NIFTY AT RECORD HIGH; TRAIL STOP LOSS TO 7730
WORLD MARKETS
US indices ended little changed yesterday with the S&P 500 hitting another record, as investors considered another batch of corporate earnings and mixed economic reports.
New homes fell 8.1% percent in June to 406000, the estimated figure being 480000. Weekly jobless claims came in at 284000, less than the 308000 estimated. The four-week average went down by 7000 to 302000.
Facebook and Ford shares rose in reaction to their quarterly earnings while Caterpillar and General Motors fell.
The International Monetary Fund trimmed its global growth forecasts again, down to 3.4% this year from April's forecast for 3.7%.
European markets surged between 0.3%-2% after a business activity index showed the euro zone rebounded in July.
The flash composite PMI for the euro zone came in at 54.0, up from 52.8 in June, marking a three-month high and surpassing expectations.U.K. retail sales came in at their strongest level in ten years in the second quarter, but the figure for June was below market expectations.
Events in Ukraine and Gaza continued to be in focus. Ukrainian Prime Minister announced his resignation following turmoil in government. Meanwhile, a Ukrainian rebel commander told Reuters that pro-Russian rebels possessed BUK missiles, the type that was believed to have shot down Malaysia Airlines flight MH17.
In the Middle East, the U.S. Federal Aviation Authority lifted its ban on airlines flying to Tel Aviv, but warned that it would continue to monitor the airport following reports of rocket fire earlier this week. The United Nations Human Rights Council said Israel may have committed war crimes in its killing of hundreds of civilians during the near three-week offensive on Gaza.
Gold fell 1.1% to $1291 an ounce and Nymex crude too eased 1.1% to $101.94/bbl.
AT HOME
Benchmark indices climbed nearly half a percent, extending rising streak to eight straight session and closing at fresh all-time high. Sensex gained 125 points to settle at 26272 while Nifty finished at 7831, up 35 points. Broader market however continued to under perform, with BSE mid-cap index losing 0.2% while the small-cap index gained 0.2%. BSE Metal and IT indices gained 1.5% and 0.9% respectively, becoming top gainers among the sectoral indices while Consumer Durable and Power indices lost 0.9% and 0.3% respectively.
Cairn India plunged on the back of revelation that the company has extended a loan of $1.25 billion (around Rs 7,500 crore) to its parent Vedanta for a two-year period as a part of the former's treasury operations, raising corporate governance concerns.
FIIs net bought stocks and stock futures worth Rs 282 cr and 180 cr respectively but net sold index futures worth Rs 81 cr. DIIs were net sellers to the tune of Rs 290 cr.
Rupee depreciated 3 paise to close at 60.12/$.
Union Cabinet yesterday approved raising FDI in insurance sector up to 49%. The bill will now be introduced in the current session of Parliament.
Wipro reported 1.2% q-o-q dollar revenue growth at USD 1740 mn for the June quarter, which was marginally below the estimate. Operating margins were down to 22.8% from 24.5% but were better than estimates. For the September quarter the company has guided for IT services revenues in the USD 1770-1810 million range, up 1.72-4% q-o-q.
Ambuja Cement reported 26.2% rise in June parter net profit at Rs 409 cr on higher sales which were up 15.4% at Rs 2706 cr. Operating margin was flat y-o-y at 21.2%.
ACC missed market expectations with the quarterly net profit falling 7% at Rs 241 cr on account of higher expenses. Revenue grew 7.5% to Rs 3059 cr. Operating margin dipped by 250 bps to 14.7%.
OUTLOOK
Today morning Asian markets are trading with modest gains and SGX Nifty is suggesting a flattish start for our market.
Nifty gained 35 point yesterday to end at 7831, extending the rising streak to eight session and closing at fresh all time high. Next target on the way up is about 7880 where the upward sloping trendline adjoining recent tops on the daily chart is placed.
Immediate support on the hourly chart has moved up to 7730, with the stop loss of which trading longs can be held on to.
PNB will report its quarterly earnings today.
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