Nifty 8433 /Sensex 27274/ Bank Nifty 19058
17 Advances / 34 Declines/ 0 Unchanged
"US Election,quarterly earnings to keep investors busy this week"
“Nifty ends below 8450, Sensex falls over 150pts; pharma bleeds”
Benchmark indices as well as broader markets extended losses in afternoon trade with the Sensex shedding more than 200 points intraday ahead of crucial event next week. The US presidential elections will be scheduled for November 8. Foreign investors have also been reducing their exposure to emerging markets, including India ahead of this event.
The market has ended in red for 5th consecutive day. The Sensex was down 156.13 points or 0.6 percent at 27274.15, and the Nifty slipped 51.20 points or 0.6 percent at 8433.75. About 698 shares have advanced, 2205 shares declined, and 119 shares are unchanged.
Sun Pharma, Dr Reddy's Labs, Lupin, Hero and Coal India were top losers while ITC, Wipro, M&M, HUL and ICICI Bank were losers in the Sensex.
Category: FII/FPI. Date:04-Nov-2016.
Buy Value:4277.18.
Sell Value:4620.48.
Net Value:-343.3
Category:DII Date :04-Nov-2016.
Buy Value:5115.39.
Sell Value :4025.53.
Net Value:1089.86
“PNB Housing Finance to list shares on November 7”
-The issue, which was opened for subscription during October 25-27, received an overwhelming response from investors as it was oversubscribed by 29.55 times.
-The reserved portion of qualified institutional buyers was oversubscribed 37.33 times, non-institutional investors 86.17 times and retail investors 1.35 times.
-PNB Housing Finance has raised Rs 3,000 crore through this issue, including Rs 894 crore raised from anchor investors.
Our recommendations
Our call to buy Yes Bank 1220 PE(Option) around 39—35 proved great as it flared and made high of 62.50 before closing at 44.15 on closing. We booked full profit around 57—60.
[Profit of Rs 17500 on 1 Lot]
Our blog call to sell PNB too proven great as it achieved our lower target of 128 very well.
Hope you all enjoyed panic in BIOCON too.
Key Results Today
8K Miles Soft
Aban Offshore
Britannia
Ceat
GlaxoSmith Con
Godrej Consumer
HSIL
ICICI Bank
Shalimar Paints
Shree Cements
TIL
Vakrangee
“Morgan Stanley ups ICICI Bank
target on insurance arm valuations”
target on insurance arm valuations”
-The brokerage house is now valuing ICICI Prudential at Rs 52,300 crore, implying Rs 48 per share for ICICI Bank in SOTP (sum-of-the-parts) valuation against Rs 37 earlier.
"Valuation for ICICI Prudential Life at Rs 52,300 crore has increased by 24 percent (from Rs 42,000 crore earlier). This is mainly led by lowered cost of equity, reflecting a 50bp cut in risk-free rate assumptions to 6.75 percent, following the decline in government bond yields (apart from roll forward). Consequently, valuation multiple has moved higher from around 2.4x September-18 enterprise value (EV) earlier to around 2.9x December-18 EV," Morgan Stanley says in its research report.
-It estimated around 40 percent VNB (value of new business) CAGR for ICICI Prudential during FY16-19 helped by strong premium growth with good distribution franchise and improving macro as key drivers; significant improvement in VNB margins led by strong growth in protection premiums, improving persistency and higher cost efficiencies.
-The country's largest private sector lender will announce its September quarter earnings on November 7. In the quarter ended June 2016, its asset quality weakened further as net non-performing assets rose to 3.35 percent from Rs 2.98 percent on sequential basis following spike in slippages.
Technical levels of ICICI Bank
CMP 270... ICICI Bank is trading at positional support of 260 and immediate resistance at 285
If immediate support of 260 is not sustained then we will see sharp downside panic in it else it could test its resistance level of 285 again. Positionally strong only close above 285 mark.
Now what to expect??
Nifty and Bank Nifty future levels
Nifty has immediate support at 8400 and immediate resistance is at 8480---8530
A move and sustain below 8400 will take to 8320---8250 else it could test its resistance level of 8480—8530 again.
Further upside rally will see only close above 8530 mark.
On the other hand, Bank Nifty has immediate support at 19000---18950 and immediate hurdle at 19400
Either side break or close with volume will decide further. Till then trade in a range with levels only.
Today's Top Pick
SGX nifty gains 70+ points on clean chit to Clinton from FBI. We will update fresh call during market hours on our Application.
So download it now.
More will update soon!!
