Wednesday, June 28, 2017

Morning cues 29th June 2017

FII DII Activity

FII negative
DII partially positive


US Markets

Very positive

SGX Nifty
 Indicates a flat opening, do note today is expiry day and we can see some volatility.
News and stock specific actions
The Nifty50 is likely to open flat on Thursday after a positive handover from Wall Street. The Nifty closed 20 points higher at 9,491 on Wednesday. It may remain volatile ahead of June F&O expiry due today.
The index witnessed a breakdown on charts this week as Nifty50 slipped below its crucial support level of 9,500. A technical bounce back cannot be ruled out from current levels but the bullish momentum will continue once Nifty50 surpasses 9,600-9,615 levels.
Traders are advised to tread with caution as long as Nifty trades below 9,615. If Nifty retests 9,460-9473 then chances of a bounce back cant be ruled out.
It has given the lowest daily close in last 23 trading sessions and a hold below 9,480 may start the fresh selling towards 9,450 and then 9,420 while on the upside immediate resistance exists at 9,560, suggest experts.
Stay tuned with Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
Wall Street ends higher
US stocks ended higher after Wall Street propelled by financial and technology stocks led a broad market rebound. The benchmark S&P 500 index scoring its biggest one-day percentage gain in about two months
The Dow Jones Industrial Average rose 143.95 points, or 0.68 percent, to 21,454.61, the S&P 500 gained 21.31 points, or 0.88 percent, to 2,440.69 and the Nasdaq Composite added 87.79 points, or 1.43 percent, to 6,234.41.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 3 points higher at 9,505 indicating a flat opening for the domestic market.
Cabinet approves 7th Pay Commission recommendations on allowances
In a major relief to nearly 47 lakh central government employees, the Cabinet on Wednesday approved the recommendations on HRA and other allowances effective July 1, 2017. The Cabinet approved 34 modifications to the 196 suggestions put up by the Finance Secretary Ashok Lavasa-led committee in April.
The Cabinet met Wednesday evening and shortly after the meeting ended Finance Minister Arun Jaitley said the combined additional financial impact of the revised allowances under the Seventh Pay Commission (7CPC) will be around Rs 30,748 crore a year.
Cabinet gives OK to strategic sale of Air India
The much-awaited Cabinet approval for the sale of governments stake in Air India came on Wednesday with the Narendra Modi-led team of ministers deciding to set up a committee to explore various options including strategic divestment of the loss-making airline and its five subsidiaries.
Finance Minister Arun Jaitley will head the inter-ministerial panel. The decision was based on the recommendations of Niti Aayog.
Government to divest 5 percent in RCF on Jun 29-30
The government will sell over 2.75 crore equity shares in Rashtriya Chemicals and Fertilisers (RCF) on June 29-30 for about Rs 200 crore as part of its plan to divest shares in Public Service Units.
The government currently holds 80 per cent stake in RCF and will offload 5 percent through the Offer for Sale (OFS) route. The floor price would be Rs 74.25 crore per equity share. The shares will be sold through a separate, designated window of the stock exchanges.
Cyber attack sweeps globe
A major global cyber attack disrupted computers at Russia's biggest oil company, Ukrainian banks and multinational firms with a virus similar to the ransomware that infected more than 300,000 computers last month, said a Reuters report.
The ransomware virus includes code known as "Eternal Blue", which cyber security experts widely believe was stolen from the US National Security Agency (NSA) and was also used in last month's ransomware attack, named "WannaCry".
Dollar extends fall
The US dollar touched its lowest level against the euro in a year on Wednesday after hawkish comments from the head of the Bank of England added to speculation that monetary policy in Europe was turning hawkish, said a Reuters report.
The euro rose as much as 0.5 percent against the dollar to a one-year high of USD 1.1390 after jumping 1.4 percent on Tuesday. The dollar index, which measures the greenback against a basket of six major rivals, fell as much as 0.4 percent to hit a more than seven-month low of 95.967.
Oil rises more than one percent
Oil futures climbed more than 1 percent encouraged by a small weekly decrease in US production. The US Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd.
That was the biggest decline in weekly output since July 2016, said a report. Brent futures gained 66 cents, or 1.4 percent, to settle at USD 47.31 a barrel, while US West Texas Intermediate crude rose 50 cents, or 1.1 percent, to settle at USD 44.74 per barrel.
Rupee edges lower by 2 paise
The rupee on Wednesday weakened further to close with a marginal loss of 2 paise at 64.55 against the American currency in limited trade on the back of stray dollar demand from importers.
The domestic currency resumed lower at 64.55 as compared to Tuesday's close of 64.53 at the Interbank Foreign Exchange (forex) market and was largely confined to a tight range in the absence of any major moving factors.
11 stocks under ban period on NSE
Security in ban period for the next trade date under the F&O segment includes companies in which the security has crossed 95% of the market-wide position limit.
Securities which are banned for trading today include names like Fortis Healthcare, GMR Infrastructure, Infibeam, IFCI, Indiabulls Real Estate, JP Associates, India Cements, Ujjivan, OBC, Reliance Capital and Kaveri Seeds.

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