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

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

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

Revenue drivers are intact, but margins to improve gradually:

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

Acquisition of PARX to strengthen its presence in Europe:

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

Outlook and valuation:

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