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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.

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.