INDIAN BENCHMARKS end at record closing highs… Nifty closes above 7,700.

INDIAN EQUITY BENCHMARKS ended at fresh record highs as institutional investors bought stocks across the board on hopes that the Finance Minister would announce reforms to boost the economy. Shares of Adani Group companies were ended higher by up to 10% on back of heavy volumes.

Further, Bajaj Auto auto sales stood at 3.05 lk units in June as compared to 2.95lk units YoY. The total motorcycle sales stood at 2.62lk units. L&T Construction has won new orders worth Rs 2002 cr across various business segments in June 2014.

The crucial resistance for Nifty is now seen at 7730 and above this 7765. Support for the immediate term is now placed at 7620 and next support will be 7585.

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TOP CORPORATE NEWS

•    Realty stocks advance on hopes of favorable announcements in Budget
Shares of nine real estate developers rose by 0.11% to 2.46% on hopes of favorable announcements for the sector in the final Union Budget 2014-15 to be unveiled on 10 July 2014.
•    TVS Motors Company records total sales of 2.02 lakh units in June 2014
TVS Motors Company recorded 23% growth in sales during the month of June 2014, with total primary sales increasing from 164,128 units recorded in the month of June 2013 to 202,177 units in the month of June 2014.                                                   
•    Reliance Communications allots equity shares
Reliance Communications announced that the QIP Committee of the Board of Directors of the Company, at its meeting held on 02 July 2014, has issued and allotted 33,82,86,197 Equity Shares of face value of Rs 5 each to the eligible Qualified Institutional Buyers at a price of Rs 142.14 per Equity Share.
•    IndusInd Bank launches online store for its customers
IndusInd Bank Ltd has launching an online store from where its customers can redeem their reward points for purchase of merchandise from an online catalogue.

COMMODITY MARKET UPDATE 01 July 2014

BASE METAL WRAP: Copper rose, capping the biggest quarterly advance since September, as gains in the housing market signaled higher demand in the U.S., the world’s second-largest consumer.

ENERGY WRAP: West Texas Intermediate traded near the lowest price in more than two weeks amid speculation that escalating violence in Iraq won’t disrupt supply from OPEC’s second-biggest oil producer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold traded near the highest level since March after assets in the SPDR Gold Trust increased and investors weighed the outlook for growth and interest rates in the U.S. before manufacturing data.

GLOBAL EVENTS TO WATCH: Manufacturing PMI, HSBC Final Manufacturing PMI, Cash Rate, RBA Rate Statement, Manufacturing PMI, Treasury Sec Lew Speaks, Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, IBD/TIPP Economic Optimism, ISM Manufacturing Prices, Total Vehicle Sales.

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INDIAN BENCHMARK open on a positive note tracking firm global cues.

INDIAN BENCHMARK 

open on a positive note tracking firm global cues. Oil marketing companies are likely to remain in focus after the government hiked the price petrol by Rs Rs 1.69 per litre and Diesel by 50 paise.

FURTHER, Shriram Transport Finance Company is set to raise Rs 3,000 crore through a public issue of secured, redeemable non-convertible debentures. Union Bank of India has proposed to raise Rs 1,386 crore through Qualified Institutional Placement to fund its business growth.

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. 181cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARK started on a strong note with the Sensex and Nifty

INDIAN BENCHMARK started on a strong note with the Sensex and Nifty up 0.5% each in opening trades. The early gains were lead by financials and ITC.

FURTHER, Reliance Industries Ltd along with its partner British Petroleum is planning to invest about Rs 800 crore to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast. Oil and Natural Gas Corp will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Friday while the DIIs were net sellers of Rs. 172cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS

·        Power Grid up 1%, to invest Rs 5500 cr for upgradation

Shares of Power Grid were up over 1 percent as it is going aggressive in its investment plans. In a board meeting, the central transmission utility has approved investing Rs 5,500 crore. 

                                                                                        

·        Jindal Steel bags Tata-Aldesa order

Jindal Steel and Power Ltd has won a large order to supply around 88,000 tonnes of long rails to the Tata–Aldesa joint venture for use in the Eastern Dedicated Freight Corridor.

·        ITC recovers after Monday's slide

ITC rose 2.29% by reports that Union health minister has urged Finance Minister to raise tax on cigarettes in upcoming Union Budget for 2014-15.

·        IRB Infra inks Rs 2,300 cr pact with NHAI for Haryana road

IRB Infrastructure has entered into a pact with National Highways Authority of India (NHAI) for a Rs 2,300 crore project for widening of a highway stretch in Haryana under National Highways Development Project.