Epic Research Special Stock Market Report 10 January 2018

Global markets at a glance
Wall Street’s major indexes extended the New Year rally to close at record levels on Tuesday on investor optimism ahead of quarterly earnings reports and hopes for easing tensions with North Korea.Defensive S&P sectors – utilities, real estate and telecommunications – were out of favour, while bank stocks were boosted by rising US 10-year Treasury yields. Healthcare stocks rose with the sector in focus on the second day of an industry conference.

MACRO NEW
Trends on SGX Nifty indicate a positive opening for the broader index in India. Nifty futures were trading around 10,653-level on the Singaporean Exchange.

Crisil has maintained its FY19 growth estimate at 7.6 percent on the low base. “The pace of economic growth has slowed down this fiscal year, which is attributable mostly to the lingering impact of the demonetisation, transitory disruptions caused by the
implementation of GST, and weak agricultural growth,” it said.Private consumption will grow 6.3 percent in FY18, over a high base of an 8.7 percent growth in FY17, and will remain the biggest contributor to GDP at 55.7 percent, the report said.

STOCKS IN NEWS
DFC Bank & Capital First in exploratory talks for a possible merger

Vijaya Bank: LIC cuts stake in the firm by 2.03 percent to 10.14 percent between May 2016 and January 2018

COMMODITY ROUNDUP
Gold prices held steady on Friday after hitting 3 and a half month highs in the previous session, remaining on track for their fourth straight weekly gain. Fundamentals Spot gold was mostly unchanged at $1,322.50 an ounce at
0102 GMT.It marked its highest since Sept. 15 at $1,325.86 on Thursday on a weaker dollar. Spot gold was on track for its fourth straight weekly climb,
rising 1.5 per cent so far this week. Weighed down by the greenback’s weakness against the euro, the dollar index against a basket of six major currencies was poised for a loss of 0.3 per cent this week, during which it probed a three-month low of 91.751 .

TRADING STRATEGY:
BUY GOLD DEC ABOVE 29300 TGT 29350 29450 SL BELOW 29200
SELL GOLD DEC BELOW 29150 TGT 29100 29000 SL ABOVE 29250

CURRENCY MARKET UPDATE
The dollar index, which tracks the greenback against a basket of six major rival currencies, was steady on the day at 93.348 .The euro was steady at USD 1.1967, not far from its nearly four-month high of USD 1.2089 set on Thursday.Against the yen, the dollar edged up 0.1 percent to 113.14.Underpinning the dollar, investors bet on further US interest rate hikes after Friday’s payrolls data did nothing to challenge the outlook for monetary policy tightening by the US Federal Reserve.

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