Monday, July 10, 2017

Morning cues July 11th 2017


FII and DII both positive

Sgx Nifty

US Market Data

US markets were positive and Dow made a new high today.

More Business news 

The Nifty50 is likely to open flat on Tuesday tracking positive handover from Wall Street. The Nifty50 closed 105 points higher at 9,771 on Monday.
The index formed a strong bullish candle on the daily candlestick charts and as long as the Nifty50 stays above 9,700 the momentum is likely to stay on the upside. Investors can maintain their long positions with a stop below 9,700, suggest experts.
The Bulls finally took charge of D-Street and now a hold above 9,700 would take the index towards new highs of 9,800-10,000, suggest experts. The index continued its formation of higher lows for sixth consecutive sessions and till this formation doesnt negate market is likely to cherish the bullish sentiment.
The Nifty50 registered a decisive breakout above 9,709 levels after 4 weeks of corrective consolidation phase with a solid intraday gain of above 100 points after a long time. On the downside, the index has a strong support placed around 9,600-9,650.
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 starts week upbeat
The US stocks ended mostly higher led by gains in technology stocks as investors were optimistic ahead of earnings.
US companies have begun to release second-quarter earnings, with reports due this week from big US banks including JPMorgan Chase, Wells Fargo, and Citigroup, said a Reuters report. The S&P 500 earnings are forecast up 7.9 percent in the second quarter compared with a year ago.
The Dow Jones Industrial Average fell 5.82 points, or 0.03 percent, to end at 21,408.52, the S&P 500 gained 2.25 points, or 0.09 percent, to 2,427.43 and the Nasdaq Composite added 23.31 points, or 0.38 percent, to 6,176.39.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 24points higher at 9,797 indicating a flat to positive opening for the domestic market.
SEBI seeks detailed report from NSE
Following the National Stock Exchanges three-hour coma this morning which set the alarm bells ringing among brokers, the Securities and Exchange Board of India (SEBI) has sought a detailed report from the bourse. F&O and cash trading came to a standstill following a software problem.
SEBI held a meeting on Monday in which NSE officials were present. The matter is being examined by the internal technical team of NSE and external vendors, to analyse and identify the cause which led to the issue and to suggest solutions to prevent recurrence. Prima facie, there was no human factor in the snag, confirmed a source to Moneycontrol.
Oil rises slightly
Oil prices rose modestly on Monday, but increased drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook, said a Reuters report.
US crude futures settled up 17 cents or 0.4 percent to $44.40 a barrel, while Brent crude futures also rose 17 cents or 0.36 percent to $46.88 a barrel.
Dollar climbs to two-month high vs yen
The dollar rose against the yen as the Bank of Japan's offer last week to buy an unlimited amount of bonds drew investors' focus to the divergent monetary policy outlook between the US Federal Reserve and the Bank of Japan, said a Reuters report.
BOJ Governor Haruhiko Kuroda on Monday reiterated the central bank's pledge to keep Japanese government bond yields anchored near zero, it said.
The dollar index, which tracks the greenback against six major rivals, was up 0.04 percent to 96.049. The greenback was up 0.15 percent to 114.05 yen, after hitting a two-month high of 114.29 yen, the report added.
Passenger vehicle sales decline on pre-GST jitters
Passenger vehicle sales fell over 11 percent in June, the first decline in six months as dealers avoided picking up fresh stocks from companies ahead of GST implementation with a view to avoid transitional loss.
Domestic passenger vehicle (PV) sales declined by 11.21 percent to 1,98,399 units in June from 2,23,454 units in the same month last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Rupee closes slightly stronger
The Indian rupee rose slightly against the US dollar tracking gains in the local equity and Asian currencies markets. The rupee closed at 64.53 a dollar, up 0.09 percent from its Fridays close of 64.60.
Govt approves Amazon's proposal for FDI in food
The government has approved American e-commerce major Amazon's proposed USD 500 million investment in retailing of food products in India, an official said.
The proposal was pending before the Foreign Investment Promotion Board (FIPB) which has been abolished now. Hence, the Department of Industrial Policy and Promotion (DIPP) gives the green signal to the proposal, said a report.
SBI Life gets final approval for IPO
State Bank of India said its central board approved dilution of its stake in its life insurance arm through an initial public offer for which it has already secured the sectoral regulatory approval, said a report.
Once it hits the markets, SBI Life Insurance would become the second insurer after ICICI Prudential Life to go public. SBI Life is a joint venture between State Bank and BNP Paribas Cardiff in which SBI holds 70.1 per cent and BNP Paribas Cardiff 26 per cent.
5 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 HDIL, Indiabulls Real Estate, Jaiprakash Associates, JSW Energy, and Ujjivan.

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