Epic Research Special Stock Market Report 11 July 2017

Global markets at a glance
US stocks edged higher on Monday, led by gains in technology stocks as investors were optimistic ahead of earnings.The S&P 500 technology index was up 0.8 percent, followed by a 0.6 percent gain in the materials index . Technology is expected to have had among the strongest earnings growth for the second quarter.US companies have begun to release second-quarter earnings, with reports due this week from big U.S. banks including JPMorgan Chase ,Wells Fargo and Citigroup.

MACRO NEW
Cadila Healthcare: Zydus gets tentative US FDA nod for Lurasidone Hydrochloride tablets
Alembic Pharmaceuticals receives USFDA tentative approval for Dabigatran Etexilate capsules
SBI board approves divestment of SBI’s stake in SBI Life through an IPO; offer for sale of 8 crore shares
Patel Integrated Logistics signs letter of intent to acquire a warehouse of 35000 square feet carpet area in Gujarat on 30-year lease basis with Sumar Logistics & Industrial Park
Gallantt Metal – Ind-Ra affirms A- rating to company’s long term borrowing
Accel Frontline completes sale of entire shareholding in Accel systems, Singapore to Starhub
Ramco Systems – ICRA reaffirms the long term and short term credit ratings for bank facilities
Oriental Bank of Commerce revises 1-year MCLR rate to 8.45 percent from 8.5 percent

STOCKS IN NEWS
DB Corp in talks to sell 2520MW power arm to Tata Power, CDPQ, ICICI venture
Lanco Infratech encashes suppliers bank guarantees: BS
Inox Wind, Suzlon Energy in focus – GST concerns delay renewable auction in Gujarat
IOC, Lanzatech sign statement of intent to construct gas-to-bioethol production unit in India

COMMODITY ROUNDUP
The Reserve Bank of India on Friday fixed the issue price of Sovereign Gold Bond Scheme 2017-18 – Series II at Rs 2780 per gram of gold which will be opened for subscription from July 10 2017 to July 14 2017. “The Sovereign Gold Bond Scheme 2017-18 – Series II will be opened for subscription for the period from July 10 2017 to July 14 2017” RBI said in a notification.The central bank said that nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the week preceding the subscription period i.e. July 03-07 2017 works out to Rs 2830 per gram.

Trading Recommendations
BUY GOLD ABOVE 27820 TARGET 27870 27971 SL BELOW 27751
SELL GOLD BELOW 27700 TARGET 27650 27549 SL ABOVE 27769

CURRENCY MARKET UPDATES
The Indian rupee recovered slightly on Monday, 10 July 2017 with the local stock market zooming to record highs in early trade clearing the way for the rupee’s upmove.Fresh selling of the US currency by banks and exporters
also supported the local unit. However, the dollar made headway overseas after US jobs data, which came as a dampener for the rupee.The domestic currency opened at Rs 64.55 against the dollar and climbed to a high of 64.4875 so far during the day.

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