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Sensex zooms over 200 pts, Nifty nears 8000

The Sensex is up 233.40 points or 0.9 percent at 26809.05, and the Nifty is up 70.05 points or 0.9 percent at 7997.80. About 453 shares have advanced, 81 shares declined, and 6 shares are unchanged.

The Indian rupee has opened at 61.15 a dollar, up 16 paise compared to previous day's closing value of 61.31 per dollar on hopes of strong trade in equity market.

Indian markets are expected to trade strong, though we may see some profit booking at higher levels.”He expects the rupee to gain as indices in Asian markets have already started the day on a strong note. “The USD-INR pair is expected to trade in the range of 60.80-61.80 a dollar.

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INDIAN BENCHMARK open flat amid sluggish trades among major Asian markets.

INDIAN BENCHMARK open flat amid sluggish trades among major Asian markets. Further, power and metal stocks will be in focus as the Supreme Court is scheduled today to announce its decision on coal block allocations.

FURTHER, Cipla will be in focus after the company entered into a commercial collaboration with S&D Pharma in the Czech Republic and Slovakia. Aditya Birla Chemicals Limited has acquired Jayshree Chemicals Ltd's caustic soda business for 2.12 billion rupees.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Monday while the DIIs were net sellers of Rs. 508cr, as per the provisional figures released by the NSE.

INDIAN BENCHMARKS ends on a negative note

INDIAN EQUITY BENCHMARKS erased all its early gains and ended in the red on the back of profit booking.

Further, Hindalco Industries net profit declined 48.5% to Rs 248.15 crore on 20.9% growth in net sales to Rs 8359.85 crore in Q4 March 2014 over Q4 March 2013. JSW Steel reported quarterly crude steel production at 3.10 million tons for Q1 FY2014-15 showing a growth of 8% over the corresponding quarter of previous year.

The crucial resistance for Nifty is now seen at 7730 and above this 7810.Support for the immediate term is now placed at 7480 and next support will be 7540.

Highlights of the budget presented by Finance Minister Arun Jaitley

·         FISCAL DEFICIT

Accepts fiscal deficit target of 4.1 percent of GDP for 2014/15

Fiscal deficit seen at 3.6 percent of GDP in 2015/16

Tax-to- GDP ratio must be raised

·         GROWTH

 Aims for sustained growth of 7-8 percent in the next 3-4 years

 Finance minister says he is bound to usher in policies for higher growth, lower inflation

·         TAXATION

Aims to approve goods and services tax by end of this year

Will not change rules on retrospective taxation

All pending cases of retrospective tax for indirect transfers to be examined by a high-level committee before action is taken

Proposes changes in transfer pricing mechanism

·         INVESTMENT

Raises limit on foreign direct investment in defence sector from 26 per cent to 49 per cent raises FDI limit in insurance sector to 49 percent

Earmarks 70.6 billion rupees to create 100 'smart cities'

Will provide the necessary tax changes to introduce real estate investment trusts and infrastructure investment trusts

Proposes 40 billion rupees for affordable housing through national housing bank and extends tax incentives for housing loans

·         SUBSIDIES

Plans to make food and petroleum subsidies more targeted

Rural job-guarantee scheme, which provides 100 days of paid employment a year, will become more focused on asset creation

Proposes 80 billion rupees for rural housing scheme

·         AGRICULTURE

Will focus on achieving 4 percent growths per year in agriculture

Sets farm credit target at 8 trillion rupees for 2014/15

Proposes a long-term rural credit fund with an initial corpus of 50 billion rupees

NEWS TO WATCH :

·         Watch out for Quaterly Earning of  Infosys  on 11 July 2014.

INDIAN BENCHMARKS slip on caution ahead of the Budget.

INDIAN EQUITY BENCHMARKS ended lower amid volatile trading session as the domestic and global investors turn cautious ahead of the Union Budget to be presented by the Finance Minister tomorrow in the Parliament.

Further, Shares of Tata Power dropped on reports that Tata Power and Reliance Power are betting big on renewable energy and are willing to spend about Rs 1,500 crore each on clean energy projects. ONGC Videsh raised US$2.23bn from global markets through long term bonds to refinance loans for acquiring stake in oil field in Mozambique.

The crucial resistance for Nifty is now seen at 7670 and above this 7730.Support for the immediate term is now placed at 7555 and next support will be 7510.

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COMMODITY MARKET STRATEGY 03 July 2014

BASE METAL WRAP: Nickel advanced to the highest level in more than a month after an increase in U.S. employment fueled optimism that an economic recovery will boost demand.

ENERGY WRAP: West Texas Intermediate fell for a sixth day, the longest losing streak since May 2012, while Brent slid amid speculation that crude supplies will increase after Libyan rebels agreed to hand over two export terminals.

PRECIOUS METAL WRAP: Gold declined from a three-month high before employment data that may show the U.S. economy is gaining momentum. Platinum fell from the highest in 10 months, while palladium halted an eight-day advance.

GLOBAL EVENTS TO WATCH: Non-Manufacturing PMI, RBA Gov Stevens Speaks, Building Approvals m/m, Building Approvals m/m, Services PMI, Challenger Job Cuts y/y, Minimum Bid Rate, Trade Balance, ECB Press Conference, Non-Farm Employment Change, Trade Balance, Unemployment Claims, Unemployment Rate, Average Hourly Earnings m/m, Final Services PMI, ISM Non-Manufacturing PMI, Natural Gas Storage.

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TOP CORPORATE NEWS

·        Maruti Suzuki at record high, up 4% post June sales data

Shares of Maruti Suzuki touched a record high, up 3.84 percent after it has reported strong sales data in the month of June. It sold 1.12 lakh units in June, up 33.5 percent (up 12 percent month-on-month) compared to a year-ago period supported by sales of passenger cars like Alto, A-Star, WagonR, Dzire..

·        L&T gains on new order win by construction division

L&T rose 1.23% after the company said that its construction division won a contract of Rs 2442 crore from Bharat Sanchar Nigam.

                                                                                                        

·        Sterlite Technologies spurts after winning BSNL order

Sterlite Technologies hit an upper circuit limit of 5% after the company said it bagged nearly Rs 2500 crore of contracts from BSNL to implement end-to-end rollout of optical fiber network for defense services.

·        Central Bank Of India revises interest rates on FCNR-B DEPOSITS

Central Bank of India now offers interest of 4.68 % for USD Deposit of 5 Years, 5.18 % for GBP Deposit of 5 Years, 3.67 % for EURO Deposit of 5 Years, 4.99 % for CANADIAN DOLLAR Deposit of 5 Years & 6.31% for AUSTRALIAN DOLLAR Deposit of 5 Years.

TOP FIVE BUZZING STOCKS

ADANIENT

TREND: BULLISH

SUPPORT: 436

RESISTANCE: 509

RELIANCE CAPITAL

TREND: BULLISH

SUPPORT: 367

RESISTANCE: 397

 DRREDDY

TREND: BEARISH

SUPPORT: 2590

RESISTANCE: 2740

JP ASSOCIATE

TREND: BULLISH

SUPPORT: 60

RESISTANCE: 67

PUNJAB NATIONAL BANK

TREND: BEARISH

SUPPORT: 779.50

RESISTANCE: 878

ROCKING PERFORMANCE OF THE DAY

STOCK FUTURES:

FUTURES INTRADAY:

AMBUJA CEMENT FUTURES BUY CALL 3 TG

ADANIENT FUTURES BUY CALL 3 TG

TATA STEEL FUTURES BUY CALL 2 TG

PREMIUM FUTURES:

ADANIENT FUTURES 2ND BUY CALL 3 TG

AUROBINDO PHARMA FUTURES BUY CALL 2 TG

ADANIENT FUTURES BUY CALL 2 TG

NIFTY FUTURES:

NIFTY FUTURES BUY CALL 3 TG

NIFTY FUTURES SELL CALL 2 TG

OPTION:

AUROBINDO PHARMA 600 CALL BUY CALL 3 TG

ADANIENT 450 CALL BUY CALL 3 TG

OPTION PREMIUM:

ADANIENT 460 CALL BUY CALLL 2 TG

 STOCK CASH:

STOCK CASH INTRADY:

IRB INFRA BUY CALL 3 TG

ADANIENT BUY CALL 3 TG

TITAN BUY CALL 3 TG

 STOCK CASH PREMIUM:

DEWAN HOUSING LTD BUY CALL 3 TG

INDIAN EQUITY MARKET WRAP UP-13 May 2014

INDIAN BENCHMARKS end at record highs… Nifty ends above 7,100.
 
INDIAN EQUITY BENCHMARKS ended at record closing highs for the third straight session as exit polls showed that the BJP-led NDA is set to form a stable government and set the reforms process in motion to stimulate growth.

Further, Dr Reddy’s Laboratories dipped 4%, after reporting a lower-than-expected 15.6% year on year drop in consolidated net profit at Rs 482 crore for the quarter ended March 31, 2014, mainly due to higher operating expenses. Punjab National Bank ended down 4.1% after the bank reported a 28.69% decline in net profit at Rs 806.35 crore for the quarter ended March 31, because of higher provisioning for bad loans.

The crucial resistance for Nifty is now seen at 7160 and above this 7200. Support for the immediate term is now placed at 7060 and next support will be 7000.

NEWS TO WATCH:
Watch out for the quarterly earnings of Tata Steel, Asian Paints, Tech Mahindra, and Mphasis on 14TH May 2014.

TOP CORPORATE NEWS-13 May 2014

Aurobindo Pharma hits new high
Aurobindo Pharma has surged 5% after the company said the Andhra Pradesh High Court has approved the deal between the company and its wholly-owned subsidiary Curepro Parenterals.

Adani group shares rally on exit poll results
Adani Group companies such as Adani Enterprises, Adani Ports and Special Economic Zone and Adani Power are, trading higher by up to 10% each, after exit polls showed that the Narendra Modi-led NDA could probably win the most seats in national parliamentary elections.

Bank of Baroda gains after robust Q4 numbers
Bank of Baroda gained over 5% after it announced a healthy set of Q4 numbers. The bank reported an uptick of 12.5% in its net profit of Rs 1,157 crore compared to Rs 1,028 crore in the year ago quarter.

Tata Steel plans to raise $1.24 bn
Tata Steel is planning to raise $1.24 bn overseas through the sale of bonds by one of its Singapore entities. This move is part of $7 bn debt refinancing initiative for Tata Steel Europe.

COMMODITY MARKET LEVELS-13 May 2014

AGRI COMMODITY

CS CHANA (JUNE) OVERVIEW:

TREND BEARISH

SUP1:2995

SUP2:2950

RESIST1:3115

RESIST2:3200

TRADING STRATEGY: SELL ON RISE

CS JEERA (JUNE) OVERVIEW:

TREND CONSOLIDATE

SUP1:10760

SUP2:10500

RESIST1:11465

RESIST2:11670

TRADING STRATEGY: BUY ON DIPS

CS TURMERIC (JUNE) OVERVIEW:

TREND CONSOLIDATE

SUP1:6470

SUP2:6200

RESIST1:6890

RESIST2:6970

TRADING STRATEGY: SELL ON RISE

CS SOYABEAN (JUNE) OVERVIEW:

TREND CONSOLIDATE

SUP1:4640

SUP2:4505

RESIST1:4820

RESIST2:4870

TRADING STRATEGY: BUY ON DIPS

BULLION COMMODITY

CS COPPER (JUNE) OVERVIEW:

TREND CONSOLIDATE

SUP1: 414

SUP2:407

RESIST1:420

RESIST2:424

TRADING STRATEGY: BUY ON DIPS

CS CRUDE (MAY) OVERVIEW:

TREND CONSOLIDATE

SUP1:5930

SUP2:5825

RESIST1:6140

RESIST2:6205

TRADING STRATEGY: BUY ON DIPS

CS GOLD (JUNE) OVERVIEW:

TREND CONSOLIDATE

SUP1:28200

SUP2:28000

RESIST1:28800

RESIST2:29100

TRADING STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:

TREND CONSOLIDATE

SUP1:40500

SUP2:39900

RESIST1:42380

RESIST2:43000

TRADING STRATEGY: SELL ON RISE