Monday, October 30, 2017



WORLD MARKETS                             

Dow and S & P 500 gained 0.1% and 0.8% respectively while Nasdaq soared 2.2% on Friday on strong quarterly earnings reports from big tech companies.

US Gross domestic product rose 3% in third quarter, above the 2.5% forecast.

Nasdaq saw its biggest one-day gain since November 2016 as Amazon, Microsoft and Google-parent Alphabet saw their stocks rise 13.2%, 6.4% and 4.3%, respectively. Amazon reported EPS of 52 cents, way ahead of an estimate of 3 cents a share. Microsoft posted its biggest one-day gain since October 2015 after its earnings beat Wall expectations by 12 cents a share. Google-parent Alphabet reported adjusted earnings per share of $9.57, well above estimate of $8.33 a share.

Brent crude climbed 1.9% to settle at $60.44 a barrel and U.S. crude surged 2.4% to settle at $53.90 after Saudi Arabia and Russia announced they supported extending an OPEC-led agreement to cut production.

The Spanish government dismissed Catalonia's parliament after it declared the region's independence on Friday. Spanish Prime Minister Mariano Rajoy announced regional elections would take place on Dec. 21.

In Europe, while main markets gained 0.2%-0.7%, Italy and Spain fell 0.6% and 1.4% respectively.

For the week, US indices gained 0.2%-1.1%. In Europe, while FTSE lost 0.2%, CAC and DAX soared 2.3% and 1.7% respectively. In Asia, Nikkei soared 2.6%, Shanghai was up 0.2% but Hang Seng fell 0.2%.


Sensex ended marginally in the green while Nifty lost 0.2% on the last day of the week. Sensex ended at 33157, up 10 points while Nifty lost 21 points to finish at 10323. BSE mid-cap and small-cap indices gained 0.3% respectively. BSE Telecom index tumbled 5.1%, becoming top loser among the sectoral indices, followed by 1.6% lower Energy index. Healthcare index climbed 1.6%, becoming top gainer, followed by 0.8% higher Auto and Industrial indices.

FIIs net sold stocks, index futures and stock futures worth Rs 641 cr, 66 cr and 224 cr respectively. DIIS were net buyers to the tune of Rs 57 cr.

Rupee depreciated 23 paise to end at 65.05/$.

For the week, Sensex and Nifty gained 2.4% and 1.7% respectively.

Maruti reported better-than-expected earnings on all counts. Revenue rose 21.8% to Rs 21768 cr. EBIDTA rose 21.1% to Rs 3677 cr and EBIDTA margin stood at 16.9% as against 17%. Net profit was up 3% at Rs 2484 cr.

ITC reported 5.6% rise in net profit at Rs 2640 cr. Revenue rose 6.8% to Rs 10314 cr. Operating profit was up 3.6% at Rs 3761.5 cr and margin dipped to 36.52% from 37.6%.


Today morning, Asian markets are trading with gains of upto 0.7% and SGX Nifty is suggesting about 40 points higher start for our market.

After Nifty crossed the 10340 top made on Wednesday following the Bank recapitalisation news, we had given next target of 10440. Nifty, on Friday fell 21 points to end at 10323 but is set to open higher today.

10440 continues to be next upside target.  Immediate support on the hourly chart has moved up to 10235, with the stop-loss of which, trading longs should be held on to.

HDFC, Tata Steel, UPL, Bharti Infratel and Lupin will report their quarterly earnings today.

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