Wednesday, January 3, 2018



WORLD MARKETS                             

Dow and S & P 500 gained 0.4% and 0.8% respectively while Nasdaq soared 1.5% on the first trading day of 2018. S & P 500 and Nasdaq hit fresh record highs.

IHS Markit manufacturing PMI rose to 55.1 in December, marking the strongest growth since March 2015.

Dollar tumbled to 91.85, a more than three-month low.

WTI crude fell 5 cents to settle at $60.37 per barrel and Brent crude lost 30 cents to settle at $66.57.

European markets ended with cuts of upto 0.5%. In UK, IHS PMI for the manufacturing sector fell to 56.3 in December from 58.2 in November, missing expectations.


Benchmark indices ended little changed after a rangebound but choppy trade. Sensex was absolutely flat at 33812 while Nifty gained 7 points to finish at 10442. BSE mid-cap and small-cap indices however, fell 0.6% each. BSE Telecom and Realty indices tumbled 1.4% and 1% respectively, becoming top losers among the sectoral indices while Metal and Power indices were top gainers, up 0.6% and 0.3% respectively.

FIIs net bought stocks worth Rs 523 cr but net bought index futures and stock futures worth Rs 1030 cr and 416 cr respectively. DIIs were net buyers to the tune of Rs 65 cr.

Rupee appreciated 20 paise to end at 63.48/$.

India's November manufacturing PMI stood at 54.7, up from 52.6 in October and marking the fastest growth in five years.

Ashok Leyland posted 79% y-o-y growth in December sales at 19253 units. Tata Motors registered 48.2% growth at 60671 units. Bajaj Auto's growth stood at 30% with 2.92 lakh units while Hero Motocorp sold 4.72 lakh units, a growth of 43%.

Rajya Sabha yesterday gave its nod to amendments to the insolvency and bankruptcy code that aims to keep defaulting promoters out of the resolution process of insolvent companies.


Today morning, Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting a marginally higher start for our market.

In yesterday's report we had mentioned that a breach of 10423, the low made On Monday, would confirm a "Sell" on the hourly chart and would pave the way for further correction.

Nifty broke this support and touched a low of 10404, from where it rebounded to end at 10442.

34-DMA, placed around 10325, continues to be downside target as well as support to eye. 10510 continues to be immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

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