Update on Nifty levels, Bank Nifty levels and Equity Pick of the day 9th Feb 2018
Nifty 10576 /Sensex 34413 / Bank Nifty 25920
41 Advances /9 Declines/ 0 Unchanged
Benchmarks snap seven days losing streak; Sensex regains 34,400 mark
Snapping seven days of losing streak, Indian equity benchmarks ended the session with a gain of around a percentage point, with frontline gauges recapturing their crucial 34,400 (Sensex) and 10,550 (Nifty) levels, as traders opted to buy beaten down but fundamentally strong stocks after seven sessions of continuous drubbing. After opening mildly in green markets gained momentum, as traders also took some encouragement with ASSOCHAM chief’s statement that the Reserve Bank of India’s (RBI’s) decision to keep the policy rate unchanged is on the expected lines, though the less than hawkish stance has come about as a relief for the industry which had even feared a possible hike in the lending rates, following inflationary concerns. A sharp fall in oil prices also eased investors’ concerns surrounding inflation and rising twin deficits. The EIA’s Short-Term Energy Outlook predicted that US oil production would top 11 million barrels per day this year. Sentiments also got boost by a report that India’s oil refining capacity is set to jump 80%, or by 194 MT, by 2030 as state refiners, Reliance Industries and Rosneft line up expansion plans, undeterred by the renewables explosion, hoping to meet future demand.
Traders also got some support with report that the CBDT has directed the taxman not to undertake ‘coercive’ steps in recovering pending taxes from startups under a specific provision of the Income Tax Act, a move aimed to help budding entrepreneurs in the country. Meanwhile, Moody’s said that the global green bond issuances are likely to surge by 60 per cent to a record $250 billion this year, with India and China leading the emerging markets in this space. However, markets pared some of their gains in last leg of trade, as anxiety spread among the traders with the exporters’ body, Federation of Indian Export Organisations’ (FIEO) statement that liquidity problems emanating from delay in refund of Goods and Services Tax (GST) is forcing exporters to turn down new orders. It also noted that micro, small and medium enterprises (MSMEs) are cutting their workforce due to cash crunch.
On the global front, European markets were trading in red terrain, as investors waded through the latest batch of corporate earnings, ahead of a central bank decision in the UK. The Bank of England’s latest monetary policy meeting and inflation report are both due during the session. Asian markets ended mostly in green, as traders went for bargain hunting after the week’s sharp losses.
Back home, stocks related to public sector banks (PSBs) remained in focus after Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy said that accretion of fresh non-performing assets (NPAs) of PSBs has virtually stopped. Infrastructure related stocks too edged higher despite report that as many as 302 infrastructure projects worth Rs 150 crore and above are delayed with a total cost over-run of Rs 1.45 lakh crore as on November 01, 2017.
FII’s Activity 8th-Feb-18
The FIIs as per Thursday’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 5897.78 crore against gross selling of Rs 6898.87 crore. Thus, FIIs stood as net sellers of Rs 1001.09 crore in equities.
In the debt segment, the gross purchase was of Rs 490.68 crore with gross sales of Rs 900.99 crore. Thus, FIIs stood as net sellers of Rs 410.31 crore in debt.
In the hybrid segment, the gross buying was of Rs 0.14 crore against gross selling of Rs 0.05 crore. Thus, FIIs stood as net buyers of Rs 0.09 crore in hybrid segment.
Now what to expect ??
Nifty Levels
Not able to breach 10650 and slipped again.
Support at 10300. Now fresh selling will do only close below 10300 marks else we will see sharp upside rally in it.
Hurdle intact at 10650---10725.
Trade with levels only
Bank Nifty
Support at 25500. Breaks and sustain below 25500 will take it 24850---24700.
Hurdle intact at 26300
Top Pick
We will provide during market hours.
Corporate Action
Cholamandalam Investment and Finance Company Limited-Interim Dividend Rs 4.50 Per Share
MRF Limited-Interim Dividend Rs 3/- Per Share
Pidilite Industries Limited-Buyback
Results Today
Bank of Baroda
Syndicate Bank
Suzlon Energy Limited
Sun TV Network Limited
State Bank of India
Strides Shasun Limited
Tata Steel Limited
Marico Limited
National Aluminium Company Limited
Mahindra & Mahindra Limited
Oil & Natural Gas Corporation Limited
Oil India Limited
Mahanagar Gas Limited
Max Financial Services Limited
The India Cements Limited
Hindustan Petroleum Corporation Limited
Bharat Petroleum Corporation Limited
More Will Update Soon!!
