Nifty 9,316/Sensex 29,933 / Bank Nifty 22,707
28 Advances / 23 Declines/ 0 Unchanged
* Indian benchmarks unable to gather stem; end on a flat note*
Indian benchmark indices ended the session on a flat note, with the Nifty managing to hold on to its 9300 mark. Today's session largely remained characterized by consolidation as the aimless indices moved only sideways in a tight band amid lack of triggers. Sentiments got some support with IMF's report indicating that India's growth is expected to rebound to 7.2% in the 2017-18 fiscal and 7.7% in 2018-19. According to the report, the temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease. It noted that the investment recovery is expected to remain modest and uneven across sectors as deleveraging takes place and industrial capacity utilisation picks up. Some support also came with the report that mutual fund (MF) industry's asset base crossed the Rs 19 lakh crore mark in April on the back of fresh inflows in equity, debt and money market segments. The assets under management (AUM) of the MF industry, comprising 42 players, rose to an all-time high of Rs 19.26 lakh crore at the end of April from Rs 17.55 lakh crore at the end of March 2017. However, traders turned cautious after agriculture minister Radha Mohan Singh asked chief ministers of all states and union territories to review their preparedness to mitigate possible drought in the event of a rain deficit in the upcoming monsoon season. As per the weather office's forecast issued earlier this month, the June-September monsoon rainfall this year is expected to be 96% of the long-term average, with a 5% error margin. Meanwhile, India's food safety regulator has proposed a tax on all packaged foods with high fat, sugar and salt content. The regulator also proposed strict labelling norms for such products and a bar on advertising them on children's television channels. The Food Safety and Standards Authority of India (FSSAI), however, did not specify the quantum of tax that it wants imposed.
On the global front, Asian markets ended mostly lower on Tuesday, as the French election euphoria faded and a lack of fresh catalysts kept investors on the sidelines. Japanese equities declined as the market ran out of puff after rallying to a 17-month high the previous day, while Chinese shares ended flat in thin trading as concerns over tougher financial regulations lingered. The People's Bank of China refrained from injecting cash into markets via open market operations for the third day running, adding to concerns over policy tightening. Meanwhile, South Korean market is closed for Tuesday's presidential election, in which liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum since former President Park Geun-hye was removed in March on charges of bribery and abuse of power. However, European stocks marched higher in early trade, as investors appeared back in the mood to take on more risk in the wake of German's better than expected trade data.
Back home, after getting a firm start, the local benchmarks traded in tight range near neutral line throughout the session and ended the day with moderate gains. The NSE’s 50-share broadly followed index Nifty, added single digit gains to settle above the crucial 9300 support level, while Bombay Stock Exchange’s Sensitive Index or Sensex gained seven points and ended above the psychological 29900 mark. Moreover, broader markets showed some resilience by outclassing their larger peers by good margin. The market breadth remained optimistic, as there were 1469 shares on the gaining side against 1355 shares on the losing side, while 174 shares remained unchanged.
FII’s Activity 09-May-17
The FIIs as per Tuesday’s data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 3364.40 crore against gross selling of Rs 3945.75 crore. Thus, FIIs stood as net sellers of Rs 581.35 crore in equities.
In the debt segment, the gross purchase was of Rs 1203.77 crore with gross sales of Rs 163.73 crore. Thus, FIIs stood as net buyers of Rs 1040.04 crore in debt.
Now what to expect next??
Nifty Levels
Never change our levels daily.
Support at 9240 and Resistance at 9380---9450.
Above 9330 rally remain continue till 9380---9450 mark else will it could test its support level of 9240 again.
Close below 9240 will take to 9180---9130 mark.
Major support intact at 9080
Bank Nifty Levels
Support at 22550 and resistance at 22930
Trend Looks positive and could touch its resistance level of 22930.
Close above 22930 will see further upside rally in it else could touch its support level of 22550 again.
Today's Top Pick
UPL
Support at 800 and Resistance at 820
Above 820 will see upside rally till 840---855+++ mark.
Looks weak only if close below 800
Results Today
Dalmia Bharat Limited
Zee Entertainment Enterprises Limited
Siemens Limited
Idea Cellular Limited
Hero MotoCorp Limited
Capital First Limited
More will update soon!!
