Epic Research Special Stock Market Report 04 October 2017

Global markets at a glance
US stocks closed higher on Tuesday, building on strong gains from their previous session. The Dow Jones industrial average rose 84.07 points to 22,641.67, setting intraday and closing records, with 3M contributing the most to the gains. The 30-stock index also posted a five-day winning streak. The S&P 500 finished 0.2 percent higher at 2,534.58 and notched a record close; it also rose for the sixth straight session. Airline stocks Delta and United Continental were the best performers in the S&P, advancing 6.6 percent and 6.1 percent, respectively. The Nasdaq composite advanced 0.2 percent to close at 6,531.71, and also hit a record high.

The Nifty50 futures on the Singapore Stock Exchange were trading 12.50 points higher at 9887 indicating a flat opening for the domestic market.
Amid a public outcry over rising fuel prices, the Union government has reduced the basic excise duty on petrol and diesel by Rs 2 per litre with effect from Wednesday. The Finance Ministry said the decision was taken in a bid to cushion the impact of the rise in global crude oil prices and to protect the interests of the common man.

Glenmark to reduce R&D spending as challenges mount.
India Cements gets shareholder nod for issue of NCDs/bonds/other securities .
IndiGO to get DGCA nod for modified regional plans.

Gold futures edged higher on MCX despite the hopes for a US tax reform plan and a rate hike before the end of the year continued to support demand for the US dollar. The contract for October delivery was trading at Rs 29630.00, up
by 0.07% or Rs 22.00 from its previous closing of Rs 29608.00. The open interest of the contract stood at 3164 lots. The contract for December delivery was trading at Rs 29828.00, up by 0.27% or Rs 79.00 from its previous closing
of Rs 29749.00. The open interest of the contract stood at 7241 lots on MCX. Gold and silver were trading in a narrow range in morning trade on Friday on account of subdued demand in precious metals from jewellers, industries and

Trading Recommendations
BUY GOLD OCT ABOVE 29650 TGT 29700 29800 SL BELOW 29550
SELL GOLD OCT BELOW 29450 TGT 29400 29300 SL ABOVE 29550

The pound dropped against the U.S. dollar on Friday, after the release of downbeat UK economic growth data, while hopes for an upcoming U.S. tax overhaul continued to lend support to the greenback. GBP/USD was down 0.43% at 1.3383 by 04:45 a.m. ET (08:45 GMT), re-approaching Thursday’s two-week lows of 1.3344. The UK Office for National Statistics reported on Friday that the UK gross domestic product expanded 1.5% in the second quarter, year over-year, down from a previous estimate of 1.7%.

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