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Indian
Indices: Asian indices opened with minor losses as weak oil prices and sell off
in US Dollar saw Japanese stocks fall along with the Yen strengthening. The
Federal Reserve Chairman Janet Yellen testimony today will be closely tracked
as her call on rates will see bond yields decide the way forward for equities
in the near term.
Nifty hit new highs above 9800 but succumbed to profit booking in the
last hour to close below 9800. Short covering by foreign investors due to
P-NOTE ban may have played out in the last 2 days with market now seeing the
highest long positions in recent times. Caution would be the buzzword as PCR
(put call ratio) readings @ 1.40 signal extremely over bought readings on the
derivative counters
The BSE
Sensex is currently trading at 31810.55, up by 63.46 points or 0.20% after
trading in a range of 31755.32 and 31865.69. There were 19 stocks advancing
against 12 stocks declining on the index. The broader indices were trading in
green; the BSE Mid cap index was up by 0.51%, while Small cap index was up by
0.22%.
The CNX Nifty is currently trading at 9810.75, up by
24.70 points or 0.25% after trading in a range of 9791.20 and 9823.00. There
were 34 stocks advancing against 17 stocks declining on the index.
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MARKET
INDICATORS
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·
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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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PTC
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108.35
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7.92
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Biocon
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342.85
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6.11
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Videoind
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30.45
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5.00
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GMDCLTD
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150.70
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3.97
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Group ATopLosers
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Unitech
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7.18
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-5.03
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Bajajelec
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332.95
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-2.15
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DHFl
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430.50
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-1.52
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APLLTD
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526.95.
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-1.37
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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 strong support around 9709 which was the
previous top while 9825 will act as resistance on the upside. Bank Nifty also
faces resistance around 23750 while 23500 will act as support on the
downside.
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Cipla July FUT (Sell Below 540 with Stop Loss at
547.5 for Target of 525): The stock has been consolidating for over five
weeks and has finally broken down from the neckline of the consolidation
pattern on the daily charts. Other oscillators also indicate negative
crossovers, which mean that the decline is likely to further extend. We
expect Cipla to slip lower towards Rs 525 in near term.
EconomicSnippets:
India's
Supreme Court suspended a government order that had banned the trade of
cattle for slaughter, giving relief to the multi-billion dollar beef and
leather industries that employ millions of poor workers.
A
Public Private Partnership (PPP) model could be tried to to give a fillip to
India's mineral exploration that is currently constrained due to lack of
private sector participation in the activity, PiyushGoyal, union minister of
state for power, coal, new & renewable energy and mines, said. The
finance ministry will soon seek Cabinet approval for a legislation to ban
illicit deposit schemes and table it in the Parliament's forthcoming Monsoon
session, a senior government official said today.
Union
transport minister NitinGadkari has asked National Highway Authority of India
(NHAI) to order an enquiry into bribery allegations involving Boston-based
consultancy firm CDM Smith for securing highway contracts in India.
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Nifty Movers: The top
gainers on Nifty were Hindustan Unilever up by 2.63%, Indian Oil Corporation
up by 2.27%, ACC up by 2.01%, Ambuja Cement up by 1.37% and ONGC up by
1.34%. On the flip side, TCS down by
0.72%, Bank of Baroda down by 0.43%, AurobindoPharma down by 0.30%, Hero
MotoCorp down by 0.28% and HDFC down by 0.26% were the top losers.
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Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Oil & Gas up by
1.29%, Energy up by 1.18%, PSU up by 0.71%, Utilities up by 0.62% and Power
up by 0.53%, while IT down by 0.14% was the sole loser on BSE.
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On the global front: On the global front, Asian shares were trading
mostly in red, while shares in Hong Kong put in a strong showing. Investors
across Asia are now looking forward to a raft of economic data coming out on
Thursday and Friday as well as the testimony of US Federal Reserve chair
Janet Yellen
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Global Signals: The Asian
markets were trading mostly in red; Nikkei 225 decreased 94.89 points or
0.47% to 20,100.59, Shanghai Composite decreased 7.85 points or 0.24% to
3,195.19, KOSPI Index decreased 2.69 points or 0.11% to 2,393.31 and FTSE
Bursa Malaysia KLCI decreased 1.38 points or 0.08% to 1,753.65. On the other
hand, Taiwan Weighted increased 8.01 points or 0.08% to 10,423.58, Jakarta
Composite increased 22.74 points or 0.39% to 5,796.07 and Hang Seng increased
213.51 points or 0.83% to 26,091.15.
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