Major headlines:
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Moody’s reaffirms yes bank’s rating at Baa 3/ P-3
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Oil prices edge up on weaker dollar expected crude output cuts
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Government may increase FDI limit to 49% in print media sector
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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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8338
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8430
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Nifty
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27020
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27295
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Indian Indices: Asian markets opened weak after the UK
pound tumbled sharply & hurt sentiment as the UK Prime Minister indicated
a 'hard brexit' coming soon. That coupled with the recent rally in equities
globally saw profit booking emerge strongly as investors sold stock &
raised cash. Gold prices rallied while US bond yields fell along with the
US$.
Nifty seems to hit resistance around the 100 DMA placed @ 8441 with
profit booking emerging after the stellar rally of last 2 weeks. With expiry
due next week expect consolidation this week with 8350-8450 being the range.
For today expect profit booking in metals, auto & commodities while
banks, financials & materials could head higher.
The BSE
Sensex is currently trading at 27275.98, up by 37.92 points or 0.14% after
trading in a range of 27172.68 and 27301.38. There were 16 stocks advancing
against 14 stocks declining on the index. The broader
indices were trading in green; the BSE Mid cap index was up by 0.35%, while
Small cap index was up by 0.50%.
The CNX Nifty
is currently trading at 8403.90, up by 3.55 points or 0.04% after trading in
a range of 8374.40 and 8414.95. There were 30 stocks advancing against 21
stocks declining on the index.
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MARKET
INDICATORS
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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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DEN
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86.70
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7.37
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DLF
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130.20
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4.90
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HDIL
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65.20
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4.24
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Hindzinc
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286.65
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3.48
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Group ATopLosers
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DBcorp
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361.565
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-3.97
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Network 18
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35.95
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-2.18
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ICRA
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3960
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-2.15
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Cox & Kings
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622.45
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-1.91
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Market
Statistics
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BSE
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NSE
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Advances
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920
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1168
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Declines
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1230
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307
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Technical view: Nifty finds strong
support around 8320 while 8441 continues to act as strong resistance. Bank
Nifty has been the steady outperformer with 18441 acting as strong support
while 19058 which is the 100 DMA will act as strong resistance.
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Market Sentiment:
The market breadth on BSE was negative in the ratio
of 920:1230, while 129 scrips remained unchanged.
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Trading ideas: ITC (Buy above Rs 251 for target
of Rs 246.5, SL at Rs 260): The stock has showing tremendous strength in the past week. ITC has
also recovered sharply after finding support around its 100-DMA. If the stock
manages to close above Rs251 then we expect a rising wedge pattern breakout
which would take the stock higher towards the Rs258-260 mark in short term.
MacroeconomicFront: The Indian Government has said that it is considering a proposal to
increase foreign direct investment (FDI) limit in print media sector to 49
per cent from 26 per cent at present. Currently, the FDI policy permits 26
per cent foreign direct investment in the publishing of newspapers and
periodicals dealing with news and current affairs through government approval
route.
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Corporate Snippets:Lupin has launched its generic version of morphine sulfate ER tablets
used for the management of servere pain in the US market.
HERO MOTOCORP forayed into the Argetinian market with the
global launch of its 125 CC bike new Glamour as part its aggressive global
expansion plans.
Tata Steelhas offered to pay
hundreds of millions of pounds to its pension scheme to release a guarantee
the fund holds over its Dutch assets, as the Indian firm moves closer to
merging its European assets with Germany's ThyssenKrupp.
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Top
Sectoral& Stock Screening: The top gaining
sectoral indices on the BSE were Realty up by 2.25%, Consumer Durables up by
1.30%, Metal up by 1.13%, Bankex up by 0.35% and Capital Goods up by 0.32%,
while IT down by 0.75%, TECK down by 0.47%, Oil & Gas down by 0.09% and
FMCG down by 0.07% were the losing indices on BSE.
Nifty
Movers: The top gainers on Nifty were Adani Ports & Special Economic Zone
up by 2.26%, Tata Steel up by 2.23%, Idea Cellular up by 1.53%, Zee
Entertainment up by 1.39% and Tata Motors up by 1.20%. On the flip side, HCL Tech down by 1.83%,
Eicher Motors down by 1.67%, Infosys down by 1.64%, Tech Mahindra down by
0.86% and Sun Pharma down by 0.84% were the top losers.
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On the global front: On the global front, Asian shares were trading
mostly in red, on worries UK Prime Minister Theresa May might signal plans
for a ‘hard Brexit’ in her speech on Tuesday. The Bank of Japan raised its
economic assessment for three of the country’s nine regions in a quarterly
report, saying that most areas were seeing a moderate economic recovery.
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Global
Signals: The Asian markets were trading mostly in red; Hang
Seng decreased 242.75 points or 1.06% to 22,694.63, Nikkei 225 decreased
154.01 points or 0.8% to 19,133.27, Taiwan Weighted decreased 84.65 points or
0.9% to 9,294.18, Shanghai Composite decreased 43.83 points or 1.41% to
3,068.93, KOSPI Index decreased 14.71 points or 0.71% to 2,062.08 and FTSE
Bursa Malaysia KLCI decreased 5.72 points or 0.34% to 1,666.78.On the other
hand, Jakarta Composite increased 4.47 points or 0.08% to 5,277.45.
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