Saturday, 31 December 2016

India’s external debt stands at $484.3 billion

The fall in external debt during the period was due to commercial borrowings and short term external debt. However, on a sequential basis, total external debt at end-September 2016 increased by US$ 4,768 million from the end-June 2016 level. 

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Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India’s External Debt for the quarters ending September and December every year. This relates to India’s External Debt at end-September 2016.

The salient features of the Report are:

At end-September 2016, India’s external debt stock stood at $ 484.3 billion, recording a decline of $ 0.8 billion (0.2%) over the level at end-March 2016. The fall in external debt during the period was due to commercial borrowings and short term external debt. However, on a sequential basis, total external debt at end-September 2016 increased by $ 4,768 million from the end-June 2016 level.         

The maturity pattern of India’s external debt indicates dominance of long-term borrowings. At end-September 2016, long-term external debt accounted for 83.2% of India’s total external debt, while the remaining (16.8%) was short-term external debt.
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Long-term debt at end-September 2016 was placed at $ 403.1 billion, showing an increase of $ 1.4 billion (0.4%) over the level at end-March 2016. Short-term external debt witnessed a decline of 2.6% and stood at $ 81.2 billion at end-September 2016.

Valuation loss (depreciation of US dollar against the Indian rupee and most other major currencies) was placed at $ 1.0 billion. This implies that excluding the valuation effect, the decrease in debt would have been higher by $ 1.8 billion at end-September 2016 over the end-March 2016 level.

The shares of Government (Sovereign) and non-Government debt in the total external debt were 20.1% and 79.9% respectively, at end-September 2016.

US dollar denominated debt accounted for 55.6 per cent of India’s total external debt at end-September 2016, followed by Indian rupee (30.1%), SDR (5.8%), Japanese Yen (4.8%) Pound Sterling (0.7%), Euro (2.4%) and others (0.6%).

The ratio of short-term external debt by original maturity to foreign exchange reserves stood at 21.8% at end-September 2016 lower than the 22.6% at end June 2016 and 23.1% at end-March 2016.

On a residual maturity basis, short-term debt constituted 42.0 per cent of total external debt at end-September 2016 (42.4% at end-June 2016 and 42.6% at end-March 2016) and stood at 54.7% of total foreign exchange reserves (55.9% at end-June 2016 and 57.4% at end-March 2016).

The ratio of concessional debt to total external debt was 9.4% at end-September 2016, same as at end-June 2016 and a marginal increase from the 9.0% at end-March 2016.




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Wall Street ends lower on Friday; Nasdaq Composite drops 0.9%

The S&P 500 posted 1 new 52-week high and 1 new low; the Nasdaq Composite recorded 58 new highs and 48 new lows.

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Wall Street closed lower on Friday led down by Apple and other big tech stocks, but major indexes still posted solid gains in 2016. The S&P 500 declined for a third consecutive session.
 
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The Dow Jones Industrial Average fell 57.18 points, or 0.29% to 19,762.6, the S&P 500 lost 10.43 points, or 0.46% to 2,238.83 and the Nasdaq Composite dropped 48.97 points, or 0.9% to 5,383.12.

Apple shares fell 0.8% after a report that the company will trim iPhone production. Shares of Apple suppliers such as Cirrus Logic and Qualcomm also declined.

OPKO Health shares fell 18.8% after the company said its experimental drug for growth hormone deficiency in adults failed to provide a statistically significant benefit in a late-stage study.

The S&P 500 posted 1 new 52-week high and 1 new low; the Nasdaq Composite recorded 58 new highs and 48 new lows.

Cabela's dropped 4.7%, after the company said in its regulatory filing Friday that the Federal Trade Commission requested additional information about its merger with Bass Pro Shops.

U.S markets will be closed on Monday, January 2.




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Friday, 30 December 2016

Live Stock Market Updates - Nifty trades above 8,150 mark; PSU Bank, FMCG stocks rally

The BSE Mid-cap Index is trading up 1.16% at 12,043, whereas BSE Small-cap Index is trading up 1.02% at 12,076. Aurobindo Pharma, ICICI Bank, BHEL, ITC and Grasim are among the gainers, whereas BPCL, Bharti Airtel, Bharti Infratel, Tata Motors and HDFC Bank are losing sheen on NSE. 

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The Indian stock markets with the benchmarks advancing to their highest level in two-weeks. Nifty50 hits 8,150 mark on Friday. Market sentiment was also boosted after Finance Minister Arun Jaitley said that government tax collection has gone up sharply, belying fears of sharp slowdown in the economy.

The S&P BSE Sensex is trading at 26,579 up 213 points, while NSE Nifty is trading at 8,163 up 59 points.

The BSE Mid-cap Index is trading up 1.16% at 12,043, whereas BSE Small-cap Index is trading up 1.02% at 12,076.

Intraday Tips

Aurobindo Pharma, ICICI Bank, BHEL, ITC and Grasim are among the gainers, whereas BPCL, Bharti Airtel, Bharti Infratel, Tata Motors and HDFC Bank are losing sheen on NSE.

A total of four stocks registered a fresh 52-week high in trade today, while seven stocks touched a new 52-week low on the NSE.

Out of 1,828 stocks traded on the NSE, 357 declined, 1,026 advanced and 445 remained unchanged today.

Some buying is observed in industrial, financial services, IT, banking, metal, power, realty and auto sectors while telecom is showing weakness on BSE.

The INDIA VIX is down 1.06% at 15.1200.

Tree House Education surged over 5% to Rs 18.25 after the company informed exchanges that a meeting of the board of director is scheduled to be held on Friday to consider and approve appointment of Suraj Manghnani as an additional independent non-executive director.

Jagran Prakashan also surged over 5% to Rs 184.65 after the company said the meeting of the board of directors is scheduled to be held on Jan 5, to consider the proposal for buyback of shares.

Most  Asian indices opened flat with the Japanese 'Nikkei" trading in the green. The deadline to exchange old high value currency notes comes to an end today and the attention is on what Prime Minister Narendra Modi will unleash in his much anticipated speech on the eve of New Year. Reports indicate that the inconveniences of the demonetisation may soon be history as the PM is set to announce a host of measures that will propel the economy back on the growth track. The FM sought to assuage any fears by throwing up facts stating that November saw a rise in tax collection; an increase in rabi sowing, higher air traffic and increased insurance premiums.

The government is proposing a staggered relaxation of existing restrictions on cash withdrawals from banks after 30 December. This is aimed at smoothening the transition as the Reserve Bank of India (RBI) supplies new currency notes.

The banking sector continues to face “significant” levels of stress but the financial system remains stable overall after moves to enhance transparency, Reserve Bank of India (RBI) governor Urjit Patel said in the biannual Financial Stability Report.





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Sensex, Nifty to open on a flat note

Most Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices. Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days.

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Most Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices. Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days.

The outlook is a flat opening even though many investors rolled over their positions to the Jan series.Most Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices.
Intraday Tips

Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days. Fall in bond yields, weakness in US$ are prompting buying in most emerging markets with Brazil & India seeing relative gains. 

The vagaries of the stock market have given sleepless nights on many occasions during the year. As the year 2016 rolls by, it's evident that we live in a world loaded with new risks emerging at regular intervals. The deadline to exchange old high value currency notes comes to an end today and the attention is on what Prime Minister Narendra Modi will unleash in his much anticipated speech on the eve of New Year. Reports indicate that the inconveniences of the demonetisation may soon be history as the PM is set to announce a host of measures that will propel the economy back on the growth track. The FM sought to assuage any fears by throwing up facts stating that November saw a rise in tax collection; an increase in rabi sowing, higher air traffic and increased insurance premiums.

Nifty managed to close above 8100 with derivative expiry seeing huge short covering in the last hour. With pessimism overdone around 7900 expect Nifty to see another 100 points gain before profit booking reemerges. For today expect window dressing in select sector/stocks as NAV(net asset value) boosting could see metals, banks & select infra stocks gain ground.

The government is proposing a staggered relaxation of existing restrictions on cash withdrawals from banks after 30 December. This is aimed at smoothening the transition as the Reserve Bank of India (RBI) supplies new currency notes.

The banking sector continues to face “significant” levels of stress but the financial system remains stable overall after moves to enhance transparency, Reserve Bank of India (RBI) governor Urjit Patel said in the biannual Financial Stability Report.

Among other stocks in focus:

Tata Power: Mehli Mistry, the promoter of M Pallonji and Co, has acquired 2.57 crore shares of Tata Power, in what's seen as a bid to counter cousin Cyrus Mistry, the ousted chairman of Tata Sons.

Jagran Prakashan: The company on Thursday informed exchanges that the meeting of the board of directors is scheduled to be held on Jan 5, to consider the proposal for buyback of shares.

Lakshmi Vilas Bank: Private sector Lakshmi Vilas Bank has launched Qualified Institutional Placement (QIP) to raise over Rs599.88 crore by issuing 4.25 crore shares in domestic or international markets.

Lupin: Drug firm Lupin Ltd has received tentative approval from the US health regulator to market its Balasalazide Disodium tablets, used for treatment of ulcerative colitis, in the American market.

Tree House Education: The company has informed exchanges that a meeting of the board of director is scheduled to be held on Friday to consider and approve appointment of Suraj Manghnani as an additional independent non-executive director.

RS Software: RS Software has announced that the company has made further investment of Rs 5,90,00,000 in Paypermint Private Limited, its wholly owned subsidiary for allotment of 59,00,000 equity shares of 10 each.

Petronet LNG: Petrobangla on Thursday signed an initial agreement with Petronet to set up an LNG re-gasification terminal on Kutubdia Island and a pipeline at an estimated cost of $950 million. Petrobangla is a government-owned oil company of Bangladesh, as per media reports.

GE Power, BHEL: GE Power India announced that the company has received contracts worth $40 million by Bharat Heavy Electricals to supply components and services for the supercritical steam generator island packages for 2x800 MW coal-based Uppur Thermal Power Project and 1x800MW coal-based North Chennai Supercritical Thermal Power Project Stage-III. Both the thermal power projects are located in the southern state of Tamil Nadu. This is in line with the gover ..

Golden Tobacco: Golden Tobacco Ltd said that it has received notice from consortium of banks led by Canara Bank for one of its property situated at Guntur.

IFCI: Term lender IFCI on Thursday said it has proposed to sell around 0.8% stake in National Stock Exchange (NSE).

India Tourism Development Corporation: Shares of the company will list on the National Stock Exchange (NSE) on Friday.

Rajesh Exports: The company has won a Rs 9.29 bn export order from the United Arab Emirates.

BHEL: Bharat Heavy Electricals Limited has successfully commissioned another 600mw coal-based thermal power plant in Telangana.





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Thursday, 29 December 2016

Live Stock Market Updates - Sensex, Nifty trade flat; FMCG, Auto stocks drag

Out of 1,884 stocks traded on the NSE, 459 declined, 1,036 advanced and 389 remained unchanged today. The BSE Mid-cap Index is trading up 0.70% at 11,848, whereas BSE Small-cap Index is trading up 0.66% at 11,901.

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The Indian stock markets fluctuated between marginal gains and losses on December Futures & Options expiry today.

The S&P BSE Sensex is trading at 26,249 up 38 points, while NSE Nifty is trading at 8,051 up 16 points.

The BSE Mid-cap Index is trading up 0.70% at 11,848, whereas BSE Small-cap Index is trading up 0.66% at 11,901.

Intraday Tips

Bharti Infratel, Ambuja Cements, TCS, HCL Tech, ACC and Axis Bank are among the gainers, whereas Adani Ports, GAIL, IndusInd Bank, HDFC, Bharti Airtel and ITC are losing sheen on NSE.

A total of eight stocks registered a fresh 52-week high in trade today, while 10 stocks touched a new 52-week low on the NSE.

Out of 1,884 stocks traded on the NSE, 459 declined, 1,036 advanced and 389 remained unchanged today.

Some buying is observed in IT, banking, pharma, financial services and realty sectors while FMCG, auto and media are showing weakness on NSE.

The INDIA VIX is up 0.72% at 15.6550.

The Indian rupee opened flat on Thursday at 68.24 per dollar. On the global front, Yuan remains in the focus, with some sources speculating that the currency breached 7 mark in offshore markets.

Finance Minister Arun Jaitley met public sector bank heads to discuss how they are handling the demonetisation issues besides taking suggestions for the upcoming Union Budget.

Most Asian indices opened weak following overnight cues from the US where the Dow Jones fell over 100 points. Weakness in oil & fall in bond yields all saw profit booking in equities with year end blues prompting raising cash. However the silver lining was a strong rally in the Brazilian 'Bovespa' which gained due to value buying & weakness in the US$.    





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Sensex, Nifty to open on a negative note

Most Asian indices opened weak following overnight cues from the US where the Dow Jones fell over 100 points. Weakness in oil & fall in bond yields all saw profit booking in equities with year end blues prompting raising cash.

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Santa Claus seems to have made a late surprise visit on Tuesday but didn’t stay back for long as the market was back to its tight range on Wednesday. The December series will see its demise today as F&O expiry gets underway. Market-wide rollover of F&O contracts are higher than 3-month average and rollover of Nifty futures too has been higher this series.

The outlook is a flat to negative start. While indices may not swing much except towards the close, heightened activity would be seen in select stocks including the banking pack. Finance Minister Arun Jaitley met public sector bank heads to discuss how they are handling the demonetisation issues besides taking suggestions for the upcoming Union Budget.

Intraday Tips

The Indian currency weakened yet again on Wednesday to end at a month’s low. US indices lost their winning ways following a fall in home re-sales which indicated that higher interest rates may take a toll on the housing market.  The NSE has filed its DRHP with Sebi for one of the biggest IPOs in recent years.

Most Asian indices opened weak following overnight cues from the US where the Dow Jones fell over 100 points. Weakness in oil & fall in bond yields all saw profit booking in equities with year end blues prompting raising cash. However the silver lining was a strong rally in the Brazilian 'Bovespa' which gained due to value buying & weakness in the US$.    

Nifty faced strong resistance around 8100 levels as derivative contract expiry due today saw intra day gains disappear. For today expect volatility to be the order with 8000-8100 being the range for the Nifty expiry of the last series of calendar 2016.Initial weakness may be bought into with stock specific action expected in the 2nd half of the day.

Among other stocks in focus:

Reliance Industries: Reliance Industries on Wednesday said it has successfully commissioned the first phase of its 2.2 million metric tonnes per annum (MMTPA) para-xylene (PX) plant at Gujarat's Jamnagar.

IRB Infrastructure: IRB Infra has informed stock exchanges that the company has received Letter of Award from NHAI for the project of six laning of Kishangarh to Gulabpura section of NH 79A and NH 79 in the State of Rajasthan (length 90.000 km) on DBFOT (Toll) under NHDP Phase V package -I Project.

JMC Projects: The company secured new orders worth over Rs 1,457 crore.

Pratibha Industries: The company's board to meet on January 4, 2017 to approve the issue and allotment of shares on preferential basis to the lenders of the company under strategic debt restructuring (SDR) scheme.

IDFC Bank: The private sector bank is close to merging various lending divisions with a plan to reduce headcount, as per media report.

Phoenix Mills: The company on Wednesday said it has acquired the remaining 8.72 per cent stake in its wholly-owned subsidiary Island Star Mall Developers Pvt Ltd (ISMDPL).

JK Tyre: The tyre manufacturer said its board has given approval to raise up to Rs 1,000 crore by issuing securities.

Sasken Communication: The company has proposed to buy back 29,27,879 equity shares having face value of Rs 10 each at a price of Rs 410 per share in cash for a total consideration not exceeding Rs 12004.31 lakhs.

Cadila Healthcare: The company’s wholly owned subsidiary Zydus Healthcare has acquired six brands from US drug maker MSD and its subsidiaries for an undisclosed amount.

Jet Airways: The appointment of Vikram Mehta, Rajshree Pathy and Ranjan Mathai have received the nod of the shareholders, the airline said in a regulatory filing on Wednesday.

Goa Carbon: The company on Wednesday informed bourses that the operations at Bilaspur Plant have commenced from December 27, 2016.




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Wednesday, 28 December 2016

Live Stock Market Updates - Nifty trades above 8,050 mark

The BSE Mid-cap Index is trading up 1.07% at 11,822, whereas BSE Small-cap Index is trading up 1.07% at 11,845. The INDIA VIX is down 0.24% at 15.0450.

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The Indian stock markets climbed for a second day tracking a positive trade in Asian markets amid thin volumes led by automakers and information technology companies. Nifty50 hits 8,050 level.

The S&P BSE Sensex is trading at 26,280 up 67  points, while NSE Nifty is trading at 8,068 up 36 points. Today, the start of the penultimate session of the F&O series expiry is likely to be in green and more short covering can be seen ahead of the series expiry.

The BSE Mid-cap Index is trading up 1.07% at 11,822, whereas BSE Small-cap Index is trading up 1.07% at 11,845.

Intraday Tips

 Bharti Infratel, Hindalco, Zee, Wipro and Bosch are among the gainers, whereas Bharti Airtel, Power Grid, Tata Motors, L&T and BPCL are losing sheen on NSE.

A total of two stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.

Out of 1,836 stocks traded on the NSE, 410 declined, 968 advanced and 458 remained unchanged today.

Some buying is observed in industrial,pharma, financial services, oil & gas, auto, FMCG, IT and teck sectors while realty and banking are showing weakness on BSE.

The INDIA VIX is down 0.24% at 15.0450.

The Indian rupee opened at 3-week low against US Dollar. It opened lower by three paise on Wednesday at 68.10 per dollar versus previous close of 68.07/$.

Yuan remains under pressure, with PBOC setting the reference rate at 6.9495 against US dollar, when compared with 6.9462 earlier.

Gold prices moved higher, helped by dull Japanese inflation numbers and an impasse over re-capitalisation of the Italian third largest bank. In Japan, core CPI for November contracted by 0.4% on yoy basis, the ninth consecutive decline. This clearly shows that the economy is still deprived of the impetus to attain BOJ’s inflation target rate of 2%. Meanwhile, Japanese household spending during November also witnessed an annual contraction of 1.5%. In regard with the Italian banking situation, ECB stated that Italy’s Monte dei Paachi di Siena has a capital shortfall of 8.8bn euros, larger than the estimated amount of 6.5bn euros by Italian regulators.

Most Asian indices opened in the green after positive cues from US indices in low volume trade improved sentiment. Rise in oil, bond yields, US $ and equities in developed markets are the key themes to look out for in early 2017. Value buying is seen in most emerging markets with the Russian index being the clear favorite on the back of rebound in energy stocks.   

The market took off with confidence on Tuesday as if many worries had evaporated overnight. The clarification by the finance minister and hints of a lower tax regime may have propped up sentiment. Besides, the adjustments ahead of the F&O expiry were also at play.  Market-wide rollover of F&O contracts are on the higher side compared to the last three months. Meanwhile, foreign investors have taken out of India ~$10 billion in the last two months. The debate is on whether it has more to do with a higher interest rate regime in the US or lower growth expectations in India post the demonetization drive.

Expectations are running high that the election of Trump as President will boost business conditions and the job market. Japan, however, continues to struggle with core inflation falling for the ninth month in a row in November.




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Sensex, Nifty to open on a positive note

Most Asian indices opened in the green after positive cues from US indices in low volume trade improved sentiment. Rise in oil, bond yields, US $ and equities in developed markets are the key themes to look out for in early 2017. Value buying is seen in most emerging markets with the Russian index being the clear favourite on the back of rebound in energy stocks.

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The indices is set to open on a positive note. Most Asian indices opened in the green after positive cues from US indices in low volume trade improved sentiment. Rise in oil, bond yields, US $ and equities in developed markets are the key themes to look out for in early 2017. Value buying is seen in most emerging markets with the Russian index being the clear favorite on the back of rebound in energy stocks.    
 

Intraday Tips

The market took off with confidence on Tuesday as if many worries had evaporated overnight. The clarification by the finance minister and hints of a lower tax regime may have propped up sentiment. Besides, the adjustments ahead of the F&O expiry were also at play.  Market-wide rollover of F&O contracts are on the higher side compared to the last three months. Meanwhile, foreign investors have taken out of India ~$10 billion in the last two months. The debate is on whether it has more to do with a higher interest rate regime in the US or lower growth expectations in India post the demonetization drive.

Expectations are running high that the election of Trump as President will boost business conditions and the job market. Japan, however, continues to struggle with core inflation falling for the ninth month in a row in November.

Oversold Nifty saw a strong rally gaining over 125 points as valus buying coupled with short covering drove stocks higher. With expiry on Thursday expect higher volatility as foreign investors kept open huge short hedge positions for the January series. Nifty seems to have made a nice base around 7900 which is the 50% retracement of the entire rally from 6825 to 8968.

On the economy front, Prime Minister Narendra Modi told economists that advancing the date of presentation of the Union budget by a month to 1 February will help speed up investment expenditure in the productive pre-monsoon months, as per media report.

Among other stocks in focus:

Tata Consultancy Services: The IT Company announced that VersaCold Logistics Services, Canada’s largest end-to-end supply chain solutions company for temperature-sensitive products, has selected TAP, TCS’ procure to pay cloud solution, to manage their operating cost with greater efficiency.

Religare Enterprises: Diversified group Religare Enterprises has given its go-ahead to the merger of several of its entities with itself for better synergy and simplifying corporate structuring.

IMP Powers: For the quarter ended September 30, 2016, IMP Powers reported a consolidated net profit of Rs 12.65 lakh against Rs 58.08 lakh in the corresponding quarter last year.

L&T: L&T Metro Rail Hyderabad Limited has thus far incurred a cumulative expenditure of Rs 141.72 bn on the elevated rail project.

Sunil Hitech: The company informed bourses that it has bagged an order worth Rs 434 crore in the state of Arunachal Pradesh for National Highways & Indrastructure Development Corporation LtdBSE 0.79 % on Engineering, Procurement & Construction (EPC) Mode.

Asian Oilfield Services: The company announced that the Company propose to convene a meeting of the Board of Directors on 30 December 2016, inter alia, to consider and approve the allotment of warrants, subject to receipt of application money from the proposed allottee.

Jagran Prakashan: Scheme of arrangement of Suvi Info-Management (Indore) with the company has been approved by Allahabad high court and Bombay high court.

Akzo Nobel India: The company has inaugurated the first-of-its-kind speciality coatings production facility and colour laboratory in Noida.

Bharat Financial: Morgan Stanley Asia (Singapore), Morgan Stanley Mauritius increased their stake in the company by 1.0996% to 7.8603% on Dec 23.

Glenmark Pharmaceuticals: The pharma company has received final approval from the US health regulator USFDA for the sale of Tretinoin capsules, used in the treatment of leukemia.

JSW Energy: JSW Energy said its board has given nod to raise funds up to Rs7.50 bn through issuance of redeemable non-convertible debentures by way of private placement.

ITC Ltd: The company has raised the prices of two of its bestselling brands -- Gold Flake and Navy Cut.

Biocon: Biocon and Mylan said that the results of the HERITAGE study have been published in the Journal of the American Medical Association (JAMA).






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Tuesday, 27 December 2016

Live Stock Market Updates - Sensex rallies over 100 points; Cipla up 1%

The BSE Mid-cap Index is trading up 0.53% at 11,567, whereas BSE Small-cap Index is trading up 0.46% at 11,602. The INDIA VIX is down 1.86% at 16.6925.

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The key benchmark climbed on Tuesday tracking a rebound in Asian equities led by pharma shares amid thin volumes as financial markets close out a volatile year.

The S&P BSE Sensex is trading at 25,889 up 88 points, while NSE Nifty is trading at 7,934 up 26 points. The BSE Mid-cap Index is trading up 0.53% at 11,567, whereas BSE Small-cap Index is trading up 0.46% at 11,602.
 
Intraday Tips

Tata MotorsDVR, Cipla, Bosch, Lupin, Ambuja Cement and Tata Motors are among the gainers, whereas Hindalco, UltraTech Cement, Bharti Airtel, GAIL and Coal India are losing sheen on NSE.

A total of five stocks registered a fresh 52-week high in trade today, while 15 stocks touched a new 52-week low on the NSE.

Out of 1,883 stocks traded on the NSE, 536 declined, 975 advanced and 372 remained unchanged today.

Some buying is observed in media, pharma, IT and financial services sectors while realty, banking and auto are showing weakness on NSE.

The INDIA VIX is down 1.86% at 16.6925.

Asian indices were trading flat to mildly positive as volumes drop in the holiday season with year end blues taking over. The trade of long developed markets & short emerging markets has played out well in the last 2 months with both the Japanese 'Nikkei' & the US Dow Jones now in sight of hitting 20,000. 

Finance Minister Arun Jaitley has said that tax payers should be trusted, unless proven otherwise and batted for a globally compatible lower level of taxation. Jaitley said voluntary compliance by citizens of payment of due taxes needs to be reciprocated by authorities with a tax-friendly administration.

Meanwhile, Prime Minister Narendra Modi is set to meet with experts at NITI Aayog today to discuss ways to drive economic growth in the aftermath of lowered growth forecasts by various agencies.

On the bright side, the rupee managed to end at a two-week high against the US dollar.

While volumes remain thin, some buying could keep the indices afloat before the F&O choppiness sets in later this week.  A report suggests that a government clarification on indirect transfer of shares could result in foreign investors paying up to 40% tax on their capital market investments in India. Monday weakness was more to do with statements from the PM that financial market participants may have to  pay  more taxes.

The Indian rupee opened lower by 10 paise on Tuesday at 67.84 per dollar versus previous close of 67.74/$.
 


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Sensex, Nifty to open flat to positive

Asian indices were trading flat to mildly positive as volumes drop in the holiday season with year end blues taking over. The trade of long developed markets & short emerging markets has played out well in the last 2 months with both the Japanese 'Nikkei' & the US Dow Jones now in sight of hitting 20000.

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The indices to open on a flat note with positive bias. Asian indices were trading flat to mildly positive as volumes drop in the holiday season with year end blues taking over. The trade of long developed markets & short emerging markets has played out well in the last 2 months with both the Japanese 'Nikkei' & the US Dow Jones now in sight of hitting 20,000.  

Finance Minister Arun Jaitley has said that tax payers should be trusted, unless proven otherwise and batted for a globally compatible lower level of taxation. Jaitley said voluntary compliance by citizens of payment of due taxes needs to be reciprocated by authorities with a tax-friendly administration.
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 Meanwhile, Prime Minister Narendra Modi is set to meet with experts at NITI Aayog today to discuss ways to drive economic growth in the aftermath of lowered growth forecasts by various agencies.

On the bright side, the rupee managed to end at a two-week high against the US dollar.

While volumes remain thin, some buying could keep the indices afloat before the F&O choppiness sets in later this week.  A report suggests that a government clarification on indirect transfer of shares could result in foreign investors paying up to 40% tax on their capital market investments in India. Monday weakness was more to do with statements from the PM that financial market participants may have to  pay  more taxes.

Nifty saw bears out in force to drive the index to the lowest since the 'brexit low' of 24th June.With expiry on Thursday & foreign flows muted expect a strong pullback from grossly oversold territory which could see the Nifty test 8100 this week. For today expect negative rhetoric on taxes to dominate opening, however domestic flows should add colour with buying in banks, metals & IT stocks.

Among other stocks in focus:

Jet Airways: Airline major Jet Airways on Monday said that it will introduce its wide-body Airbus A330 aircraft on certain additional domestic and international routes.

Shilpa Medicare: The company has raised around Rs 172.42 crore by allotting 30,25,000 shares to Mauritius-based TA FII Investors Ltd.

Apollo Hospitals Enterprise: Apollo Hospitals informed stock exchanges that the company has issued a Letter of Comfort for an aggregate sum of Rs 37.10 crore to ICICI Bank in connection with the sanction of credit facilities in favour of its step-down subsidiary, “Alliance Dental Care Limited, Chennai”.

Empee Distilleries: The board of the company has withdrawn the proposal for sale of 19.5 million shares of 10 rupees each in Empee Hotels.

Panacea Biotec:  The company has launched fully-liquid tetravalent vaccine easyfour-TT used for primary immunisation and as booster dose for diphtheria, tetanus, pertussis and Hib.

Future Enterprises: The company has sold 16.09 per cent of equity share capital Future Lifesyle Fashions Ltd. This shares has been bought on floor of exchange by Future Corporate Resources Ltd, a promoter group company, by way of inter-se transfer under block deal mechanism at prevailing market rate at time of trade.

Union Quality Plastics: The company announced that the meeting of the board of directors of the company is scheduled to be held on Dec 29, to consider and approve forfeiture of 1,01,700 partly paid up equity shares.

L&T: L&T  Construction, the construction arm of L&T, has won orders worth Rs30.39bn across its various business segments.

NTPC Ltd: NTPC has commissioned the Unit-1 of 800MW of Kudgi Super Thermal Power Project on December 25.

Emami Infra: Emami Infrastructure has informed stock exchanges that the Calcutta High Court has passed an order dated October 31, 2016 for dissolution without winding up of the transferor companies, ie Emami Realty and Emami Rainbow Niketan and that they be dissolved from the date of filing of the order with the Registrar of Companies, West Bengal.

RCI Industries: The company has informed bourses that the meeting of board of directors is scheduled to be held on Dec 30 to consider and approve the issue of equity shares on preferential basis.

Lupin: The pharma company has received tentative approval from the US health regulator to sell Olmesartan medoximil tablets, used for treating high blood pressure, in the American market.

Gayatri Projects: The board of directors of Gayatri Projects Ltd, at a meeting held (Dec 26, 2016), has approved sub-division of nominal value of the company's equity shares of Rs 10 each to Rs 2 per share.




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Monday, 26 December 2016

Live Stock Market Updates - Sensex, Nifty down 1%; Hindalco falls 5%

Out of 1,889 stocks traded on the NSE, 1,291 declined, 233 advanced and 365 remained unchanged today. All the BSE sectoral indices were trading in the negative territory.

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The Indian equity market declined amid weak Asian trading on a day most major global markets are closed for a holiday. The stock market fell in early trade amid buzz over government imposing taxes on long-term capital gains from trading in shares. The Nifty is at over 7-month low threatening to break the 7,900 level.

The S&P BSE Sensex is trading at 25,829 down 211 points, while NSE Nifty is trading at 7,916 down 69 points. The BSE Mid-cap Index is trading down 1.42% at 11,593, whereas BSE Small-cap Index is trading down 1.38% at 11,634. Benchmark Indices see negative trade in 12 of 18 sessions. This month so far.
Divi's Labs extended losses for the second consecutive session and hit its new 52-week low of Rs 759.
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Infosys, Wipro, MMTC, Hindustan Copper, GSPL and Reliance Defence and Engineering are among the gainers, whereas Cipla, Axis Bank, Adani Ports, SBI, Asian Paints and Tata Motors are losing sheen on BSE.

A total of two stocks registered a fresh 52-week high in trade today, while 25 stocks touched a new 52-week low on the NSE.

Out of 1,889 stocks traded on the NSE, 1,291 declined, 233 advanced and 365 remained unchanged today.

All the BSE sectoral indices were trading in the negative territory.  Pharma, realty, metal,  banking and auto are showing weakness on BSE.

The INDIA VIX is up 9% at 16.4900.

Asian indices were flat as with almost most large markets closed today the volumes were expected to be low with most cues coming from local sources. Chinese stocks lost while Taiwanese index made up the gains as markets end 2016 almost unchanged.

The week gone by saw market cap erosion of around Rs.2.5 lakh crore for the BSE. With foreign investors mostly on a holiday, activity would be on thin volumes. Volatility could step up ahead of the F&O expiry on Thursday.

Markets are factoring in that economic activity will take longer to normalise following the demonetisation drive. ICRA has revised its forecast for GVA growth in FY17 to 6.6 pc. The Finance Minister soothed frayed nerves over the weekend as he clarified that the government had no intention to impose tax on long-term capital gains from trading in shares. Sections of the media, had misinterpreted Prime Minister Narendra Modi’s speech, the FM said.

Meanwhile, the PM is expected to announce ‘radical reforms’ and said the government will not shy away from taking difficult decisions that are in national interest. An early budget is also expected to improve productivity.





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Sensex, Nifty to open on a flat note

Asian indices were flat as with almost most large markets closed today the volumes were expected to be low with most cues coming from local sources. Chinese stocks lost while Taiwanese index made up the gains as markets end 2016 almost unchanged.

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The outlook is a flat start. The week gone by saw market cap erosion of around Rs.2.5 lakh crore for the BSE. With foreign investors mostly on a holiday, activity would be on thin volumes. Volatility could step up ahead of the F&O expiry on Thursday.

Markets are factoring in that economic activity will take longer to normalise following the demonetisation drive. ICRA has revised its forecast for GVA growth in FY17 to 6.6 pc. The Finance Minister soothed frayed nerves over the weekend as he clarified that the government had no intention to impose tax on long-term capital gains from trading in shares. Sections of the media, had misinterpreted Prime Minister Narendra Modi’s speech, the FM said.

Commodity market tips

Meanwhile, the PM is expected to announce ‘radical reforms’ and said the government will not shy away from taking difficult decisions that are in national interest. An early budget is also expected to improve productivity, Modi said.

Gold prices hovered around the familiar price range, with US$1,130/oz enacting as a crucial support. However, further downside in the precious pack cannot be ruled out given the headwind of positive US macroeconomic numbers and ensuing strong US dollar. Upward revision in US Q3 GDP reading and falling unemployment levels calls for further Fed rate hikes down the road. Meanwhile, trading conditions will continue to remain quiet for the next few trading sessions on account of thin participation ahead of the year end.

Asian indices were flat as with almost most large markets closed today the volumes were expected to be low with most cues coming from local sources. Chinese stocks lost while Taiwanese index made up the gains as markets end 2016 almost unchanged. 

Nifty will see bears try to hammer down the index initially on the PM remarks over the weekend regarding taxation on stock markets. The mis interpretation though clarified by the FM could see Nifty test 7900 as weak sentiment favors bears to get more emboldened. For today expect pull back in the 2nd half as smart money to buy the weakness caused form rumor mongering with banks, IT & materials seeing buying.

Among other stocks in focus:

Welspun Enterprises: Welspun Enterprises is looking to divest its entire 15.49 per cent in Welspun Energy.

Shirpur Gold: The company approved in-principal approval to Zee Gold DMCC, Dubai, wholly-owned subsidiary of Shirpur Gold for acquisition of 70% of shareholding rights of Metalli Exploration and Mining Mali for gold mines located in Mali.

Cipla: The pharma company has yielded a final approval for its lead MDI product Fluticasone + Salmeterol (Sereflo) from UK MHRA for its partner in the UK.


Trent: The company has informed bourses that Brickwork Ratings has upgraded the rating for the non-convertible debentures amounting to Rs 75 crore issued by the company which have been listed on National Stock Exchange of India Limited, from BWR AA to BWR AA+ .

Mahindra & Mahindra: Mahindra & Mahindra plans to increase prices of its vehicles by up to Rs 26,500 from January as it looks to partially offset rising input costs.

Apar Industries: The company informed bourses that a meeting of the board of directors of the company is scheduled to be held on January 6 to consider matters related to buyback of the fully paid-up equity shares of the company.

Camlin Fine Sciences: The company announced that it has entered into a share purchase agreement to acquire 51 per cent stake in an entity in China, which shall be subject to certain conditions being fulfilled prior to the said acquisition and regulatory approvals. The said acquisition can also be through the company's subsidiaries and/or group companies.

Ratnamani Metals & Tubes: The company has bagged two new orders aggregating to 22,000 MT valued at approx Rs 103 crore and Rs 33 crores for supply of Carbon Steel ERW pipes for gas pipe line in India to be completed by June/July 2017 and Oct/Nov 2017 respectively.

Sasken Communication: Sasken Communication Technologies said it has received shareholders approval for buyback of up to 28.24 lakh equity shares, at a price not exceeding Rs 425 per share for a total consideration of about Rs 120 crore.

ISGEC Heavy Engineering: The company informed bourses that it has signed a technology agreement with AP&T of Sweden for cooperation in the manufacture of Hydraulic Press and other equipments for Press Hardening Line.

JSW Energy: The company has informed bourses that Credit Analysis & Research Limited (CARE) has reaffirmed the ratings of the company for Long term Bank Facilities and Non-Convertible Debentures as CARE AA- (Double A Minus), however has revised its outlook from 'Stable' to 'Negative'.

ONGC: ONGC will pay over $1.2 billion for buying debt-laden GSPC's entire 80% stake in KG-basin natural gas block, which is struggling to start commercial production despite trial outputs starting nearly two-and-half years back.

Tata Steel: Tata Steel has signed an agreement to acquire Brahmani River Pellets Ltd (BRPL) for Rs 9 bn in cash.

Balrampur Chini Mills: The company has got environment clearance for expansion of its Babhnan unit of distillery and co—generation power in Uttar Pradesh, entailing Rs720mn investment.

Sun Pharma: Sun Pharma subsidiary has invested USD13mn (about Rs 880 mn) in the US-based scPharmaceuticals Inc.

Divi's Laboratories: The US Food and Drug Administration (USFDA) has issued form 483 with five observations against Divi's Laboratories' unit at Chippada Village in Visakhapatnam of Andhra Pradesh following an inspection, which concluded on December 6.

Wipro: Wipro has agreed to pay a civil money penalty worth USD5mn to the US Securities and Exchange Commission (SEC) to resolve a six-year-old investigation on account of embezzlement of funds by an employee.




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Saturday, 24 December 2016

Forex reserves fall by $2.38 bn to $360.606 bn

In the previous week, the reserves had declined by USD 887.2 million to USD 362.987 billion.

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India's foreign exchange reserves declined by USD 2.380 billion to USD 360.606 billion in the week to December 16 on account of fall in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had declined by USD 887.2 million to USD 362.987 billion.
 
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They had touched a life-time high of USD 371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, declined by USD 2.355 billion to USD 336.903 billion in the reporting week.

FCAs, expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

Gold reserves remained steady at USD 19.982 billion in the reporting week, the RBI said

The special drawing rights with the International Monetary Fund decreased by USD 9.9 million to USD 1.428 billion, while India's reserve position with the Fund dipped by USD 15.9 million to USD 2.291 billion, the apex bank said.



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Gas sector needs $10 bn capex to meet energy mix target

The ambitious plan to more than double natural gas share in the national energy mix from 6.5 per cent in 2015 to 15 per cent over the medium term will need investments of at least Rs 65,000 crore just for augmenting infrastructure for gas import and for laying pipelines, according to a report.

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The ambitious plan to more than double natural gas share in the national energy mix from 6.5 per cent in 2015 to 15 per cent over the medium term will need investments of at least Rs 65,000 crore just for augmenting infrastructure for gas import and for laying pipelines, according to a report.

An analysis shows ramping up gas import facilities and regassification facilities will entail investments of around Rs 35,000 crore, while it will need to lay an additional 9,000 km of pipelines in the East and the South regions for last mile delivery, entailing another Rs 25,000-30,000 crore investment, said the report by rating agency Crisil.
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Explaining the rationale, Rahul Prithiani, Director at Crisil, said if the share of gas in the energy mix has to rise to say 10 per cent by 2020, it would mean a doubling of gas consumption to over 100 billion cubic meter from current levels. But given that domestic gas production is limited, demand for imported LNG would surge three-fold to 65 BCM, or over 50 million tonne.

Explaining the rationale, Rahul Prithiani, Director at Crisil, said if the share of gas in the energy mix has to rise to say 10 per cent by 2020, it would mean a doubling of gas consumption to over 100 billion cubic meter from current levels. But given that domestic gas production is limited, demand for imported LNG would surge three-fold to 65 BCM, or over 50 million tonne.

This would entail investments of Rs 30,000-35,000 crore for regassification terminals and another Rs 25,000- 30,000 crore for laying around 9,000km of pipelines, he added.

The Government move to lower coal dependency is in line with the commitment it made at the last Paris climate change meet (Conference of Parties 21), which aimed at reducing the carbon intensity of GDP by a third from 0.37 kg (per PPPUSD of GDP) in 2005.

Energy mix refers to the proportion of various fuels in the overall energy consumption of a nation.

According to Crisil, renewables are likely to be the key driver of this green energy drive, with the government targeting 175 GW of renewable power by 2022.

Gas, though a relatively cleaner fuel than coal and other liquids, continues to be a higher-cost option, which restricts its usage and one of the main reasons for this is the weak pricing power of end-users which further limits usage in the power and urea sectors.

Given the gas production constraints, low cost- competitiveness of LNG, and under-developed infra, meeting this ambitious target will be an onerous task, and will require significant push by the government through policies and incentives, said the report.

Additionally, gas consumption by the power sector needs to rise significantly if the energy mix goal is to be met. The share of gas-based power in total generation plunged to under 4 per cent in fiscal 2016 compared with 12 per cent in 2011 due to inadequate domestic supplies and unviable LNG prices.






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Friday, 23 December 2016

Live Stock Market Updates - Nifty slips below 7,950 mark

The BSE Mid-cap Index is trading down 0.62% at 11,736, whereas BSE Small-cap Index is trading down 0.36% at 11,759. 

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The Indian equity market opened lower on Friday weighed by weak global cues ahead of Christmas holiday.

The S&P BSE Sensex is trading at 25,886 down 94 points, while NSE Nifty is trading at 7,944 down 35 points. The BSE Mid-cap Index is trading down 0.62% at 11,736, whereas BSE Small-cap Index is trading down 0.36% at 11,759.

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Sun Pharma, BHEL, Bajaj Auto, Yes Bank and ONGC are among the gainers, whereas Cipla, M&M, UltraTech Cement, ITC and Infratel are losing sheen on NSE.

A total of two stocks registered a fresh 52-week high in trade today, while 15 stocks touched a new 52-week low on the NSE.

Out of 1,868 stocks traded on the NSE, 634 declined, 770 advanced and 464 remained unchanged today.

Some buying is observed in Consumer Durables, Pharma, Oil & Gas, Energy and Banking sectors, while FMCG, Utilities, Telecom, Information Technology, Capital Goods and Metal are showing weakness on BSE.

The INDIA VIX is down 0.43% at 15.4850.

The Indian rupee opened higher by six paise at 67.93 per dollar versus previous close of 67.98.

Crude is hovering around recent highs.The 20,000 mark remains elusive for the Dow. Italy is back on the radar after Monte dei Paschi di Siena failed to raise the 5 billion euros it badly needed to stay afloat; capital injection from the state is being sought.

Euro zone inflation could exceed 1 pc; the highest level since 2013, according to The European Central Bank.

Asian indices opened in the red with week end blues seeing caution ahead of the holiday shortened next week. Japanese markets will be shut for the Emperor’s birthday, while the Australian Securities Exchange (ASX) and the New Zealand Exchange will close earlier than usual on the last business day before Christmas.

US indices drifted lower as the 20000 mark still seems within reach even as US GDP growth recorded strong growth coming @ 3.5%.The year end blues saw profit booking in oil & US$ as the rally seems to be getting overstretched.




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Sensex, Nifty lower on weak global cues; ITC, HDFC decline

Equity benchmarks started off Friday's trade on a negative note amid consolidation and low volumes, weighed by weak global cues ahead of Christmas holiday.

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Willem H Buiter, Global Chief Economist, Citi is of the belief that the demonetisation process in India will only have a minor impact on growth and will not alter the underlying India growth story.

Demonetisation could be just a small currency pimple on growth, he said. It should have been an act of surprise but only when new cash was ready.

Sharing his view on global growth and US economy, he said although global growth could be a bit stronger in 2017, there are risks to the downside. Meanwhile, emerging markets would perform slightly better than advanced economies in 2017,
 
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With regards to the US dollar, he said if fiscal stimulus as promised by Donald Trump goes through the Congress then it would push the dollar higher.

Moreover, he does not think US Federal Reserve will go through three hikes as proposed. More rates will be seen in 2018 than 2017, 

Bank of America Merrill Lynch has lowered its target price on the stock to Rs 750 & lower assigned P/E multiple of 20x against 21x following cut in earnings estimates.

It has reduced its forecasts by 6-5 percent for FY18-19 in-line with estimates indicated earlier as it feels complete response letter to its subsidiary SPARC (Sun Pharma Advanced Research) from USFDA for Xelpros indicates likely delay in resolution for Halol plant that has been under import alert.

According to the brokerage house, complete resolution of Halol might now be delayed by another 6-9 months.

It has reiterated buy rating on the stock due to cheaper valuations, but prefers Lupin.

Equity benchmarks started off Friday's trade on a negative note amid consolidation and low volumes, weighed by weak global cues ahead of Christmas holiday.

The 30-share BSE Sensex fell 30.86 points to 25948.74 and the 50-share NSE Nifty declined 8.35 points to 7970.75.

ITC, HDFC, Tata Motors, M&M, Adani Ports, L&T and Maruti Suzuki were under pressure while Asian Paints, Reliance Industries, Infosys, Sun Pharma and ICICI Bank gained.

The Indian rupee gained in the early trade today. It has opened higher by 6 paise at 67.93 per dollar versus 67.99 Thursday.

Bhaskar Panda of HDFC Bank says festive fervour is the theme right now across the world. The dollar Index has given up some of the recent gains and is trading below 103 levels. EM currencies are still under the cloud.

He expects the USD-INR to trade within the 67.80-68.10/dollar range.

According to Karvy currency report, weakness in the equity markets will continue to exert pressure on the Indian currency.

Asian shares were in the red today with little Christmas cheer expected in thin holiday trade after the Dow Jones index again fell short of the 20,000 mark.

US stocks fell on Thursday, weighed down by weakness in retailers, as investors stepped back from a recent rally fuelled by optimism that President-elect Donald Trump will invigorate economic growth.




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Stock Future & Options Derivative Tips Latest Market News By TradeIndia Research - 20-11-2017

NCDEX Support & Resistance level Soyabean Future R2–2905 R1 -2875 S1-2815 S2-2785 Rmseed Future R2...