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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.

12. July 2017 Rohit Stock Market Research (0)

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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.

US stocks witness fall as bond rout deepens with US 10 year yields hitting 2.38%. Globally higher yields signal higher cost of money will see unwinding of carry trade with equities seeing weakness in the near term.

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Indian Indices: Asian indices opened in the red as US stocks saw losses to hit month lows while Nasdaq hit almost 3 month lows. The US 10 year bond hit 2.38%, while German 'bunds' also hit 18 month highs at 0.56%. Oil and gold prices also saw flat trade as money exits equities and chases fixed income.

Nifty hit 9700 before seeing profit booking in last hour of trade. The 'risk on' trade has seen mid caps also join the rally as market breadth turns positive. For today expect mid caps to continue outperformance while the Nifty takes a breather closer to 9700.

The BSE Sensex is currently trading at 31321.42, down by 47.92 points or 0.15% after trading in a range of 31286.62 and 31394.16. There were 16 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.01%, while Small cap index was up by 0.16%.

The CNX Nifty is currently trading at 9655.15, down by 19.40 points or 0.20% after trading in a range of 9642.65 and 9672.70. There were 20 stocks advancing against 31 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Unitech*	7.78	19.33
*Trent*	256.10	5.50
*Videoind*	26.35	4.98
*Lupin*	1129.00	4.42
*Group ATopLosers*
*Shriramcit*	2399.90	-4.76
*Intellect*	123.00	-4.09
*Edelweiss*	193.55	-2.49
*Pageind*	17000.00	-2.24

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

Technical view: Nifty finds strong support around 9600 while 9709 act as strong resistance on the upside. Bank Nifty also sees support around 23350 while 23650 will act as strong resistance on the upside.

Dabur (Buy Above 301 with Stop Loss at 294.5 for Target of 314): After consolidating for over four 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 Dabur to surge higher towards its potential target of Rs 314 in near term.

EconomicSnippets

The government should permit wider utilisation of duty credit scrips by exporters as any limited use would impact liquidity situation of exporters, FIEO said. (NDTV Profit)

DynamaticTechnologies Ltd (DTL), Israel Aerospace Industries Ltd. (IAI), and Elcom Systems announced their strategic cooperation, to jointly address the needs of the Indian UAV market, under the “Make in India” initiative of the Indian Government.

Keen to make India a global manufacturing hub for its high-tech defence systems, Israeli firm Rafael Advanced Defence Systems is “speaking” to several Indian companies.

Nifty Movers: The top gainers on Nifty were Lupin up by 4.69%, Dr. Reddy’s Lab up by 2.09%, AurobindoPharma up by 1.48%, Zee Entertainment up by 1.37% and Cipla up by 1.23%. On the flip side, BhartiInfratel down by 1.98%, HDFC down by 1.26%, Hero MotoCorp down by 0.98%, Asian Paints down by 0.98% and GAIL India down by 0.91% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Healthcare up by 1.34%, Realty up by 1.01%, Capital Goods up by 0.24%, Power up by 0.10% and PSU up by 0.06%, while Consumer Durables down by 0.30%, FMCG down by 0.28%, IT down by 0.26%, Bankex down by 0.24% and Auto down by 0.22% were the top losing indices on BSE

On the global front:On the global front, Asian shares were trading in red, following a weaker close overnight. The dollar gained in Asian trading on Friday, getting a leg up against the yen after the Bank of Japan increased its purchases of Japanese government bonds in a move aimed at stemming a rise in yields.

Global Signals:The Asian markets were trading in red; Hang Seng decreased 97.93 points or 0.38% to 25,367.29, Nikkei 225 decreased 84.22 points or 0.42% to 19,909.84, Taiwan Weighted decreased 63.71 points or 0.61% to 10,304.49, FTSE Bursa Malaysia KLCI decreased 8.97 points or 0.51% to 1,761.56, KOSPI Index decreased 7.01 points or 0.29% to 2,380.80, Shanghai Composite decreased 6.24 points or 0.19% to 3,206.20 and Jakarta Composite decreased 0.33 points or 0.01% to 5,849.25.

US stocks close flat as Techs rally while Energy stocks fall with oil prices witness weakness after huge rally. Bond yields at 2.35% are raising concern as cost of money rises with Federal Reserve adamant on another rate hike.

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Indian Indices: Asian indices opened with minor losses as markets saw profit booking after yesterday's strong comeback rally. Technology stocks staged a comeback while energy stocks weakened with oil prices falling. Expect another range bound day as markets consolidate the recent moves with caution prevailing against rising geopolitical risk.

Nifty traded in a small zone with 9650 being tested, while 9600 being defended. Banks and Financials saw strong buying as foreign investors turned marginal buyers. Pharma, Banks and Metals led from the front while Telecom, IT and FMCG saw profit booking. For today expect consolidation as Nifty attempts 9700 while defending 9600 with the broader market outperforming.

The BSE Sensex is currently trading at 31383.07, up by 137.51 points or 0.44% after trading in a range of 31264.86 and 31398.19. There were 21 stocks advancing against 10 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 0.77%.

The CNX Nifty is currently trading at 9671.35, up by 33.75 points or 0.35% after trading in a range of 9639.95 and 9676.35. There were 30 stocks advancing against 21 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Prestige*	263.60	5.52
*Indianb*	294.50	5.05
*Sobha*	400.00	4.81
*Videoind*	25.10	4.80
*Group ATopLosers*
*Pageind*	17675.55	-1.56
*Bajajauto*	2730.00	-1.51
*Rajeshexpo*	667.85	-1.45
*Apollohosp*	1260.00	-1.34

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

Technical view: Nifty finds strong support around 9570 while 9700 will act as resistance on the upside. Bank Nifty also finds strong support around 23200 while 23550 will act as strong resistance on the upside.

Tata Chem (Buy Above 645 with Stop Loss at 635 for Target of 665): The stock has been in a consolidation mode for the past two months and was stuck in a trading range. Finally, Tata Chem has reversed and has broken out from a symmetrical triangle pattern on the daily chart with credible volumes. Once the stock surpasses a minor hurdle of Rs 648, we expect Tata Chem to move higher towards its potential target of Rs 665 in near term.

EconomicSnippets:

The telecom regulator’s proposal to have an ombudsman for the sector to address consumer woes may again come to nought as the department of telecommunications, which has to ensure that such an office be set up, is unlikely to accept the idea.

The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 53.1 in June from the previous month's 52.2. June was the fifth consecutive month the index has been above the 50 mark that separates growth from contraction.

Implementation of GST, albeit complex, will remove domestic trade barriers and help boost GDP growth over the long term, but poses significant short-term risks, Fitch Ratings said.

Nifty Movers: The top gainers on Nifty were SBI up by 1.91%, Bank of Baroda up by 1.90%, ITC up by 1.60%, Asian Paints up by 1.17% and Indiabulls Housing up by 1.09%.

On the flip side, Bajaj Auto down by 1.47%, ONGC down by 1.38%, GAIL India down by 1.07%, NTPC down by 0.88% and Sun Pharma down by 0.66% were the top losers

Top Sectoral& Stock Screening:The top gainers on the Sensex were SBI up by 2.07%, ITC up by 1.60%, Asian Paints up by 1.17%, Lupin up by 0.96% and HDFC up by 0.95%.

On the flip side, Bajaj Auto down by 1.35%, ONGC down by 1.32%, NTPC down by 0.79%, Hindustan Unilever down by 0.64% and Axis Bank down by 0.54% were the top losers.

On the global front: On the global front, Asian shares were trading mostly in red, after minutes from the Federal Reserve’s last meeting showed a lack of consensus on the future pace of US interest rate increases, while oil prices inched higher following a steep decline a day earlier. Trading in Asia has been buffeted this week by tensions on the Korean peninsula after North Korea fired a missile, which US officials concluded was an intercontinental ballistic missile, into Japanese waters.

Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 108.35 points or 0.54% to 19,973.28, Hang Seng decreased 68.31 points or 0.27% to 25,453.66, Taiwan Weighted decreased 50.01 points or 0.48% to 10,354.78, Shanghai Composite decreased 14.54 points or 0.45% to 3,192.59, FTSE Bursa Malaysia KLCI decreased 1.79 points or 0.1% to 1,766.37 and KOSPI Index decreased 1 points or 0.04% to 2,387.35.On the other hand, Jakarta Composite increased 17.55 points or 0.3% to 5,842.60.

Dow Jones hits fresh all time high in short session as money rotates from Tech into Financials. North Korean missile test to raise anxiety levels as Asian indices pause.

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Indian Indices: Asian indices opened mildly positive after US indices hit fresh all time highs, however, missile tests by North Korea early today morning proved a dampener on sentiment. Positive manufacturing data saw Dow Jones power ahead in a short session ahead of the July 4 holiday as money rotated out of tech and into financials.

Nifty saw an extremely strong rally which powered the index above 9600 and in the short term has seen bullishness return technically. ITC, Maruti, Yes Bank and select Auto & Tech stocks saw resurgent buying by local mutual funds which drove the index higher. However, foreign flows remained sellers as Rupee hit fresh 3 month lows and bond yields hardened. For today expect profit booking in the second half of the session as markets digest smart pullback of last 2 sessions.

The BSE Sensex is currently trading at 31191.25, down by 30.37 points or 0.10% after trading in a range of 31174.24 and 31353.46. There were 9 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.23%, while Small cap index was down by 0.01%.

The CNX Nifty is currently trading at 9586.85, up by 65.95 points or 0.69% after trading in a range of 9543.55 and 9612.75. There were 36 stocks advancing against 15 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*Videoind*	22.85	4.82
*Intellect*	131.50	4.20
*Jublfood*	1040.00	3.97
*Unitech*	6.17	3.70
*Group ATopLosers*
*JPAssociat*	18.80	-9.40
*GVKPIL*	7.86	-7.42
*GMRInfra*	18.40	-6.12
*Justdial*	364.15	-4.60

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

Technical view: Nifty finds support around 9561 while 9660 will act as resistance on the upside. Bank Nifty also finds support around 23200 while 23391 will act as resistance on the upside.

GSFC (Buy Above 123 with Stop Loss at 119.5 for Target of 130): The stock has been in a declining mode for over eight weeks and has finally broken out from a falling wedge pattern on the daily charts. The price outburst has been accompanied with credible volumes. Other momentum oscillators have also witnessed a positive crossover, which further accentuates our bullish stance on the stock.

EconomicSnippets

The Nikkei India Manufacturing Purchasing Manager’s Index (PMI) slowed to 50.9 in June as against 51.6 in May. This was the weakest expansion in the survey since February this year. Consumer durables industry is expecting only a marginal price revision despite the category being placed under the highest tax slab of 28% under GST, as players look forward to the festive season in the coming months.

NSE may have to re-file papers for its Rs 10,000-crore IPO after addressing issues related to alleged preferential access given to some brokers, watchdog Sebi's Chairman Ajay Tyagi today said, terming the co-location case as "a serious matter".

The government has allowed fertiliser companies to print revised maximum retail price (MRP) by including the new GST rate on existing unsold stocks of about 10 lakh tonnes, with some riders.

Nifty Movers: The top gainers on Nifty were Reliance Industries up by 1.88%, BPCL up by 1.48%, BhartiInfratel up by 0.99%, NTPC up by 0.96% and Tata Power up by 0.87%.
On the flip side, Indiabulls Housing Finance down by 2.28%, Wipro down by 1.73%, Dr. Reddy’s Lab down by 1.66%, Hero MotoCorp down by 1.06% and Bajaj Auto down by 0.98% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Energy up by 1.08%, Oil & Gas up by 0.70%, Metal up by 0.31%, Basic Materials up by 0.16% and PSU up by 0.06%, while Healthcare down by 0.56%, Capital Goods down by 0.49%, Consumer Durables down by 0.46%, Auto down by 0.44% and Telecom down by 0.42% were the top losing indices on BSE.

On the global front: On the global front, Asian shares were trading in red. The KOSPI dropped and the South Korean won stumbled after reports that North Korea had launched a missile that could land in Japanese exclusive economic zone. South Korean President Moon Jae-in called a meeting of the National Security Council in response.

Global Signals:The Asian markets were trading in red; Hang Seng decreased 448.56 points or 1.74% to 25,335.61, Taiwan Weighted decreased 47.41 points or 0.46% to 10,365.38, Jakarta Composite decreased 38.75 points or 0.66% to 5,871.49, Nikkei 225 decreased 27.79 points or 0.14% to 20,028.01, Shanghai Composite decreased 19.48 points or 0.61% to 3,176.44, KOSPI Index decreased 16.39 points or 0.68% to 2,378.09 and FTSE Bursa Malaysia KLCI decreased 4.97 points or 0.28% to 1,763.70.

SENSEX ENDS ON SOMBRE NOTE, NIFTY ABOVE 9500; AXIS BANK, TATA STEEL GAIN

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Indian Indices: Indian equity benchmarks pared some of their gains but continued to trade in green in late afternoon session ahead of the derivatives expiry of June series. Sentiments remained upbeat with India Meteorological Department’s (IMD) statement that 79 percent of the country has received normal-to-above-normal rainfall. It is seeing a steady progress in rainfall in central India and expects average July rainfall at 96 percent. Besides, investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to a seven-month high of Rs 1.81 lakh crore at the end of May despite stringent norms put in place by Sebi to curb inflow of illicit funds.

Shares of oil and gas companies were trading higher as the government launched the National Data Repository (NDR) along with the Open Acreage Licensing Policy (OALP). However, the markets trimmed gains with the Fitch ratings’ latest report that loan waiver schemes being doled out to farmers could have a significant impact on state government finances and might undermine efforts to bring down general government debt.

The BSE Sensex is currently closed at 30,857.52 up by 23.20 points or 0.08% after trading in a range of 30870.58 and 31097.92. There were 21 stocks advancing against 10 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index was up by 1.00%.

The CNX Nifty is currently shut up at 9504.10, up by 12.85 points or 0.14% after trading in a range of 9502.00 and 9575.80. There were 32 stocks advancing against 19 stocks declining on the index.

*MARKET INDICATORS*			·
*Top Movers (Group A)*
*Company*	Cmp	% chg
*Gainers*
*JPAssociat*	22.70	13.61
*GVKPIL*	7.41	13.13
*IIFL*	601.75	8.21
*SCI*	82.80	7.18
*Losers*
*Pageind*	16219.85	-3.73
*GSPL*	167.90	-3.12
*Monsanto*	2658.00	-2.38
*Havells*	447.30	-3.22

INDEX PERFORANCE
*Index*	*Close*	*% Chg*
*Sensex*	*30,857.52*	*0.08*
*Nifty*	*9,504.10*	*0.14*

Crporate Front: Hydro power projects of 13,363 megawatt capacity are stranded at various stages of development and reported a cost overrun of Rs 52,697 crore, a study has found. "Despite significant hydropower potential, till now, only 30 per cent of India’s total economically feasible hydropower potential has been harnessed, the ASSOCHAM-PwC study titled. Accelerating hydropower development in India for sustainable energy security said. Several hydropower projects with a cumulative capacity of about 13,363 MW are stranded at various stages of project development.

Macroeconomic front: Amidst the concerted efforts by the government and RBI to rein in the mounting bad loans issue, Sebi Chairman Ajay Tyagi cautioned mutual fund (MF) players against letting some of such money flow into the industry by way of debt funds. Non-performing assets in the banking system should not shift to mutual funds by way of debt funds. The industry should be careful about that, Tyagi told an industry summit organised by MF lobby Amfi here this morning. "Care should be taken that non-performing assets (NPAs) do not get shifted to MF portfolio by way of debt transfer.

On the global front:

On the global front, European markets were in green as investors awaited a NATO meeting of defense ministers and digested major buyback plans from some of the US’ biggest banks. Asian markets were trading in green. Back home, in scrip specific development, UCO Bank moved up on plan to raise Rs 3,000 crore in this fiscal and turn profitable by FY19. The turnaround plan will be finalised within a week.

Commodity Updates:

*Commodity Prices (MCX):*
*Commodity*	Rs	*% Chang*
*Gold*	*228533.00*	*-0.12*
*Silver*	*38774.00*	*0.18*
*Crude oil*	*2914.00*	*0.76*
*Natural Gas*	*200.80*	*0.5*
*Alluminium*	*122.65*	*0.66*
*Copper*	*381.70*	*0.77*

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 2.06%, Telecom up by 1.34%, Basic Materials up by 1.15%, Realty up by 0.89% and TECK up by 0.87%, while Bankex down by 0.12% was the only losing index on BSE.

Top Nifty Movers:The top gainers on Nifty were Axis Bank up by 3.62%, Vedanta up by 3.11%, Tata Steel up by 2.17%, Indiabulls Housing Finance up by 2.03% and BhartiAirtel up by 1.78%. On the flip side, Kotak Mahindra Bank down by 2.28%, Indian Oil Corp. down by 1.14%, Sun Pharma down by 1.13%, Tech Mahindra down by 0.68% and Tata Power down by 0.61% were the top losers.

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 13.1 points or 0.55% to 2,395.66, Shanghai Composite increased 14.86 points or 0.47% to 3,188.06, Taiwan Weighted increased 31.1 points or 0.3% to 10,421.65, Nikkei 225 increased 89.89 points or 0.45% to 20,220.30 and Hang Seng increased 281.92 points or 1.1% to 25,965.42. On the flip side, FTSE Bursa Malaysia KLCI decreased 0.46 points or 0.03% to 1,770.77.

European Markets were trading mostly in green; Germany’s DAX increased 14.99 points or 0.12% to 12,662.26 and UK’s FTSE 100 increased 36.07 points or 0.49% to 7,423.87. On the flip side, France’s CAC decreased 17.08 points or 0.33% to 5,235.82.

Oil rally sees energy stocks lead Dow Jones higher even as Technology stocks witness weakness. Globally Central Banks to raise rates as bond yields rise in tandem.

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Indian Indices: Asian indices opened flat as Japanese election results, strength in ‘Yen’ and persisting pullback in oil prices saw mixed start to trading. Expect this week to see follow through of market correction as it adjusts to higher rates and could see equity markets losing at the expense of bonds.

Nifty saw a smart pullback from the lows of Friday on value buying and ‘NAV’ boosting by local mutual funds even as foreign investors remained sellers. Select heavyweights like ITC, Sun Pharma, Cipla and Bank of Baroda propelled the Index higher even as broader market remained under pressure. For today expect global cues to be dominant as Rupee weakness, expectation of weak results and implementation of GST weigh on markets.

The BSE Sensex is currently trading at 31157.54, up by 235.93 points or 0.76% after trading in a range of 31017.11 and 31258.33. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.72%, while Small cap index was up by 0.90%.

The CNX Nifty is currently trading at 9586.85, up by 65.95 points or 0.69% after trading in a range of 9543.55 and 9612.75. There were 36 stocks advancing against 15 stocks declining on the index.

MARKET INDICATORS			·
*Group ATopGainers*
*Company*	Price (Rs)	% chg
*RTNPower*	7.32	9.25
*ITC*	343.45	6.05
*Ashokley*	98.85	5.33
*Videoind*	21.80	4.81
*Group ATopLosers*
*JPAssociat*	21.20	-3.02
*DCBBANK*	194.75	-1.89
*IDFC*	54.30	-1.81
*Aiaeng*	1370.00	-1.76

INDEX PERFORMANCE
*Indices*	*Support*	*Resistanes*
*Sensex*	*30750*	*30950*
*Nifty*	*9460*	*9520*

Technical view: Nifty found support around 9448 on Friday which if broken on closing basis can see Nifty test 9380, while 9570 will act as strong resistance on the upside. Bank Nifty also found support around 23000 which if broken cans see the index hit 22800 while 23350 will act as resistance on the upside.

Britannia (Buy Above 3691 with Stop Loss at 3660 for Target of 3753): The stock has been stuck in a narrow trading band for the past week and has finally broken out from a Symmetrical Triangle pattern on the daily chart. The price outburst has been accompanied with smart uptick in volumes. In addition, other oscillators also indicate that the momentum is likely to extend further.

EconomicSnippets

India's fiscal deficit touched Rs. 3.73 lakh crore during April-May period or 68.3 percent of the budgeted target for the current fiscal year that ends in March. (NDTV Profit)

The government has reduced interest rates on small saving schemes, including the Public Provident Fund (PPF), NSCs and KisanVikasPatra by 10 basis points. (ET)

The Telecom regulator has suggested a cut in Universal Services Obligation Fund (USOF) levy to 3% of adjusted gross revenue (AGR) from the existing 5% and a reduction in goods and services tax (GST) rate to 8% from the government set 18% as a few remedial measures to alleviate the financial health of the ailing telecom sector.

Nifty Movers: The top gainers on Nifty were ITC up by 6.29%, Hindalco up by 3.14%, BhartiInfratel up by 2.79%, Maruti Suzuki up by 1.61% and Vedanta up by 1.59%. On the flip side, NTPC down by 2.14%, HCL Tech. down by 1.67%, Wipro down by 1.55%, Bajaj Auto down by 0.91% and Dr. Reddy’s Lab down by 0.66% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were FMCG up by 3.45%, Metal up by 1.53%, Basic Materials up by 1.37%, Realty up by 1.34% and Telecom up by 1.04%, while IT down by 0.26% and TECK down by 0.01% were the losing indices on BSE.On the flip side, NTPC down by 1.77%, Wipro down by 1.62%, Bajaj Auto down by 0.98%, Kotak Mahindra Bank down by 0.52% and Tata Motors down by 0.47% were the top losers.