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US stocks rally as Dollar hits fresh 3 month lows and oil rallies to lift energy stocks. Dow Futures dip as fresh disclosures on Russia and Trump cause uncertainty.

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Indian Indices: Asian markets opened flat after witnessing good gains on Monday as fall in US futures saw caution prevail with the Japanese Yen seeing gains against the US greenback to hit 112.2. European stocks were the real outperformers as the Euro hit 112 against the US Dollar which lifted sentiment to a near 3 year high for the Euro zone.

Nifty saw one sided trade as mid-caps witnessed huge profit booking while select large-caps witnessed buying to lift the Sensex into gains while the broader markets underperformed. ITC, HUL and L&T were the top gainers while PSU banks, Financials and Pharma stocks were under huge pressure as we head into Thursday expiry for derivative contracts. 


The BSE Sensex is currently trading at 30423.96, down by 147.01 points or 0.48% after trading in a range of 30388.49 and 30610.64. There were 11 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 1.95%, while Small cap index was down by 2.25%.

The CNX Nifty is currently trading at 9395.05, down by 43.20 points or 0.46% after trading in a range of 9374.20 and 9448.05. There were 17 stocks advancing against 34 stocks declining on the index.




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Technical view: Nifty will find support around 9390/9400 on the downside while 9500 will act as resistance on the upside. Bank Nifty also finds strong support around 22558 while 22850 will act as resistance on the upside.


ONGC May FUT (Sell Below 177 with Stop Loss at 181 for Target of 170): The stock has been witnessing selling pressure for the past three weeks and it has further broken below the double bottom low of Rs 178. This indicates a fresh breakdown on the daily charts extending the lower top lower bottom cycle. ONGC has also broken below its long term 200-DMA and is sustaining below the same further accentuating our bearish stance on the stock.

Derivative Snippets

Lupinhas received approval from the Central Drugs Standard Control Organisation (CDSCO) for Bepotastine tablets used in the treatment of patients suffering from allergic symptoms.

In the last trading session, markets ended on a negative note dragged by PSU Banks. Bank Nifty 23000CE added fresh short positions, indicating a likely close below 23000 level for May F&O expiry contracts. Nifty 9500CE continued to remain under the selling pressure. Implied volatility of index option surged higher, indicating a rising fear in the market.

FIIs were net sellers in cash market segment to the tune of Rs 321 Cr.FIIs index future long short ratio at 1.9x vs 2 x.


Nifty Movers: The top gainers on Nifty were Maruti Suzuki up by 2.48%, ICICI Bank up by 1.22%, Wipro up by 1.14%, Eicher Motors up by 1.08% and Hindustan Unilever up by 0.87%. On the flip side, Sun Pharma down by 7.08%, AurobindoPharma down by 5.02%, Cipla down by 4.24%, GAIL India down by 3.95% and Lupin down by 2.41% were the top losers.


Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were IT up by 0.25%, Auto up by 0.16% and TECK up by 0.05%, while Healthcare down by 3.43%, Realty down by 2.45%, Utilities down by 2.25%, Consumer Durables down by 2.06% and Power down by 1.92% were the losing indices on BSE.




On the global front: On the global front, Asian shares were trading mostly in red, after a deadly explosion at a concert venue in Manchester was said to be a terror attack. Japanese manufacturing activity expanded at the slowest pace in six months in May as export orders slowed, in a warning sign that global demand may be weakening.



Global Signals: The Asian markets were trading mostly in red; Nikkei 225 decreased 19.55 points or 0.1% to 19,658.73, Jakarta Composite decreased 14.32 points or 0.25% to 5,735.12, Shanghai Composite decreased 10.2 points or 0.33% to 3,065.47 and FTSE Bursa Malaysia KLCI decreased 3.72 points or 0.21% to 1,771.23.On the other hand, KOSPI Index increased 18.28 points or 0.79% to 2,322.31, Taiwan Weighted increased 23.25 points or 0.23% to 10,020.51 and Hang Seng increased 67.71 points or 0.27% to 25,459.05.