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INDIAN EQUITY MARKET OUTLOOK – 12 JUNE 2017

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Gapdown opening likely ahead of IIP, CPI data

Indian Indices:

Indian shares are likely to witness a weak Monday morning as the global markets trade lower with SGX Nifty trading 66 points down @9616, Indian equities are likely to open in red on Monday, tracking bearish cues from Nifty futures on the Singapore Stock Exchange and negative trading across Asian markets, as investors weighed hung parliament in the UK, while caution prevailed ahead of the first round of France’s parliamentary elections and US Federal Reserve policy meeting later this week. Back home, bearish trend in the SGX Nifty Index Futures for June delivery, which were trading 9,631.50, down by 50.50 points or 0.52 per cent, at 10:54 AM Singapore time, also signaled a negative opening for local bourses.

On the economy front, the government has revised tax rates on 66 products under the ensuing GST regime to meet demands from various quarters as the country prepares for rollout of one- nation-one-tax regime in less than three weeks.

Meanwhile, ongoing demand for farm loan waiver, with Maharashtra approving the scheme to benefit farmers, would derail economy reform process.

Adding to it, investors may also remain sideline ahead of the key macro-economic events, IIP data and CPI inflation numbers, due today, which will set future direction for the markets.

On the corporate front, banking stocks will remain in focus as the Finance Minister Arun Jaitley will meet heads of the PSU banks today review the financial performance of all public sector banks (PSBs) and steps being taken by them to expedite the recovery of bad loans.

On Friday, Indian benchmark indices ended the rangebound trade on a higher note helped by strong buying across auto, realty and metal space, tracking mixed cues from the global peers, as investors shrugged off the political uncertainty in the UK. Investors reacted benevolently to the UK poll verdict, which left no single party with a clear claim to power. The 30-share barometer SENSEX closed at 31262.06, up by 48.7 points or by 0.16 per cent, and the NSE Nifty ended at 9668.25, up by 21 points or by 0.22 per cent.

Global Market:

Asian stocks edged lower early on Monday following a slide by U.S. technology shares and the dollar rose ahead of this week’s U.S. Federal Reserve policy meeting, with markets hoping for more guidance on the central bank’s interest rate path.

Sterling steadied on Monday as British Prime Minister Theresa May scrambled to pick up the pieces and reunite her Conservative Party after a disastrous election that could disrupt Brexit negotiations. British consumers cut their spending for the first time in nearly four years last month, figures from credit card firm Visa showed, as households turned more cautious even before last week’s shock election result.

Japan’s core machinery orders fell more than expected in April, casting doubt on the strength of companies’ capital spending and adding to concerns about the country’s fragile economic recovery.

South Korea’s central bank chief said on Monday that monetary policy needs to stay accommodative to support the economy, but adjustments should be reviewed if growth remains strong.

Major Headlines of the day:

  • SBI to launch up to $2.3 bn share sale this week
  • DLF’s FY18 rental income to rise 12% at Rs 2,900 cr on better realisations
  • Amtek reports loss of Rs 2,533 crore in FY17
  • Zydus’ Nesher Pharma gets US FDA nod for antifungal drug.

Trend in FII flows: The FIIs were net buyers of Rs 100.99 the cash segment on FRIDAY while the DIIs were net sellers of Rs 324.70  as per the provisional figures.

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

1       GMRINFRA

2       HDIL

3       INFIBEAM

4       JPASSOCIAT

5       KSCL

6       ORIENTBANK

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