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INDIAN BENCHMARKS slip on profit taking… Nifty holds 8,150
INDIAN EQUITY BENCHMARKS
ended lower, amid weak European cues, as investors turned cautious and
booked profits at higher levels after hit fresh record highs in the
previous session.
• Hindalco ended down 0.6% ahead of the SC verdict on the Mahan Coal block allocated to the company eight years ago to feed its aluminium plant in Madhya Pradesh.
• Further, Larsen & Toubro acquired 50% of the stake in L&T-Ramboll Consulting Engineers Ltd (LTR) from its joint venture partner Ramboll Denmark AS.
The crucial resistance for Nifty is now seen at 8180 and above this 8210. Support for the immediate term is now placed at 8125 and next support will be 8105.
NEWS TO WATCH:
• Watch out for the CPI and IIP data on 12TH Sep. 2014.
• Watch out for the Trade balance ,Export and Import data on 12TH Sep. 2014
• Hindalco ended down 0.6% ahead of the SC verdict on the Mahan Coal block allocated to the company eight years ago to feed its aluminium plant in Madhya Pradesh.
• Further, Larsen & Toubro acquired 50% of the stake in L&T-Ramboll Consulting Engineers Ltd (LTR) from its joint venture partner Ramboll Denmark AS.
The crucial resistance for Nifty is now seen at 8180 and above this 8210. Support for the immediate term is now placed at 8125 and next support will be 8105.
NEWS TO WATCH:
• Watch out for the CPI and IIP data on 12TH Sep. 2014.
• Watch out for the Trade balance ,Export and Import data on 12TH Sep. 2014
COMMODITY MARKET STRATEGY 28 August 2014
BASE METAL WRAP: Copper
traded near the lowest in almost a week after China reported industrial
profit growth slowed and before economic expansion data today from the
U.S.
ENERGY WRAP: Gasoline
fell after a government report showed U.S. output rose before the Labor
Day holiday that marks the end of the country’s peak-demand driving
season. West Texas Intermediate crude settled little changed.
PRECIOUS METAL WRAP:
Gold futures dropped for the second time in three days on signs of
waning investor demand for the metal as an alternative asset.
GLOBAL EVENTS TO WATCH:
Private Capital Expenditure q/q, German Prelim CPI m/m, Prelim GDP q/q,
Unemployment Claims, Prelim GDP Price Index q/q, Pending Home Sales
m/m, Natural Gas Storage.
TOP CORPORATE NEWS 26 August 2014
· ONGC slumps on reports of disinvestment
ONGC fell nearly 4%, on reports of disinvestment. Government has decided to disinvest 5% stake in the company via offer for sale mechanism. The procedure of disinvestment is expected to be completed by the end of the month of September.
· Havells India rises after stock split
Havells India jumped over 12% and after stock split. Havells India split each equity share of face value Rs5 each into five equity shares of Re1 each., with trading starting as of today, (August 26, 2014).
· Reliance Power opts out of gas-fired power plant in Dadri
Reliance Power told the Supreme Court that it wasn't interested in setting up gas-fired power plant in Dadri, Uttar Pradesh, any more and would return about 956 acres of land acquired for the company to the state government.
· L&T signs contract for 225 Mw
Bangladesh Power Development Board and Larsen & Toubro (L&T) have signed a contract to set up a 225 megawatt, gas-based power plant in sikalbaha, Chittagong in Bangladesh. The contract, which is valued at about $200 million, was secured by L&T in May, 2014.
Nifty Future & Bank Nifty Outlook
Nifty Future & Bank Nifty Outlook
It is
likley to trade in the range of 7840 - 7940. The trading strategy would
be to create short near at 7915 - 7920, Stop above 7950, for targets of
7880/7860. On the other hands, once can enter longs if the index finds
support near at 7840 - 7850 levels.
The
momentum buying is likely to continues up to 15700 - 15750 levels. On
the lower side, immediate strong support at 15450/15350 levels for the
day.
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Markets may open lower on weak global cues
Markets are likely to open in the negative territory tracking weak global cues.
Asian shares stumbled on Friday after a month-end swoon on Wall Street, though some were hoping China would offer better news on manufacturing and help steady investor sentiment.
Asian shares stumbled on Friday after a month-end swoon on Wall Street, though some were hoping China would offer better news on manufacturing and help steady investor sentiment.
The U.S. S&P500 stock index posted its worst daily fall since April
and its first monthly drop since January on Thursday, as economic data
sparked concern the Federal Reserve could raise interest rates sooner
than some have expected.
Problems in overseas economies added to the bearish tone, with
Argentina defaulting on its debt for the second time in 12 years.
Stocks to watch:
Maruti Suzuki India,
the country’s largest car maker, reported a 20.7 per cent increase in
net profit at Rs 762 crore for the financial year’s first quarter ended
June.
JSW Steel, India’s third-largest steel maker, plans to
invest $22 billion (about Rs 1,32,000 crore) through the next 10 years
to raise its total capacity from 14.3 million tonnes (mt) to 40 mt by
2025.
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INDIAN BENCHMARKS ended flat on Geopolitical tension.
INDIAN EQUITY BENCHMARKS closed flat after a range-bound session to perform in-line with most Asian peers amid rising geopolitical tensions after a strike on Malaysia Airlines flight MH17 in eastern Ukraine near the Russian border on Thursday that killed nearly 300 passengers on-board.
• Further, Shares of Wipro was up 2% after the company announced that it has entered into a strategic alliance with Alberta-based ATCO Ltd., one of Canada's premier corporations.
• Zee Entertainment Enterprises has reported a 6 percent fall in its first quarter (April-June) consolidated net profit at Rs 211 crore compared to Rs 224.6 crore in the year-ago period.
The crucial resistance for Nifty is now seen at 7685 and above this 7730. Support for the immediate term is now placed at 7595 and next support will be 7535.
NEWS TO WATCH:
• Watch out Quarterly Earnings of HDFC Bank, HDIL, Idea Cellular, Canara Bank, Exide Industries, Hindustan Zinc 21ST July 2014.
• Further, Shares of Wipro was up 2% after the company announced that it has entered into a strategic alliance with Alberta-based ATCO Ltd., one of Canada's premier corporations.
• Zee Entertainment Enterprises has reported a 6 percent fall in its first quarter (April-June) consolidated net profit at Rs 211 crore compared to Rs 224.6 crore in the year-ago period.
The crucial resistance for Nifty is now seen at 7685 and above this 7730. Support for the immediate term is now placed at 7595 and next support will be 7535.
NEWS TO WATCH:
• Watch out Quarterly Earnings of HDFC Bank, HDIL, Idea Cellular, Canara Bank, Exide Industries, Hindustan Zinc 21ST July 2014.
INDIAN BENCHMARKS end flat amid range bound trades
INDIAN
EQUITY BENCHMARKS ended flat amid choppy trades after investors turned cautious
and booked profits at higher levels.
·
Further, Bajaj Auto lost 2.3% after weak first
quarter earnings. It has reported a flat growth in the first-quarter standalone
net profit at Rs 740 crore, due to higher expenditure including employee cost.
·
Mahindra and Mahindra Ltd fell 3.1 percent after
11.8 million shares changed hands in twenty-four block deals on the BSE
exchange.
The
crucial resistance for Nifty is now seen at 7665 and above this 7730.
Support for the immediate term is now placed at 7530 and next
support will be 7460.
INDIAN BENCHMARKS ended at a day’s high on RBI measures for infra bonds ...Nifty re-conquers 7600.
INDIAN
EQUITY BENCHMARKS ended at a day’s high extending the rally for second
consecutive trading session after the Reserve Bank of India relaxed financing
norms for infrastructure development and affordable housing. RBI exempted
long-term bonds from mandatory regulatory norms like CRR and SLR if the money
raised is used for funding of infrastructure and affordable housing projects.
·
Further, Tata Communications plans to invest
US$200mn over a period of three years to double its data centre capacity in
India.
·
Federal Bank net profit in April-June more than
doubled to Rs. 220 crore from Rs. 106 crore in the corresponding period last
year on account of lower provisions for bad loans.
The
crucial resistance for Nifty is now seen at 7640 and above this 7665.
Support for the immediate term is now placed at 7530 and next
support will be 7460.
COMMODITY MARKET UPDATE 30 JUNE 2014
BASE METAL WRAP: Copper headed for its
steepest rally in three quarters ahead of data tomorrow that may show
industrial output sustained expansion in China, the biggest user. Nickel is set
for the biggest quarterly gain since 2010.
ENERGY WRAP: West Texas
Intermediate and Brent crude fell amid speculation that continuing violence in
Iraq won’t disrupt supply from OPEC’s second-largest oil producer.
PRECIOUS METAL WRAP: Gold headed for a
second quarterly increase as investors weighed the outlook for the U.S. economy
and low interest rates against signs of weaker physical demand. Silver extended
a drop from the highest level since March.
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