Epic Research Special Stock Market Report 04 August 2017

Global markets at a glance
The S&P 500 and the Nasdaq fell on Thursday, weighed down by Amazon.com, Apple and other top-shelf technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high. Stocks lost a little
ground late in the session after the Wall Street Journal reported that Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate allegations of Russia’s interference in the 2016 US presidential election.The S&P 500 has risen 11 percent in 2017 and is trading at 18 times expected earnings, pricey compared to its 10-year average of 14, according to Thomson Reuters DataStream.

MACRO NEW
Results today: M&M, Dabur India, Arvind, HPCL, Chennai Petroleum, Aban Offshore,ABC Bearings, Andhra Bank, Apollo Tyres, Atlas Cycles,Berger Paints, Fortis Healthcare, GNFC, GSFC, Indian Hotels, Mangalam Drugs, Monsanto India, Repco Home, STI India and TTK Healthcare
IND-Ra downgrades bonds and bank facilities of the SAIL
JSW Steel opens to JFE investment: Bloomberg
Mercator likely to acquire Dredging Corporation: Mint
JSW Steel, Piramal Enterprises eye joint bid for stressed assets
SBI led banks order forensic audit of Videocon’s accounts
Syngene bets on its new research facility to ramp up biologics play
LTS investment fund sold in Infibeam for Rs 51 crore 3.63 lakh shares
Oberoi Realty shelves plans to float mall JV: BS

STOCKS IN NEWS
Tata Chemicals signs business transfer agreement with Unnati Inorganics to acquire precipitated Silica operations on a slump sale basis for Rs 34 crore
Shree Pushkar Chemicals commences commercial production of its 750 MTA H-Acid
Piramal Enterprises in focus – Piramal Realty invests in Mumbai project

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. This is likely to keep Gold under stress after a series of strong
global economic updates earlier this week. The Dow Jones Industrial Average breached the 22,000 mark for the first time ever on Wednesday. This pulled COMEX Gold lower and the metal is down 0.77% at $1268.50 per ounce right
now. MCX Gold futures ended around Rs 28580 per 10 grams, carving out good gains in intraday moves but should slip in early moves.The international crude oil price of Indian Basket as computed today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 50.83 per barrel (bbl) on 02.08.2017.

TRADING STRATEGY:
BUY GOLD ABOVE 28600 TGT 28650 28750 SL BELOW 28550
SELL GOLD BELOW 28450 TGT 28400 28300 SL ABOVE 28500

CURRENCY MARKET UPDATES
The Indian rupee strengthened further against the dollar in early trades on Thursday, 03 August 2017, following a surge to a fresh two year high yesterday, post the RBI rate cut. Gains in the currency was buoyed by hopes of more capital inflows, coupled with more selling of the American currency by banks and exporters. The dollar’s muted show against other currencies overseas added to the rupee value.The domestic currency opened at Rs 63.6675 against the dollar and climbed to a high of 63.60 so far during the day.

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