Epic Research Special Stock Market Report 27 September 2017

Global markets at a glance

The S&P 500 ended flat on Tuesday and the Nasdaq posted modest gains as technology shares bounced from sharp losses in the prior session and omments from Fed Chair Janet Yellen boosted expectations of a December rate hike. Yellen said the Fed needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until infla-tion reached the Fed’s 2-percent target.The Dow Jones Industrial Average fell 10.05 points, or 0.05 percent, to 22,286.04, the S&P 500 gained 0.23 points, or 0.01 percent, to 2,496.89 and the Nasdaq Composite added 9.57 points, or 0.15 percent, to 6,380.16.

MACRO NEWS

The Nifty futures on Singaporean exchange were trad-ing flat with a mild negative bias of about 4 points downwards at 9,852.
Foreign portfolio investors can participate in commodity derivatives trading on stock bourses located in the International Financial Services Centre (IFSC), Sebi said on Tuesday.
The permission for FPIs is subject to certain conditions, including that their participation would be “limited to the derivatives contracts in non-agricultural commodities only”.

STOCKS IN NEWS
Cadila Healthcare’s Zydus gets US FDA nod for Indomethacin capsules .
NMDC to seek major investor in its first steel plant .

COMMODITY ROUNDUP & TRADING TIPS

Gold and silver edged higher in morning trade on Tuesday ahead of a two-day Federal Reserve meeting that kicks off later in the day. Gold prices recovered by Rs 350 to Rs 30,850 per 10 gramsat the bullion market today, taking positive cues from the global market amid rupee falling to five-month low and in-creased buyingb by local jewellers.Silver ready bounced back by Rs 400 to Rs 40,700 per kg and weekly-based delivery by Rs 265 to Rs 39,930 per kg. Its coins, however, continued to be traded at previous levels of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Trading Recommendations

BUY GOLD OCT ABOVE 30050 TGT 30100 30200 SL BELOW 29950
SELL GOLD OCT BELOW 29700 TGT 29650 29550 SL ABOVE 29800

CURRENCY MARKET UPDATE
The rupee took a beating for the second straight day on Tuesday, plunging by a hefty 35 paise to hit a fresh six-month low of 65.45 a dollar due to heavy demand for the US currency from importers amid foreign fund outflows.The dollar was hovering near three-week highs against oth-er major currencies on Tuesday, amid fresh geopolitical tensions between the U.S. and North Korea and despite mixed messages by Federal Reserve officials. The greenback strengthened after New York Federal Re-serve President William Dudley on Monday said the Fed is on track to gradually raise interest rates given factors depressing inflation are “fading” and the U.S. economy’s fundamentals are sound.

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