Epic Research Special Stock Market Report 14 July 2017

Global markets at a glance
Wall Street posted slight gains on Thursday and the Dow hit another record high close, with financials rising ahead of profit reports due Friday from several big US banks. The financial index was the best performer among the 11 major S&P sectors, ending up 0.61 percent. Quarterly earnings kick off on Friday with three of the biggest US banks including JPMorgan Chase, Wells Fargo and Citigroup reporting results. The Dow Jones Industrial Average rose 20.95 points, or 0.1 percent, to 21,553.09, the S&P 500 gained 4.61 points, or 0.19 percent, to 2,447.86 and the Nasdaq Composite added 13.27 points, or 0.21 percent, to 6,274.44.

MACRO NEW
Results today: Infosys, Bhansali Engineering Biocon in focus – FDA committee nod for Trastuzumab (cancer drug)
Cadila Healthcare: Zydus gets tentative US FDA nod for Fingolimod capsules
Zee Entertainment – NCLT has approved the composite scheme of arrangement between the company and Reliance Big Broadcasting for demerger of the general entertainment broadcast business
Ramkrishna Forgings QIP opened on July 13, floor price of Rs 523 per share
Religare Enterprises in focus – CARE Ratings has revised the rating from AA-(outlook negative) to A for Religare Finvest, a subsidiary, with respect to RFL’s NCDs of Rs332.05 crore
Pricol acquires 100 percent of the wiping systems business of Ashok Piramal group’s PMP Auto Components Private Limited
GTPL Hathway acquires remaining 49 percent stake in GTPL TV Tiger, making it a wholly owned subsidiary

STOCKS IN NEWS
Tata Group in talks with 21st Century Fox to sell Tata Sky
HDFC Life may call off merger plan with Max Life, focus on IPO
Snapdeal may merge with Infibeam to create USD 2 billion company
Indo Gulf in focus – Aditya Birla Group ready to sell fertilizer arm;Grasim to exit all low margin businesses
Tata Steel seeks shareholders nod to raise Rs 10,000 crore

COMMODITY ROUNDUP
Gold futures sustained its momentum during the late afternoon trade in the domestic market on Thursday owing to the firm overseas trend post the comments by the Federal Reserve calling for the gradual interest-rate hikes amid weak dollar raising the demand of the precious metal influenced gold prices at the futures trade.At the MCX gold futures for August 2017 contract is trading at Rs 27910 per 10 grams up by 0.21 per cent after opening at Rs 27950 against a previous close of Rs 27851. It touched the intra-day high of Rs 27957

TRADING STRATEGY:
BUY GOLD AUG ABOVE 27855 TGT 27955 28155 SL BELOW 27750
SELL GOLD AUG BELOW 27800 TGT 27700 27500 SL ABOVE 27900

CURRENCY MARKET UPDATES
The Indian rupee strengthened in early trades against the dollar on Thursday, 13 July 2017 as foreign capital stayed on an upward trajectory and the Sensex broke through the 32,000-mark for the first time ever. Increased dollar sales
by exporters and banks further supported the rupee. A muted show by the greenback against other currencies overseas also added momentum to the rupee.The domestic currency opened at 64.39 against the dollar but failed to hold on to the level and dropped to a low of 64.50 so far during the day.

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