Epic Research Special Stock Market Report 03 August 2017

Global markets at a glance
The Dow Jones industrial average notched another milestone on Wednesday, breaking above 22,000 for the first time. The 30-stock index rose 52.32 points to close at 22,16.24 with a boost from Apple’s stock, which surged 4.73 percent after posting quarterly results that blew expectations out of the water. The company reported earnings per share of USD 1.67 on revenue of $45.4 billion. Analysts polled by Reuters expected earnings per share of USD 1.57 on revenue of USD 44.89 billion.The broad-based major European indices closed lower in Wednesday’s trading session, as mining companies, and banks weighed down the markets.

MACRO NEW
Results today: Titan Company, IOC, Colgate Palmolive,HCC
Indian rupee ends at 2-year high, bonds fall after RBI cuts repo rate by 25 bps to 6%
Bajaj Finance has entered into a Subscription Agreement with One MobiKwik Systems to acquire convertible preference share. Post conversion will hold 10%, Total amount paid 225cr
GAIL commences construction of Kochi-Koottanad- Mangalaru Pipeline with a total project cost of Rs 3263cr
Prakash Industries converts FCCB’s into 30 lkh equity shares which will be allotted to FCCB holders, paid up share capital to increase to 152.5 cr from 149.4cr
Bharti Airtel may sell 3% in Infratel
NTPC set to retire 25 of its veteran power generating units
Just Dial Approves Buyback Of Equity Shares For An Amount Not Exceeding `83.91 Cr

STOCKS IN NEWS
RPP Infra Promoter A.Nithya releases pledge of 2,75,000 shares
Listing of RInfra’s infra investment trust delayed Jet airways to announce June results in September
Brookfield , 2 others bid for Vodafone and idea towers
Emami eyes more buys in heatlh care

COMMODITY ROUNDUP
COMEX Gold futures stayed weak today after hitting around two month highs. US Private sector hiring stayed strong in July as employers added 178,000 jobs ADP reported today.This is likely to keep Gold under stress after a series of
strong global economic updates earlier this week. COMEX Gold is down 0.55% at $1272 per ounce. MCX Gold futures are trading flat around Rs 28430 per 10 grams. Activity in the US manufacturing sector saw continued growth in the
month of July, according to a report released by the Institute for Supply Management on Tuesday, although the pace growth slowed.COMEX Silver futures took a tumble in Asia as Gold prices slipped and commodities remained under stress in general.

TRADING STRATEGY:
BUY GOLD ABOVE 28630 TGT 28680 28780 SL BELOW 28780
SELL GOLD BELOW 28450 TGT 28400 28300 SL ABOVE 28500

CURRENCY MARKET UPDATES
The Indian rupee dipped lower against the dollar in early trades on Wednesday, 02 August 2017 on increased demand for the greenback from importers ahead of RBI policy decision. The two-day monetary policy meeting concludes today. However, domestic equities soaring to new highs and the dollar’s weakness against other currencies overseas limited the rupee’s fall. The domestic currency opened at Rs 64.12 against the dollar and dipped to a low of 64.1350 before recovering to a high of 64.10 so far during the day.

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