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INDIAN EQUITY MARKET MORNING UPDATE – 13 SEP 2017

market update

Flat Opening on D-Street; SGX Nifty down by 11 pts;

Indian Indices:

Indian markets are likely to open flat on Wednesday, tracking muted cues from Nifty futures on the Singapore Stock Exchange .SGX Nifty is trading at 10096 down 11 points. On the economy front, investors will react to weak macro data which faded hopes of repo rate cut by the RBI next month. Industrial Production ( IIP) grew marginally by 1.2% in July over the same month last year, while CPI-based inflation rate rose to a five-month high at 3.36% in August from 2.36% in the previous month, as some services became expensive due to the goods and services tax ( GST). Sensex settled above the psychologically important 32,000 mark.

Nifty has resistance placed around the levels of 10,135-10,140 and if it manages to hold above these levels, it may scale higher up to the level of 10,200. On the flip-side, supports are seen around 10,040 and 10,000 levels.

Key equity benchmarks gained for fourth day in a row. All the nineteen sectoral indices on BSE were in the green. The market breadth, indicating the overall health of the market, was positive. Tata Power is top Nifty gainer trading at Rs 84.4 per share, up by 4.2% whereas Larsen & Toubro is top Nifty loser trading at Rs 1,222.15 per share, down by 0.66%. There were 836 advances, 517 declines and 472 unchanged stocks on NSE reflectinghe BSE Sensex opened higher by 30 points at 32,188, while the Nifty50 opened higher by 6 points at 10,099 mark.

Global Market:

  • The major Wall Street indexes hit record closing highs on Tuesday.
  • Stocks climbed in Asia early Wednesday following positive closing on Wall Street.
  • European stocks finished Tuesday mostly higher as investors took stock of the impact of Hurricane Irma while tensions on the Korean Peninsula appeared to abate.
  • Key data to watch in US today: EIA Petroleum Status report.

Major Headlines of the day:

  • Ajanta Pharma gets USFDA approval for anti-psychotic drug, Risperidone tablet.
  • Overseas investment limit in Capital First raised to 50% from 24%.
  • Tata Motors Global Wholesales up 9% YoY at 94,210 units in August.
  • NBCC signs pact with Belarus’ BZS for infrastructure and energy projects in India and Republic of Belarus.

Trend in FII flows: The FIIs were net buyers of Rs -1230.74 the cash segment on Tuesday while the DIIs were net sellers of Rs 1313.08 as per the provisional figures.

Securities in Ban For Trade Date 13-SEP-2017:

1.DHFL

2.IBREALEST

3.JPASSOCIAT

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