Epic Research Special Stock Market Report 29 June 2017

Global markets at a glance
U.S. stock-market indexes on Wednesday traded higher, with equities on pace to rebound from a technology-led downdraft in the previous session. A Senate delay of a closely watched vote on a bill to overhaul of the Affordable Care Act, known as Obamacare, until after July 4, has raised some questions about President Donald Trump’s ability to advance his pro-business and market-boosting agenda,headlined by tax cuts, deregulation and a boost to spending on infrastructure.

MACRO NEW
SEBI proposes relaxed entry norms for FPIs to shun P- Note route
Aadhaar-PAN linking must from July 1, govt notifies rules
Union Cabinet approves Seventh Pay Commission recommendations on allowances
Anil Ambani Group stocks in focus: Asset sale picks up pace
JSW Holdings plans to lend more to Jindal’s wife own entity
Pharma companies in focus – Baddi investors tax holiday cut short by 3 years
L&T in focus: Westinghouse to resume designing on USD 20 billion nuclear plants
Adhunik lenders refer Adhunik Metaliks to NCLT: FE
Amtek Auto in focus – Bharat Forge, Sona koyo, Black-stone in race to buy all or parts of Amtek Group companies

STOCKS IN NEWS
Fortis Healthcare gets shareholders’ nod to hike FII holding limit to 74 percent of paid-up equity capital
Mindtree will buy back 43.2 lakh shares i.e 2.5 percent of equity at Rs 625 per share
Godrej Industries to sell Rs 400 crore worth of shares in Godrej Agrovet IPO
Bhushan Steel board meeting on July 5 to approve March quarter earnings

COMMODITY ROUNDUP
COMEX Gold futures stayed supported today as nervous equities ensured that safe haven buying stays in place for the yellow metal. The commodity has been edging up this week after marking a recovery from near six week lows.
COMEX Gold futures are trading at $1253.50 per ounce, up 0.53% on the day. MCX Gold futures are trading at Rs 28686 per 10 grams, up 0.47% on the day.

TRADING STRATEGY:
BUY GOLD ABOVE 28750 TGT 28850 29050 SL BELOW 28650
SELL GOLD BELOW 28500 TGT 28400 28200 SL ABOVE 28600

CURRENCY MARKET UPDATES
The Indian rupee edged slightly lower at commencement against the dollar on Wednesday, 28 June 2017, pressured by a lower opening in the domestic stock market. Increased demand for the American currency from importers
and banks further weighed down the local unit. However,euro hitting a 10-month high against the greenback, however, capped the rupee’s fall.
The domestic currency opened at Rs 64.55 against the dollar and dropped to a low of 64.5950 before bouncing back to a high of 64.5425 so far during the day.

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