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august10th,2017
Major Headlines:
Market Summary:
Microeconomic Front:
Corporate Front:
Trading Ideas:
Events
for the day:
Global
Signals:
Sectoral&
Stock Screening:
US
stocks recover in last hour to close with marginal losses as Trump rhetoric
see 'war' threat fade away as better sense prevails. Bond yields hit 2.24%
while Gold also sees rally easing as equities recover.
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Major
headlines:
·
RBI may need
to drain up to $22 billion as inflows add to excess liquidity
·
Wouldn’t
have approved demonetization
·
Buayantbitcoinstriscryptobubble
fears
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Indian Indices:Asian indices opened in the green with
Japanese 'Nikkei" seeing gains being sold into as caution prevail before
important jobs data due on Friday. South Korean stocks also see some gains
even as geopolitical risk emanates stronger than ever before.
Nifty breached 9900
before closing at 9908 with Bank Nifty being the main culprit hitting 24300
as financials lead the downside. Mid cap carnage and leveraged trade
unwinding continues to see sentiment turn weak even as local mutual fund
flows support the market. For today expect rallies in the morning session to
see selling emerge closer to 9950.
The BSE Sensex is currently trading at 31653.32,
down by 144.52 points or 0.45% after trading in a range of 31588.26 and
31756.27. 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 1.12%, while Small cap index was down by 1.37%.
The CNX Nifty is currently
trading at 9856.85, down by 51.20 points or 0.52% after trading in a range of
9835.95 and 9879.20. There were 12 stocks advancing against 39 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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Techm
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411.75
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5.01
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BBTC
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908.45
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3.50
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Hdil
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59.20
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3.14
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MMTC
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58.90
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2.88
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Group ATopLosers
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Natcophar
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739.75
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-10.94
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Tatamotors
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386.20
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-7.33
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Tatamtrdvr
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224.60
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-7.32
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DBL
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533.25
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-5.07
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Technical view: Nifty now
finds support around 9845 while 9950 will act as resistance on the upside.
Bank Nifty finds support around 24000 while 24650 will act as resistance on
the upside.
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Exide
Industries (Sell Below 207 with SL at 211 for Target of 200): The
stock has been consolidating from the past four weeks and has finally broken
down from a Symmetrical Triangle Pattern on the daily chart.
Exide has also cracked below its long term 200-DMA, which further accentuates
our short term bearish stance on the stock. Other oscillators also indicate
that current weakness is likely to extend.
Economy Snippets:
The government has notified the
timeline for furnishing final tax returns for July and August under the Goods
and Services Tax (GST) regime.
A war of words over foreign
influence on Indian policymaking broke out on Tuesday after
NITI Aayog vice-chairman-designate Rajiv Kumar suggested in a newspaper
column that Indian-American economists were fading away as part of the
ongoing policy transformation in the government.
The government crackdown
against 331 “suspected shell companies” has hit several investors, including
mutual funds and small investors, who hold shares worth nearly Rs 9,000 crore
in these
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Nifty Movers: The top gainers on Nifty
were Tech Mahindra up by 3.73%, AurobindoPharma up by 2.66%, Dr. Reddy’s Lab
up by 1.31%, Lupin up by 1.15% and Infosys up by 1.10%. On the flip side,
Tata Motors - DVR down by 7.35%, Tata Motors down by 6.65%, Eicher Motors
down by 4.03%, BPCL down by 3.50% and Vedanta down by 2.07% were the top
losers.
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Top
Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT
up by 0.40% and TECK up by 0.26%, while Industrials down by 2.01%, Auto down
by 2.01%, Power down by 1.43%, Utilities down by 1.42% and Metal down by
1.40% were the losing indices on BSE.The top gainers on
the Sensex were Dr. Reddy’s Lab up by 1.50%, Lupin up by 1.19%, Infosys up by
1.05%, HDFC up by 0.74% and Sun Pharma up by 0.68%.
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On the global front:On the global front, Asian
markets were trading in red, as investors fretted on lingering North Korea
tensions, sending Seoul shares skidding to two-month lows even as the
previous day’s rush into safe-haven assets appeared to slow. Japan’s core
machinery orders unexpectedly fell for a third consecutive month in June,
underscoring companies’ reluctance to boost spending and conflicting with
recent signs that the economic recovery is gathering momentum.
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Global Signals:The Asian markets were
trading in red; Hang Seng decreased 343.96 points or 1.24% to 27,413.13,
Taiwan Weighted decreased 150.43 points or 1.44% to 10,319.95, Shanghai
Composite decreased 31.12 points or 0.95% to 3,244.46, Nikkei 225 decreased
20.57 points or 0.1% to 19,718.14, KOSPI Index decreased 7.65 points or 0.32%
to 2,360.74, Jakarta Composite decreased 3.61 points or 0.06% to 5,820.39 and
FTSE Bursa Malaysia KLCI decreased 1.17 points or 0.07% to 1,776.77.
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