Sensex, which soared to an all-time high. Trading activities resumed at the National Stock Exchange (NSE) in the afternoon today after the system faced technical glitches in the morning that led to trade disruptions. The Department of Economic Affairs has asked the NSE to submit a report on the technical glitch. The equity benchmarks opened higher in early deals, with both Sensex and Nifty touched their all-time high at open tracking positive cues from Asian stocks.

Meanwhile, Union minister Mukhtar Abbas Naqvi said that the new tax regime would prove to be a game changer for the country’s economy, terming the GST a revolutionary reform taken in the interest of common people and small traders. The introduction of the new tax system by the NarendraModi Government was the biggest economic reform since the Independence.

The BSE Sensex ended at 31668.13, up by 307.50 points or 0.98% after trading in a range of 31471.41 and 31768.39. There were 26 stocks advancing against 5 stocks declining on the index. The broader indices ended in green; the BSE Mid cap index was up by 0.65%, while Small cap index was up by 0.43%

The CNX Nifty ended at 9762.30, up by 96.50 points or 1.00% after trading in a range of 9646.45 and 9782.15. There were 44 stocks advancing against 7 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Divislab*	734.15	7.94
*RCOm*	24.40	7.25
*PNB*	153.25	6.31
*Tataglobal*	166.45	5.65
*Losers*
*Religare*	127.90	-10.21
*IDFC*	56.50	-5.68
*Biocon*	321.25	-4.69
*GDL*	273.60	-3.73

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*31,715.64*	*1.13*
*Nifty*	*9,763.05*	*1.01*

Crporate Front:

India's steel consumption grew by 4.6 per cent to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016 while the country's steel exports jumped by nearly 66 per cent in the April-June period, a Ministry report said.

Macroeconomic front: Union Minister of State for Development of North Eastern Region (DoNER), MoS PMO, Jitendra Singh has said that GST has a special significance for Jammu & Kashmir and the eight States of the North-East Region. The same also applies to States like Uttarakhand and Himachal Pradesh, he said. Briefing the media in Nainital on Sunday, Jitendra Singh said the GST promises to provide a level-playing field to all the States of the Indian Union.

On the global front:

On the global front, Asian markets closed mostly in red. The Bank of Japan offered to buy an unlimited amount of JGBs on Friday, as it sought to put a lid on domestic interest rates pushed higher by the broad sell-off in developed market bonds. Its aggressive bond buying operations sent most Japanese government bond yields lower and weakened the yen. European markets were trading in red as investors look out for fresh economic data, a G-20 meeting in Hamburg and continue to mull the possible end of monetary stimulus from central banks.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*27651.00*	*-0.48*
*Silver*	*35653.00*	*-1.6*
*Crude oil*	*2831.00*	*-1.12*
*Natural Gas*	*186.80*	*0.86*
*Alluminium*	*123.80*	*-0.52*
*Copper*	*378.10*	*-0.53*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 3.58%, IT up by 2.86%, TECK up by 2.84%, PSU up by 1.65% and Metal up by 1.35%, while FMCG down by 0.03% was the sole loser on BSE.

Top Nifty Movers:The top gainers on Nifty were BhartiAirtel up by 4.95%, TCS up by 4.42%, Wipro up by 4.19%, Bank of Baroda up by 3.77% and Lupin up by 2.93%. On the flip side, Mahindra & Mahindra down by 0.66%, Zee Entertainment down by 0.46%, ITC down by 0.39%, Kotak Mahindra Bank down by 0.21% and Hindustan Unilever down by 0.15% were the top losers. (Provisional)

Global Signals:

Asian markets were trading mixed; KOSPI Index increased 2.23 points or 0.09% to 2,382.10, Nikkei 225 increased 151.89 points or 0.76% to 20,080.98 and Hang Seng increased 159.21 points or 0.63% to 25,500.06. On the flip side, Jakarta Composite decreased 32.77 points or 0.56% to 5,782.02, Taiwan Weighted decreased 7.34 points or 0.07% to 10,289.91, Shanghai Composite decreased 5.32 points or 0.17% to 3,212.63 and FTSE Bursa Malaysia KLCI decreased 4.71 points or 0.27% to 1,755.22.

All European markets were trading in green; France’s CAC increased 8.92 points or 0.17% to 5,154.08, UK’s FTSE 100 inched up by 17.18 points or 0.23% to 7,368.10 and Germany’s DAX was up by 64.26 points or 0.52% to 12,452.94.

Global markets rebound as US jobs data meets estimates. Rise in bond yields continues to because of concern with markets misplacing risk as danger of carry trade unwinding gets higher.

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Indian Indices: Asian indices opened in the green with most indices trading higher as Friday's US jobs data improves sentiment. The rise in bond yields however is the near term risk as danger of higher cost of carry would see unwinding of carry trades hurt equity markets globally.

Nifty saw a flat close on Friday spurred by fresh bout of buying in heavyweight Reliance, which singlehandedly spurred the Nifty out of losses. Foreign investors continue to book profit even as local funds buy any fall aggressively. For today expect another day of consolidation with select mid cap sector outperformance continuing.

In its ‘Q1 FY18 Results Outlook,’ CRISIL said that the growth in the sectors, accounting for 61% of the market capitalisation of companies listed on the National Stock Exchange, was hemmed in by factors such as a rise in input costs, an appreciating rupee and output cuts ahead of the GST regime rollout from July 1.

The BSE Sensex is currently trading at 31568.26, up by 207.63 points or 0.66% after trading in a range of 31471.41 and 31602.50. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.36%, while Small cap index was up by 0.56%.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Unitech*	8.38	7.16
*Rcom*	24.00	5.49
*PNB*	150.20	4.20
*Videoind*	27.65	4.93
*Group ATopLosers*
*Shriramcit*	1024.70	-6.05
*Biocon*	322.10	-4.44
*IDFC*	58.00	-3.17
*Mindtree*	528.00	-2.09

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*31070*	*31315*
*Nifty*	*9565*	*9645*

Technical view: Nifty finds strong support around 9600 while 9700 will act as resistance on the upside. Bank Nifty also finds support around 23250 while 23650 will act as resistance.

Prestige (Buy Above 282 with Stop Loss at 275 for Target of 298): After consolidating for over five weeks, the stock has broken out from a classic Cup and Handle pattern on the daily charts. The price breakout has been accompanied with smart uptick in volumes. Other oscillators also indicate that the current momentum is here to stay. We expect Prestige to surge higher towards its potential target of Rs 298 in near term.

EconomicSnippets

The G20 Summit began on Friday in this port city as world leaders assembled to discuss fight against terrorism and ways to improve open trade while Prime Minister NarendraModi met his counterparts from the BRICS bloc. (BS)

The Finance Ministry on Friday said that education will become cheaper with the goods and services tax (GST) and instead some items such as school bags have now become cheaper.

The finance ministry is likely to approve aRs 2,500 crore package for the leather and footwear industry, a move that is expected to boost exports, generate employment and make the sector competitive globally.

The Jammu and Kashmir legislative assembly passed the state GST Bill 2017 amid boycott by opposition, making it the last state of the country to join the new tax regime.

Nifty Movers: The top gaining sectoral indices on the BSE were Telecom up by 2.22%, TECK up by 1.65%, IT up by 1.59%, Realty up by 1.27% and PSU up by 1.03%, while Consumer Durables down by 0.21% and FMCG down by 0.10% were the only losing indices on BSE.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 2.22%, TECK up by 1.65%, IT up by 1.59%, Realty up by 1.27% and PSU up by 1.03%, while Consumer Durables down by 0.21% and FMCG down by 0.10% were the only losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in green, lifted by Wall Street’s strong performance on Friday. China’s producer price inflation was unchanged in June and remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector and as signs of economic weakness weighed on the outlook for prices.

Global Signals:The Asian markets were trading mostly in green; Taiwan Weighted increased 0.64 points or 0.01% to 10,297.89, KOSPI Index increased 5.32 points or 0.22% to 2,385.19, Nikkei 225 increased 129.13 points or 0.65% to 20,058.22 and Hang Seng increased 265.71 points or 1.05% to 25,606.56.On the other hand, Jakarta Composite decreased 15.4 points or 0.26% to 5,799.39, Shanghai Composite decreased 7.09 points or 0.22% to 3,210.87 and FTSE Bursa Malaysia KLCI decreased 3.11 points or 0.18% to 1,756.82.

SENSEX CLOSES FLAT AFTER NARROW RANGE TRADE BUT NIFTY ENDS WEEK WITH 1.5% GAIN

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Indian Indices: Indian equity markets traded in a narrow range throughout the day and ended the session with modest cut. The equity benchmarks recouped losses in afternoon trade turning in positive terrain driven by index heavyweight Reliance Industries that rallied to hit a fresh 52-week high, but it was short lived. The equity benchmarks made a negative start and traded slightly in red in early deals tracking weak global cues and profit booking. Investors took note of Nobel laureate Paul Krugman’s statement that he was puzzled by demonetization and that it was a blunt instrument to tackle the problem of black money and corruption.

He said that Prime Minister NarendraModi’s performance is a bit below expectations and called on the government and RBI to spur economic growth by cutting rates and increasing fiscal spending. Meanwhile, former Union Finance Minister P Chidambaram said that the aim was for one indirect tax to subsume all the other indirect taxes, but this GST fails to achieve that. Some concerns also came with the report that India slipped by one spot to become the fourth-largest foreign investor into the UK.

The BSE Sensex ended at 31358.58, down by 10.76 points or 0.03% after trading in a range of 31286.62 and 31426.29. There were 15 stocks advancing against 16 stocks declining on the index. The broader indices ended mixed; the BSE Mid cap index was down by 0.03%, while Small cap index was up by 0.28%. (Provisional)

The CNX Nifty ended at 9663.30, down by 11.25 points or 0.12% after trading in a range of 9642.65 and 9684.25. There were 20 stocks advancing against 31 stocks declining on the index. (Provisional)

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*Renuka*	15.56	20.00
*Unitech*	7.85	19.94
*Tubeinvest*	745.85	6.66
*Prestige*	281.85	5.52
*Losers*
*Religare*	142.45	-5.66
*Intellect*	122.40	-4.56
*Pageind*	16582.30	-3.08
*Edelweiss*	192.85	-3.04

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*31,360.63*	*-0.03*
*Nifty*	*9,665.80*	*-0.09*

Crporate Front:

Ministry of Railways on Friday said that it has reformed its recruitment process through induction of digital technology in a big way. “This has brought transparency & efficiency,” said Ministry of Railways. The Ministry said that Railway Recruitment Boards (RRBs) have conducted the world’s largest computer based test for about 92 lakh candidates.

Macroeconomic front: The pan-India Goods and Services Tax (GST) regime is likely to be implemented in Jammu and Kashmir from Friday midnight ending all suspense and speculations on whether the state would become part of the 'one country, one tax' system.
The presidential order extending Amendment 101 to the state was received here earlier on Friday.

On the global front:

On the global front, Asian markets closed mostly in red. The Bank of Japan offered to buy an unlimited amount of JGBs on Friday, as it sought to put a lid on domestic interest rates pushed higher by the broad sell-off in developed market bonds. Its aggressive bond buying operations sent most Japanese government bond yields lower and weakened the yen. European markets were trading in red as investors look out for fresh economic data, a G-20 meeting in Hamburg and continue to mull the possible end of monetary stimulus from central banks.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*27992.00*	*-0.44*
*Silver*	*37039.00*	*-1.1*
*Crude oil*	*2858.00*	*-3.0*
*Natural Gas*	*188.90*	*1.29*
*Alluminium*	*124.70*	*-0.48*
*Copper*	*380.25*	*-0.54*

Top Sectoral& Stock ScreeningThe top gaining sectoral indices on the BSE were Realty up by 1.74%, Energy up by 1.63%, Healthcare up by 1.04%, Telecom up by 0.64% and Oil & Gas up by 0.48%, while IT down by 0.73%, TECK down by 0.47%, Consumer Durables down by 0.38%, FMCG down by 0.30% and Bankex down by 0.24% were the top losing indices on BSE.

Top Nifty Movers: The top gainers on Nifty were Lupin up by 3.58%, Reliance Industries up by 3.29%, AurobindoPharma up by 2.23%, BhartiAirtel up by 1.64% and Zee Entertainment up by 1.41%. On the flip side, BhartiInfratel down by 2.34%, Indiabulls Housing down by 1.73%, ONGC down by 1.61%, Asian P

Global Signals:

Asian markets were trading mostly in red; Hang Seng decreased 124.37 points or 0.49% to 25,340.85, Taiwan Weighted decreased 70.95 points or 0.68% to 10,297.25, Nikkei 225 decreased 64.97 points or 0.32% to 19,929.09, Jakarta Composite decreased 30.23 points or 0.52% to 5,819.35, FTSE Bursa Malaysia KLCI decreased 9.71 points or 0.55% to 1,760.82 and KOSPI Index decreased 7.94 points or 0.33% to 2,379.87. On the flip side, Shanghai Composite increased 5.51 points or 0.17% to 3,217.96.

All European markets were trading in red; Germany’s DAX decreased 18.14 points or 0.15% to 12,363.11, UK’s FTSE 100 slipped 17.94 points or 0.24% to 7,319.34 and France’s CAC was down by 16.66 points or 0.32% to 5,135.74.

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