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INDIAN EQUITY MARKET MORNING UPDATE – 09 OCT 2017

market update

Nifty settles at 9,979; Sensex ends up by 222 points;

Indian Indices:

Benchmark indices showed handsome upward breakout on Friday. Nifty ended at 9,979 level, up by 91 points while Sensex ended at 31,814 level, up by 222 points. On the broader markets, BSE Mid-cap index closed at 15,840 level, up by 148 points while BSE Small-cap index closed at 16,626 level, up by 177 points.

The upsurge in the Nifty and Sensex can be attributed to the outcome of GST’s 22nd meeting. The GST Council meeting is likely to bring relief to various business sectors in the country from the complexity of compliance and high tax rate on select goods and services. Exporters are likely to get major relief in terms of faster and easier refund of input credit.

There were 1,136 advances, 511 declines and 320 unchanged stocks on NSE, reflecting strong positive sentiments in the market. Metal and Banking stocks were shining on the bourses. Reliance, Tata Steel and Infosys were top contributors to the Nifty and Sensex gains. Reliance closed at Rs 837 per share, up by 1.55%. Nifty Metal index was the top gainer among the sectoral indices on NSE, ending at 3,711 level, up by 3.14%. Bank Nifty index closed at 24,190 level, up by 0.55. Punjab National Bank was the top gainer in the index closing at Rs 137.3 per share, up by 3.74%.

Global Market:

  • Asian shares edge up ahead of China services data as the Turkish lira tumbles. Asia markets edged up early on Monday as investors in Asia awaited the release of China Caixin services PMI.
  • Global Sector PMI: Financials, industrials lead global growth in Q3. The latest set of IHS Markit Global Sector PMI data signalled further broad-based growth of output in September.
  • World Coffee exports plummet 8.4% in August. World Coffee exports slipped 8.4% to 9.87 million of 60 kg bags in August 2017, compared with 10.77 million in August 2016,.

Major Headlines of the day:

  • Reliance Industries-Reliance sells its assets in the Marcellus Shale Play of North-Eastern And Central Pennsylvania for USD 126 million, Company had acquired a 60 percent stake in the upstream field in 2010 for USD 392 million as part of a joint venture with Carrizo Oil and Gas, which operated the field.
  • SPARC-Baclofen GRS did not meet primary end point in placebo controlled studies, Bacoflen is a muscle relaxer used to treat symptoms caused by Multiple Sclerosis.
  • GST-Number Of Items In The 28% Tax Slab Being Trimmed By GST Council, GST Rate On Khakra To Be Cut From 12% To 5%,Threshold For Composition Scheme Hiked To `1 Cr.

Trend in FII flows: The FIIs were net buyers of Rs –1040.40 the cash segment on Friday while the DIIs were net sellers of Rs 1239.74 as per the provisional figures.

Securities in Ban For Trade Date 09-OCT-2017:

1.BEML

2.DHFL

3.IBREALEST

4.JPASSOCIAT

5.JSWENERGY

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