Nifty 9,588 /Sensex 31,056 / Bank Nifty 23,502
25 Advances / 26 Declines/ 0 Unchanged
Indian equities marks end a lacklustre session on a flat note
Indian equity markets prolonged the weakness for second straight day finished the session on a dull note, amid lack of global as well as domestic cues. Sentiments remained subdued with the report that the current account deficit soared to $3.4 billion, or 0.6 per cent of gross domestic product (GDP), in the fourth quarter of financial year 2017, from $0.3 billion a year ago. Balance of payments for the full financial year stood at $21.6 billion, while for Q4 the same stood at $7.31 billion. Some concerns also came with report that foreign portfolio investors (FPIs) sold shares worth a net Rs 645.35 crore on June 15, 2017. However, the downside for the markets was capped with the report that India’s exports grew 8.32 per cent to $24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery.
Some support also came with the report that government is looking to clear FDI proposals in the 11 sectors, such as defence, insurance and telecom, where approval is still required within eight to 10 weeks of receipt of application to boost the investment climate after the abolition of the Foreign Investment Promotion Board (FIPB). Meanwhile, sharp correction was witnessed in Healthcare and IT counters, while index heavyweights such as ITC, Tata Motors continued to support the market. Technology stocks declined on worries over outlook at a time when US President Donald Trump is contemplating tougher visa actions in a key market for software services exporters, while Pharma stocks slipped amid worries about their earnings outlook, because of pricing pressures in the United States. In scrip specific development, Ipca Laboratories slipped after the US Food and Drugs Administration (USFDA) refused admission to all drugs made at the company's Pithampur and Silvassa facility.
On the global front, Asian equity markets ended mostly higher on Friday, as oil prices steadied after two day of losses on supply concerns. Investors also heaved a sigh of relief after Greece and European creditors reached a deal on the next stages of Athens' €86bn bailout. Nikkei share average edged higher as the yen dropped, after an expected policy decision by the Bank of Japan (BOJ) provided relief to investors. BOJ also left unchanged a loose pledge to keep increasing bond holdings at an annual pace of 80 trillion yen ($729 billion). However, China's stocks ended lower as weak producer inflation and investment data reinforced concerns of a renewed slowdown in the world's second-biggest economy.
Back home, the market breadth remained optimistic, as there were 1375 shares on the gaining side against 1271 shares on the losing side, while 172 shares remained unchanged.
FII’s Activity 16-June-17
The FIIs as per Friday’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 5018.68 crore against gross sell of Rs 5628.88 crore. Thus, FIIs stood as net sellers of Rs 610.20 crore in equities.
In the debt segment, the gross purchase was of Rs 701.26 crore with gross sales of Rs 215.83 crore. Thus, FIIs stood as net buyers of Rs 485.43 crore in debt.
Now what to expect next??
Nifty Levels
Support at 9580 and resistance at 9630
Above 9630 will see rally till 9680---9730 mark else it could test it's support level of 9580 again.
Panic will see only close below 9580 level only
Bank Nifty Levels
Support at 23250 and resistance at 23500
Above 23500 will see further upside rally till 23750---23900.
Fresh downside panic will see only close below 23250 mark.
Trade with levels only
Ex-Dividend Today
Torrent Pharmaceuticals Limited- Rs 4. per Share
More will update soon!!
