INDIAN EQUITY MARKET STRATEGY-10 JULY 2014

INDIAN BENCHMARK have opened flat after the sharp fall in the previous two sessions even as market participants adopted a wait-and-watch stance ahead of Finance Minister Arun Jaitley's maiden Budget presentation later today.

FURTHER, ITC is likely to remain in focus after Union health minister Harsh Vardhan urged Finance Minister Arun Jaitley to raise tax on cigarettes in the upcoming final Union Budget for 2014-15 to deter people from smoking. Sebi imposed a fine of Rs10.3mn on Apollo Tyres for allegedly failing to comply with buyback regulations.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Wednesday while the DIIs were net sellers of Rs. 265cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS

·        Axis, Union Bank among 5 new entrants to UK banking space

Two banks from India Axis Bank and Union Bank are among the five new entities authorized to do banking business in the UK during the last fiscal, as per latest statistics released by the British regulators.

·        ONGC drops on buzz government may offload 5-10% stake

ONGC lost 4.11% on reports the government is planning to sell a 5 to 10% stake in state-run oil & gas exploration firm.

                                                                                                        

·        Cairn India drops along with crude oil price

Cairn India lost 1.89% as oil prices traded lower on reports that the militant insurgency hasn't spread to Iraq's south, the source of more than three-quarters of its oil output.

·        Siemens bags order worth Rs 52 crore from NTPC

Siemens has bagged an order worth Rs 52 crore from NTPC for supply of Distributed Control System to their power plant in Bihar.

TOP CORPORATE NEWS

·        Sun Pharma at record high as Taro gains 17% post price hike

Shares of Sun Pharma up 3 percent after Taro rallied 17 percent in the US markets, reacting to its price hike of 11 products. Sun Pharma owns a 70 percent stake in Taro.

·        ONGC to invest Rs 5,700 cr in Mumbai High North development

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.

                                                                                                        

·        HDIL gains 4% on Citigroup stake buy

Housing Development & Infrastructure Ltd has moved higher by 4% as Citigroup bought 4 million shares of the Mumbai-based real estate developer for about Rs 38 crore through open market.

·        Union Bank surges 6%, shareholders' approval for QIP

Shares of Union Bank of India rallied as much as 5.6 percent after its shareholders approved raising of capital up to Rs 1,386 crore via qualified institutional placement.

INDIAN BENCHMARKS ended marginally lower

INDIAN EQUITY BENCHMARKS have ended marginally lower as the Wholesale Price Index (WPI) has accelerated with Sensex and Nifty swinging between negative and positive zone. WPI inflation in May touched its highest level since December 2013 at 6.01 percent versus 5.3 percent in the previous month.

Further, ONGC may raise its stake in Cairn India's prolific Rajasthan oil fields as a condition for agreeing to allow the Anil Agarwal-group firm operate the block after expiry of contractual period. Central Bank of India rose 2.16% after the bank has fixed issue price of Rs 81.83 per share for preferential allotment of shares to LIC.

The crucial resistance for Nifty is now seen at 7550 and above this 7640. Support for the immediate term is now placed at 7485 and next support will be 7450.

TOP CORPORATE NEWS

·        Axis Bank dips on stake sale by LIC

Axis Bank has dipped 3%, extending its nearly 8% fall in past week, after Life Insurance Corporation of India have offloaded equity shares worth of Rs 51 crore through open market transaction during last week.

·        Aurobindo Pharma hits new high

Aurobindo Pharma has moved higher by 3%, also its record high, in otherwise weak market after the company has received the US health regulator’s approval to market a generic version of AbbVie Inc.’s Depakote ER extended-release tablets, used for treating mental illness, in the US market.

·        United Spirits up 0.5%

Edelweiss Group companies bought 2.57 percent equity stake in United Spirits by revoking pledged shares. Edelweiss Group holds 4.33 percent in USL as pledged shares. Total holding of the group in USL stands at 6.90 percent.

·        Oil and gas shares bounce back

Shares of state-owned oil marketing companies are trading higher by up to 4%, erasing their entire early morning losses, after the government said under-recovery on high speed diesel declined further to Rs 1.62 per litre from Rs 2.80 per litre earlier.

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INDIAN BENCHMARKS ends positive …financials & auto shares gain

INDIAN EQUITY BENCHMARKS ended positive amid day long choppy trading session led by buying amongst financials and auto shares.

Further, Shares of Bharti Airtel slumped by 3.57% after Credit Suisse downgrades the stock to "underperform" from "neutral" and reduces the target price to 265 rupees from 275 rupees, citing competition from rival Rel Jio's, a unit of Reliance Industries. HDIL dipped 3% after Nomura Singapore offloaded more than two million shares of the Mumbai-based real estate firm through an open market transaction.

The crucial resistance for Nifty is now seen at 7660 and above this 7700. Support for the immediate term is now placed at 7590 and next support will be 7560

INDIAN BENCHMARKS record high closing… Nifty ends at 7416.

INDIAN EQUITY BENCHMARKS ended at record high as RBI's stance in the bi-monthly credit policy review is taken as symbolic of good days ahead after the RBI governor Raghuram Rajan surprisingly slashed the mandatory statutory liquidity ratio (SLR) requirement for banks by 50 basis points to 22.5%. However, on expected lines the governor left the repo rate, unchanged at 8%.

Further, DLF rallied 4 percent that finance ministry is likely to announce tax breaks for Real Estate Investment Trust (REITs) in Budget. Shares of IPCA Labs were up 1.5% after the company announced a partnership with US-based Oncobiologics.

The crucial resistance for Nifty is now seen at 7420 and above this 7450. Support for the immediate term is now placed at 7340 and next support will be 7320.

TOP CORPORATE NEWS

·        Zee Entertainment up 6.5%, RBI allows 100% FII investment

Shares of Zee Entertainment Enterprises gained as much as 6.5 percent after the Reserve Bank of India allowed 100 percent investment by foreign institutional investors.

                                                                                                        

·        Metal shares gain after positive China signals

Metal shares such as JSW steel, Jindal steel, Tata steel firmed up on hopes of improvement in export demand after encouraging manufacturing data from China which recorded its fastest growth in May. China's official PMI of manufacturing activity in May was up at 50.8, a five-month high, compared with 50.4 in March.

·        Eicher Motors jumps after robust motorcycle sales in May

Eicher Motors jumped 4.39% after the company reported 86% rise in total motorcycle sales to 25,011 units in May 2014 over May 2013.

·        Cox & Kings sells camping business for Rs 892 crore

Cox & Kings has exited the camping business in Europe, selling the segment held by its subsidiary to French travel company Homair Vacances for about Rs 892 crore. Cox & Kings said it would use the proceeds to retire a portion of its Rs 4,200 crore debt before maturity.

INDIAN BENCHMARK open flat with a marginal negative bias.

INDIAN BENCHMARK open flat with a marginal negative bias. YES Bank is set to raise $500 million by issuing fresh shares to a cluster of investors.

FURTHER, Bharat Heavy Electricals reported a 43% year-on-year decline in net profit for the financial year ended March 2014, a seventh consecutive fall. Shares of Crompton Greaves were up over 3% after the company's profit rose 2.5 times to Rs 63.82 crore in fourth quarter as against Rs 25.27 core profit in same period last year due to improvement in power systems business and rise in other income.

Trend in FII flows: The FIIs were net sellers of Rs 522cr in the cash segment on Thursday while the DIIs were net sellers of Rs. 195cr, as per the provisional figures released by the NSE.