INDIAN BENCHMARKS end flat, amid choppy trade.

INDIAN EQUITY BENCHMARKS ended flat, amid a choppy trading session, as investors turned cautious on concerns that the weak monsoon would further accelerate inflation while the continuing crisis in Iraq also weighed on sentiment.

Further, Reliance Capital ended up 1.7% on a report that Japan's Sumitomo Mitsui Trust Holdings Inc may buy 10% stake in the Anil Ambani-owned company by paying $400 million for new shares. Dr Reddy's Labs closed 1.7% higher after the pharma major launched duloxetine delayed-release capsules USP 20 mg, 30 mg and 60 mg in the US market.

The crucial resistance for Nifty is now seen at 7570 and above this 7595. Support for the immediate term is now placed at 7480 and next support will be 7440.

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INDIAN BENCHMARKS end lower ahead of June F&O expiry

INDIAN EQUITY BENCHMARKS ended lower as investors turned cautious and booked profit ahead of the expiry of June F&O series tomorrow even as auto stocks firmed up in late trades on reports that the lower excise duty on auto and capital goods has been extended till December.

Further, DLF ended down 1% on the back of fair trade regulator CCI ordering a fresh probe against the company. Shares of Maruti Suzuki was up 3% after Finance minister Arun Jaitley said that the excise duty on automobiles was extended to a further period of six months.

The crucial resistance for Nifty is now seen at 7590 and above this 7660. Support for the immediate term is now placed at 7515 and next support will be 7450.

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COMMODITY MARKET UPDATE 25 JUNE 2014

BASE METAL WRAP:  

Nickel fell to a one-week low in London as rising stockpiles signaled ample supplies. Inventories monitored by the London Metal Exchange rose 0.3 percent to 305,388 metric tons, within 0.2 percent of an all-time high reached last week.

ENERGY WRAP: 

West Texas Intermediate crude gained for the first time in three days after the Wall Street Journal said the Obama administration is clearing the way for some exports of ultra-light U.S. oil.

PRECIOUS METAL WRAP: 

Gold declined as investors weighed the outlook for the U.S. economy against speculation that a rally to the highest level in two months may spur sales.

GLOBAL EVENTS TO WATCH: 

Core Durable Goods Orders m/m, Final GDP q/q, Durable Goods Orders m/m, Final GDP Price Index q/q, Flash Services PMI, Crude Oil Inventories.

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.

INDIAN BENCHMARKS rose, snapping a four-day losing streak.

INDIAN EQUITY BENCHMARKS rose over 1 percent, snapping a four-day losing streak led by gains in the realty, oil and gas, power, capital goods and banking stocks.

Further, IRB Infrastructure Developers edged higher by 5% after the company has entered into a pact with National Highways Authority of India for an Rs 2,300 crore project for widening of a highway stretch in Haryana under National Highways Development Project. SAIL is likely to exit the Rs 35,000-crore revival project of the Sindri fertiliser plant in Jharkhand due to inordinate delay in land acquisition.

The crucial resistance for Nifty is now seen at 7610 and above this 7660. Support for the immediate term is now placed at 7495 and next support will be 7465.

COMMODITY MARKET UPDATE 24 JUNE 2014

BASE METAL WRAP:  

Copper dropped for the first time in eight days on signs of slowing demand in China, the biggest consumer, amid a probe into possible fraud involving metals stockpiled at Qingdao Port.

ENERGY WRAP: 

Natural gas futures dropped to a four-week low in New York on speculation that a spell of mild weather will cause bigger-than-average stockpile gains. Brent dropped for a third day and West Texas Intermediate declined amid speculation that Iraqi oil production wont be disrupted by escalating violence in OPEC’s second-largest producer.

PRECIOUS METAL WRAP: 

Gold prices dipped Tuesday in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers.

GLOBAL EVENTS TO WATCH:  

German Ifo Business Climate, Inflation Report Hearings, FOMC Member Plosser Speaks, S&P/CS Composite-20 HPI y/y, HPI m/m, CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index, Treasury Sec Lew Speaks.

INDIAN BENCHMARK open marginally in green following weak global cues.

INDIAN BENCHMARK open marginally in green following weak global cues. Bharti Airtel Ltd has announced that the Company has signed the definitive agreement with Loop Mobile (India) Limited.

FURTHER, Ceat is likely to extend its gains after the overseas investor has bought equity shares worth of Rs 13 crore of the company though open market. ITC Ltd are likely to extend its losses on reports that the government may raise taxes on cigarettes aggressively in the upcoming budget in July.

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. 117cr, as per the provisional figures released by the NSE.