Trader's Diary: Outlook bearish; hold shorts below 9,950 level
The domestic stock market snapped its four-day gaining run to end Thursday's session on a negative note, as banking stocks dragged the indices, a day after the RBI's monetary policy committee kept the repo rates unchanged at 6%.
1 New Update
07:56:10 PM IST, 05 October 2017
RUPEE DOWN 13 PAISE AT 65.14 ON DOLLAR BUOYANCY
After a brief overnight recovery, the rupee once again turned shaky and ended lower by 13 paise at 65.14 on fresh bouts of dollar demand from importers. The rupee came under pressure due to extremely bullish dollar sentiment overseas backed by robust US service sector growth data that hit its fastest pace in 12 years in September, coupled with impending Fed rate hike chances.
07:30:04 PM IST, 05 October 2017
BONDS WEAKEN, CALL RATES TURN HIGHER
Government bonds weakened further on sustains selling pressure from banks and corporates, while the overnight call money turned higher due to good demand from borrowing banks amid tight liquidity in the banking system. The 6.79 per cent government security maturing in 2027 fell to Rs 100.42 from Rs 100.6025, while its yield edged up to 6.73 per cent from 6.70 per cent.
07:29:03 PM IST, 05 October 2017
The 9,940 level could be the first point of resistance for the index, which coincides with its 40-day moving average. Beyond that, we see resistance for the index at 9,970, which is its 20-day moving average. It will be crucial for the bulls to take out these levels, else Nifty may come under pressure
- Mustafa Nadeem, CEO at Epic Research
07:25:12 PM IST, 05 October 2017
Supply pressure is being observed at around 50 per cent retracement level of its fall from the high of 10,179, whose value is placed at 9,933 level
- Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory, Chartviewindia.in
06:47:37 PM IST, 05 October 2017
Market hesitated to take a stance amidst weak cues from European peers fuelled by political instability in Spain. Nifty looked reluctant to push beyond its 50 day moving average, but outcomes of tomorrow's GST council meeting and the upcoming earnings season will decide the direction of the market in the short run
- Anand James, Chief Market Strategist, Geojit Financial Services
06:11:23 PM IST, 05 October 2017
Market traded range bound with a negative bias due to lack of optimism to the upcoming earnings season. However, some positive development in auto sales numbers, core sector growth & festival demand will add some light over the consolidation phase
- Vinod Nair, Head of Research, Geojit Financial Services
05:53:56 PM IST, 05 October 2017
A renewed increase in business and output could signal that the economy may have recovered from the GST-related contractions registered in the previous two months. Sectoral performance on the NSE weighed towards the negative
- Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas MF
05:15:49 PM IST, 05 October 2017
Nifty failed to give breakout above 9,950 level and witnessed selling pressure on higher side. Nifty formed small bearish candle, indicating resistance at higher side. Chart pattern suggests, if Nifty does not cross above the 9,960 level, it would witness consolidation in the near term. The index is having immediate support at 9,850 followed by 9,820
- Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities
04:43:10 PM IST, 05 October 2017
There is significant resistance around the 9,950 level, and support seems to be coming in around the 9,750 level. We continue to hold a short term bearish outlook on the market and would hold shorts below 9,950 levels
- Nikhil Kamath, Co-Founder and Head of Trading, Zerodha
03:33:24 PM IST, 05 October 2017
CLOSING BELL: SENSEX SLIPS 80 POINTS
Nifty ends below 9,900; ICICI Pru, TechM fall up to 3%; NTPC rises 3%.
03:03:39 PM IST, 05 October 2017
MAS FINANCIAL SERVICES IPO OPENS ON FRIDAY
MAS Financial Services is ready to kick off its Rs 460 crore initial public offer (IPO) on Friday. The Gujarat-headquartered non-banking financial company (NBFC) intends to sell 1,80,27,464 shares (issue size) in Rs 456-459 range. The issue will conclude on October 10.
02:13:35 PM IST, 05 October 2017
SBI, IDBI BANK DRAG NIFTY PSU BANK INDEX LOWER
Selling in shares of State Bank of India (down 1.48 per cent), IDBI Bank Ltd. (down 0.57 per cent), Andhra Bank (down 0.26 per cent), Bank of India (down 0.22 per cent) and Oriental Bank of Commerce (down 0.12 per cent) dragged Nifty PSU Bank index lower in Thursday's trade, even as other components of the index were gaining in trade. The Nifty PSU Bank was trading 0.90 per cent down at 3,013.
01:42:29 PM IST, 05 October 2017
NIFTY REALTY TOP SECTORAL GAINER INDEX
The Nifty Realty index was trading as the top gainer among sectoral indices in Thursday's trade. Among the gainers in the Nifty Realty index, Phoenix Mills surged over 8 per cent. Delta Corp (up 2.83 per cent), Prestige Estates Projects (up 1.71 per cent), Housing Development & Infrastructure (up 0.91 per cent), Unitech (up 0.76 per cent) and DLF (up 0.39 per cent) were the other top gainers.
01:12:08 PM IST, 05 October 2017
INDIAN BABA STEALS SLEEP OF MNCS!
This Indian baba is not letting multinational giants sleep peacefully. He unleashed a whole range of herbal products to turn the entire FMCG business upside down, and then expanded into a whole range of other businesses from ayurvedic media, food products, textiles & garments and even security solutions.
12:49:07 PM IST, 05 October 2017
GODREJ AGROVET IPO SUBSCRIBED 89% ON DAY 2
The Rs 1,157 crore initial public offer (IPO) of Godrej Agrovet (GAVL) was subscribed 89 per cent on day two of the bidding process on Thursday. By 12.35 pm, the public offer received bids for 1,60,45,056 shares against 1,80,27,464 shares on offer. The quota limit for qualified institutional buyers (QIBs) was subscribed 29.57 per cent, non-institutional investors (NIIs) 30.68 per cent and retail investors 1.59 times.
12:25:00 PM IST, 05 October 2017
M&M SHARES JUMP AFTER COMPANY BAGS EESL CONTRACT
Shares of Mahindra & Mahindra advanced over 1 per cent in Thursday's trade after the carmaker bagged a contract from the government to supply 150 electric sedans, after agreeing to match the lowest bid quoted by Tata Motors.
12:12:16 PM IST, 05 October 2017
OVER 40 STOCKS HIT FRESH 52-WEEK HIGHS TODAY
Over 40 stocks, including Prataap Snacks, The Grob Tea Company, Raj Rayon, Ramky Infra, Bhansali Engg, Visaka Ind, GNFC, Gujarat Gas, Cinevista, California Soft, Deepak Nitrite, Punjab Chemical, Kilitch Drug, Dilip Buildcon, HIL, Himadri Chem, Gujarat Alkalie, Apex Frozen Foods, Goa Carbons, Ramkrishna Forg hit their fresh 52-week highs during Thursday's trade on NSE.
11:31:06 AM IST, 05 October 2017
HAS THE RECENT VOLATILITY CHANGED MARKET TREND?
To put it another way,
it’s like throwing a stone into a placid pond. It causes a ripple. Sometimes
it’s a large stone and it causes a large ripple or multiple ripples. Sometimes,
it’s a small stone, yielding a ripple so minor that it is barely noticeable. Hence,
the longer the timeframe observed for a trend change, the more prominence it
receives. </p>
11:01:39 AM IST, 05 October 2017
HINDUSTAN COPPER SHARES SURGE 9% AFTER REVISION OF COPPER PRICES
Shares of Hindustan Copper advanced as much as 9 per cent in early trade after the company revised basic price of copper cathodes and CC copper rods by up to 2 per cent for the month of October.
11:01:04 AM IST, 05 October 2017
SHOPPERS STOP UP 4% ON ACQUISITION OF HYPERCITY BY FUTURE RETAIL
Shares of Shoppers Stop surged over 4 per cent in Thursday's trade after reports that Future Retail is set to acquire HyperCity, a premium chain of 19 hypermarkets from Shoppers Stop for Rs 700 crore. Following the development, the stock gained 4.14 per cent to Rs 515.10 on BSE. It opened at Rs 500 and touched an intraday high and low of Rs 525 and Rs 500 respectively, in the first hour of trade.
10:31:04 AM IST, 05 October 2017
NATCO PHARMA GAINS FOR FIFTH SESSION, UP 10%
Shares of Natco Pharma jumped 10 per cent in Thursday's trade, as the approval to a generic version of Copaxone by USFDA to the drugmaker's marketing partner Mylan, led to rating upgrade by brokerages. The stock rose 10 per cent to hit a high of Rs 1,049.75. This was the fifth day of consecutive gains for the stock. The stock had rallied 20 per cent on Wednesday.
10:12:49 AM IST, 05 October 2017
PRATAAP SNACKS LISTS AT 33% PREMIUM OVER ISSUE PRICE
Prataap Snacks on Thursday made a strong market debut as the scrip got listed at Rs 1,250 on BSE, a 33.23 per cent premium to its issue price of Rs 938. The Rs 482-crore initial public offer (IPO), which was sold during September 22-26, had received good response, with investors bidding for 47.39 times the issue size.
09:53:16 AM IST, 05 October 2017
SBI LIFE SLIPS BELOW ISSUE PRICE
Shares of recently listed SBI Life Insurance Company slipped below its issue price of Rs 700 in the early trade on Thursday. The scrip was trading 1.15 per cent down at Rs 694 around 9.30 am (IST). Earlier, the company on Tuesday saw a muted listing on bourses, settling at Rs 708, a premium of just 1.14 per cent over the issue price on BSE.
09:29:07 AM IST, 05 October 2017
CLSA UPGRADES M&M TO BUY, RAISES TARGET PRICE
CLSA has upgraded Mahindra & Mahindra to buy from outperform citing improving volume and earnings growth as well as attractive valuation. The brokerage has raised target price on M&M to Rs 1610 from Rs 1585.
09:18:06 AM IST, 05 October 2017
OPENING BELL: SENSEX OFF TO POSITIVE START
Sensex, Nifty start on a positive note; Natco Pharma rallies 6%, Future Retail 2%; Suzlon slips 3%.
09:02:46 AM IST, 05 October 2017
PRE-OPEN SESSION: SENSEX UP 50 PTS, NIFTY NEARS 9,950
Sensex rises 50 pts, Nifty50 trades near 9,950 level; Rupee trades at 65.05 against US Dollar.
08:35:20 AM IST, 05 October 2017
FPIs ON SELLING SPREE
On Wednesday, FIIs sold equities worth Rs 632.14 crore, while DIIs bought stocks worth Rs 584.88 crore on net basis (provisional).
08:33:00 AM IST, 05 October 2017
SIGNAL FROM SINGAPORE
Nifty50 futures on the Singapore Stock Exchange were trading 20.50 points lower at 9,927, indicating a negative start for the domestic market.
08:32:40 AM IST, 05 October 2017
NIFTY TECHNICAL CHARTS
Nifty50 on Wednesday jumped for the fourth straight session to settle above 9,900 level. The index made a small bullish candle on the daily chart and formed higher-high higher-low pattern for third session. The index closed above its 50-day exponential moving day (EMA) settled a tab below its 20-day EMA of 9,925 level. Analysts expect 9,990 level to act as an immediate key resistance, while they see 9,850-9,820 range as immediate support range for the index.
08:32:19 AM IST, 05 October 2017
PRATAAP SNACKS IPO TO KICK OFFS TODAY
Prataap Snacks, whose initial share sale offer received robust investor demand last week, will list its shares on bourses on Thursday. The Rs 482-crore initial public offer (IPO) was oversubscribed 47.39 times during September 22-26.
08:31:50 AM IST, 05 October 2017
FISCAL DEFICIT MAY WIDEN: RBI
Central bank governor Urjit Patel cautioned the government about fiscal slippages, which he said could weaken economic stability with combined state as well as central deficit already at around 6% of GDP. The gap, RBI said, could go up by another percentage point this fiscal year.
08:30:23 AM IST, 05 October 2017
FPI SELLOFF MAY CONTINUE: CLSA
The sentiment of foreign portfolio investors towards India is likely to remain weak until corporate earnings recovery sets in, said CLSA India in a note on Wednesday . This, coupled with high equity supply, would mean that the market performance will remain subdued until the end of the year, the institutional brokerage added.
08:30:04 AM IST, 05 October 2017
GODREJ AGROVET IPO SUBSCRIBED 52%
The Rs 1,157 crore initial public offer (IPO) of Godrej Agrovet (GAVL) was subscribed 52 per cent on the first day of the bidding process on Wednesday. By 5.30 pm, the public offer received bids for 93,76,928 shares against 1,80,27,464 shares on offer.
08:29:39 AM IST, 05 October 2017
MF INDUSTRY AUM AT RS 21L CRORE
Mutual fund industry's as set base surged 7.6 per cent to a record high of Rs 21 lakh crore at the end of September quarter, driven by strong participation from retail investors. In comparison, assets under management (AUM) of the MF industry, comprising 42 players, were at Rs 19.52 lakh crore during the April-June quarter, as per latest data with Association of Mutual Funds in India (Amfi).
08:29:16 AM IST, 05 October 2017
RUPEE AT 1-WEEK HIGH
The rupee today staged a stellar comeback to end at a fresh one-week high of 65.01 against the US dollar with investors taking a bullish stance on the economy even as the RBI kept key rates unchanged.Stamping its second biggest one-day rally for the year - the home currency garnered a solid 49 paise, or 0.75 per cent.
08:28:59 AM IST, 05 October 2017
US STOCKS END HIGHER
The Dow Jones Industrial Average rose 25.43 points, or 0.11 per cent, to 22,667.1, the S&P500 gained 2.89 points, or 0.11 per cent, to 2,537.47, and the Nasdaq Composite index added 1.61 points, or 0.02 per cent, to 6,533.33. US stocks have been hitting record highs on stronger economic data and President Donald Trump’s tax reform plan.
08:28:28 AM IST, 05 October 2017
SENSEX ON WEDNESDAY
BSE Sensex added as many as 174 points or 0.55 per cent to close the session at 31,671.71 while Nifty50 reclaimed the 9,900 level and ended at 9,914.20, up 55 points or 0.56 per cent.
08:27:41 AM IST, 05 October 2017
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