Morning Mail Upadate 21 August 2014

INDIAN BENCHMARK open on a flat note tracking a mostly weak trend across markets in Asia as a sharp slowdown in China’s manufacturing underscored concerns over the health of the world’s second biggest economy, overshadowing Federal Reserve’s commitment to continue to keep interest rates low.

FURTHER, DLF Ltd is planning to reduce debt to Rs 12,000-14,000 crore by FY17 through asset monetization. Reliance Infrastructure has filed an appeal in the Appellate Tribunal for Electricity against the Maharashtra Electricity Regulatory Commission pleading a stay on its recent order in change-over and switchover of its consumers to Tata Power in the Mumbai distribution area.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Friday while the DIIs were net sellers of Rs. 481cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARK open higher with the Nifty rising above 7900

INDIAN BENCHMARK open higher with the Nifty rising above 7900 level supported by positive global cues, and capital goods, oil & gas, banks and metals stocks.

FURTHER, Aurobindo Pharma will be expanding the capacity of its active pharmaceutical ingredients ( APIs) unit (unit-11) in Vizag this fiscal. Indian Oil Corp is reportedly planning to raise processing of cheaper crude oil varieties to 30% by 2017-18.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Monday while the DIIs were net buyers of Rs. 490cr, as per the provisional figures released by the NSE.

                                                                                                                                                                       

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INDIAN BENCHMARKS end at record closing high

INDIAN EQUITY BENCHMARKS ended at fresh life time high on positive global cues and a sharp decline in crude oil prices.

·         Tata Motors DVR jumped 5.6 percent after a report in the Times of India newspaper that Indian exchanges may consider admitting such shares on their benchmark indexes.

·         Further, Jubilant Foodworks gained 6.2 percent after Bank of America Merrill Lynch started coverage with a buy rating and a target price of 1,375 rupees, saying the company is in a "sweet spot" in the large and high-growth quick service restaurants market.

The crucial resistance for Nifty is now seen at 7910 and above this 7945. Support for the immediate term is now placed at 7780 and next support will be 7740.

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INDIAN BENCHMARKS ended flat ,late recovery.

INDIAN EQUITY BENCHMARKS end flat amid choppy trading session as investors turned cautious on lower industrial growth and rising CPI in July. Heavy selling led the Indian stock markets to slip in to the negative territory during the day.

·         Further, Jaiprakash Associates fell 9.16%, after the company posted a net loss of Rs80.61 crore in Q1 June 2014 compared with net profit Rs334.51 crore in Q1 June 2013.

·         Bank of Baroda fell 3.73%, after the central bank restricted foreign institutional investors from buying additional shares in the bank as their shareholding has reached the limit.

The crucial resistance for Nifty is now seen at 7760 and above this 7790. Support for the immediate term is now placed at 7695 and next support will be 7655.

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COMMODITY MARKET STRATEGY 05 AUGUST 2014

BASE METAL WRAP: Copper rose on Monday as a rally in China's stock markets indicated improving prospects for demand in the world's largest consumer of the industrial metal, although growing global supplies kept investors cautious.

ENERGY WRAP: West Texas Intermediate crude traded near the highest price in three days before supply data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent in London was steady.

PRECIOUS METAL WRAP: Gold held below $1,300 an ounce as Portugal’s bailout of Banco Espirito Santo SA reduced concern the lender’s crisis may spread and tension in Gaza eased, damping demand for a haven. Silver rose from a six-week low.

GLOBAL EVENTS TO WATCH: Trade Balance, HSBC Services PMI, Cash Rate, RBA Rate Statement, Services PMI, Final Services PMI, ISM Non-Manufacturing PMI, Factory Orders m/m, IBD/TIPP Economic Optimism.

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Sensex hovers around 25,600; auto stocks gain

Rate sensitives gain ahead of RBI's policy review tomorrow

Markets were firm in early noon trades supported by gains in interest sensitives ahead of RBI's policy review tomorrow. At 1205 hrs, the Sensex was up 132 points at 25,613 and the Nifty gained 50 points to trade at 7,652.

In the broader market, the smallcap index outperformed the BSE benchmark with gains of 1%. Meanwhile, the midcap index was up 0.6%.

The rupee is trading at 60.90/91 versus Friday's close of 61.18/19, tracking losses in the dollar compared with most other Asian currencies. The pair is seen in 60.80 to 61.20 range during the session.

Sectors & Stocks

Health Care index down 0.2% was the only sectoral index in red.
Consumer Durables, Auto, IT indices were up 1-2.5%.
Banking index up 0.5% have come off day highs.
HDFC twins, Sun Pharma, Coal India, Bharti Airtel and Cipla down 0.8-1.7% were the losers among Sensex-30.

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COMMODITY MARKET STRATEGY 04 AUGUST 2014

BASE METAL WRAP: London copper was a tad firmer on Monday after weak U.S. employment data soothed concerns that the Federal Reserve would soon begin to draw back liquidity that has cushioned demand for metals.

ENERGY WRAP: West Texas Intermediate crude traded near the lowest price in six months before data that will signal the strength of the economy in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP: A slew of worries fueled by U.S. and European data, Argentina's default on its debts and conflict in Ukraine and in the Middle East sent investors rushing to safe-harbor gold positions on Friday.

GLOBAL EVENTS TO WATCH: Retail Sales m/m, Construction PMI, Loan Officer Survey.

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