Major headlines:
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Government hopeful of achieving disinvestment target
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Demonestisation to have positive impact next fiscal
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Key Indian equity indices open higher
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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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Asian markets traded in the green ex
Japan where the 'Nikkei' index was down almost 1% after the yen rallied
against the US$. OIl prices saw a sharp pullback with the greenback seeing
selling while bond yields also traded flat. President Trump sounded cautious
on Pharma& biotech & vowed to bring back jobs to the US which should
be ominous warning to global Pharma& IT outsourcing.
Nifty crossed the 200 DMA in style with 8400 being within reach today.
Banks lead the from the front with the Bank Nifty gaining almost 2.25%.Metals
were the other big outperformer with the Metal index up over 4%.For today
expect consolidation around 8400 on the Nifty while mid caps should see more
action & participation.
The BSE
Sensex is currently trading at 27239.03, up by 98.62 points or 0.36% after
trading in a range of 27166.69 and 27278.93. 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 0.01%, while Small cap index was up by
0.02%. The CNX Nifty
is currently trading at 8404.15, up by 23.50 points or 0.28% after trading in
a range of 8382.30 and 8417.20. There were 24 stocks advancing against 27
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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Power grid
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198.50
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4.61
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MMTC
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72.50
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4.54
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Godrejprop
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336.00
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3.72
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Cyient
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510.00
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3.64
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Group ATopLosers
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OIL
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346.30
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-4.32
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Jubilant
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684.00
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-3.14
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IDEA
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72.75
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-2.48
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SRTRANSFI
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942.00
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-2.56
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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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1052
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1168
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Declines
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1152
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307
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Technical view: Nifty will now find support around 8289 which is the
200DMA while resistance now comes @ 8446 which is the 100 DMA. Bank Nifty now
finds support @ 18258 which isn the 200 DMA while the 100 DMA @ 19068 will
act as resistance.
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Market Sentiment:
The market breadth on BSE was negative in the ratio
of 1052:1152, while 116 scrips remained unchanged.
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Trading ideas IBREALEST (Buy above Rs 82.5 for
target of Rs 86.5, SL at Rs 80.5): Stock has given a flag breakout on daily charts, after consolidating
for the past 4 trading sessions between Rs 78.5 and Rs 81.5. The momentum
seen in yesterday's trade along with stock sustaining above its 200-DMA would
augur well in near term. On daily chart, stock looks a perfect price volume
breakout candidate. We advise to Buy IBREALEST above Rs 82.5, stop loss at Rs
80.5 and Target of Rs 86.5.
MacroeconomicFront: According to sources, the first-ever policy to set the tone for water
management in the Indian Railways is likely to be finalised by the end of
this month. Commenting on the issue, Additional Member, Mechanical, K
Swaminathan told the media, "We are rolling out a water policy by the
end of this month which will set the tone for water management in the Indian
Railways."
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Corporate Snippets:
Lupin has received final approval from the US health
regulator to market its Desoximetasone cream, used for treatment of skin
disease, in the American market.
MRF Ltd said it will invest around Rs 45 bn in a phased
manner over a period of ten years to set up a manufacturing unit in Gujarat.
Royal Orchid Hotels has acquired Amartara Hospitality by
buying additional 24.9% stake in it.
NTPC’s board has approved an investment of Rs 10.53
bnDulanga coal mining project with rated production of 7 mtpa.
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Top
Sectoral& Stock Screening: The top gaining
sectoral indices on the BSE were Power up by 2.09%, IT up by 1.20%, Capital
Goods up by 0.98%, PSU up by 0.98% and TECK up by 0.94%, while Metal down by
0.83%, FMCG down by 0.33%, Realty down by 0.18% and Consumer Durables down by
0.06% were the losing indices on BSE.
Nifty
Movers:The top gainers on Nifty were Power Grid up by 4.74%, NTPC up by
2.71%, Infosys up by 2.23%, Tata Power up by 2.21% and Tech Mahindra up by
1.96%. On the flip side, Idea Cellular
down by 2.08%, Coal India down by 1.56%, AurobindoPharma down by 1.50%,
IndusInd Bank down by 1.44% and BHEL down by 1.20% were the top losers.
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On the global front:On the global front, Asian shares were trading
mostly in green, with investors eyeing the first full press conference by
President-elect Donald Trump since the November election. Trump has vowed to
label China a currency manipulator on his first day in office and has
threatened to slap huge tariffs on imports from China. Hong Kong shares
extended their recent rally into a fifth successive day as investors brushed
off another loss on Wall Street.
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Global
Signals:The Asian markets were trading mostly in green; FTSE
Bursa Malaysia KLCI increased 3.52 points or 0.21% to 1,678.73, KOSPI Index
increased 3.64 points or 0.18% to 2,078.81, Shanghai Composite increased 3.77
points or 0.12% to 3,140.52, Jakarta Composite increased 11.71 points or
0.22% to 5,312.95 and Taiwan Weighted increased 69.03 points or 0.74% to
9,414.77.On the other hand, Nikkei 225 decreased 188.43 points or 0.97% to
19,176.24 and Hang Seng decreased 90.05 points or 0.39% to 22,845.30.
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