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Major headlines:
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Oil prices stable supported as output cuts hit market
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Global and domestic cues subdue Indian equities
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ADB trims India’s 2016 growth forecast to 7.0 percent
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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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26180
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26550
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Nifty
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8075
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8195
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Indian
Indices: Asian markets opened flat after a weak
start to the week saw most indices close in the red on Monday. The sharp
rally in crude combined with US 10 year bond yields crossing 2.5% saw
weakness again creep up in the emerging markets basket. The Dow Jones continues
its unprecedented rally as money chases US stocks, ETF"s & bonds.
Nifty could consolidate ahead of the Federal Policy tomorrow night as
low volumes yesterday saw impact cost expand which accentuated the selloff.
Fresh adventurous shorts were behind the selloff as foreign flows were muted
which explains the low volume. The surprise Tata Motors open offer @ 10%
premium will catch most shorts off guard which could see other Tata group
stocks also rise in tandem.
The BSE
Sensex is currently trading at 26567.89, up by 52.65 points or 0.20% after
trading in a range of 26494.23 and 26611.81. There were 19 stocks advancing
against 11 stocks declining on the index. The broader indices were trading
mixed; the BSE Mid cap index was down by 0.31%, while Small cap index was up
by 0.08%. The CNX Nifty
is currently trading at 8176.40, up by 5.60 points or 0.07% after trading in
a range of 8155.80 and 8200.95. There were 25 stocks advancing against 26
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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NCC
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85.50
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4.59
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Intellect
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172.00
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4.31
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Fortis
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176.00
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3.41
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Fortise
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176.00
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3.41
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Group ATop Losers
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Vakrangee
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268.00
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-5.70
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Bergerpaint
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200.75
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-3.60
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Hindalco
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176.15
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-3.19
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IBREALEsT
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70.55
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-2.76
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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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930
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1092
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Declines
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1091
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333
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Technical view: Nifty
broke the 200 dma(day moving average) @ 8202 which will act as resistance
while 8150 will act as support. Bank Nifty also broke below important
supports & will find fresh support around 18250 while 18618 the 21 dma
will act as resistance.
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Market Sentiment:
The market breadth on BSE was negative in the ratio
of 930:1091, while 113 scrips remained unchanged.
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Trading
ideas : BPCL
Dec Fut (Sell below Rs 615 for Target of Rs 595 , SL at Rs 625): The stock reversed from the declining trend line
which also coincided with the 50 day moving average. The stock has further
slipped below its 100-DMA too indicating weakness in the current move. Other
momentum oscillators are also showing signs of down tick in prices. We expect
BPCL to move lower towards potential target of Rs595.
Macroeconomic Front: Hopes of
meeting the Centre's targeted GST implementation deadline of April 1, 2017,
receded further in a situation of political confrontation unleashed by its
demonetisation measure after the two-day meeting of the GST Council scheduled
to end on Monday being cut short half-way.
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Corporate Snippets: Tata Motors said it will hike the prices of its passenger vehicles by
up to Rs 25000 from next month in order to offset the increased input costs.
Natco Pharma has
launched generic Tamiflu capsules, used for the treatment of influenza, in
the Ameerica market after the final nod from the US health regulator in Aug
2016.
Alkem
Laboratories said the US health regulator has issued three obervations after
inspection of the company’s API facility at Ankleshwar in Gujrat.
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Top
Sectoral& Stock Screening: The top gaining
sectoral indices on the BSE were Consumer Durables up by 1.06%, Auto up by
0.85%, Oil & Gas up by 0.78%, FMCG up by 0.33% and PSU up by 0.14%, while
Metal down by 1.07%, Realty down by 0.36%, Bankex down by 0.23%, TECK down by
0.19% and IT down by 0.14% were the losing indices on BSE.
Nifty
Movers: The top gainers on Nifty were Tata Motors up
by 2.26%, BPCL up by 1.97%, Wipro up by 1.80%, Tata Motors - DVR up by 1.73%
and Idea Cellular up by 1.39%. On the
flip side, Hindalco down by 2.86%, Zee Entertainment down by 2.69%, Grasim
Industries down by 1.66%, Lupin down by 1.61% and Ultratech Cement down by
1.34% were the top losers.
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On the global front: On the global front, Asian shares were
trading mostly in green, as investors awaited the looming outcome of the
Federal Reserve’s rates review, with all eyes on how the Fed steers monetary
policy in the wake of Republican Donald Trump's surprise election win last
month. Chinese data showed factory output and retail sales grew faster than
expected in November, while fixed-asset investment was in-line with
forecasts, adding to growing signs of stabilization in the world’s
second-biggest economy.
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Global
Signals: The
Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI
increased 1.59 points or 0.1% to 1,643.01, KOSPI Index increased 2.85 points
or 0.14% to 2,030.09, Taiwan Weighted increased 17.63 points or 0.19% to
9,367.57 and Nikkei 225 increased 50.08 points or 0.26% to 19,205.11. On the
other hand, Hang Seng decreased 82.71 points or 0.36% to 22,350.31, Jakarta
Composite decreased 42.98 points or 0.81% to 5,265.15 and Shanghai Composite
decreased 20.33 points or 0.64% to 3,132.64.
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