Saturday, 27 May 2017

Sensex week ahead: Market turning overbought, rangebound play ahead

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In our previous weekly note, we had said that rollover-centric activities would dominate market proceedings. There was accumulation of shorts in the market and it had a stronger-than-expected effect on the indices.

The benchmark Nifty50, which was net negative for the week, turned the tables, and ended this week with net gains of 167 points or 1.77 per cent on a weekly basis. Though the market remained strong, the coming week will see some of the momentum tapering off and the market taking a breather.

The art will be in spotting stock-specific action to extract gains as the market may take some breather without losing any significant ground.

The Relative Strength Index or RSI on the weekly chart stood at 75.8654. Though it trades in the overbought zone, it has marked a fresh 14-period high and it is a bullish indication. The weekly MACD trades above its signal line and it is a bullish signal as well.

No review of GST rates >> Daily Intraday Tips- 9644405056


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Amid clamour in industry over tax rates decided by the GST Council, Vanaja Sarna, chairperson of the Central Board of Excise and Customs, ruled out a review, barring a few rare cases. She also said the government was set for the July 1 roll-out of the GST and industry must gear up for the new regime. The government is flooded with representations from industries, including FMCG, automobiles, railways and solar power, to revise rates. The GST Council in its last meeting decided rates for 1,211 items and 500 services.

IDBI Bank forms new vertical to recover over Rs 5,000 cr in FY18

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Reeling under a pile of bad loans, ailing public sector lender IDBI Bank has formed a division to coordinate recovery on stressed loans, especially the big accounts. The Mumbai-based lender says it aims to recover and upgrade at least Rs 5,000 crore of such debt in the current financial year, ending March 2018. To control cost, it will also curb staff hiring for at least a year and reduce outsourcing. And, shift back-office functions located in prime premises. A plan on these is being finalized.

Sun Pharma says 2018 sales may fall as U.S. market gets tougher


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India's largest drug group Sun Pharmaceutical Industries Ltd said on Friday its U.S. sales might fall this year because of pressure on drug prices, signalling tough market conditions in the United States for generic drug makers.

"The U.S. generics industry is facing rapidly changing market dynamics, (and) increased competitive intensity and customer consolidation is leading to pressure on pricing," Sun's Managing Director Dilip Shanghvi said on a call with analysts after the company reported lower than expected fourth-quarter earnings.

"We may even have a single digit decline in consolidated revenue for full-year 2018 versus full-year 2017."

Indian ADRs: HDFC Bank gains 2%, Tata Motors, Infosys up >> Free Stock Cash Tips provider-



Indian ADRs ended higher on Friday. In the IT space, Infosys was up 0.31 percent at USD 15.51 and Wipro added 0.27 percent at USD 10.87.

In the banking space, ICICI Bank rose 0.30 percent at USD 9.68 and HDFC Bank gained 2.17 percent at USD 86.69.

In the other sectors, Tata Motors gained 0.75 percent at USD 36.56 and Dr Reddy's Laboratories declined 0.68 percent at USD 37.54.

Friday, 26 May 2017

26th May 2017- Closing Bell: Sensex ends above 31000 for first time ever, Nifty settles with almost 1% gain


The market witnessed a historic day as benchmark indices clocked fresh record highs, with the Sensex clocking 31,000 for the first time ever, along with the Nifty at 9600. The Nifty Bank also hit a record high during the Friday’s trade.

The Sensex ended 278.18 points higher at 31028.21, while the Nifty closed up 85.35 points at 9595.10. The market breadth was healthy as 1,810 shares advanced against a decline of 854 shares, while 182 shares were unchanged.

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Private sector banks fired on all cylinders along with midcaps, metals as well as auto stocks, the indices of which on the Nifty gained the most. Meanwhile, pharma stocks continued to bleed and sulk on the back of poor outlook for the sector in the US as well as bad results at home.

ITC and HPCL gained on the back of positive earnings momentum, while large caps such as Reliance Industries contributed heavily to the market’s gain.

Kesar Enterprises zooms 10% on strong Q4

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Shares of Kesar Enterprises rallied 10 per cent on the Bombay stock Exchange after the company reported net profit of Rs 40.89 crore in Q4FY17, compared to net loss of Rs 1.43 crore in the corresponding quarter of previous fiscal, driven by rise in operating income. Extending previous session rally, shares of the company gained as much as 10 per cent to hit intra-day high of Rs 112.20 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 112.20 against previous close price of Rs 102.00. In a similar fashion, stocks of firm were trading 9.97 per cent higher at Rs 110.85 apiece on the National Stock Exchange.

Cipla tumbles nearly 5% on weak Q4 - Free Stock Tips- 9644405056


Shares of Cipla tanked nearly 5 per cent on the Bombay stock Exchange after the drug maker reported a consolidated net loss of Rs 61.79 crore for the quarter ended March 31, 2017, compared to net loss of Rs 92.83 crore in the same quarter last year. Weighed down by weak Q4, shares of the company declined as much as 4.97 per cent to hit intra-day low of Rs 479.00 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 489.05 against previous close price of Rs 504.10.

Central banks throw their weight behind Forex Global Code

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Central banks of five countries, including India and Australia, welcomed publication of the FX Global Code, a single global code of conduct for the wholesale foreign exchange market. The code was launched after it was endorsed at the Global Foreign Exchange Committee meeting in London on May 24.

The Bank of Korea (BOK), the Hong Kong Monetary Authority (HKMA), the Monetary Authority of Singapore (MAS), the Reserve Bank of Australia (RBA) and the Reserve Bank of India (RBI) have welcomed the publication of the Code.

"Given the increasing volume of forex activity taking place in Asia, they encourage all market participants based in their jurisdictions to adhere to the principles of the Code," the five banks said in a joint statement.

GST implementation may increase expense ratio of fund houses


With 3 per cent increase in service tax likely after the implementation of Goods and services Tax (GST) from 1 July, the expense ratio of mutual fund houses across the country will also go up by 3 per cent. Expense ratio is the measure of the cost incurred by an investment company to operate its mutual fund.

The GST will, however, benefit small MF distributors having an annual income of upto Rs20 lakh. The government has exempted distributors’ annual earning up to Rs20 lakh from paying service tax.

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