Nifty 9,637 /Sensex 31,245/ Bank Nifty 23,352
37 Advances / 14 Declines/ 0 Unchanged
Indian equity benchmarks managed to eke out modest gains
A session after displaying a distressing performance, Indian benchmark indices have managed to eke out moderate gains on Wednesday, tracking positive trade in global markets after focus shifted from geopolitical tensions around North Korea to minutes from the US Federal Reserve’s last policy meeting. Sentiments got a boost after India’s services PMI rose to an eight month high in June at 53.1 as against 52.2 in May of 2017. This was also the fifth consecutive month of expansion as business environment for services sector in the country continued to improve. Some support also came with the report that global & domestic private equity funds have pumped in around $11.3 billion in the country for the first half of the current year ending June 30, making it the record highest foreign direct investment into the country. Adding optimism among investors, an Assocham-APAS study revealed that with the rollout of the Goods and Services Tax (GST), the industry alone is expected to contribute $280 billion to India's Gross Domestic Product (GDP) in the next eight to nine years. According to the chamber, the GST will enable positive structural changes in the ease of doing business, which in turn would propel the growth.
On the global front, Asian equity markets ended mostly higher on Wednesday, as market participants shrugged off geopolitical worries and looked ahead to the release of minutes of the Fed’s June meeting later Wednesday and the outcome of G20 summit, beginning Friday in Germany. Markets also shrugged off data from a private business survey that showed China’s services sector grew at a slower pace in June as new orders slumped, pointing to a softening outlook for the economy. Further, safe haven gold advanced while the yen was little changed after North Korea’s missile launch raised worries the reclusive nation is planning to build a device to attack the United States mainland. Meanwhile, European stocks grappled for direction in early trade, as losses for pharmaceutical companies and car makers dragged on the region’s indices, even as fresh data painted an upbeat picture of the Eurozone economy.
Back home, the market breadth remained optimistic, as there were 1706 shares on the gaining side against 968 shares on the losing side, while 142 shares remained unchanged.
FII’s Activity 5-July-17
The FIIs as per Wednesday’s data were net sellers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 3759.80 crore against gross selling of Rs 4918.33 crore. Thus, FIIs stood as net sellers of Rs 1158.53 crore in equities.
In the debt segment, the gross purchase was of Rs 159.68 crore with gross sales of Rs 1016.95 crore. Thus, FIIs stood as net sellers of Rs 857.27 crore in debt.
Now what to expect??
Nifty Levels
Above 9650 will see rally till 9680---9720 mark.
Panic will see only close below 9580 level only
Bank Nifty Levels
Support at 23000 and resistance at 23500
Above 23430 will see further upside rally till 23500. Close above 23500 will see sharp upside rally till 23800---24000 mark.
Support and stop loss below 23000 on closing basis.
Trade with levels only
Today's Top Pick
RCF
Above 79 will see upside rally till 84--89++ mark in days to come.
Looks bearish only if close below 73.
Any sharp downside fall will be buying opportunity in it.
Corporate Action Ex-Date Today
Pc Jeweller Limited- Bonus 1:1
The Karnataka Bank Limited-Annual General Meeting/Dividend - Rs 4/- Per Share
Bajaj Auto Limited- Annual General Meeting/Dividend - Rs 55/- Per Share
Axis Bank Limited-Annual General Meeting/Dividend - Rs 5/- Per Share
Bata India Limited-Annual General Meeting/Dividend - Rs 3.50 Per Share
Bank Of India-Annual General Meeting
Vedanta Limited-Annual General Meeting
Bajaj Finance Limited-Annual General Meeting/Dividend - Rs 3.60/- Per Share
Bajaj Finserv Limited-Annual General Meeting/Div-Rs 1.75 Per Share
More Will Update Soon!!
