Nifty 9,595 /Sensex 31,028 / Bank Nifty 23,362
37 Advances / 14 Declines/ 0 Unchanged
Indian benchmarks end at record highs; Sensex breaches 31000 mark
Indian benchmark indices showcased yet another courageous performance and went on to outclass indices around the world by vivaciously rallying by around a percentage in the session and settling above the psychological 9,550 (Nifty) and 31,000 (Sensex) levels for the first time ever. Thursday’s optimism got spilled over into the Friday’s session helping the frontline indices in extending the winning momentum for second successive session as higher derivatives rollover led to strong follow-up buying in index heavyweights on the first day of June series. Broader market outperformed benchmark indices with the S&P BSE Midcap and the S&P BSE Smallcap indices gaining over one and half a percent each. Investors continued to build hefty positions across the board as sentiments got a boost after the report that India retained its numero uno position being the world's top most greenfield FDI investment destination for the second consecutive year, attracting $62.3 billion in 2016. FDI by capital investment saw an increase of 2%to $62.3 billion in 809 projects during 2016 in India. The report has pointed that the global investment landscape has changed considerably in the last year as FDI gravitated to locations experiencing the strongest economic growth, while locations in recession or facing high levels of uncertainty saw major declines. Some support also came with private weather forecaster Skymet’s statement that the increase in pre-monsoon showers across India is hinting at the arrival of monsoon 2017, which is not very far away. The weather forecasting agency predicted that monsoon will make an onset over Kerala by May 29, with a margin of error of three days. Meanwhile, Airline stocks gained traction on expectations that a slide in oil prices would reduce carriers' fuel cost. Crude oil skidded 5% after OPEC and allied producers announced extended output cuts that disappointed investors. Both Jet Airways and Global Vectra Helicorp jumped over 3%, while InterGlobe Aviation rose over a percent.
On the global front, Asian equity markets made a mixed closing on Friday, tracking the overnight plunge in crude oil prices after news that OPEC and other major exporters extended their current deal to limit oil production for nine months, disappointing investors who were anticipating deeper cuts. The risk of a rate hike by the U.S. Federal Reserve in June is still sort of hanging over the market, while some Investors were looking ahead to US data on durable goods orders, first-quarter economic growth and consumer sentiment due later in the day. Hong Kong stocks broke a five-day winning streak on Friday, as gains in air carriers were offset by weakness in energy shares following a tumble in oil prices. Further, Chinese investors failed to lend support to the market during the session because two cross-border connect schemes - the source of steady liquidity support from the mainland - have been suspended due to the Dragon Boat Festival holiday, which starts on Sunday. Meanwhile, European stocks declined, erasing a weekly advance, as energy shares tracked oil lower after an OPEC output deal failed go beyond a plan flagged days earlier.
Back home, the benchmark got off to an optimistic opening, shrugging the sluggish sentiments prevailing in Asian markets. The frontline indices soon gathered momentum and traded with around half a percent gains through the morning session of trade. Second half of the session saw the key gauges capitalize on the momentum further and spurt to session’s highest levels in dying hour. Finally, the NSE's 50-share broadly followed index Nifty got buttressed by around a percent to settle above the crucial 9,550 support level, while Bombay Stock Exchange's Sensitive Index-Sensex accumulated over two hundred and fifty points and closed above the psychological 31,000 mark. The market breadth remained optimistic, as there were 1829 shares on the gaining side against 836 shares on the losing side, while 183 shares remained unchanged.
FII’s Activity 26-May-17
The FIIs as per Friday’s data were net buyers in equity segment, while they were net sellers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 9181.50 crore against gross selling of Rs 8392.30 crore. Thus, FIIs stood as net buyers of Rs 789.20 crore in equities.
In the debt segment, the gross purchase was of Rs 429.86 crore with gross sales of Rs 636.57 crore. Thus, FIIs stood as net sellers of Rs 206.71 crore in debt.
Now what to expect??
Nifty Levels
Support at 9480 and resistance at 9600.
Above 9600 will see further upside rally till 9654---9682 and then to 9729 mark else it could test its support level of 9480 again.
Trade in a range with levels only.
Today's Top Pick
Century Plyboards
We have seen positive momentum from last two trading sessions and will expect rally to remain continue.
Hurdle at 260. Above 260 will see upside rally till 275---288+++ mark.
Looks weak only if close below 240
Results Today
Aurobindo Pharma Limited
Oil India Limited
NTPC Limited
NHPC Limited
Power Grid Corporation of India Limited
Power Finance Corporation Limited
Larsen & Toubro Limited
Jubilant Foodworks Limited
Jaiprakash Associates Limited
Escorts Limited
Ex-Dividend Date
Yes Bank - Rs 12 per share
More will update soon!!
