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Major headlines:
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Ratan Tata to step down as chairman of Tata Trusts
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Oil prices rise as planned oil production cuts start to materialise
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Asia stocks tepid, dollar near 14-year peak on Fed rally
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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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26370
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26705
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Nifty
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8108
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8212
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Indian
Indices: Asian indices opened flat to positive
as most currencies adjusted to the renewed bout of strength in the US$. The
US$ now looks very heavily overbought as consensus bullishness makes the
gains a one way street which could cap the upside in the near term. Oil
rallied marginally as US equities flirted with 19500 before profit booking
trimmed the gains. Gold continues to test bear market territory & could
well be the casualty asset class for 2017.
Nifty saw a sharp intraday spike as smart money bought the fall closer
to 8100. For today expect another day of volatile trade with Rupee weakness
hurting sentiment. IT stocks could continue to see buying as under ownership
could drive prices higher. Foreign selling as a collateral to US$ strength
may continue albeit marginally while value buying of Indian stocks being best
bet in the emerging market basket may well be the theme for the next 45 days
till the Union budget.
The BSE
Sensex is currently trading at 26485.14, down by 33.93 points or 0.13% after
trading in a range of 26480.00 and 26594.55. There were 110 stocks advancing
against 19 stocks declining on the index. The broader indices were trading in
red; the BSE Mid cap index was down by 0.29%, while Small cap index
was tad lower by 0.01%.
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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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Redington
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96.85
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4.53
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Tatacomm
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655.00
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3.83
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Biocon
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960.00
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2.78
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Eidparry
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261.95
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2.07
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Group ATop Losers
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Edelweiss
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84.80
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-3.53
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Auropharm
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673.20
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-3.12
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Hindalco
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171.05
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-2.90
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Intellect
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157.25
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-2.96
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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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1021
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1092
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Declines
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1016
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333
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Technical view: Nifty finds support around 8100-8120 with 8250 being
a strong resistance. Bank Nifty also finds strong support around 18250 while
18650 will act as resistance.
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Market Sentiment:
The market breadth on BSE was positive in the ratio
of 1021:1016, while 119 scrips remained unchanged.
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Trading
ideas : RBLBANK
(Buy above Rs 357 for target of Rs 369, SL at Rs 351): Stock has witnessed breakout from a downward sloping
trend line connecting highs attempted from first week of Nov 2016. RBL Bank
also formed a bullish engulfing pattern on the daily charts with sharp surge
in volumes. Stock has also seen RSI crossover from its oversold zone. We
advise to Buy RBLBANK above Rs 357, stop loss at Rs 351, and Target of Rs
369.
Macroeconomic Front: As the
government is promoting cashless transactions, the Payment of Wages
(Amendment) Bill will amend the 1936 act, which states that payment of wages
in cheque or through bank transfer can only be made after taking the
employee's permission in writing, said Labour Minister Bandaru Dattatreya.
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Corporate Snippets: Bajaj Auto lauched its
latest sports bike Dominar 400 priced up to Rs 1.5 lakh as it looks to
challenge segment leader Royal Enfield in the Rs 1-2 lakh category.
Cipla subsidiary
in the Netherlands will pump in up to euro 16.8 million to form a joint
venture with its Iranian distributor Aharan Tejarat Company, The JV proposes
to undertake manufacturing and markting of pharmaceutical products in Iran.
Welspun India
is investing Rs 600 crore for setting up a facility for manufacturing
carpets, area rugs and carpet tiles here, marking the leading global home
textile firms foray into flooring solutions segment.
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Top
Sectoral& Stock Screening: The top gaining
sectoral indices on the BSE were Consumer Durables up by 0.44%, IT up by
0.39%, TECK up by 0.32% and Auto up by 0.25%, while Metal down by 1.09%, Oil
& Gas down by 0.78%, PSU down by 0.63%, FMCG down by 0.52% and Power down
by 0.45% were the losing indices on BSE.
Nifty
Movers: The top gainers on Nifty were Tata Motors up
by 1.53%, Zee Entertainment up by 1.50%, HDFC up by 1.25%, Bank of Baroda up
by 1.16% and Infosys up by 1.07%.
On the flip side, Aurobindo Pharma down by 3.74%, Hindalco down by 2.61%,
ONGC down by 2.28%, Sun Pharma down by 1.85% and BHEL down by 1.72% were the
top losers.
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On the global front: On the global front, Asian shares were
trading mostly in red, after the US Federal Reserve overnight indicated it
would raise interest rates faster than expected in 2017. The rate hike in US
would lead outflow of money from emerging market equities into US bonds which
are considered as safer investment options. This is only for the second time
in a decade that the Federal Reserve has raised its rate.
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Global
Signals: The
Asian markets were trading mostly in red; Taiwan Weighted decreased 20.85
points or 0.22% to 9,339.50, Jakarta Composite decreased 12.57 points or
0.24% to 5,241.79, Hang Seng decreased 9.69 points or 0.04% to 22,049.71,
FTSE Bursa Malaysia KLCI decreased 3.52 points or 0.22% to 1,633.47 and
Shanghai Composite decreased 2.17 points or 0.07% to 3,115.51.On the other
hand, KOSPI Index increased 3.26 points or 0.16% to 2,039.91 and Nikkei 225
increased 142.11 points or 0.74% to 19,415.90.
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