DAILY REPORT 24 th SEPT. 2013 YOUR MINTVISORY Call us at +91-731-6642300 Global markets at a glance Japanese AND Hong-Kong markets were shut on Monday for a Public holiday. European shares traded flat at midday on Monday after stronger euro zone data. Having hit a session low of 1,258.10, the FTSEurofirst was flat at 1,262.34 by 1009 GMT, along with the broader STOXX 600 at 314.17. Both pared losses after euro zone PMI data added to signs that the economy is healing. Wall Street Update As widely expected, the Bank of Japan offered to purchase 400 billion yen ($4.05 billion) of 5-year to 10-year JGBs in the secondary market under its massive JGB buying pro- gram. Several regional banks sold and bought JGBs to ad- just their positions ahead of the end of the first half of the fiscal year on Sept. 30. One regional bank purchased 2- year to 3-year JGBs, as the bank oversold mid-term JGBs late last week. A weak Nikkei, which dropped 0.7 percent, also prompted some safe-haven demand for JGBs. Previous day Roundup Equity markets cracked at the start of the expiry week. The Nifty slumped below 5,900-mark to close at the day's lows. The Sensex ended down 362.75 points or 1.79 percent to end at 19900.96, and the Nifty slumped 122.35 points or 2.04 percent at 5889.75. About 990 shares have advanced, 1301 shares declined, and 151 shares are unchanged. Index stats Bank Nifty & Bankex both declined 4.45% & 4.41% respec- tively, while all the sartorial Indices also resulted downside closing in yesterday’s session, where Oil & Gas [down 155.78pts], PSU [down 145.82pts], Metals [down 0.97pts], Capital Goods [down 2.64.36pts], AUTO [down 130.38pts], Healthcare [down 68.88pts], Power [down 34.91pts] RE- ALTY [down 55.74 pts], FMCG [down 88.71pts], except Consumer Durables [up 137.20pts], TECK [up 19.30pts], IT [up 71.34pts], which traded upward. World Indices Index Value % Change D J l 15,401.38 -0.32 S&P 500 1,701.84 -0.47 NASDAQ 3,765.29 -0.25 EURO STO 2,906.35 -0.71 FTSE 100 6,557.37 -0.59 Nikkei 225 14,639.17 -0.70 Hong Kong 23,242.32 -0.55 Top Gainers Company CMP Change % Chg SESAGOA 183.20 5.20 +2.92 HCLTECH 1,092.05 30.25 +2.85 HINDALCO 116.00 2.05 +1.80 HEROMOTOCO 2,007.300 25.35 +1.28 DRREDDY 2,396.00 29.75 +1.26 Top Losers Company CMP Change % Chg BANKBARODA 509.85 40.30 -7.33 DLF 140.85 10.65 -7.03 AXISBANK 1,030.00 72.35 -6.56 INDUSIND 385.00 26.50 -6.44 JPASSOCIAT 37.60 2.45 -6.12 Stocks at 52 Week’s high Symbol Prev. Close Change %Chg ALEMBICLTD 27.85 1.00 +3.72 CMAHENDRA 211.75 0.55 +0.26 DENSO 133.25 6.90 +5.46 HCLTECH 1,092.05 30.25 +2.85 LAOPALA 475.10 20.60 -4.16 Indian Indices Company CMP Change % Chg NIFTY 5,889.75 -122.35 -2.04 SENSEX 19,900.96 -362.75 -1.79 Stocks at 52 Week’s Low Symbol Prev. Close Change %Chg DHFL 111.20 -3.40 -2.97 PFRL 118.15 -1.45 -1.23
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DAILY REPORT
24th SEPT. 2013
YOUR MINTVISORY Call us at +91-731-6642300
Global markets at a glance
Japanese AND Hong-Kong markets were shut on Monday
for a Public holiday.
European shares traded flat at midday on Monday after
stronger euro zone data. Having hit a session low of
1,258.10, the FTSEurofirst was flat at 1,262.34 by 1009
GMT, along with the broader STOXX 600 at 314.17. Both
pared losses after euro zone PMI data added to signs that
the economy is healing.
Wall Street Update
As widely expected, the Bank of Japan offered to purchase
400 billion yen ($4.05 billion) of 5-year to 10-year JGBs in
the secondary market under its massive JGB buying pro-
gram. Several regional banks sold and bought JGBs to ad-
just their positions ahead of the end of the first half of the
fiscal year on Sept. 30. One regional bank purchased 2-
year to 3-year JGBs, as the bank oversold mid-term JGBs
late last week.
A weak Nikkei, which dropped 0.7 percent, also prompted some safe-haven demand for JGBs.
Previous day Roundup
Equity markets cracked at the start of the expiry week. The
Nifty slumped below 5,900-mark to close at the day's lows.
The Sensex ended down 362.75 points or 1.79 percent to
end at 19900.96, and the Nifty slumped 122.35 points or
2.04 percent at 5889.75. About 990 shares have advanced,
1301 shares declined, and 151 shares are unchanged.
Index stats
Bank Nifty & Bankex both declined 4.45% & 4.41% respec-
tively, while all the sartorial Indices also resulted downside
closing in yesterday’s session, where Oil & Gas [down
1. HCLTECH HCL TECH is looking strong on charts, long build up has
been seen, we may see more upside, if it continues to sus-
tain above 1100. We advise buying above 1100 levels with
strict stop loss of 1080 for the targets of 1120-1150 levels.
2. SBI SBI is looking weak on charts, short build up has been seen,
we may see more downside, if it continues to sustain below
1635. We advise selling below 1635 levels with strict stop
loss of 1680 for the targets of 1605-1580 levels.
STOCK RECOMMENDATION [CASH]
1. PG ELECTROPLAST
PG ELECTROPLAST is looking strong on charts . We advise buying above 141.50 with strict stop loss of 133 for the tar-gets of 145-149-155 levels. MACRO NEWS
Sugar industry asks Uttar Pradesh government for a bailout as losses mount. The Reserve Bank today announced a 13-member com-mittee, the 'Committee on Comprehensive Financial Services for Small Businesses and Low-Income House-holds' has been tasked to develop a comprehensive monitoring framework to track the progress of the fi-nancial inclusion and deepening efforts on a nationwide basis.
STOCKS IN NEWS Tata Power signs pact with EESL for energy effi-ciency Reliance Jio opposes Trai's move to hike spectrum usage charge Government to fast-track Tata-SIA airline. Strides Arcolab to reward shareholders with up to Rs 800/share. Tata Steel announces Rs 180 cr bonus payout to employees for 2012-13.
NIFTY FUTURE
Nifty Future as expected closed in the red in the last
trading session. We advice selling on rise around 5950-
5940 with strict stop loss of 6000 for the targets of
EUR/INR has closed @84.6225. If it breaks 84.45, it can touch the level of 84.20 & 83.80. If it sustains above the level of 85.20, it can touch the level of 885.29 & 85.54.
USD/INR
USD/INR has closed @62.6250. If it breaks 62.45, it can touch the level of 62.15 & 61.90. If it sustains above the level of 63.20, it can touch the level of 63.50 & 63.89.
CURRENCY ROUNDUP
The partially convertible rupee was trading at 62.53/54 per
dollar at 9:03 a.m., compared to its close of 62.23/24 on
Friday. The intrinsic value of the rupee is between 58 and
60 against the dollar, overseas speculators were partly re-
sponsible for the sharp fall in the currency over the past
few months. .
The rupee extended its fall on Monday, hurt by sharp
losses in the domestic share market following a surprise
rate hike by the Reserve Bank of India on Friday, while
fears of a tapering by Fed in October also weighed. The
rupee's rally following the Fed's decision to refrain from
tapering its massive asset purchase program on Wednes-
day was short-lived as the RBI chief Raghuram Rajan put
inflation management back at the forefront and chose to
raise key policy rates on Friday.
In the offshore non-deliverable forwards, the one-month
contract was at 63.39 while the three-month was at 64.52.
In the currency futures market, the most-traded near-
month dollar/rupee contracts on the National Stock Ex-
change, the MCX-SX and the United Stock Exchange all
closed at around 62.66 with a total traded volume of $2.22
billion.
Although the US Dollar posted widespread declines as the
North American session opened and Fed tapering specula-
tion took its toll on the safe-haven asset, the Rupee sof-
tened against its US peer as the Reserve Bank of India’s
surprising rate cut triggered steep losses in the local share
market.
The US Dollar to Indian Rupee Exchange Rate was in the
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TIME (ET) REPORT PERIOD ACTUAL CONSENSUS FORECAST PREVIOUS
TUESDAY, SEPT. 24
9 AM CASE-SHILLER HOME PRICE INDEX JULY -- 12.1% y-o-y
9 AM FHFA HOME PRICE INDEX JULY -- 7.8% y-o-y
10 AM CONSUMER CONFIDENCE INDEX SEPT. 80.0 81.5
WEDNESDAY, SEPT. 25
8:30 am Durable goods orders Aug. -0.7% -7.4%
10 am New home sales Aug. 423,000 394,000
12 noon Household debt 2Q -- -0.6%
THURSDAY, SEPT. 26
8:30 am Weekly jobless claims 9/21 N/A 309,000
8:30 am GDP revision 2Q 2.7% 2.5%
10 am Pending home sales index Aug. -- -1.3%
FRIDAY, SEPT.27
8:30 am Personal income Aug. 0.3% 0.1%
8:30 am Consumer spending Aug. 0.3% 0.1%
8:30 am Core PCE price index Aug. 0.1% 0.1%
9:55 am UMich consumer sentiment index Sept. 77.5 76.8