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august
11th,2017
Major Headlines:
Market Summary:
Microeconomic Front:
Corporate Front:
Trading Ideas:
Events
for the day:
Global
Signals:
Sectoral&
Stock Screening:
US stocks witness
correction with Nasdaq falling over 2%. Gold rises along with bonds as
clamor for safety gathers momentum. North Korean geopolitical risk rise
which gives reason for markets globally to see much needed correction.
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Major
headlines:
·
RBI dividend
to gobernment halves to Rs 30659 cr
·
Japanese
firm to invest Rs 1000 cr in Andhra
·
IOC buys
more U.S crude; First to purchase eagle Ford shale oil
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Indian Indices: Asian indices opened in the red for another day as fear saw stocks plummet
with clamor for safety getting louder. Gold prices rose sharply with the
asset hitting 3 month highs as defensive buying saw the price move up. With
the Japanese markets shut the strength in the Yen trading at 109 would have
seen further decline in export stocks.
Nifty breached 9800
briefly before closing above 9800 as the carnage on mid caps continue to
weaken sentiment. Metals, IT and select Private Banks saw buying support
while Pharma, PSU Banks and Auto's saw selling get stronger as weak results
from Tata Motors and Eicher Motors hurt sentiment. For today expect weekend
blues to play dampener as Rupee weakness, foreign selling and important bank
results to keep sentiment weak.
The BSE Sensex is currently trading at 31312.09,
down by 219.24 points or 0.70% after trading in a range of 31194.87 and
31355.92. There were 5 stocks advancing against 26 stocks declining on the
index. The broader indices were trading in red; the BSE Mid cap index was
down by 0.12%, while Small cap index was down by 0.41%.
The CNX Nifty is currently
trading at 9745.40, down by 74.85 points or 0.76% after trading in a range of
9704.35 and 9757.55. There were 12 stocks advancing
against 39 stocks declining on the index.
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MARKET
INDICATORS
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Group ATop Gainers
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Company
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Price (Rs)
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% chg
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Hathway
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36.30
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20.00
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HDIL
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59.40
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5.88
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Bajajfinanc
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1717.50
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4.83
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Sintex
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28.50
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4.40
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Group ATop Losers
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Manapuram
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85.85
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-8.03
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Adanitrans
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107.90
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-7.82
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Centralbk
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77.10
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-6.03
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SCI
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82.50
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-5.88
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Technical view: Nifty now finds support around 9700
which was the June resistance and faces strong resistance around 9850, while
Bank Nifty looks set to breach 24200 and will find resistance around 23850
while 24500 will act as strong resistance.
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Ashok
Leyland Aug Futs (Sell Below 103.50 with Stop Loss at 105 for Target of 98): The
stock has constantly been under pressure for the past week and has finally
broken down from a rising channel pattern on the daily chart.
Other oscillators also indicate that current weakness is likely to extend.
Ashok Leyland has also cracked below its 21-DMA support zone, which further
accentuates our short term bearish stance on the stock.
Economy Snippets:
After the GST
Council empowering the Centre to bring an amendment in the compensation law
to increase ceiling on cess on the luxury cars, infuriating auto companies,
the finance ministry ruled out lowering cess on hybrid luxury cars. (BS)
The
government's capital expenditure will rise by 25 per cent to Rs 3.9 lakh
crore by 2019-20, with defence outlay alone jumping 22%, according to the
Mid-Year Review tabled in Parliament.
Varun
Beverages board approved its intent to enter into a binding agreement to acquire
PepsiCo India’s previously franchised territories of the State of Odisha and
parts of Madhya Pradesh along with three manufacturing units at Cuttack,
Bargarh and Bhopal (Mandideep).
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Nifty Movers: The top gainers on Nifty were Aurobindo
Pharma up by 1.77%, Infosys up by 1.37%, GAIL India up by 1.23%, Tech
Mahindra up by 1.23% and Wipro up by 0.61%. On the flip side, Vedanta down by
2.73%, Asian Paints down by 2.54%, Hindalco down by 2.44%, Larsen &
Toubro down by 1.85% and ONGC down by 1.80% were the top losers.
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Top Sectoral& Stock
Screening: The
top gaining sectoral indices on the BSE were Realty up by 0.52%, IT up by
0.24%, Consumer Durables up by 0.14% and TECK up by 0.06%, while Capital
Goods down by 1.18%, Metal down by 1.16%, Industrials down by 0.97%, Auto
down by 0.94% and Consumer Disc down by 0.91% were the losing indices on BSE.
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On the global front: On
the global front, Asian markets were trading in red, hit by tough language
between North Korea and Washington that has sparked safe haven demand.
China’s fiscal spending rose at a slower pace in July due mainly to larger
expenditure earlier, but a government-led infrastructure push has kept
spending brisk this year.
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Global Signals: The
Asian markets were trading in red; Hang Seng decreased 559.01 points or 2.04%
to 26,884.99, Jakarta Composite decreased 62.98 points or 1.08% to 5,762.97,
Shanghai Composite decreased 45.96 points or 1.41% to 3,215.79, KOSPI Index
decreased 41.59 points or 1.76% to 2,317.88, FTSE Bursa Malaysia KLCI
decreased 8.6 points or 0.48% to 1,769.17 and Taiwan Weighted decreased 1.48
points or 0.01% to 10,328.26.
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