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Topic :- Share Market Closing Note

The benchmark indices ended the day at record highs on Wednesday after the index heavyweight Bharti Airtel hit its highest in nearly a decade post its September quarter numbers.  

In intra-day The Sensex soared over 33,600-mark and clocked its all-time high figure of 33651, while the Nifty rallied to 10,451 during the days trade — also its all-time high mark.

Strong moves on banks, PSUs and private, along with metals, FMCG, and infrastructure stocks also added to the sentiment. 

Overseas, Asian shares scaled a 10-year high, with Japan and South Korea markets leading gains in the region. on the back of solid economic growth globally, while oil prices extended a bull run on hopes that major producers will maintain their output cuts.

Investors await the outcome of the US Federal Reserves two-day policy meeting later in the session for clues about future tightening.

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Topic :- Time:3.05 PM

NIFTY Spot close above 10420 will result in some more quick upmove in coming trading sessions and if it closes below above mentioned level then some sluggish movement can be seen. Avoid open sell positions for tomorrow.

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Topic :- Time:2.05 PM

Just In:

TATAMOTORS Domestic sales up by 5% in Oct 2017.

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Topic :- Time:2.00 PM

Rangebound trading session is going on. Nifty spot only above 10440-10450 levels can show some upmove and if it breaks and trade below 10420-10400 levels then some profit booking can follow in it. As market is not moving much so trade in less quantity and in less positions. Only stock specific movement is there.

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Topic :- Time:1.30 PM

CRUDEOIL Tradng View:

CRUDEOIL is trading at 3545. It will  find immediate support at 3520 level. If it manages to hold and trade above it then it is likely to show some quick upmove and is expected to test 3600 mark soon and if it breaks and trade below 3520 level then some softness can be seen in it.

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Topic :- Time:1.00 PM

Govt blames Infosys for GST Network glitches:

nfosys finds its management of the GST information technology backbone under scrutiny at the highest levels of the government, reports The Economic Times. It had won the Rs 1,380-crore deal for developing and running GSTs backend in 2015. Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods & Services Tax Network (GSTN), leading to extension of deadlines for returns several times. It has been a disappointing experience, said one of the officials, adding that the software provider is now expected to improve service delivery. Infosys rejected the contention that its work had been regarded as unsatisfactory. The information you have received is completely inaccurate, the company said. 

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Topic :- Time:12.05 PM

Nifty is still trading in same small range. Big trades should be avoided for while and let nifty move from here. For upper move critical level is 10450 spot basis and to avoid fall nifty spot should hold above 10400.

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Topic :- Time:11.35 AM

News Wrap Up:

1. New GST tweak will help you save a lot more on your home budget

2. New India Assurances Rs 9,600-crore IPO kicks off

3. No need to worry about linking mobile with Aadhaar

4. Indias manufacturing activity stagnates in October

5. Maruti Suzuki sales up 9.3 per cent in October

6. Tata Steel rejigs roles of two key executives

7. HPCL may buy MRPL in share-swap deal

8. Maruti Suzuki MD sees output at over 2 mn by 2020

9. Bharti Airtel hits over 10-year high as Q2 operating profit beats estimates

10. ICICI Bank hits 33-month high; market-cap crosses Rs 2-lakh crore.

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Topic :- Time:11.30 AM

YESBANK Trading View:

YESBANK is trading at 319.70. If it manages to trade and sustain above 320 level then it is likely to show some quick upmove and is expected to test 330 level in no time and if it breaks and trade below 315 level then some softness can be seen in it.

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Topic :- Time:11.00 AM

After positive opening nifty is still trading in positive zone. Nifty spot if manages to trade and sustain above 10450 level then expect some further upmove in the market and if it breaks and trade below 10400 level then some profit booking can be seen in the market.

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Topic :- Share Market Opening Note

Indian Stock Market Trading View For 01 Nov,2017:

First trading session of November is expected to be a volatile one. Global cues to be eyed.

Nifty spot if manages to trade and sustain above 10360-10380 levels then expect some quick upmove in the market and if it breaks and trade below 10300 level only then some profit booking can be seen in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

Important Results To Be Declared Today:

1. Apollo Tyres

2. Godrej Consumer

3. Hero Motocorp

4. Hexaware Tech

5. JSW Energy

6. Shriram Trans

7. Tech Mahindra

8. TVS Motors

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Puducherry Chief Minister V Narayanasamy today said the Centre has earmarked Rs 109 crores to promote tourism projects under 'Swadesh Darshan' in the Union Territory.

Addressing public on the occasion of the 63rd Liberation (De facto) day of Puducherry here, he said, "Tourism has been given priority by the administration and the government intended to promote Puducherry as a vibrant tourism destination."

The Union Tourism Ministry has already earmarked Rs 109 crores for Puducherry to promote heritage and spiritual tourism under 'Swadesh Darshan' scheme.

He futher said the Rs 1,828 crore smart project being implemented in Puducherry through a specially floated statutory organisation called Puducherry Smart City Project limited would be yet another feather in the cap of the administration.

Earlier, the Chief Minister took salute at a march past presented by various contingents. Speaker V Vaithilingam,Ministers, legislators of the ruling Congress, the French Consul General Catherine Suard, Director General of Police S K Gautam, Chief Secretary Manoj Parida and secretaries of various departments of the government were also present.

Puducherry and its outlying regions of Karaikal, Mahe and Yanam became free from the French rule on November 1, 1954.

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Topic :- Share Market Closing Note

The benchmark indices settled at record closing highs on Monday as state-owned lenders extended a rally from the last week sparked by the governments announcement of a Rs 2.11 lakh crore recapitalisation plan, while energy firms gained on higher crude prices.

State-run lenders drove the indices higher, with the Nifty PSU bank index rising as much as 4.3%. Its 30% gain last week was much larger than a 0.8% rise in the Nifty private bank index over the same period.

The Nifty50 rallied as much as 61 points to hit its fresh high of 10,384, while the Sensex rose 184 points to log its record high of 33,340 in intraday trade. 

Overseas, European markets were trading sideways as earnings rolled in, while Asian markets climbed as the euro loitered around a 3-month low after the European Central Banks decision to extend its stimulus further fattened the dollars yield advantage.

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Topic :- Time:3.00 PM

Nifty spot close above 10400 will result in some quick upmove in coming trading sessions and close below above mentioned level will result in some sluggish movement. Avoid open sell positions for tomorrow.

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Topic :- Time:2.30 PM

ZINC Trading View:

ZINC is trading at 211.40. It will find immediate resistance to upmove at 212.50. If it fails to trade above it and sustains below its mentioned resistance then it is likely to slide towards 210 level quite soon.

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Topic :- Time:2.25 PM

Just In:

Lupin Limited Q2: Consol PAT Rs 455 Cr Vs Rs 662 Cr, Down 31% YoY

LUPIN - good results after a long time

PAT, margins higher than expected

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Topic :- Time:2.15 PM

We will close the year with 14% market share: JLR India MD:

Tata Motors-owned Jaguar Land Rover has had a dream run in the first nine months of the year growing at a whopping 45 percent. On Saturday, Land Rover launched the all-new Discovery at a price thats substantially cheaper than the outgoing model. Rohit Suri, Managing Director, Jaguar Land Rover India, spoke to Moneycontrol on the sidelines of the launch.

Q. How important is the launch of the all-new Discovery to JLR India?

A. This is a very important car for us, an important addition to our portfolio. We were missing out on this car for sometime actually. So it plugs a very important gap between Discovery Sport and Range Rover Sport. At a price of Rs 71.38 lakh for the petrol derivative it is a very important price point. It will help us compete more effectively.

Q. How different is it on price terms when compared to the outgoing model?

A. The old Discovery pricing was always in the range of Rs 1 crore plus. But here we are able to launch the petrol version at Rs 71.38 and diesel is priced at Rs 82.21 lakh. So, this is much better priced. But, of course, this model comes with many more innovative features. It is a better value for money.

Q. How have you priced it so competitively?

A. The foreign exchange rate has helped us plus we did not have a petrol version earlier. So that has brought down the entry price. The pricing for the outgoing model was fairly steep so it was not able to compete effectively in the market. But this car is right on target as far as competition is concerned. We already have a good response coming in.

Q. Any initial booking numbers you can share?

A. We cant share that but we can say that we have bookings for more than a month already.

Q. So far your competition have posted double-digit increase in sales this year. How has JLR fared?

A. Our growth was one of the highest. Between January to September we grew by 45 percent. We have not only outpaced the industry growth but also outpaced the competition by far. 2,942 cars have been sold during January-September.

Q. Has the cess not impacted you?

A. The cess increase happened in September. We had bookings from retail beforehand in anticipation of the cess coming in. We are seeing a slowdown in pace in October because of that.

Q. Has the January-December sales target already been met?

A. Most of our products are doing extremely well. For us the year has been going very well. We have to see how much of an impact the cess has in slowing down the pace of growth. But so far we have had a very good run.

Q. What market share does JLR have in India and what is the target?

A. Overall our market share was in the range of 8-9 percent and this we expect to grow to 13-14 percent by end of the year. Our growth market share means we are taking some part of the growth away from competitors.

Q. You are assembling 5 models in India presently. Are there plans to add more to the Chakan assembly plant?

A. We have some plans in the offing which we will announce very soon. We are constantly evaluating what more we can get. We will announce that as soon as we are ready.

Q. When will the Range Rover Velar be launched in India?

A. The Range Rover Velar would come in early part of next year.

Q. When do we expect the Jaguar E-Pace and iPace?

A. Right now there is no set date for those two launches. The E Pace is a fantastic vehicle but lets see how soon we can get it to India.

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Topic :- Time:2.00 PM

Nifty is now ready for showing some movement finally. Nifty spot is trading at 10376. If it manages to trade and sustain above 10380 level then expect some quick upmove in the market and if it breaks and trade below 10360 level then some profit booking can follow. All lows should be still used as an opportunity to go long in the market.

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Topic :- Time:1.40 PM

COPPER Trading View:

COPPER is trading at 446. If it manages to trade and sustain above 447.50 level then expect some quick upmove and if it breaks and trade below 444 level then some softness can be seen in copper.

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Topic :- Time:1.15 PM

RELCAPITAL Trading View:

RELCAPITAL is trading at 588.60. If it manages to trade and sustain above 590 level then expect some quick upmove in it and is likely to test 600-605 levels quite soon and if it breaks and trade below 585 level then some softness can be seen in it.

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Topic :- Time:12.30 PM

NATURALGAS View:

NATURALGAS is trading at 193.80. If it manages to trade and sustain above 195 level then expect some quick upmove in the NG and if it breaks and trade below 192.40 level then some profit booking can be seen in it.

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Topic :- Time:12.15 PM

Nifty is still struggling to cross 10380 spot level. Further upmove is expected only above 10380 level and if it breaks and trade below 10350 level then some softness can be seen in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. IDFC Bank, Shriram set to call off merger talks

2. Bet your money on India, says Mukesh Ambani 

3. HDFC Life eyes stock currency for M&A deals

4. Modis own Amazon to end tender raj, corruption faces teething troubles

5. Retail lenders, RIL help India Incs combined net profit rise 8.6% in Q2

6. Bengaluru municipal corporations unpaid bills up 7706% in 4 yrs

7. ONGC hits 5-month high as Q2 profit beats estimates

8. TTML zooms over 100% in 12 trading days post deal with Bharti Airtel

9. Sebi panel suggests independent regulator needed for auditors

10. Bharat 22 ETF to open on November 14; govt aims to raise Rs 8,000 cr

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Topic :- Time:11.00 AM

After positive opening nifty is still trading in positive zone. Nifty spot if manages to trade and sustain above 10380 level then expect some upmove and if it breaks and trade below 10320 level then some softness can be seen in the market.

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Topic :- Nifty Opening Note

Volatile week expected. Q2 numbers to be deciding factor along with global cues.

Nifty spot if manages to trade and sustain above 10340 level then expect some upmove in it and if it breaks and trade below 10280 level then some profit booking can be seen in the market.

Please note this is just opening view and should not be considered as the view for the whole day.

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Non-banking financial companies (NBFCs) have made strong roots in the Indian financial sector targeting niche segments of the population, mostly catering to small businesses or salaried employees with their momentary needs.

After banks and insurance companies, NBFCs come at the third spot in the Indian financial system, while banks could manage to grow credit at 5.1 percent in the final quarter of the last fiscal year, NBFCs could register a credit growth of 250 percent more than banks - i.e., 13 percent. According to a recent study by the Reserve Bank of India (RBI), NBFCs are much ahead of commercial banks in managing non-performing assets (NPAs), and their asset quality is also far better than banks.

Sector witnessing an unprecedented growth

The demands and aspirations of India’s middle-class segment are growing speedily and gadgets like laptops, smartphones, and LED TVs are the common needs of almost every household in the urban culture of the country. Besides, life is difficult for many without a personal vehicle, if not a car; a bike is a must to have for families in metros and large cities. Their monthly income doesn’t allow them to purchase these items in one go and taking a personal loan from the commercial bank is lengthier as well as a costlier affair. So, NBFCs are the best alternatives for them to borrow money through quick and simple procedures. On the other hand, empowered with data analytics, advanced profile-check algorithms, smart credit rating system, and fast verification tools, NBFCs are successful to meet the demands and expectations of their customers.

It is worth noting that gross bad loans or NPAs in the NBFC sector reduced from 2.7 percent to 2.3 percent and from 4.9 percent to 4.4 percent respectively during September 2016 to March 2017. These improved figures clearly indicate that NBFCs are impressively effective in the exploitation of their resources despite a double-digit annual growth in the balance sheet of 2016-2017.

Factors responsible for decreasing NPAs

One of the most valid reasons that enable NBFCs to optimise their assets is the intelligent selection and execution of the digital technology, they have learned a lot from the 90s debacle and bounced back with practical implications of the technology to ensure a better journey in the financial system of India.

Today, a majority of NBFCs use artificial intelligence, pattern analysis, predictive intelligence and other customised algorithms to study the repayment behaviour of the potential customers. These technologies help them to completely assess the credibility and financial status of an individual that decides his/her credit score. They disburse the loan to people with good credit score and complete verification.

Through strict underwriting process, NBFCs make a detailed check of loan seekers profiles and credit history and process transaction-related documents digitally and perfectly. Real-time bank statement, PAN number and e-KYC check, bureau reports and information on social networking sites help them a lot in finalising the credit score and calculating the associated risk factors. Moreover, the highly automated process brings down the entire turnaround time for disbursing a loan from customer enquiry to money transfer. Apart from this, most of the NBFCs take post-dated cheques from their customers as security instrument because every loan seekers know that cheque bouncing is a crime and strict actions can be taken against the deliberate offence.

Add-on benefits

But, technology is not the only factor that helps NBFCs in minimising the NPAs. There are various other structural, operational, and strategic incentives also that enable them to curtail the ratio of NPAs.

Conventionally, NBFCs avail 50 percent funds as market borrowing and the rest 50 percent they acquire from banks. This kind of practice makes funds cheaper for them.

Another important point here is that usually, owners-managers have real stakes in the company which saves them from the unnecessary pressure of the external stakeholders and allow them to make quick decisions. Hence, advanced technology, focused approach, and more autonomy are the factors that have leveraged the NBFCs in minimising the NPAs.

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Keen to set up an about Rs 6,000 -crore facility at JNPT Special Economic Zone (SEZ), a global electronic major has sought 200 acres there, Union minister Nitin Gadkari said today.

JNPT is one of the top 12 major ports under the control of the Centre.

"A global electronic major has sought 200 acres of land at JNPT SEZ. It is keen to invest Rs 6,000 crore and create employment to the tune of 40,000," Gadkari, who holds the portfolio of shipping, road transport, highways, water resources, river development and Ganga rejuvenation, told PTI.

However, he did not disclose the name of the firm or the country.

Sources said it is an electronic major from Taiwan.

Earlier, the minister said Taiwan-based IT major Foxconn has sought 13 acres at Jawaharlal Nehru Port Trust's SEZ.

When asked whether it is the same firm, the minister replied in negative.

The contract manufacturer Foxconn makes products for global device brands like Apple, BlackBerry, Amazon, Motorola, Xiaomi and Sony and has bulk of its factories in China.

"Foxconn has sought a land parcel of 13 acres in the special economic zone in JNPT and I have spoken to Maharashtra chief minister about the project," Gadkari has said earlier.

Foxconn Technology Group is one of the world's largest electronic manufacturing contractors, headquartered in New Taipei City, Taiwan. It is the third-largest information technology company by revenue.

Country Head and MD, Foxconn International Holding India, Josh Foulger had earlier this year met the then commerce minister Nirmala Sitharaman to discuss support for exporting mobile phones from the country.

JNPT Mumbai handles over 40 per cent of Indian exim (export-import) volumes.

Under the Sagarmala initiative, 14 SEZs are being set up across the country.

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Topic :- Share Market Closing Note

Spurred by the governments mega plans to boost economy via recapitalisation of public sector banks and massive road building programme, benchmark equity indices Sensex and Nifty scaled fresh record closing highs on Wednesday. 

The 30-share BSE Sensex closed 435.16 points, or 1.33 per cent, up at 33,042.50, while the 50-share NSE Nifty index settled 87.65 points, or 0.86 per cent, up at 10,295.35. 

Wednesdays rally was majorly supported by select banking counters as 26 stocks in Nifty index settled in red with Indiabulls Housing Finance falling 5.49 per cent, followed by Bajaj FinanceBSE -5.43 % (down 5.16 per cent) and YES BankBSE -5.92 % (down 4.89 per cent). On the other hand, State Bank of IndiaBSE 27.58 % and ICICI BankBSE 14.69 % soared 27 per cent and 14.56 per cent, respectively. 

UltraTechBSE 6.02 % Cement, Larsen & Toubro and Axis BankBSE 4.61 % climbed 5.75 per cent, 5.33 per cent and 4.88 per cent, respectively. 

More than 70 stocks on the NSE hit their fresh 52-week highs in Wednesdays trade. The list includes stocks such as Bajaj Corporation, Birla CorporationBSE 0.76 %, EID ParryBSE 3.34 %, GAIL (India), KRBLBSE 1.07 %, GVK PowerBSE 4.99 %, NCCBSE 6.36 % Ltd and Punjab National BankBSE 46.20 %. 

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Topic :- Time:2.20 PM

Nifty spot is trading at 10298. If it manages to trade and sustain above 10305-10310 levels then expect some quick jump in the market and if it breaks and trade below 10270 level then some profit booking can follow in Nifty.

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Topic :- Time:2.05 PM

Just In:

UK GDP Results: 0.4% vs th 0.3% estimated before.

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Topic :- Time:1.30 PM

Just In:

Kotak Mahindra Bank posts 20% YoY rise in profit at Rs 1,440 crore; asset quality improves.

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Topic :- Time:1.10 PM

DLF Stock Trading View:

DLF share is trading at 177.75. If it manages to trade and sustain above 179 level then expect some quick upmove in it and if it breaks and trade below 176.80 level then some further decline can be seen in DLF counter. Overall DLF can act as dark horse and can shoot up any time in few trading sessions.

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Topic :- Time:12.45 PM

Tata Sons reports 73% drop in profit in FY17, revenue grows 23% to Rs 9,985 cr:

Tata Sons, the promoter of the Tata Group companies, filed its annual return with the Registrar of Companies for FY17 in which it has reported a 73 percent fall in net profit at Rs 824 crore, and a 23 percent growth in revenue at Rs 9,985 crore on a standalone basis, reports The Economic Times.

The consolidated revenue for the company rose 13 percent to Rs 1.73 lakh crore, but profit was down 20 percent to Rs 18,431 crore due to higher exception items, totalling Rs 6,773 crore.

The report said that the company made a provision of Rs 684 crore for doubtful recoveries of dues from former business partner C Sivasankaran.

The company said in its filing that it would pay NTT Docomo from the money deposited to the Delhi High Court immediately upon NTT Docomo providing appropriate withholding tax certificate from the tax authorities. However, the company did not respond to an email query sent by the newspaper.

Tata Sons also decided to move out of the loss-making telecom venture Tata Tele which has a debt of Rs 34,000 crore. Tata Sons derives revenue from royalty and dividend from group companies.

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Topic :- Time:12.10 PM

Nifty is trading flat only after initial run by PSU banks. Nifty spot if manages to trade and sustain above 10270-10280 levels then expect some quick upmove in the market and if it breaks and trade below 10250 level then some fall can be seen in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex up 300 pts, NIfty above 10,250; PSU Bank index up 20%

2. RCom may shut its wireless biz by Nov 30, employees put on notice

3. Cash ban, GST disruptions to cool Indias GDP growth

4. Flipkart wont be profitable ever: Ecomm pioneer

5. RBI fines Yes Bank Rs 6 cr, IDFC Bank Rs 2 cr

6. A forgotten Pakistani port is now the epicentre of Chinas Asia conquest plan

7. RCom nears record low on talk of closure of DTH business

8. HCL Tech second-quarter net profit rises 9.5%, beats estimates

9. GIP buys Equis Energy, which has 900 MW of assets in India, in $5 bn deal

10. Infosys trades firm post September-quarter earnings

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Topic :- Time:11.00 AM

After positive opening nifty is still trading with gains. Nifty spot if breaks and trade below 10200 level then some softness can be seen and above 10280 level some upmove can follow.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 25 Oct, 2017:

Good stock specific movement is expected in the market. Gloabl cues to be eyed. 

Nifty spot if manages to trade and sustain above 10240 level then expect some further upmove in the market and if it breaks and trade below 10140-10120 levels then some decline can be witnessed in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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The government's decision to infuse Rs 2.1 trillion of capital in public sector banks (PSBs) could improve the credit growth by up to 10 percentage point and also boost the GDP growth by up to 5 percentage point, said a report.

The government yesterday announced a capital infusion of Rs 2.11 lakh crore in state-run banks over a period of two years, which includes recapitalisation bonds, budgetary support and equity dilution.

It said that Rs 1.35 trillion will be financed by recapitalisation bonds, with the remaining Rs 0.76 trillion will be coming from the budget and raising funds from markets by reducing government equity.

According to the Goldman Sachs Research Report, every incremental Rs 100 billion of bank capital infusion by the government has the potential to increase credit and GDP growth by 1 percentage point (pp) and 0.5 percentage point (pp).

"By the same calculations, a Rs 1.05 trillion infusion into PSU banks over the next 12 months (half of the Rs 2.1 trillion announced) would lower the drag on bank credit growth by up to 10 pp and boost GDP growth by up to 5pp, assuming the banking system leverage ratio remains constant as it has over the past 8 years," the report said.

Even with some slippage in the leverage ratio, though, the bank recap will generate a powerful credit impulse, likely imparting a substantial boost to investment and activity growth over the coming year and creating upside risk to our current GDP growth forecasts for the coming years, it said.

Given the sheer magnitude of this recap package and the significant implied easing in credit conditions, as credit and investment growth rebound, the report expects a re-rating of growth expectations in the country in the coming quarters.

"This will likely be bullish for equities and the rupee in the medium term," it said.

The government also said it is committed to keeping the fiscal deficit under control but will reassess the 3.2 per cent fiscal deficit target for FY18 in December.

"While the near-term risks are clearly skewed towards a deterioration in the fiscal position, medium-term fiscal fundamentals could actually improve, should private sector growth and private corporate investment spending rebound meaningfully following the easing of credit conditions."

The current account deficit would likely increase but from a low level, it said.

The report said the measures announced by the government are likely bearish for short-term rates, as they make the RBI more likely to hike rates sooner than market expectations, should growth momentum improve substantially, reducing economy-wide slack, and core inflation inch higher.

"We currently forecast that the RBI will hike rates three times by the end of 2018, an outcome that is not fully priced in by the market," the report said.

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India's economy will likely grow at its slowest pace in four years this fiscal year, a Reuters poll showed, as a currency ban and the new goods and services tax (GST) have disrupted business activity and dampened consumer demand.

Asia's third-largest economy will grow at 6.7 percent in the fiscal year ending March 2018, the slowest since the new methodology of measuring gross domestic product (GDP) was introduced in the 2014-15 fiscal year, according to the latest poll of 30 economists.

The poll was taken on Oct. 12-24, closing just before India announced a $32.43 billion plan to recapitalise state banks, a bid to tackle a major drag on the economy.

While the latest poll's number for this year matches the International Monetary Fund's toned-down forecast - that was 7.2 percent earlier - it is a sharp decline from 7.3 percent the July Reuters poll showed.

But despite the broad and marked slowdown expected in economic activity, India's projected growth rate will be second to the world's fastest growing major economy - China - if predictions are met.

A majority of economists said the risk to their already lower outlook for Indian growth this fiscal year is skewed further to the downside as stressed corporate balance sheets prevent a recovery in private capital spending and mounting bad loans at Indian banks remain a burden.

All but three of 23 respondents who answered an extra question said the government had imposed too many sweeping changes for the economy in a short period of time, referring to demonetisation and the GST, and that has lowered growth expectations.

"Demonetisation was unnecessary and had a huge disruptive effect. Even before the economy could recover from that shock, came (the) GST," said Kunal Kundu, vice president and India economist at Societe Generale.

"More importantly, the government was not prepared adequately enough, thereby transmitting further shock to the slowing economy."

Prime Minister Narendra Modi's decision last November to scrap high-value old banknotes wiped out about 86 percent of currency in circulation virtually overnight in an economy which is largely cash-based.

That has hurt consumer spending, which powers more than half of the $2 trillion economy.

But just when some improvement in data raised hopes that the impact of the cash clampdown had been absorbed, confusion among businesses on pricing goods and services after the July 1 implementation of GST has impacted activity.

The economy grew at 5.7 percent annually in the April-June quarter, its lowest level in more than three years and well below expectations.

However, nearly three-fourths of 23 respondents who answered an extra question said India does not need a stimulus package and instead should focus on fiscal discipline which is vital for investment from outside the country to flow in.

"There is limited scope for any stimulus when the budget fiscal deficit projections will anyways be breached on account of revenue shortfall," said Abhishek Upadhyay, economist at ICICI Securities Primary Dealership.

Despite bleak growth expectations, the Reserve Bank of India is forecast to keep key policy rates on hold through mid-2019, focusing on anchoring inflation.

The latest Reuters poll predicted retail inflation to average 3.5 percent this fiscal year, unchanged from the July median but below the RBI's medium-term target of 4.0 percent.

Inflation was expected to average 4.5 percent in 2018-2019, compared to 4.3 percent in the previous poll.

"With inflation trending up directionally and RBI's insistence on 4 percent target on a durable basis, a convincing case for a rate cut appears less plausible," said Madhavi Arora, economist at Kotak Mahindra Bank.

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Haryana agriculture minister O P Dhankar said the state government was aware of the crop residue burning issue and his department has submitted a Rs 1,601.57 crore plan to the Centre for procuring required machinery for the management of stubble.

He was replying to a calling attention motion on the first day of the winter session of Haryana Assembly here.

"The department has submitted a five-year plan of Rs 1,601.57 crore to the central government. The central government has released Rs 45 crore for providing straw management machines on subsidy to the farmers of the state for crop residue management in the year 2017-18," Dhankar said.

The minister said in pursuance to an order of the NGT, the government had issued a notification dated September 16, 2003 prohibiting burning of left-over straw in the state.

Coordinated efforts have been made by the Department of Agriculture and Farmers Welfare, Environment Department and New and Renewable Energy Department (HAREDA) to solve the problem face by farmers, Dhankar said.

He said the department has identified 11 categories of straw management implements for which it has received 5,162 applications online.

The minister said disbursal of subsidy to the farmers is under process and 944 straw management implements have already been distributed to them as on October 16.

He said currently, the department possesses 65 zero-till seed-cum-fertiliser drill, 26 happy seeders and two straw balers which are being made available to the farmers on hire basis at nominal rates.

Dhankar also informed the House that his department was also providing incentives under Sub-Mission on Agriculture Mechanization (SMAM) on demonstration at Rs 4,000 per hectare to farmers who have purchased the machinery on subsidy and want to run it for straw management demonstration purpose.

A total of 18,000 hectares of land would be covered for demonstration of crop residue management, covering 15 major paddy growing districts for practical knowledge of the farmers regarding the use of straw management implements. Rs 7.2 crore would be spent for this, he said.

The minister said to tackle the issue of straw burning and to promote paddy straw-based biomass power projects in the state, HAREDA has floated a Request for Proposal (RFP) for setting up such plants on pilot basis in Karnal, Kurukshetra, Ambala, Kaithal, Jind and Fatehabad districts.

This would consume about 5.5 lakh tonnes of paddy straw as fuel. The capacity of paddy straw consumption is targeted to be increased by about 11 lakh ton in the second phase, Dhankar said.

He said HAREDA is also in the process of formulating a Biomass Policy 2017 for the state with an objective to harness biomass-based power, biogas, bio-CNG, bio-manure and bio- fuels.

District Magistrates have set up enforcement teams to check crop residue burning and recover penalty from farmers who resort to the act in violation of NGT orders in this regard, the minister said.

Earlier, the Haryana Assembly paid tributes to prominent personalities who died between the period from the end of the previous session and the beginning of this session of the House.

Members of the House also observed a two-minute silence to pay homage to the departed souls. They also paid tributes to those who lost their lives during the violence in Panchkula and Sirsa on August 25.

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The railway ministry has decided to give more powers to its two nodal bodies to redevelop stations and its land, a senior official said.

The two bodies -- Railway Land Development Authority (RLDA), and Indian Railways Station Development Corporation (IRSDC) -- are set to get powers to deal with all big decisions on the commercial use of railway land and developing stations, the official said.

The ministry has also formed a high-powered committee which will give recommendations on ways to further strengthen the bodies which will, in turn, speed up the execution of projects.

"The issue of exploiting railway land for commercial use is being looked into afresh and the organisation handling this subject - RLDA - is being further strengthened and empowered to take care of this work effectively, especially big land parcels," Railway Board chairman, Ashwani Lohani, told PTI.

"Similarly, in the case of Station Redevelopment Program (SRP), we have decided to expedite their operations by strengthening the IRSDC further," Lohani said.

The decisions have been taken based on directions issued by Railway Minister Piyush Goyal.

The minister has made it clear, in his meetings with the members of the board, that no department can work in silos and strengthening existing bodies and empowering them should be the goal to deliver work faster, an official said.

The committee's plan, the official said, will be the blueprint for other such bodies.

"So, now, all the land-related projects will be handled by one department –- RLDA -- and all station-related decisions will be taken by the IRSDC. Basically, there will be clarity in the processes involved," said the official, adding that this will expedite processes as files will move faster within the departments.

Similarly, the 'One ICT' (information, communication, and technology) plan is working as a core group within the IT Directorate and not as a separate body.

"Now, it will be part of the bigger IT directorate which works on all IT infrastructure-related activities of the national transporter," the official said.

The 'One ICT' was created to set up an integrated software that would bring various functions of the railways — passenger reservation, movement of goods trains, asset management and other functional requirements of the national transporter — under one roof.

"The minister's focus is on strengthening and empowerment of field offices and field functionaries through delegation of powers, simplification of processes, total clarity on the implementation strategy.. These steps to bring related aspects of operations under one nodal body is a step in that direction," Lohani said.

Goyal has told the officials that streamlining file movement and communication between different departments would ensure that safety projects are completed in time.

In fact, after the Elphinstone bridge stampede in Mumbai, Goyal had also given unlimited powers to the General Managers for 18 months for safety-related issues and questioned why the file for the tender of an additional FOB was delayed.

"The minister has motivated railway employees to adapt new work culture and work in a mission mode to meet the targets and achieve results," the official said.