DAILY REPORT 08 th OCTOBER. 2013 YOUR MINTVISORY Call us at +91-731-6642300 Global markets at a glance European stocks dropped on Monday in thin volumes, with one benchmark index hitting a four-week low as investors fretted over lack of progress in resolving Washington's budget standoff. The euro zone's blue-chip Euro STOXX 50 index was down 1.1 %, at 2,897.38 points. UK's FTSE 100 index was down 0.8 %, Germany's DAX index down 1.1 % and France's CAC 40 down 1 %. The Nikkei share average dropped to a one-month low on Monday as the lack of progress in resolving the U.S. budget standoff left investors increasingly frustrated. The Nikkei dropped 1.2 % to 13,853.32 after falling to as low as 13,841.93, the lowest level since Sept. 6. The index fell for a fourth day. Wall Street Update U.S. Democrats and Republicans came no closer on Sunday to a budget agreement that would end a government shut- down, let alone reaching a deal on the U.S. borrowing limit by Oct. 17 to avoid what would be an unprecedented de- fault. U.S. Standard & Poor's 500 e-mini futures dipped 0.1 percent in Asian trade after the cash index ended down 0.9 percent on Monday and dropped for the 10th time in the past 13 sessions. U.S. Treasury futures added 4-1/2 ticks. Previous day Roundup After a tepid session on negative global cues, the market ended on a flat down. The Sensex closed down 20.85 points at 19895.10 while the Nifty managed to end above the 5900 at 5906.15, down 1.15 points. About 1255 shares advanced, 1077 shares declined, and 150 shares were unchanged. Index stats Bank Nifty & Bankex both declined 1.13% & 1.16% respec- tively, the sectors which were in positive move in yester- day’s session were; Healthcare [up 83.18pts], IT [up 97.22pts], FMCG [up 0.15pts], Metals [up 79.66pts], TECK [up 40.48pts], Power [up 6.91pts]. The sectors declined were: Consumer Durables [down 17.02pts], Capital Goods [down 31.33pts], AUTO [down 22.08pts], , Oil & Gas [down 22.29pts], PSU [down 22.45pts], REALTY [down 3.94pts]. World Indices Index Value % Change D J l 14,936.24 -0.90 S&P 500 1,676.12 -0.85 NASDAQ 3,770.38 -0.98 EURO STO 2,923.04 -0.18 FTSE 100 6,437.28 -0.26 Nikkei 225 13,843.01 -0.07 Hong Kong 23,029.45 +0.24 Top Gainers Company CMP Change % Chg RANBAXY 379.90 19.70 +5.47 TATASTEEL 301.45 13.00 +4.51 BPCL 355.40 13.95 +4.09 TCS 2,095.75 62.15 +3.06 HINDALCO 121.65 3.60 +3.05 Top Losers Company CMP Change % Chg COAL INDIA 300.00 10.05 -3.24 BHARTIARTL 321.85 6.50 -1.98 AXISBANK 1,071.00 21.55 -1.97 ICICIBANK 916.65 13.95 -1.50 MARUTI 1,408.10 20.40 -1.48 Stocks at 52 Week’s high Symbol Prev. Close Change %Chg HCLTECH 1,118.00 21.20 +1.93 JUSTDIAL 930.00 -99.45 -9.66 SUNPHARMA 604.65 4.20 +0.70 TCS 2,095.75 62.15 +3.06 TECHM 1,447.55 46.85 +3.34 Indian Indices Company CMP Change % Chg NIFTY 5,906.15 -1.15 -0.02 SENSEX 19,895.10 -20.85 -0.10 Stocks at 52 Week’s Low Symbol Prev. Close Change %Chg FLFL 114.05 6.00 -5.00 JSL 36.80 -0.05 -0.14
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DAILY REPORT
08th OCTOBER. 2013
YOUR MINTVISORY Call us at +91-731-6642300
Global markets at a glance
European stocks dropped on Monday in thin volumes, with
one benchmark index hitting a four-week low as investors
fretted over lack of progress in resolving Washington's
budget standoff. The euro zone's blue-chip Euro STOXX 50
index was down 1.1 %, at 2,897.38 points. UK's FTSE 100
index was down 0.8 %, Germany's DAX index down 1.1 %
and France's CAC 40 down 1 %.
The Nikkei share average dropped to a one-month low on
Monday as the lack of progress in resolving the U.S.
budget standoff left investors increasingly frustrated. The
Nikkei dropped 1.2 % to 13,853.32 after falling to as low as
13,841.93, the lowest level since Sept. 6. The index fell for
a fourth day.
Wall Street Update
U.S. Democrats and Republicans came no closer on Sunday
to a budget agreement that would end a government shut-
down, let alone reaching a deal on the U.S. borrowing limit
by Oct. 17 to avoid what would be an unprecedented de-
fault. U.S. Standard & Poor's 500 e-mini futures dipped 0.1
percent in Asian trade after the cash index ended down
0.9 percent on Monday and dropped for the 10th time in
the past 13 sessions. U.S. Treasury futures added 4-1/2
ticks.
Previous day Roundup
After a tepid session on negative global cues, the market
ended on a flat down. The Sensex closed down 20.85
points at 19895.10 while the Nifty managed to end above
the 5900 at 5906.15, down 1.15 points. About 1255
shares advanced, 1077 shares declined, and 150 shares
were unchanged.
Index stats
Bank Nifty & Bankex both declined 1.13% & 1.16% respec-
tively, the sectors which were in positive move in yester-
day’s session were; Healthcare [up 83.18pts], IT [up
TECH MAHINDRA is looking strong on charts, long build up has been seen, we may see more upside, if it continues to sustain above 1450. We advise buying around 1450-1460 levels with strict stop loss of 1420 for targets of 1475-1490.
2. RANBAXY
RANBAXY FUTURE is looking strong on charts, long build up has been seen, we may see more upside, if it continues to sustain above 390. We advise buying above 390 with strict stop loss of 378 for the targets of 398-410 levels.
STOCK RECOMMENDATION [CASH]
1. APAR INDUSTRIES LTD
APAR INDUSTRIES LTD is looking strong on charts . We ad-vice buying above 107 with strict stop loss of 102 for the targets of 112-115 levels.
MACRO NEWS
The finance ministry may raise statutory wage ceiling for PF contributions to Rs 15,000 per month from Rs 6,500. that can sharply reduce govt's borrowing costs, bring long-term savings into cash strapped infrastruc-ture sectors, deepen corporate bond market & even make Indian stocks less vulnerable to whims of FII.
The ministry of disinvestment and ministry of power have been working on offer-for-sale of NHPC and that also has not been finalized yet. As far as buyback goes, there is no decision in the company to go for it.
Force Motors Ltd reported a 40.70 per cent rise in net profit at Rs 26.93 crore for the quarter ended Septem-ber 30, 2013 on the account of tax gains.
CRISIL on Monday said credit quality of India Inc is on a "slippery wicket" due to demand slowdown and liquid-ity issues, and that banks will therefore see further slip-pages in the already deteriorating asset quality.
Chinese markets will reopen on Tuesday after a week long holiday on account of National Day.
India's Apollo Tyres Ltd and Cooper Tire & Rubber Co are at odds over whether Apollo can reduce the price for its proposed takeover of the U.S. firm, the latest hurdle in a deal beset by lawsuits and labor issues.
STOCKS IN NEWS Reliance Infra to commission 5 million tonnes per annum cement unit in October JSW Steel acquires Heidelberg Cement's Raigad grinding unit Ranbaxy Laboratories hunts for FDA is looking to buy a manufacturing facility in India. Tatas to operate Taj Mansingh for three-six months after lease ends. GAIL, NTPC are renting out the Dabhol plant (1,967-MW unit) to pvt electricity generators. Tata Steel can raise upto Rs 5200- 5300 crore by stake sales.
NIFTY FUTURE
Nifty Future as expected closed in the green in last trading day. We advise buying on dips around 5920-5930 with stop loss of 5890 for targets of 5960-5980.
Crude oil prices edged lower in Asian trade today on grow-ing concerns that the US budget crisis could spiral into a devastating debt default and ravage the global econ-omy. MCX crude oil futures for October delivery was seen trading down by 0.28% at Rs. 6368 per barrel as of 15.03 IST on Monday. WTI crude oil for November delivery was seen trading with a loss of $1.15 at $102.69 per barrel as of 14.59 IST on Monday.
India gold futures edged up on Monday amid a steady trend on Comex and depreciation of Indian Rupee against US Dollar. Upcoming physical festive demand for the yel-low metal was seen supporting MCX gold prices to certain extent. INR was seen touching 61.85 against USD, a depre-ciation of 0.78% as of 16.02 IST on Monday. Gold futures for December delivery on India's Multi Commodity Ex-change was seen trading up by 0.80% at Rs.29322 per 10 grams as of 15.34 IST on Monday.MCX silver December delivery was seen trading up by 0.81% at Rs.48588 per kilogram as of 15.44 IST on Monday. Comex gold futures for December delivery on electronic platform was seen trading with a gain of $2.9 at $1312.8 per troy ounce while silver was seen trading at $21.76 per troy ounce as of 16.00 IST on Monday.
MCX copper futures for November delivery was seen trad-ing down by 0.29% at Rs. 452.90 per kilogram as of 16.33 IST while copper on London Metal Exchange (LME) for de-livery in three months was seen trading up by 0.83% at $7191 a metric ton as of 14.35 IST on Monday.
If US government fails to raise borrowing limit by October 17, then there would be serious consequences on the economy. Gold traders are eyeing on upcoming physical demand from Asia, especially from India which is expected to go up ahead of upcoming festive demand.
Data from the U.S. Mint show that so far in October, 6,000 ounces of gold coins were sold month-to-date, said Bar-clays Capital in a research note. All four sizes of American Eagle gold coins advanced in September. Sales accumu-lated to 13,000 ounces, marking a 13% increase from the prior month yet tumbling 81% from the same time last year.
USD/INR has closed @62.2350. If it breaks 61.95, it can
touch the level of 61.76 & 61.38. If it sustains above the
level of 62.95, it can touch the level of 63.20 & 63.61.
GBP/INR
GBP/INR has closed @100.0525. If it breaks 99.35, it can
touch the level of 99.00 & 98.78. If it sustains above the
level of 100.55 it can touch the level of 100.85 & 101.44.
CURRENCY ROUNDUP The RBI will look at easing restrictions on the forex futures market once the rupee stabilizes. RBI is also in talks with SEBI on making the dollar-rupee over-the-counter and futures market trades on a delivery basis.
In line with equity market, the rupee snapped its three-day
winning spree and was lower by 34 paisa at 61.78 in late
morning trade today on renewed dollar demand from
banks and importers amid its higher value overseas. The
rupee resumed lower at 61.50 per dollar as against the last
weekend's level of 61.44 at the Interbank Foreign Ex-
change Market. It dropped further to 61.85 before quoting
61.78 per dollar at 1045 hours. It moved in a range of
61.50 and 61.85 per dollar during the morning deals.
The Indian Rupee appreciated by 0.5 % on Friday's trading
session and closed at 61.44 on the back of struggling Dollar
index. Further, Foreign fund flows and selling of dollar by
companies supported currency to gain strength. Addition-
ally, RBI measures to attract more Inflows and ease in Geo-
political tensions acted as positive factors for the Indian
Rupee. However, weak economic data from the country
curbed sharp appreciation in the Indian Rupee.
The dollar skidded to near an eight-month low on Tuesday as the U.S. government shutdown entered its second week, leaving investors on tenterhooks as politicians in Washington made little headway in agreeing a deal to avoid an historic U.S. debt default. The dollar was steady at 79.979 against a basket of major currencies after slipping 0.2% overnight to not far from an eight-month trough touched last week. Against the yen, the greenback held steady at 96.80 yen after falling as much as 0.2% to 96.55 yen, hitting an eight-week low earlier in the Asian session. It dropped 0.8 percent overnight to mark its biggest de-cline against the Japanese currency since Sept. 18, when the Federal Reserve shocked investors by deciding to con-tinue its stimulus program.
04/10/13 BANK OF INDIA CASH BUY 175 179-182 170 BOOKED PROFIT
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TIME (ET) REPORT PERIOD ACTUAL CONSENSUS FORECAST PREVIOUS
TUESDAY, OCT. 8
7:30 am NFIB small business index Sept. -- 94.0
8:30 am Trade deficit* Aug. -$39.5 bln -$39.1 bln
10 am Job openings* Aug. -- 3.7 mln
WEDNESDAY, OCT. 9
10 am Wholesale inventories* Aug. -- 0.1%
2 pm FOMC minutes 9/18
2 pm Federal budget* Oct. -- -$75 bln
THURSDAY, OCT. 10
8:30 am Weekly jobless claims 10/5 N/A 308,000
8:30 am Import price index* Sept. 0.2% 0.0%
FRIDAY, OCT. 11
8:30 am Retail sales* Sept. 0.2% 0.2%
8:30 am Retail sales ex-autos* Sept. 0.4% 0.1%
8:30 am Producer price index* Sept 0.2% 0.3%
8:30 am Core PPI* Sept. 0.1% 0.0%
9:55 am UMich consumer sentiment index Oct. 78.2 77.5