Epic Research Special Stock Market Report 12 June 2017

Global markets at a glance
U.S. stock markets charged to record highs last week, but a Goldman Sachs downgrade knocked down the so called FAAMG tech stocks that have led the Trump stock boom. The Dow Jones Industrial Average [DJIA] rose 89.44 points,
or 0.42 percent, to close at an all-time-high of 21,271.97 on June 9. The index, which includes many of America’s largest companies, is up by 7.64 percent year-to-date and up 18.27 percent in the last 12 months.
The European markets ended Friday’s session with modest gains. Investors were largely able to shrug off the inconclusive results of the UK election.

MACRO NEW
Reliance Industries commissions last crystallization train of the Para-xylene complex at Jamnagar, doubled capacity and becomes the second largest producer of Para-xylene (PX) globally
Shriram Transport Finance approves and allots Rs 350 crore worth non-convertible debentures (NCDs) on private placement basis
Oriental Bank of Commerce reduces MCLR rate by 10- 20bps
Aurobindo Pharma gets tentative US FDA nod for Cigensa Norethindrone Acetate tablets
Tata Steel/Tata Motors both companies plan to raise Rs 1,500 crore by selling bonds
Strides Shasun promoters raise Rs 500 crore from KKR
Shriram Transport rethinks to raise funds via masla bonds

STOCKS IN NEWS
Gold stocks like Titan, PC Jeweller, Gitanjali Gems, TBZ etc in focus: GST rates slashed from 18 percent to 5
percent for jewellery making charge
Power companies in focus – State companies may help rescue stressed private power plants
Inox Wind, Suzlon Energy in focus – Karnataka distribution companies barred from buying more
wind power
Corporation Bank in focus: Crisil revises outlook from negative to A/Stable

COMMODITY ROUNDUP
Gold slipped further, extending losses ahead of weekend after a heavy correction yesterday. Gold dropped after hitting near seven month highs as strong global economic outlook is capping gains in the yellow metal. Global equities also remain supported.The metal is down 0.46% at Rs 28997 per 10 grams.

BUY GOLD ABOVE 29065 TGT 29165 29365 SL BELOW 28950
SELL GOLD BELOW 28900 TGT 28800 28600 SL BELOW 29000

CURRENCY MARKET UPDATES
The Indian rupee on Thursday closed three week high against the US dollar and 10-year-bond yield fell to four month low, a day after Reserve Bank of India (RBI) kept key rates unchanged. The rupee closed at 64.21—a level last
seen on 17 May, up 0.18% from its Wednesday’s close of 64.33. The rupee opened at 64.40 a dollar and touched a high and a low of 64.21 and 64.43 respectively.

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