Indian
Indices: Asian indices opened mildly with losses as North Korea conducting
missile test over the weekend witnessed sentiment turn weak. This even as US
data indicates the Federal Reserve would raise rates in June, which has seen
the bond yields rise to over 2.42% on the US 10 year bond. This week should
see some caution initially with any dip being a chance to buy as the global
bull market remains intact.
Nifty hit 9450 and reacted sharply during midsession to close around
9400 with foreign buying being matched by local selling. Banks both Private
and PSU bore the brunt of selling while Auto, Realty and select IT saw fresh
buying. For today expect mixed reaction on the index while stock/sector
outperformance may continue as local profit booking gathers momentum.
The BSE
Sensex is currently trading at 30317.57, up by 129.42 points or 0.43% after
trading in a range of 30273.62 and 30357.96. There were 22 stocks advancing
against 8 stocks declining on the index.
The broader
indices were trading in green; the BSE Mid cap index
was up by 1.03%, while Small cap index was up by 0.74%.
The CNX Nifty is currently trading at 9442.25, up by
41.35 points or 0.44% after trading in a range of 9423.10 and 9445.35. There
were 34 stocks advancing against 17 stocks declining on the index.
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MARKET
INDICATORS
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·
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Group ATopGainers
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Company
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Price (Rs)
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% chg
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Pel
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2925.00
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12.09
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Net Work18
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52.25
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7.29
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CUB
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183.00
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5.48
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CGPower
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96.10
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5.43
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Group ATopLosers
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Idea
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85.50
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-7.04
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UCOBank
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39.30
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-5.42
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Titan
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477.00
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-3.54
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Glenmark
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731.80
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-3.63
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INDEX
PERFORMANCE
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Indices
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Support
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Resistanes
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Sensex
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30065
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30350
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Nifty
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9355
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9436
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Technical view: Nifty found strong support around 9372, which was Friday's low and will act as initial support on the downside
while 9450 will act as resistance on the upside. Bank Nifty also finds strong
support around 22550 while 22800 will now act as resistance on the upside.
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MothersonSumi
(BUY Above 415 with Stop Loss at 407 for Target of 430): The stock has been
in a solid uptrend for the past five months. On analysing the daily chart,
Motherson was stuck in a narrow trading range for the past two weeks;
however, the stock has finally broken out from this gestation period and has
given a continuation pattern breakout. The price outburst has been
accompanied with increase in volumes, which further accentuates out bullish
stance on the stock.
Derivative Snippets
Infosys has deferred salary hikes for employees to July and
even later in case of senior executives as the Indian tech industry struggles
to cope with uncertain environment and visa-related issues in key markets
like the US.
In the last trading session, markets closed on a negative note dragged
by banking stocks. Nifty ATM/OTM call and put option strikes saw short
selling, indicating of a trading range between 9300-9500. Bank Nifty 23000 CE
saw some unwinding of long positions, making 23000 levels as an important
resistance for the index.
FIIs were net buyers in cash market segment to the tune of Rs 842
Cr.FIIs index future long short ratio at 2 x v/s 2.3x.
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Nifty Movers: The top gainers on Nifty were Hindalco up by 3.82%, Tata
Steel up by 2.61%, Dr. Reddy’s Lab up by 2.32%, Ultratech Cement up by 1.92%
and Kotak Mahindra Bank up by 1.90%. On the flip side, Infosys down by 1.47%,
BhartiInfratel down by 1.45%, AurobindoPharma down by 0.99%, Eicher Motors
down by 0.66% and Wipro down by 0.60% were the top losers.
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Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Metal up by 1.79%,
Basic Materials up by 1.65%, Realty up by 1.28%, Bankex up by 0.94% and
Utilities up by 0.84%, while Consumer Durables down by 1.02%, Telecom down by
0.85%, IT down by 0.70% and TECK down by 0.66% were the losing indices on
BSE.
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On the global front: On the global front, Asian shares were trading
mostly in green, despite headwinds from a weekend missile test by North Korea
and concerns over further spread of ransomwarecyberattacks globally. China’s
factory output and fixed asset investment growth cooled more than expected in
April, adding to signs that momentum in the world’s second-biggest economy is
slowing from a strong start in the first quarter.
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Global Signals:The Asian markets
were trading mostly in green; KOSPI Index increased 1.89 points or 0.08% to
2,287.91, Shanghai Composite increased 7.84 points or 0.25% to 3,091.35,
Taiwan Weighted increased 35.68 points or 0.36% to 10,022.50 and Hang Seng
increased 149.17 points or 0.59% to 25,305.51.On the other hand, Nikkei 225
decreased 34.46 points or 0.17% to 19,849.44, Jakarta Composite decreased
15.74 points or 0.28% to 5,659.47 and FTSE Bursa Malaysia KLCI decreased 2.2
points or 0.12% to 1,773.67.
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