Nifty 9,520 /Sensex 30,921/ Bank Nifty 23,221
24 Advances / 26 Declines/ 1 Unchanged
Indian equities settle with paltry gain; Nifty ends above 9500 marks
Indian equity markets started the session on a sluggish note but managed to eke out some gains by the end of trade, as the benchmark indices clawed back into the green terrain in the last leg of trade on getting some supportive leads from the European markets. The session largely remained characterized by choppiness as investors remained cautious ahead of the landmark tax reform Goods and Services Tax (GST), which is set to launch latter Friday midnight. The indices ended the month of June in negative, first monthly loss this year.
Broader markets managed a touch better than the larger peers, as the BSE’s midcap and small cap indices settled with gains of 0.63% and 0.66% respectively. Sentiments got some support with Industry body FICCI's report that the rollout of GST will bring about significant gains to India's economy and it looks forward to working with the government for successful implementation of the crucial tax reform. Also, Arun Jaitley said that GST is an efficient and simple system with less corruption, adding that prices should decline after GST is in place July 1, while anticipating some teething troubles. Meanwhile, Shares of telecom companies declined after ICRA’s latest report indicated that intense competition and pricing pressure will continue to take a toll on the telecom sector with industry revenue expected to fall another 6 percent during the current financial year. Further, mixed reaction was observed in real estate stocks after the government on Thursday hiked the GST rate for the construction sector to 18% from 12%, but removed land value from computation of tax liability. Auto stocks edged lower on worries that GST would push up prices of cars and lead to a decline in sales.
On the global front, Asian equity markets ended mostly lower on Friday, as major central banks signalled that the era of cheap money was coming to an end, which hurt both U.S. markets overnight. Japanese shares hit two-week lows, with a stronger yen, weak overnight cues from Wall Street and mixed economic reports weighing on sentiment. While consumer price inflation rose for the fifth straight month in May, consumer spending remained tepid, the jobless rate ticked higher and industrial output slipped back into contraction, adding to underlying risks. Further, Hong Kong shares closed down, tracking weak global markets, but recorded their sixth straight monthly gain on expectations of supportive measures from Beijing at the 20th anniversary of Hong Kong's handover to China on July 1. Meanwhile, European stocks edged higher Friday, with technology and consumer-related shares on the mend after a hefty selloff, but the region's benchmark was still on track to finish June in the red.
Back home, market breadth remained optimistic, as there were 1358 shares on the gaining side against 1209 shares on the losing side, while 184 shares remained unchanged.
FII’s Activity 30-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 6901.94 crore against gross selling of Rs 7634.23 crore. Thus, FIIs stood as net sellers of Rs 732.29 crore in equities.
In the debt segment, the gross purchase was of Rs 2195.77 crore with gross sales of Rs 1483.58 crore. Thus, FIIs stood as net buyers of Rs 712.19 crore in debt.
Now what to expect next??
Nifty Levels
Support at 9500 and resistance at 9580
Below 9500 will see panic till 9420---9380-mark else it could test its resistance level of 9580 again.
Rally will see only close above 9580 level only
Bank Nifty Levels
Below 23200 will see further downside panic till 23000---22850 mark.
Rally will see only close above 23650 marks
Trade with levels only
Today's Top Pick
Havells
Above 460 will see upside rally till 472---475+++ mark in days to come.
Looks weak only if close below 450.
Any sharp down fall will be buying opportunity in it.
Corporate Action Today
The Federal Bank Limited- Annual General Meeting/ Dividend - Rs 0.90/- Per Share
Petronet LNG Limited- Bonus 1:1
The South Indian Bank Limited- Annual General Meeting/Dividend - 0.40 Per Share
More will update soon!!
