Epic Research Special Stock Market Report 23 August 2017

Global markets at a glance
US stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers’ comments on tax reform and the debt ceiling boosted investor optimism. US House Speaker Paul Ryan told CNN at a town hall on Monday that tax reform would be easier to pass than the failed healthcare overhaul because Republicans have built a consensus.Separately, Senate Majority Leader Mitch McConnell said on Monday that there was “zero chance” that the United States will fail to raise the debt ceiling in September, allaying concerns that the United States is poised to default on its debt, according to media reports.The European markets ended Tuesday’s session firmly in positive territory, following three straight days losses.

MACRO NEW
Cabinet may approve hike in cess on luxury cars, SUVs via ordinance
Shriram Transport Vehicle Finance allotted NCDs worth Rs 25 crore (250 debentures of face value of Rs 10,00,000) on private placement basis
Subros has raised Rs 50 crore by way of NCDs
Balaji Telefilms approves selling of 25 percent stake in company to Reliance Industries (RIL)
M&M in focus – Luxury car cess, ordinance on cabinet agenda today
Shoppers Stop will sell food, books online by the next fiscal: ET
RIL mulls entering power storage business with BP
L&T to focus on infra defence sectors: Mint
Bharat Electronics seeks shareholder nod for 1:10 bonus share issue

STOCKS IN NEWS
Rakesh Jhunjhunwala’s wife Rekha buys 45 lakh shares of Fortis Healthcare
SML Isuzu – ICRA, on an annual has reaffirmed the long term rating for line of credit at AA and short term rating for line of credit and commercial paper/ short term debt programme at A1+

COMMODITY ROUNDUP
MCX Gold futures eased today, sliding in tune with the global prices amid a steady recovery in equities. COMEX Gold has tested a two month high above $1300 per ounce but has failed to hold onto the coveted mark. The counter
currently trades down around half a percent at $1290 per ounce. MCX Gold futures are down 0.58% at Rs 29112 per 10 grams. Gold has rallied impressively over last few days. Large speculators continued to push their bullish net positions higher in the gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

TRADING STRATEGY:
BUY GOLD ABOVE 29300 TGT 29350 29450 SL BELOW 29250
SELL GOLD BELOW 29050 TGT 29000 28900 SL ABOVE 29100

CURRENCY MARKET UPDATE
The Indian rupee strengthened against the dollar in early trades on Tuesday, 22 August 2017 on increased selling of the US currency by exporters and banks. Besides, the dollar’s weakness against major currencies overseas and a
higher opening in domestic stocks kept the domestic unit in good spirit.The domestic currency opened at Rs 64.06 against the dollar but dipped to a low of 64.0850 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.0825. Yesterday, the rupee had ended marginally higher at 64.14 against the US currency due to some dollar demand from importers and corporates.

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