Nifty 9,674 /Sensex 31,369/ Bank Nifty 23,466
28 Advances / 23 Declines/ 0 Unchanged
Indian equities gain for second straight session; Nifty ends above 9650 mark
Indian stock markets witnessed a fairly stable day of trade on Thursday, as sanguinity got reinforced after minutes from the Federal Reserve’s last meeting showed a lack of consensus on the future pace of interest rate increases. Wednesday’s optimism got spilled over into the Thursday’s session helping the frontline indices in extending the winning momentum for second successive session, as sentiments got a boost after International Monetary Fund’s (IMF’s) report that India’s growth outlook has improved as the impact of last year’s demonetization exercise seems to be fading and recent key structural reforms continue to pay off. Besides, hopes of positive quarterly earnings and smooth roll-out of the goods and services tax (GST) also lifted sentiment.
Some support also came with a private report indicated that Indian economy is expected to recover in the coming quarters and the country is expected to clock a real GDP growth of 6.9 percent in this financial year. The report also noted that the negative effects from the demonetization measure is already wearing off, and the Indian economy will likely benefit from positive demographic trends, greater external stability (due to improved terms of trade from low oil prices), and continued reforms that should help to improve the country’s admittedly poor business environment. Investors’ morale remained upbeat as Finance Minister Arun Jaitley said that despite the anticipation of initial disruptions on account of the GST, the rollout of the new indirect tax regime from July 1 was smooth and without any significant glitches. Meanwhile, PSU Banking stocks gained traction after brokerage houses upgraded leading PSUs such as Bank of Baroda and Punjab National Bank as valuations turned reasonable after recent correction on NPA concerns.
On the global front, Asian equity markets ended mostly lower on Thursday, as oil prices resumed a downtrend and minutes from the Federal Reserve’s last meeting showed a lack of consensus among members over when to start reducing the Fed’s securities portfolio. Japanese stocks edged lower as ongoing tensions around North Korea continued to sap risk appetite, while the retail sector underperformed on dismal earnings from convenience stores. Investors are focused on major events this week such as US jobs data and the Group of 20 nations’ meeting in Germany, where US President Donald Trump and other leaders are expected to discuss steps to rein in North Korea’s weapons programme. The United States said it was ready to use force if needed to stop North Korea’s nuclear missile programme but said it preferred global diplomatic action against Pyongyang. Meanwhile, China stocks inched up, helped by strong gains in resource firms on expectations of robust mid-year earnings.
Back home, the market breadth remained optimistic, as there were 1537 shares on the gaining side against 1171 shares on the losing side, while 135 shares remained unchanged.
FII’s Activity 6-July-17
The FIIs as per Thursday’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 3521.81 crore against gross selling of Rs 3396.90 crore. Thus, FIIs stood as net buyers of Rs 124.91 crore in equities.
In the debt segment, the gross purchase was of Rs 541.52 crore with gross sales of Rs 1199.50 crore. Thus, FIIs stood as net sellers of Rs 657.98 crore in debt.
Now what to expect??
Nifty Levels
Above 9680 will see rally till 9720---9770 mark.
Panic will see only close below 9580 level only
Bank Nifty Levels
Support at 23225 and resistance at 23480
Close above 23480 will see further upside rally till 23800---24000.
Support and stop loss below 23225 on closing basis.
Trade with levels only
Corporate Action Ex-Date Today
ICICI Prudential Life Insurance Company Limited- Annual General Meeting/Dividend - Rs 2.30/- Per Share/Special
More Will Update Soon!!
