Nifty 8734/Sensex 28226/ Bank Nifty 20070
25 Advances / 26 Declines/ 0 Unchanged
Indian benchmarks end volatile session with modest gains
A session after showcasing a vivacious rally and amassing close to two percent, Indian benchmark indices consolidated on Thursday and ended the day with modest gains. The session was characterized by extreme volatility as the frontline indices went through a rollercoaster ride amid lack of direction and a pandemonium around global equity markets.
Sentiments got some support from Niti Aayog vice-chairman Arvind Panagariya’s expectation that the India’s economic growth in the next fiscal year would be in the range of 7-7.5%. Furthermore, a private report also highlighting that India is expected to clock a GDP growth of 7.1% in 2017-18, up from 6.3% in 2016-17, as the country gets sufficiently remonetised and the schemes in the Budget play a supportive role.
The uptick in the growth numbers would be largely driven by the remonetisation process which is expected by April end, as this in turn would boost the consumption levels in the country. Meanwhile, S&P Global Ratings said that Union Budget 2017-18 shows India’s commitment to improve fiscal performance but heavy debt burden and weak public finances remain key rating constraints. Finance Minister Arun Jaitley has pegged the fiscal deficit for 2017-18 at 3.2%, down from 3.5% expected in the current financial year.
On the global front, Asian equity markets ended mostly lower on Thursday, as the Fed reiterated its intention to lift rates gradually as the labour market tightens, acknowledging rising confidence among U.S. consumers and businesses. Investors will now be looking towards Friday’s jobs report after the uncertainty created during Donald Trump’s first two weeks in office, brought equity indices down from record highs.
Japan and Hong Kong led losses among Asian equity markets. Tensions between Iran and the US, over a ballistic missile test by Tehran this week and even the tenor of President Donald Trump's phone calls with world leaders also weigh on sentiments. Meanwhile, European stocks fell in early trade, trimming some of the sharp gains made in the previous session, as investors eyed corporate earnings and waited for the latest economic assessments from the Bank of England.
Back home, after getting positive start, the local indices failed to capitalize on the initial momentum and continued to see-saw around the neutral line for most part of morning trades, and even drifted deeper into the red terrain in noon session. Thereafter, the key indices tried hard to claw back into the green terrain in late afternoon session but fresh bouts of profit booking again brought the indices to lower levels by the end of trade.
FII Activity (1st Feb 2017)
The FIIs as per Thursday’s data were net buyers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 5476.36 crore against gross selling of Rs 5401.58 crore. Thus, FIIs stood as net buyers of Rs 74.78 crore in equities.
In the debt segment, the gross purchase was of Rs 1230.55 crore with gross sales of Rs 416.34 crore. Thus, FIIs stood as net buyers of Rs 814.21 crore in debt.
Key Results
Aban Offshore Ltd
ACC Ltd
Aditya Birla Fashion & Retail Ltd
Credit Analysis & Research Ltd
Dalmia Bharat Ltd
FDC Ltd
Great Eastern Shipping Company Ltd
Gulf Oil Lubricants India Ltd
Indian Hotels Co Ltd
Inox Wind Ltd
Intellect Design Arena Ltd
Jet Airways (India) Ltd
JK Lakshmi Cement Ltd
Manpasand Beverages Ltd
Mcleod Russel India Ltd
MRF Ltd
Novartis India Ltd
PVR Ltd
Sonata Software Ltd
SREI Infrastructure Finance Ltd
Strides Shasun Ltd
Torrent Pharmaceuticals Ltd
Westlife Development Ltd
Whirlpool of India Ltd
Now what to expect next??
Nifty Future Levels
Support at 8680 and Resistance at 8780.
Looks positive can could touch its resistance level of 8780. Further upside rally will see on close above 8780 else could touch its support level of 8680 again.
Trade with levels only
Trade with levels only.
Bank Nifty Future Levels
Support at 19500 and Resistance at 20400--20650
Bank nifty looks positive and could touch its resistance level of 20400—20650.
Support intact at 19500
Trade with levels only.
Today's Top Pick
M&M Finance
Support at 285 and Resistance at 305
Looks positive and could touch its resistance level of 305. Break and sustain above 305 will take it to 312—318 and then to 330+ mark in days to come else could touch its support level of 285.
Looks weak only close below 285.
More will update soon!!
