BANG ON TARGET
WORLD MARKETS
While
Dow ended modestly lower, S & P 500 and Nasdaq gained 0.2% and 0.4%
respectively with the S&P 500 finishing at a record for the 26th time this
year, as investors weighed corporate earnings and kept an eye on ongoing
turmoil in Gaza and Ukraine.
Apple
and Microsoft shares rose after reporting better-than-expected revenue. Boeing
hiked its full-year forecast. PepsiCo reported revenue that topped
expectations.
Applications
for mortgage refinancing jumed 4%, the Mortgage Bankers Association said.
However, the report showed that home purchase loan applications were down 15%
from a year ago.
Yesterday,
pro-Russian rebels shot down two Ukrainian fighter jets, not far from where the
Malaysia Airlines jet was brought down last week.
U.S.
Secretary of State John Kerry flew to Tel Aviv yesterday to press for a truce
in the fighting between Israel and militants in Gaza that has killed more than
600 people. U.S. and European airlines have temporarily halted flights to Tel
Aviv, following a rocket attack near the airport.
European
markets, except a 0.2% cut in Italy, ended marginally higher. the Bank of
England released the minutes from its latest monetary policy meeting. These
showed that members voted unanimously to keep interest rates at record lows.
Nymex
crude rose 73 cents to $103.12.
AT HOME
Benchmark indices
ended higher by four tenth of a percent after a rangebound but choppy trading
session, marking an all-time closing high. Sensex gained 121 points to settle
at 26147 while Nifty finished at 7796, up 28 points. Broader market however
underperformed yet again with the mid-cap index ending flat and the small-cap
index losing 0.6%. BSE IT and Teck indices climbed 2.2% and 1.7% respectively,
becoming top gainers among the sectoral indices while Metal and Healthcare
indices lost 0.4% and 0.2% respectively.
FIIs net bought
stocks, index futures and stock futures worth Rs 652 cr, 52 cr and 625 cr
respectively. DIIs were net sellers to the tune of Rs 292 cr.
Rupee appreciated
15 paise to close at 90.09/$.
Cairn India
reported a massive 65% y-o-y and 64% q-o-q fall in consolidated net profit at
Rs 1093 cr due to change in method of depreciation and weak operational
performance. Total income from operations grew 10.3% y-o-y (down 11.2% q-o-q)
to Rs 4,483 crore which was slightly better than expectations of Rs 4,600 crore
on account of higher volumes and realisations. Operating margin dropped 490 bps
sequentially to 68.1%.
OUTLOOK
A preliminary
reading of China's HSBC July manufacturing PMI has come in at 52.0, up from
50.7 in June and marking an 18-month high.
Asian markets are
trading with modest gains but SGX Nifty is suggesting about 20 points lower
opening for our market.
Nifty, after
touching a high of 7809, closed at 7796 yesterday, achieving the 7808 target we
have been working ever since 7600 hurdle was taken out.
Now a close above
7808 required for the further upmove. Therefore we had advised booking some
profit in trading longs around 7808 and trailing stop loss in the remaining
position. That continues to be the view.
Immediate support
on the hourly chart has moved up to 7670 which should now serve as the stop
loss for trading longs.
Wipro, ACC and
Ambuja Cement will report their quarterly earnings today.
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