Epic Research Special Stock Market Report 13 July 2017

Global markets at a glance
The Dow rose to a record high close while US stocks kept their upward momentum Wednesday following Federal Reserve Chair Janet Yellen’s congressional testimony to gradually raise interest rates. Yellen’s speech was a nod to Wall Street as the Fed signalled it will gradually tighten policy and gradually unwind its massive balance sheet. A neutral interest rate level refers to one that neither encourages nor discourages economic activity. The European markets got off to a positive start Wednesday, but remained stuck in a sideways patter throughout the first half of the session.

MACRO NEW
Results today: TCS, Cyient, Hatsun Agro, MCX India
Adani Enterprises board meeting today
Speciality Restaurants grants rights to franchisee to open 3 restaurants under its brand ‘Mainland China Asia Kitchen’ in United Arab Emirates
Cadila Healthcare’s Pankaj Patel steps down as MD, Dr Shravil Patel appointed as MD
Patel Integrated Logistics board approves allotment of 6.4 lakh shares at a price of Rs 115 to Front line Strategy (strategic investor)
Pincon Spirits, GM breweries in focus – Supreme Court exempts Arunachal, Andaman Nicobar from liquor ban ruling
Binani Industries in focus – Bank of Baroda moves NCLT to recover Rs 97 crore from Binani Cement
IDFC Infrastructure lending arm to raise Rs 1,500 crore in bonds
Ashoka Buildcon eyes Rs 5,000 crore road projects this financial year

STOCKS IN NEWS
Future Lifestyle Fashions in focus – CARE upgrades rating to AA- from A+ on long term bank facilities
Jindal Saw board decides to amalgamate subsidiaries
Tata Global Beverages clarifies that it has not taken any decision on divestment of shareholding
Kirloskar Ferrous says operations of one mini blast furnace at Koppal plant has been suspended temporarily on July 12 due to market conditions

COMMODITY ROUNDUP
Gold futures closed higher in the domestic market on Tuesday getting a boost from political uncertainty in the U.S. as investors awaited Federal Reserve Janet Yellen’s testimony to Congress this week for cues on the timing of expected interest-rate hikes. Prices for the yellow metal gave up ear-
lier losses as the dollar weakened and U.S. equities fell in the immediate wake of Donald Trump Jr.’s release of emails linked to a meeting with a Russian lawyer last year.

TRADING STRATEGY:
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 edged lower in early trades on Wednesday, 12 July 2017 on increased selling of the greenback by banks and exporters amid continued foreign funds inflow.Weakness in the dollar against other currencies overseas
also helped make rupee stronger. Further, a good start in domestic equities added impetus to the rupee upmove.The domestic currency opened at Rs 64.61 against the dollar and recovered to a high of 64.51 do far during the day.

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