Nifty 9,314/Sensex 29,926 / Bank Nifty 22,767
33 Advances / 18 Declines/ 0 Unchanged
* Indian stock markets settle with moderate gains; Nifty reclaims 9300 mark*
Indian stock markets witnessed a fairly stable day of trade on Monday, as investors' sentiments around the globe turned optimistic after Emmanuel Macron was elected French president with a business-friendly vision of European integration, defeating Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union. On the domestic front, sentiments got a boost after Finance Minister Arun Jaitley ruled out any surprises in the tax rates in the Goods & Services Tax (GST) that is proposed to be rolled out on July 1 and also assured that there will be no cascading in goods and commodities, which can even see tax rates coming down a little. The finance minister chaired GST council is scheduled to finalise and approve the rates of different commodities and services on May 18-19. Adding the optimism among investors, Economic Affairs Secretary Shaktikanta Das said the soon to be rolled out GST regime will help the country to grow close to 8 percent in next fiscal 2018-19. He also stated that the GST will club nearly a dozen central and state levies into a single national sales tax, helping the country integrate into one market. Some support also came with the report that India is planning to revamp its foreign trade policy and relook at incentives to give a leg up to the export sector, which is hurt by lower global demand as well as an appreciating rupee. The government proposes to come out with a mid-term review of the Foreign Trade Policy (FTP) 2015-20 in September. However, gains remained capped with the report that India's FDI inflow momentum may slow down this year and exports too may not revive with 'full gusto' as domestic bottlenecks remain.
On the global front, Asian markets ended mostly higher on Monday, as risk appetite firmed after pro-European Union candidate Emmanuel Macron comfortably won French presidential elections and energy prices rebounded. Sentiments improve further after a better-than-expected US employment report helped lift the benchmark S&P 500 Index to a record high in the previous session. The US benchmark crude oil contract rose 1.5% on Friday after Saudi Arabia's energy minister reportedly said OPEC's production cuts, due to end in June, will likely be extended till the end of 2017. However, Chinese markets extended a four-week losing streak amid ongoing concerns about tighter regulations and tepid economic data. Official data showed that Chinese exports advanced an annual 14.3 percent in yuan terms in April. The pace of growth was weaker than the expected 16.8 percent. Likewise, imports grew 18.6 percent, but slower than the 29.3 percent rise economists had forecast. Meanwhile, European equities dipped, with French shares, which hit 9 1/2-year highs on Friday, underperforming the wider market.
On the global front, the local benchmarks started the session on firm note, tracking the gains on Wall Street following the release of better-than-expected US jobs data. Thereafter, the frontline indices managed to gain traction and touched the intraday highs in the late morning trade. However, the key gauges suffered a setback in afternoon trades as sudden bouts of profit booking emerged in the local markets immediately after a somber European market opening. Finally, the NSE's 50-share broadly followed index - Nifty garnered over quarter percent to settle above the crucial 9,300 levels, while Bombay Stock Exchange's Sensitive Index - Sensex accumulated sixty-seven points and closed above the psychological 29,900 mark. Moreover, the broader markets too went home with notable gains in the session.
FII’s Activity 8-May-17
The FIIs as per Monday’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 4937.41 crore against gross selling of Rs 5185.66 crore. Thus, FIIs stood as net sellers of Rs 248.25 crore in equities.
In the debt segment, the gross purchase was of Rs 2327.63 crore with gross sales of Rs 424.16 crore. Thus, FIIs stood as net buyers of Rs 1903.47 crore in debt.
Now what to expect next??
Nifty Levels
Support at 9240 and Resistance at 9380---9450.
Above 9330 rally remain continue till 9380---9450 mark.
Support intact at 9240. 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
TECHM
Support at 412 and Resistance at 422
Above 422 will see upside rally till 433---440+++ mark.
Looks weak only if close below 410
Results Today
Bharti Airtel Limited
Syndicate Bank
Petronet LNG Limited
InterGlobe Aviation Limited
Godrej Consumer Products Limited
More will update soon!!
