}

Wednesday, 28 June 2017

28 June 2017 - Views & News

MARKET INSIGHT

Markets are likely to open weak on back of weak global clues. Nifty is sitting at a very crucial juncture, as long as 9500 holds on closing basis the short term outlook remains positive. On the flip side, breach of 9500 on closing basis would turn the short term outlook in favor of the bears.

Nifty Spot Levels

Support 9473 – 9430 - 9341
Resistance  9555 – 9615 - 9709

GLOBAL MARKET

The tech-heavy Nasdaq led a broad Wall Street decline on Tuesday with stocks falling more sharply after a healthcare bill was delayed in the US Senate, raising fresh questions about President Trump's domestic agenda.
US Federal Reserve Chair Janet Yellen said she does not believe there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash.
Data showed consumer confidence for June rose more than expected, which could bolster the Fed's case for another rate hike this year.
The Dow Jones Industrial Average fell 98.89 points, or 0.46 percent, to 21,310.66.

MARKET UPDATE

Sgx Nifty -31 pts Dow -98.89 pts ,Nsdq -100.53 pts , S&P -19.69 pts‎, Bovespa -512 pts , Ftse -12 pts , Dax -99 pts , Cac -37 pts , Nikkei -34 pts now , Crude @ $43.84 brl (-0.40), Brent @ $46.59 brl (+0.12) , Gold @ 1249.94 (+3.04), Silver @ $16.659 (+0.07), Euro @ $1.1341, JPY @ $112.2100, INR @ $64.476

Today's Corporate Action 28th June  Ex Date

ELNET Dividend - Rs. - 1.4000
ENGINERSIN Buy Back of Shares 
INDIANHUME Final Dividend - Rs. - 2.4000

TOP NEWS

Fortis' diagnostic arm SRL Diagnostics may be listed on bourses by August 2017 as part of scheme of demerger from its parent company – sentimentally positive for Fortis Healthcare

Motherson Sumi Systems Board has approved issue of bonus shares. The company has fixed 7th July 2017 as record date for purpose of the bonus issue. Sentimentally Positive.

OTHER NEWS

BHEL bags 15 MW solar photovoltaic plant order on EPC basis in Gujarat. This will be BHEL's first ground-mounted Solar PV project in Gujarat. The company is presently executing over 180 MW of ground-mounted and rooftop Solar PV projects across the country.  

Retail sector - Single-brand retailers may get relief in 30% sourcing norm – positive for long term
There may be relief in sight for some top global retailers as the government plans to ease local sourcing norms for companies such as Marks & Spencer (M&S), H&M and Ikea, which also buy products from Indian manufacturers for global supplies. Foreign single-brand retailers need to meet 30% local sourcing norms to operate their own stores in the country , although the rule was tweaked to give some of them, such as those in technology-related businesses, time up to eight years to fulfill the necessary requirements. But with companies such as Ikea and H&M repeatedly petitioning for a relaxation, the Centre is currently looking at the possibility of giving credit to single-brand retailers that source from India for their international operations.

Textile sector - India's garment exports may hit $20 billion in FY18 – positive for companies like Trident, Arvind, KKCL, SP Apparels, Orbit Exports
As per media reports, India's garment exports are expected to register a 15-18 per cent growth to touch USD 20 billion during the current fiscal following improved market conditions in US and other markets. Due to the world recession and heavy competition from China, Bangladesh and Vietnam, India could not fulfill the export target for the year 2016-17. However, there has been a growth in export to the tune of 13 per cent in dollar terms, in the last 5-6 months. This has been mainly due to the favourable special apparel package announced in July 2016.

Fitch has affirmed its Long-Term Issuer Default Ratings at BBB- while maintaining its negative outlook on eight Indian banks ( including SBI, BoB, PNB, BoI, Canara Bank, Axis Bank, ICICI Bank) – sentimentally negative

Tourism industry - The tourism boards of countries such as Israel, Jordan, UAE and Australia are among those wooing Indian visitors with new measures and incentives, buoyed by a surge in outbound travel from the South Asian nation – positive for outbound tourism and related companies such as Cox & Kings and Thomas Cook India

Ashok Leyland to focus on core commercial vehicles; to tap LCV and export markets more effectively; positive read thru
Ashok Leyland will continue to provide thrust to the core business of commercial vehicles and build a portfolio of profitable segments. It plans to sharpen the light commercial vehicle (LCV) strategy as a slew of products are already in the pipeline. international business will be a very important lever of growth for the company, as the company has planned assembly units at various locations (new bus plants planned in Africa in 2017-18). it will focus on improving the network on cost effective basis particularly in North, Central and Eastern regions targeting improvement in market share in these regions. With focus on technology, It is expecting to reap the benefits of the latest Intelligent Exhaust Gas Recirculation (iEGR) which it has developed for emerging markets like India, for next few years.

MORE NEWS

Ransomware 2.0 blitzes several Indian, European cos
Govt to set up 'war room' to deal with GST issues
IMF cuts US growth forecast to 2.1% for 2017-2018
NITI Aayog proposes break up of Coal India into 7 cos
Russian oil giant Rosneft hit by 'powerful' cyber attack
BofA-ML pegs over 15% credit growth this fiscal
EU slaps Google with 2.42 billion euros fine 
New AS may hit banks' lending to infra, realty firms
Trading tips via SMSes: Sebi seeks RBI, Trai help to prevent such scams
Liberty House in talks to buy beleaguered ABG Shipyard
M&M's tractor business turns more fertile than SUVs, CVs
India's apparel exports to set new record at $20 billion in FY17-18
Govt makes fresh attempt to revive IDBI Bank
MSME Ministry inks pact with SAP India, Intel, HMT
L&T Construction bags orders worth Rs. 2,552 cr
Germany and France to lead post-Brexit EU in further integration 
Suzlon Energy approves allotment of 79.70 lakh shares on FCCB conversion
BHEL wins 15 MW solar PV plant order in Gujarat
US FDA unveils steps to expedite generic drugs availability in the market
ILFS Fund exits Indiabulls’ Worli project for Rs358 crore
Piramal Enterprises to raise up to Rs500 crore via NCDs
ONGC gets green nod for exploratory drilling in KG basin
BSE, NSE to launch F&O contracts in ICICI Pru Life, four others
Dena Bank plans Rs1,800 crore fund raise via QIP
Software testing complete, ready for smooth GST rollout: GSTN
ICEMA cuts construction equipment growth rate to 5% due to GST
India’s tea exports may go up, prices to improve: ICRA
NPPA gets GST ready; releases ceiling price of 761 medicines
Sun Pharma, NIV join hands to fight zika, chikungunya, dengue
SpiceJet is world’s top airline stock
RBI on alert as foreign stake in AU nears 49%
GST: Implementation advantage for larger companies
Market in a consolidation mode over GST launch

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