Epic Research Special Stock Market Report 10 August 2017

Global markets at a glance
US stocks clawed back losses late on Wednesday as investors appeared to brush off geopolitical concerns after falling in the wake of US President Donald Trump’s “fire and fury” warning to North Korea. Bargain-seeking investors instead turned their focus to strength in the global economy and earnings toward the end of an active trading day.The Dow Jones Industrial Average fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite dropped 18.13 points, or 0.28 percent, to 6,352.33.The European markets struggled for the bulk of Tuesday’s session. Disappointing trade data from both China and Germany had a negative impact on investor sentiment.

MACRO NEW
Results today: Bharat Forge, Motherson Sumi, Page Industries, Union Bank of India
Capacity expansion of National Peroxide’s Hydrogen Peroxide Plant at Kalyan (on 50% w/w basis) from 95,000 tonnes per annum to 1,50,000 tonnes per annum
NHPC signing of Power Purchase Agreement with BSES Yamuna Power Limited
New india Assurance files draft papers for IPO
HPCL, ONGC – The government has tweaked terms of sales of stake in HPCL to avoid open offer
Lupin eyes specialty business in US
Avendus Capital acquires Ocean Dial Asset Management for Euro 450mn
NCLT admits IDBI’s insolvency plea against Jaypee Infratech
Piramal Finance (unit of Piramal Ent) invests 400cr in auto parts maker Hema Engineering
Mcleod Russel may take control of Everady’s tea business

STOCKS IN NEWS
Varun Beverages’ intent to enter into a binding agreement to acquire PepsiCo India’s previously franchised territories of the State of Odisha and parts of Madhya Pradesh along with three manufacturing units at Cut- tack, Bargarh and Bhopal (Mandideep).
Daiichi moves SC to block Sale of Shares by Fortis Promoters, hearing on Friday

COMMODITY ROUNDUP
COMEX Gold shot up today as geopolitical tensions made the commodity glitter in its conventional manner. The metal neared its two month high, surging around $1275 per ounce and adding around 1% on the day after the media reports stated that North Korea has threatened a missile strike on a
US military base on Guam. MCX Gold futures are trading at Rs 28648 per 10 grams, up 0.95% on the day. The counter opened sharply higher today with a gap up of more than Rs 100 per 10 grams.Precious metals soared today as geopolitical tensions and continued buying support in base metals pushed up both Gold and Silver futures.

TRADING STRATEGY:
BUY GOLD ABOVE 28900 TGT 28950 29150 SL BELOW 28850
SELL GOLD BELOW 28600 TGT 28550 28450 SL ABOVE 28650

CURRENCY MARKET UPDATES
The Indian rupee weakened against the dollar in early trades on Wednesday, 09 August 2017. The dollar’s gains against some other currencies overseas coupled with a lower opening in the domestic equity markets weighed on the
rupee. The domestic currency opened at Rs 63.79 against the dollar and traded between a narrow range of 63.7550 and 63.8075 so far during the day. In the spot currency market, the Indian unit was last seen trading at 63.7825. Yesterday, the rupee staged a strong comeback to close 17 paise higher at 63.63.Domestic stocks saw gap-down opening on negative global cues. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 137.85 points or 0.43% at 31,876.34.

 

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