IDEAL STOCK | 10 THINGS TO KNOW ABOUT TODAY MARKET
A list of important headlines from across news agencies that could help you with your trade today.
The Nifty Index finally hit a fresh record high for the first time since January 29 and ended at all-time closing high on the day of July futures and options (F&O) contracts expiry Thursday, though it dropped in the red in last hour of trade.
The index formed a small bullish candle on the daily charts. The market shrugged off weakness in Asian peers.
The rally was majorly driven by banking & financials space as the Nifty Bank index gained 1.4 percent and Financial Services 1.7 percent. PSU Bank gained the most among sectoral indices, rising 5.5 percent, especially after Canara Bank earnings.
Not only Nifty but also Sensex ended at record closing high of 36,984.64, up 126.41 points. Even the entire July series was strong for the market as the Nifty and Sensex rallied 5.5 percent each.
The 50-share NSE Nifty opened higher at 11,132.95 and immediately in the first few minutes it clocked fresh record high. The index in last lost hour of trade lost all its gains and hit an intraday low of 11,125.70, but immediately regained strength and hit an intraday all-time high of 11,185.85. It closed 35.30 points higher at 11,167.30.
According to Pivot charts, the key support level is placed at 11,133.4, followed by 11,099.5. If the index starts moving upwards, key resistance levels to watch out are 11,193.5 and 11,219.7.
The Nifty Bank index closed at 27,406.40, up 375.1 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,149.3, followed by 26,892.2. On the upside, key resistance levels are placed at 27,559.3, followed by 27,712.2.
US markets end mixed; Dow up 100 points
The major stock indexes traded in different directions on Thursday as investors grappled with a disastrous quarterly report from Facebook. The Dow Jones Industrial Average rose 112.97 points, or 0.44 percent, to 25,527.07, the S&P 500 lost 8.63 points, or 0.30 percent, to 2,837.44 and the Nasdaq Composite dropped 80.05 points, or 1.01 percent, to 7,852.19.
Asian shares struggle as trade fears keep investors cautious
Asian stocks struggled to gain traction on Friday, following a mixed end to Wall Street trade and as the worsening Sino-US trade dispute kept investors in the region cautious, despite signs of rapprochement between the United States and Europe.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade. Japan’s Nikkei eked out a 0.3 percent gain though it was capped by worries that the Bank of Japan could scale down its asset purchase at its upcoming policy review next week.
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain of 25 points. Nifty futures were trading around 11,247.50 on the Singaporean Exchange.
Oil markets inch down after three days of gains
Oil prices edged down on Friday after three days of gains, but were still supported by Saudi Arabia’s halt on transporting crude through a key shipping lane, falling US inventories and easing trade tensions between Washington and Europe.
Brent futures were down 6 cents at USD 74.48 a barrel by 0043 GMT, after gaining 0.8 percent on Thursday. US West Texas Intermediate futures were also 6 cents lower, at USD 69.55, after posting a nearly 0.5-percent gain the previous session.
Reliance Industries to report Q1 earnings today
Petrochemical-retail-to-telecom conglomerate Reliance Industries will announce its April-June quarter earnings on July 27. Brokerage houses expect the company's petrochemical business to post strong results. Also in focus would be its telecom business Jio.
"We expect standalone net income to remain stable, as gains from a weaker rupee and modestly higher petchem volumes/margins will likely be offset by lower refining margins," Kotak said.
Gross refining margin (GRM) is expected to be in the range of USD 10-11 a barrel for the quarter against $11 a barrel in Q4FY18.
ICICI Bank Q1: Net profit seen down 31%, NPAs may rise
ICICI Bank, country’s largest private lender, is likely to report a 31 percent fall in net profit for the first quarter ending 2018 due to rise in provisions owing to a surge in bad loans. As per a Reuters poll, the lender’s net profit will decline to Rs 1,422 crore as against Rs 2,049 crore reported in the same quarter last year.
A Motilal Oswal report projects a net profit fall of about 7.3 percent to Rs 1,900 crore. Gross non-performing asset (NPA) ratio is likely to worsen to 10.30 percent of total loans as on June end 2018 from 7.99 percent a year ago and 8.84 percent in the previous quarter ending March 2018. Net NPA ratio is also expected to rise to 5.30 percent from 4.89 percent in June quarter ending 2017 and 4.77 percent as on March-end 2018.
Delisting of cos: Sebi proposes to allow promoters to make counter offer
Markets regulator Sebi yesterday proposed measures to provide promoters a say in the price offered to shareholders of companies that are planning to delist from stock exchanges. The proposal is aimed at plugging loopholes in the current delisting method for companies.
Issuing a draft paper, Sebi has suggested for a price discovery as per reverse book building (RRB) method, along with considering counter offer of promoter. It has suggested that in case promoter(s) give a counter offer, then the counter offer price should not be less than the book value and the counter offer should be accepted by such number of public shareholders where the promoter shareholding reaches 90 percent.
55 companies to report June quarter numbers today
As many as 55 companies will declare their results for June quarter later today which include names like Bank of Baroda, Excel Corp, HCL Technologies, ICICI Bank, M&M Financial Services, and Reliance Industries among others.
HDFC AMC IPO subscribed 5.52 times on Day 2
HDFC Asset Management Company's initial public offer was subscribed 5.52 times on the second day of the three-day bidding yesterday. The Rs 2,800-crore public offer received bids for 10,38,77,982 shares against the total issue size of 1,88,04,290 shares, according to data available with the NSE.
The IPO is of 25,457,555 shares, including anchor portion of 6,653,265 shares. Price band for the offer, which would close today has been set at Rs 1,095-1,100 per share. Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, J P Morgan India, Morgan Stanley India and Nomura Financial Advisory are managing the issue.
stock under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For July 27, 2018, Adani Enterprises is present in this list.
