INDIAN BENCHMARKS slip on profit taking… Nifty holds 8,150

INDIAN EQUITY BENCHMARKS ended lower, amid weak European cues, as investors turned cautious and booked profits at higher levels after hit fresh record highs in the previous session.

•    Hindalco ended down 0.6% ahead of the SC verdict on the Mahan Coal block allocated to the company eight years ago to feed its aluminium plant in Madhya Pradesh.
•    Further, Larsen & Toubro acquired 50% of the stake in L&T-Ramboll Consulting Engineers Ltd (LTR) from its joint venture partner Ramboll Denmark AS.

The crucial resistance for Nifty is now seen at 8180 and above this 8210. Support for the immediate term is now placed at 8125 and next support will be 8105.
   
   NEWS TO WATCH:

•    Watch out for the CPI and IIP data on 12TH Sep. 2014.
•    Watch out for the Trade balance ,Export and Import data on 12TH Sep. 2014

COMMODITY MARKET STRATEGY 28 August 2014

BASE METAL WRAP: Copper traded near the lowest in almost a week after China reported industrial profit growth slowed and before economic expansion data today from the U.S.

ENERGY WRAP: Gasoline fell after a government report showed U.S. output rose before the Labor Day holiday that marks the end of the country’s peak-demand driving season. West Texas Intermediate crude settled little changed.

PRECIOUS METAL WRAP: Gold futures dropped for the second time in three days on signs of waning investor demand for the metal as an alternative asset.

                                             

GLOBAL EVENTS TO WATCH: Private Capital Expenditure q/q, German Prelim CPI m/m, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Pending Home Sales m/m, Natural Gas Storage.

TOP CORPORATE NEWS 26 August 2014

·        ONGC slumps on reports of disinvestment

ONGC fell nearly 4%, on reports of disinvestment. Government has decided to disinvest 5% stake in the company via offer for sale mechanism. The procedure of disinvestment is expected to be completed by the end of the month of September.

·        Havells India rises after stock split

Havells India jumped over 12% and after stock split. Havells India split each equity share of face value Rs5 each into five equity shares of Re1 each., with trading starting as of today, (August 26, 2014).

·        Reliance Power opts out of gas-fired power plant in Dadri

Reliance Power told the Supreme Court that it wasn't interested in setting up gas-fired power plant in Dadri, Uttar Pradesh, any more and would return about 956 acres of land acquired for the company to the state government.

·        L&T signs contract for 225 Mw

Bangladesh Power Development Board and Larsen & Toubro (L&T) have signed a contract to set up a 225 megawatt, gas-based power plant in sikalbaha, Chittagong in Bangladesh. The contract, which is valued at about $200 million, was secured by L&T in May, 2014.

Nifty Future & Bank Nifty Outlook

Nifty Future & Bank Nifty Outlook

Nifty Futures: 

It is likley to trade in the range of 7840 - 7940. The trading strategy would be to create short near at 7915 - 7920, Stop above 7950, for targets of 7880/7860. On the other hands, once can enter longs if the index finds support near at 7840 - 7850 levels.

Bank Nifty Futures: 

The momentum buying is likely to continues up to 15700 - 15750 levels. On the lower side, immediate strong support at 15450/15350 levels for the day.

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Markets may open lower on weak global cues

Markets are likely to open in the negative territory tracking    weak global cues.

Asian shares stumbled on Friday after a month-end swoon on Wall Street, though some were hoping China would offer better news on manufacturing and help steady investor sentiment.

The U.S. S&P500 stock index posted its worst daily fall since April and its first monthly drop since January on Thursday, as economic data sparked concern the Federal Reserve could raise interest rates sooner than some have expected.

 

Problems in overseas economies added to the bearish tone, with Argentina defaulting on its debt for the second time in 12 years.

Stocks to watch:

Maruti Suzuki  India, the country’s largest car maker, reported a 20.7 per cent increase in net profit at Rs 762 crore for the financial year’s first quarter ended June.

 

JSW Steel, India’s third-largest steel maker, plans to invest $22 billion (about Rs 1,32,000 crore) through the next 10 years to raise its total capacity from 14.3 million tonnes (mt) to 40 mt by 2025.

 

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INDIAN BENCHMARKS ended flat on Geopolitical tension.

INDIAN EQUITY BENCHMARKS closed flat after a range-bound session to perform in-line with most Asian peers amid rising geopolitical tensions after a strike on Malaysia Airlines flight MH17 in eastern Ukraine near the Russian border on Thursday that killed nearly 300 passengers on-board.

•    Further, Shares of Wipro was up 2% after the company announced that it has entered into a strategic alliance with Alberta-based ATCO Ltd., one of Canada's premier corporations.

•    Zee Entertainment Enterprises has reported a 6 percent fall in its first quarter (April-June) consolidated net profit at Rs 211 crore compared to Rs 224.6 crore in the year-ago period.

The crucial resistance for Nifty is now seen at 7685 and above this 7730. Support for the immediate term is now placed at 7595 and next support will be 7535.
  
NEWS TO WATCH:
•    Watch out Quarterly Earnings of HDFC Bank, HDIL, Idea Cellular, Canara Bank, Exide Industries, Hindustan Zinc 21ST July 2014.

INDIAN BENCHMARKS end flat amid range bound trades

INDIAN EQUITY BENCHMARKS ended flat amid choppy trades after investors turned cautious and booked profits at higher levels.

·         Further, Bajaj Auto lost 2.3% after weak first quarter earnings. It has reported a flat growth in the first-quarter standalone net profit at Rs 740 crore, due to higher expenditure including employee cost.

·         Mahindra and Mahindra Ltd fell 3.1 percent after 11.8 million shares changed hands in twenty-four block deals on the BSE exchange.

The crucial resistance for Nifty is now seen at 7665 and above this 7730. Support for the immediate term is now placed at 7530 and next support will be 7460.

INDIAN BENCHMARKS ended at a day’s high on RBI measures for infra bonds ...Nifty re-conquers 7600.

INDIAN EQUITY BENCHMARKS ended at a day’s high extending the rally for second consecutive trading session after the Reserve Bank of India relaxed financing norms for infrastructure development and affordable housing. RBI exempted long-term bonds from mandatory regulatory norms like CRR and SLR if the money raised is used for funding of infrastructure and affordable housing projects.

·         Further, Tata Communications plans to invest US$200mn over a period of three years to double its data centre capacity in India.

·         Federal Bank net profit in April-June more than doubled to Rs. 220 crore from Rs. 106 crore in the corresponding period last year on account of lower provisions for bad loans.

The crucial resistance for Nifty is now seen at 7640 and above this 7665. Support for the immediate term is now placed at 7530 and next support will be 7460.

COMMODITY MARKET UPDATE 30 JUNE 2014

BASE METAL WRAP: Copper headed for its steepest rally in three quarters ahead of data tomorrow that may show industrial output sustained expansion in China, the biggest user. Nickel is set for the biggest quarterly gain since 2010.

ENERGY WRAP: West Texas Intermediate and Brent crude fell amid speculation that continuing violence in Iraq won’t disrupt supply from OPEC’s second-largest oil producer.

PRECIOUS METAL WRAP: Gold headed for a second quarterly increase as investors weighed the outlook for the U.S. economy and low interest rates against signs of weaker physical demand. Silver extended a drop from the highest level since March.

GLOBAL EVENTS TO WATCH: ANZ Business Confidence, CPI Flash Estimate y/y, GDP m/m, Chicago PMI, Pending Home Sales m/m.

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COMMODITY MARKET UPDATE 27 JUNE 2014