Wednesday, November 1, 2017



WORLD MARKETS                             

Dow and S & P 500 gained 0.1% each while Nasdaq climbed 0.4%, awaiting Fed decision, tax reform details expected later this week and President Donald Trump's upcoming announcement regarding the next chair of the Fed. Both the Dow Jones industrial average and the S&P 500 notched their seventh consecutive monthly gains.

U.S. consumer confidence in October rose to its highest levels in nearly 17 years.

Brent crude futures rose 0.7% to settle at $61.37 a barrel and U.S. crude advanced 0.4% to settle at $54.38.

European markets gained 0.1%-0.7% with Spain on the top.


Benchmark indices ended lower by about a fifth of a percent. Sensex lost 53 points to settle at 33213 while Nifty finished at 10335, down 28 points. BSE mid-cap and small-cap indices however outperformed, rising 0.1% and 0.5% respectively. BSE Realty index soared 3%, becoming top gainer among sectoral indices, followed by 1.5% higher Telecom index. Metal and Utilities indices were the top losers, down 1.8% and 0.7% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 532 cr, 630 cr and 315 cr respectively. DIIs were net buyers to the tune of Rs 597 cr.

Rupee appreciated 10 paise to end at 64.75/$.

Bharti Airtel reported 6.6% q-o-q dip in September quarter net profit at Rs 343 cr dented by pricing pressure in India business; but operational earnings and Africa business beat estimates. Revenue fell 0.8% to Rs 21777 cr. EBIDTA rose 2.3% to Rs 8004 cr and margin expanded by 120 bps to 36.8%.

Dr Reddy reported 3.4% y-o-y dip in September quarter net profit at Rs 285 cr. Revenue fell 1.1% to Rs 3546 cr. EBIDTA rose 7.3% to Rs 689 cr and margin expanded by 150 bps to 19.4%.

In the World Bank's Ease of Doing Business rankings, India jumped 30 notches from last year to reach 100th rank, in an endorsement of the string of reforms implemented by the Narendra Modi government.

Eight core sectors grew to a six-month high of 5.2% in September, up from 4.4% in August, helped by a robust performance in coal, natural gas and refinery segments.

India's fiscal deficit at the end of the first half of the current fiscal touched 91.3% of the budget estimate, mainly due to rise in expenditure.


Today morning, Nikkei is 1.2%, other Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting about 40 points higher start for our market.

We have been working with target of 10440 after 10340, the top made after the gap up opening following the bank recpitalisation news, was taken out. Nifty, after touching a high of 10384 on Monday, eased to end at 10335 yesterday but is set to open higher today.

10440 continues to be immediate target to eye above which 10550-10600 would be the next target area.

10270 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.

The Federal Reserve will deliver its interest rates decision at the end of its two-day meeting where no changes are expected.

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