Nifty 9,160/Sensex 29,648/ Bank Nifty 21,175
15 Advances / 36 Declines/ 0 Unchanged
Benchmarks trade in fine fettle in early deals
Friday's trading session was clearly of consolidation as the Indian benchmark indices appeared a bit fatigued and remained in tight range throughout the day. Nevertheless, the benchmarks managed to extend the winning momentum for the second consecutive day of trade as local sentiments got a boost after the goods and services tax (GST) council on Thursday gave its nod to the two remaining pieces of supporting legislation for implementing the landmark tax reform, paving the way for their introduction in Parliament and state legislatures. The council's approval for the state GST and Union territory GST bills marks an important step in India's journey towards creating a unified market and is critical to meeting the deadline of July 1 for GST implementation. Adding optimism among investors, HDFC Chairman Deepak Parekh said the GST regime can push up the country's growth by as much as 150-200 basis points (bps). India's GDP for the third quarter ended in December 2016 recorded a growth of 7%. The estimate of GDP growth for the full fiscal 2016-17 is 7.1%. Meanwhile, IT stocks, which get bulk of their revenues from exports to the US, edged higher after Indian rupee, snapping its four-session long gains, fell 24 paise to 65.65 against the dollar on Friday. Also, IT Minister Ravi Shankar Prasad on Friday said the government had voiced its concern regarding the H1-B visa issue to the US and added that Indians do not steal but create jobs. Further, cigarette stocks such as ITC surged after the GST Council capped the cess on tobacco and cigarettes at 290% or Rs 4,170 per 1,000 cigarette sticks.
On the global front, Asian markets ended mostly higher on Friday, posting their best week in eight months, after the Federal Reserve indicated it was unlikely to speed up monetary tightening. While the Fed raised rates by quarter a point as widely expected on Wednesday, the central bank's projections called for only two more rate hikes this year. Now traders were eyeing the G20 finance ministers' meeting in Germany, which is set to be dominated by debate on protectionism. Further, Seoul shares edged higher as foreign investors extended their buying streak for the 10th straight session, while Indonesia's Jakarta Composite index ended in green, a day after the country's central bank left its key interest rate unchanged, as widely expected. Meanwhile, European equity benchmarks were trading in the green in early trade as financial services stocks advanced in Paris and traders digested a raft of monetary policy decisions made by central banks earlier in the week.
Back home, after getting a firm start, the local indices traded in tight range, near neutral line, for most part of the session and ended the day with moderate gains. The NSE's 50-share broadly followed index Nifty, added single digit gains to settle above the crucial 9,150 support level, while Bombay Stock Exchange's Sensitive Index or Sensex gained around sixty-three points and ended above the psychological 29,600 mark. However, the broader markets failed to show any kind of favour and settled on an uninspiring note, underperforming their larger peers by a small margin. The market breadth on the BSE was pessimistic, as there were 1243 shares on the gaining side against 1575 shares on the losing side, while 203 shares remained unchanged.
POSCO offers to surrender land for planned India steel project
South Korean steelmaker POSCO has asked the eastern state of Odisha in India to take back the land it was allotted for a $12 billion steel project as it has not been able to start work, two senior state officials said
This could be a sign the world's fourth-biggest steelmaker was scrapping the proposed 12 million-tonnes-a-year steel plant, although POSCO said on Sunday that its move to return the land did not mean it would cancel the long-delayed project.
POSCO said it had expressed its intention to give back the land because it "will not be used urgently".
"Posco has asked us to take back the land as it could not utilize it as per the lease deed condition," IDCO's chief general manager for land management, Susanta Kumar Mohanty, told Reuters on Saturday.
A mining law enacted by the federal government in 2015 made it mandatory for the company to buy a mining license for captive mines in an auction. Originally, the Odisha government had promised to help the company obtain the licence for free.
Steel Mills in India Reversing Import Woes with Export Push
India is set to become a net exporter of steel for the first time in four years, reversing a trend that saw domestic mills battling a flood of cheap imports, according to the Indian Steel Association. Shares of producers surged in Mumbai.
“This is a very positive development and it would indicate that the Indian steel industry is globally competitive in terms of quality and prices,” Sanak Mishra, the association’s secretary general, said by phone from New Delhi. The nation’s production is forecast to top 100 million metric tons in the fiscal year starting April 1 as the big producer’s commission more capacity and look to boost exports, he said.
Exports surged almost 78 percent in the 11 months to February to 6.6 million tons, while imports have plunged 39 percent to the same figure, according to Steel Ministry data. Output jumped 11 percent to 92 million tons amid consumption growth of 3.4 percent to 76.2 million tons, it said.SAIL shares rose 5.4 percent to 63.30 rupees at 2:33 p.m. in Mumbai, while JSW Steel climbed 5.2 percent to 193 rupees and Tata Steel advanced 4.1 percent to 498.50 rupees.
It’s a sharp contrast to a year ago, when India was inundated with cheap supplies from China, the biggest producer and exporter, with the country importing a record 11.7 million tons in 2015-16. The government initiated a number of trade measures such as a floor price on shipments, safeguard taxes and anti-dumping duties to stem the inflow.
The nation is expected to have balanced imports and exports this year, said Mishra. India remains a key steel consuming country and the local market, which is forecast to grow at 5 percent next year, will still be the main destination for its producers, he said. He didn’t provide specific forecasts for 2017-18.
Yogi Adityanath Takes Charge As Chief Minister Of Uttar Pradesh
Yogi Adityanath, a five-time parliamentarian was sworn in as the new Chief Minister of Uttar Pradesh. The swearing-in happened in Lucknow a week after the BJP won a landslide mandate in the assembly elections with 312 seats. In a surprise announcement, Mr Adityanath's name was announced. His two deputies in Keshav Prasad Maurya, the party's UP chief, and Dinesh Sharma, Lucknow's Mayor also took oath. Mr Sharma is credited with leading the party's membership drive in the state.
After his name was announced for the top post, Mr Adityanath thanked Prime Minister Narendra Modi, who himself was an important part of the party's campaign in the state. "I will take UP forward with his motto of sabka saath sabka vikas," Mr Adityanath declared soon after he was announced the Chief Minister. He has been winning the Gorakhpur seat since 1998 and is the head priest of Gorakhnath Math. The politician-priest with his shaven head and trademark saffron robe has been the party's Hindutva mascot and consistently commissions headlines, usually because of his controversial statements.
We will serve the state with the motto Sabka saath sabka vikas: Yogi Adithyanath
Government will work for all section of society without any partiality, for this administration will be made accountable and answerable
The BJP government had vowed development though 'Sabka Saath Sabka Vikas', which will be taken forward
UP has been left out in the race of development
The previous government had indulged in corruption and family disputes and also derailed law and order in the state
We will fulfil all the promises we have made to the people of the state
The fruits of the absolute majority that has been given to the BJP will soon be seen
The government will work with utmost honesty to generate employment for youth
The BJP had presented the Lok Kalyan Sankalp Patra as its vision document ahead of the elections. All the promises will be fulfilled
FII’s Activity 17-March-17
The FIIs as per Friday’s data were net buyers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 5611.90 crore against gross selling of Rs 4187.66 crore. Thus, FIIs stood as net buyers of Rs 1424.24 crore in equities.
In the debt segment, the gross purchase was of Rs 5220.00 crore with gross sales of Rs 1451.57 crore. Thus, FIIs stood as net buyers of Rs 3768.43 crore in debt.
Now what to expect next??
Nifty Levels
Support at 9050 and Resistance at 9218---9248.
Looks positive and could touch its Resistance level of 9218---9248. Further upside rally will see only close above 9248 mark else could touch its support level of 9050 again.
Fresh selling can be initiated below 9050 mark.
Bank Nifty Levels
Support at 21000 and resistance at 21500
Looks positive and could touch its Resistance level of 21500 will see upside in it, else could touch its Support level of 21000.
Today's Top Pick
IBULHSFIN
Support at 958 and Resistance at 971
Trend look positive and could touch resistance level of 971.
Above 971 it can touch 983—1005 else it can touches support level of 958 again
Trade with levels only
More will update soon!!
