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Major headlines:
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JP Power posts Q2 net loss at Rs 161.67 cr
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Key Indian equity indices open in red
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Oil prices soar on global producer deal to cut crude output.
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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 in the green
after the Dow Jones ran up another fresh high with a stellar 140 point gain
on Friday. The Dow rally from 19000 upwards has been very fast & furious
& the Federal Reserve policy meet could be the speed breaker this week.Oil
rallied above US$ 50 as speculation saw huge long build up with 60 being the
target in the short term.
Nifty looks set to hit 8300 where it could pause for breath as the
rally catches most of guard.PSU banks, energy & gas stocks continue to
surge on expectations of good results. The strength in the Rupee coupled with
foreign investors turning buyers could see the rally extend till 8500 albeit
after a pause for the Federal Reserve policy on the 14th December.
The BSE Sensex
is currently trading at 26606.87, down by 140.31 points or 0.52% after
trading in a range of 26578.63 and 26725.31. There were 9 stocks advancing
against 21 stocks declining on the index. The broader indices were trading in
red; the BSE Mid cap index was down by 0.56%, while Small cap index was lower
by 0.20%. The CNX Nifty
is currently trading at 8210.45, down by 51.30 points or 0.62% after trading
in a range of 8195.55 and 8230.65. 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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Nationalum
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69.25
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6.46
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ABAN
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261.00
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4.50
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MMTC
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52.95
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3.42
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NMDC
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130.75
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3.32
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Group ATop Losers
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Interllect
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162.85
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-5.62
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Bergerpaint
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211.00
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-4.24
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IFCI
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26.45
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-3.11
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Shreecem
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14700
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-3.32
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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
will find resistance around 8350 while 8180 acts as strong support, while
Bank nifty could face resistance around 19000 with 18500 acting as support.
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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 : Cairn India (Buy above Rs 265
for Target of Rs 274 , SL at Rs 260.5): The stock has broken out from a short
term consolidation phase. Cairn saw see-saw movement between Rs260 and Rs223
in the past four weeks. However, the stock has broken out from this
congestion. The price outburst is accompanied with credible trading volumes.
Given the above evidence, we advise to Buy Cairn India for potential target
of Rs274.
Macroeconomic Front: Madhya
Pradesh Government has said that it has settled and disbursed claims worth Rs
4,416 crore under the Prime Minister's Crop Insurance Scheme in the state. As
per reports, Prime Minister Narendra Modi had launched the scheme at Sherpur
in Sehore district of Madhya Pradesh during the Farmers' Convention held on
February 18, 2016
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Corporate Snippets:
JSW Energy is believed to have intiated talks for a
possible acquisition of Monnet Power’s 1050 mw coal fired plant in Odisa at
Angul, Close to the site of another Group company.
IL&FS
Engineering and Construction co has emerged as the lowest bidder for rural
electrification works of Jharkhand Biijli Vitran Nigam, Ranchi worth Rs 2.25
bn.
MIC
Electonics Ltd has received a letter of award for supply of 20000 standalone
off grid solar LED street lights with a contract price of Rs 329 mn.
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Top
Sectoral& Stock Screening: The two gaining
sectoral indices on the BSE were Metal up by 0.30% and PSU up by 0.24%, while
Auto down by 1.17%, TECK down by 0.89%, IT down by 0.88%, FMCG down by 0.77%
and Bankex down by 0.68% were the losing indices on BSE.
Nifty
Movers: The top gainers on Nifty were ONGC up by
1.66%, Reliance Industries up by 1.01%, Sun Pharma up by 0.82%, NTPC up by
0.58% and SBI up by 0.47%. On the flip
side, Asian Paints down by 2.29%, Idea Cellular down by 2.02%, Bajaj Auto
down by 1.89%, Ambuja Cement down by 1.87% and Grasim Industries down by
1.80% were the top losers.
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On the global front: On the global front, Asian shares were
trading mostly in red, ahead of a Federal Reserve meeting that is widely
expected to raise US interest rates and as oil prices soared after producers
agreed to reduce output. Japan’s Nikkei rose amid weakness in the Japanese
Yen. Japan’s Core Machinery Orders rose to 4.1% in November, from -3.3% in
the preceding month.
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Global
Signals: The
Asian markets were trading mostly in red; Hang Seng decreased 243 points or
1.07% to 22,517.98, Shanghai Composite decreased 60.93 points or 1.88% to
3,171.96 and Taiwan Weighted decreased 43.86 points or 0.47% to 9,348.82. On
the other hand, KOSPI Index increased 2.46 points or 0.12% to 2,027.15 and
Nikkei 225 increased 180.4 points or 0.95% to 19,176.77.Indonesia Stock
Exchange and Malaysia Stock Exchange were closed for the day on account of
‘Celebration of the Prophet birthday’ holiday.
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