Epic Research Special Stock Market Report 16 June 2017

Global markets at a glance
Wall Street fell on Thursday as a recent selloff in technology stocks deepened and investors fretted about the economy’s health as the Federal Reserve raises interest rates.The S&P technology sector fell 0.5 percent, continuing a
slide that began last Friday, although it had been down more earlier. Apple shares fell 0.8 percent while Google parent Alphabet dropped 1 percent after separate bearish analysts reports on the two tech heavyweights.

Previous day Roundup
Equity benchmarks closed at three-week low Thursday following negative lead from global peers after investors digested expected interest rate hike and hawkish view from Federal Reserve.

MACRO NEW
Tata Motors board approves partial divestment of stake in subsidiary Tata Technologies
Warburg Pincus to invest USD 360 million to buy stake from Tata Motors & Tata Capital
Edelweiss set to take over Adhunik Power
Lupin launches anti-desperrant tablets in US
Wipro says one in 2 data thefts saw breach of passwords in 2016
JSPL may diversify into ammonia and urea production
Eicher Motors in focus: Royal Enfield slashes prices up to Rs 4,500 per vehicle
HDFC to raise Rs 2,000 crore vis debt issue
HCL Technologies to hire 2,000 for upcoming Nagpur campus
Reliance Industries partners with BP to develop alreadydiscovered deepwater gas fields
ICICI Bank board meeting on June 20 to consider fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures

STOCKS IN NEWS
1.Astrazeneca Pharma receives import and market permission in Form 45 (marketing authorization) from the Drug Controller General of India for FDC of Budesonide 320 ?g +Formoterol Fumarate Dihydrate 9 ?g inhalation
2.Century Plyboards’ Singapore subsidiary has acquired 49 percent stake in Huesoulin Wood Processing Factory, which is engaged in manufacturing and trading in plywood, veneer & all wood products and providing related services

COMMODITY ROUNDUP
Gold futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal after the US Federal Reserve hiked interest rates by 25 basis points but was less dovish than expected following a two-day meeting.The central bank said in a statement that “Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to
strengthen and that economic activity has been rising moderately so far this year.”

Trading Recommendations
BUY GOLD ABOVE 28850 TGT 28950 29150 SL ABOVE 28750
SELL GOLD BELOW 28700 TGT 28600 28400 SL ABOVE 28800

CURRENCY MARKET UPDATES
The Indian rupee appreciated in early trades on Thursday,15 June 2017, extending its climb for the third day against the US dollar amid a higher opening of domestic equities.Sustained selling of the greenback by banks and exporters also backed up the rupee. The dollar turned weak against
other currencies overseas even after the US Federal Reserve lifted interest rates and gave a more hawkish outlook.

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