Epic Research Special Stock Market Report 19 December 2017

Global markets at a glance
US stocks traded at record highs on Monday afternoon as the Republican tax plan, which is set to cut corporate tax rates, moved closer to passage.Earlier in the session, the Nasdaq surpassed the 7,000- point mark, while the S&P and the Dow reached record levels.More Republicans said on Sunday they expected Congress to pass the tax bill this week, with a Senate vote set for Tuesday and President Donald Trump expected to sign the bill into law by the end of the week.

Japan’s Nikkei 225 added 1.15 percent early in the session as trading houses and banks rose. Tech and automaker blue-chips also saw gains. Toyota rose 2.37 percent, Sony gained 2.22 percent and SoftBank climbed 1.14 percent.Korea’s Kospi came under slight pressure, trading 0.08 percent under the flat line.

In Sydney, the S&P/ASX 200 gained 0.64 percent as resource stocks gave a boost to the overall index. Rio Tinto climbed 0.98 percent and Fortescue Metals rose 1.75 percent. Banking shares were also higher on Monday, with ANZ rising 1.91 percent after the bank announced it would buy back up to USD 1.5 billion
shares on-market.

US stocks closed at record levels, with the Dow Jones industrial average gaining 0.58 percent, or 143.08 points, to close at 24,651.74.The dollar held onto gains
made in the last session. The dollar index, which tracks the greenback against a basket of six currencies, rose as high as 93.997 on Friday. At 8:26 a.m. HK/SIN, the dollar index stood at 94.010.

JM Financial approves raising Rs 650 crore via securities Aurobindo, DRL lead race to buy orchid
LT Foods’ QIP opens with a floor price at Rs 79.13 per share

Gold prices edged higher on Monday, as the U.S. dollar pulled back despite mounting hopes that a major U.S. tax reform can be passed before the end of the year. Comex gold futures were up $2.10 or about 0.16% at $1,259.70 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off Friday’s one-and-a-half week high of $1,264.50 hit. The greenback was initially lifted after Republicans on Friday put the finishing touches on a sweeping tax overhaul bill.

BUY GOLD DEC ABOVE 28500 TGT 28550 28650 SL BELOW 28400
SELL GOLD DEC BELOW 28350 TGT 28300 28200 SL ABOVE 28450

Maintaining its upbeat momentum, the rupee today surged by 30 paise to hit a fresh 3-month high of 64.04 against the US dollar, with all exit polls on assembly elections suggesting the BJP retaining Gujarat and returning to power in Himachal Pradesh. This is the highest closing for the home currency since September 13, when it had closed at 64.00.

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