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Indian
Indices: Asian indices opened in the green as overnight most US indices hit new
highs with the power of liquidity ignoring all negative news. The market will
watch for monetary policy action from the BOJ(Bank of Japan) & the ECB
today which will indicate the way forward for equities & fixed income.
Nifty recovered most of the losses of Tuesday with a smart pullback
which took the Nifty back to 9900.Bank Nifty hit new highs as financials,
metals &Pharma powered the Nifty back with gusto. For today new highs on
the Nifty are on the cards with stock specific action as results season plays
out with heavyweights Reliance, Kotak Bank & Bajaj Auto declaring results
today.
The BSE
Sensex is currently trading at 31974.67, up by 19.32 points or 0.06% after
trading in a range of 31928.01 and 32057.12. There were 13 stocks advancing
against 18 stocks declining on the index. The broader indices were trading
mixed; the BSE Mid cap index was down by 0.12%, while Small cap index was up
by 0.27%.
The CNX Nifty is currently trading at 9897.10, down
by 2.50 points or 0.03% after trading in a range of 9888.55 and 9922.55.
There were 20 stocks advancing against 31 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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Strtech
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194.20
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12.71
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Justdial
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386.15
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8.94
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Renuka
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16.33
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8.79
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GPPL
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147.85
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3.36
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Group ATopLosers
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Canbk
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353.90
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-4.61
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Videoind
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24.85
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-4.97
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Wabag
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641.40
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-4.26
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MRPL
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126.65
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-3.14
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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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31680
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31950
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Nifty
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9765
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9850
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Technical view: Nifty finds support around 9850 which was the
resistance yesterday while 9930 will act as resistance on the upside. Bank
Nifty now finds strong support around 24000 while 24350 will act as
resistance on the upside.
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Britannia (Buy Above 3810 with SL
at 3750 for Target of 3930): It is a solid trending stock and after consolidating
for over four months Britannia has broken out from an Ascending Triangle
pattern on the daily charts. The breakout has been accompanied with credible
uptick in traded volumes. The stock has also convincingly bounced from its
21-DMA which further accentuates our bullish stance on the stock.
EconomicSnippets
CBEC Chairperson VanajaSarna has said that the government has taken a
corrective measure and compensation cess hike will not result in rise in
cigarette prices.
Import of coking coal from Canada is likely to rise in future keeping
pace with the increase in steelmaking capacity in India, the Steel Ministry
said in a statement.
The parliamentary panel on finance is likely to finalise its report on
demonetisation of high value currency notes on July 20.
The government may impose anti- dumping duty of up to USD 266 per
tonne on a certain type of rubber, used in items like footwear and conveyor
belts, from EU, Korea and Thailand.
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Nifty Movers: The top gainers on Nifty were Axis Bank up by 2.92%,
ONGC up by 2.33%, Ambuja Cement up by 2.04%, Kotak Mahindra Bank up by 1.62%
and Coal India up by 1.20%. On the flip side, Tata Steel down by 1.86%,
BhartiInfratel down by 1.22%, Hero MotoCorp down by 1.10%, Infosys down by
1.06% and Asian Paints down by 1.04% were the top losers.
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Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 0.62%,
Bankex up by 0.56%, Energy up by 0.30%, Capital Goods up by 0.29% and Power
up by 0.21%, while IT down by 0.56%, Metal down by 0.45%, TECK down by 0.42%,
Auto down by 0.32% and Healthcare down by 0.21% were the top losing indices
on BSE.
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On the global front:On the global front, Asian shares were trading
mostly in green. The Bank of Japan kept monetary policy steady and pushed
back again the timing for achieving its 2 percent inflation target,
reinforcing expectations it will lag well behind major global central banks
in dialing back its massive stimulus programme.
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Global Signals:The Asian markets
were trading mostly in green; Shanghai Composite increased 7.09 points or
0.22% to 3,238.07, KOSPI Index increased 7.21 points or 0.3% to 2,437.15,
Jakarta Composite increased 9.29 points or 0.16% to 5,815.98, Hang Seng
increased 67.04 points or 0.25% to 26,739.20 and Nikkei 225 increased 123.54
points or 0.62% to 20,144.40. On the other hand, Taiwan Weighted decreased
9.6 points or 0.09% to 10,496.50 and FTSE Bursa Malaysia KLCI decreased 2 points or 0.11% to 1,755.27.
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