DAILY EQUITY REPORT
INDIAN FACE
INDIAN EQUITY BENCHMARK rose over 1% in a volatile
session, marking its highest close in nearly two weeks as blue
chip shares surged tracking a rebound in the rupee for a
second day, ahead of April-June GDP data. Ebbing prospects of
a U.S.-led military strike against Syria were also seen helping
shares even as foreign investors sold over $1 billion worth of
shares in the previous 10 sessions through Thursday.
Further, Software exporters gained to record highs on
improving U.S. business prospects.
Tech Mahindra Ltd rose 0.7 percent after Morgan Stanley
resumed coverage of its shares at "overweight" and a target
price of 1,650 rupees, saying they remain undervalued.
GLOBAL FACE
Most Asian markets traded higher following a raft of regional
economic data points.
European stocks were sharply, ahead of euro zone economic reports
as fears over a potential military intervention in Syria by the U.S. and
its allies weighed, sparking losses in commodity-linked stocks.
U.S. stock futures pointed to a higher open on Friday, as investors
eyed the release of U.S. data later in the day, after positive U.S.
economic reports indicated that the recovery is on track.
MARKET TALKS
Q1 GDP at 4.4% vs. 4.8% (QoQ); consumption demand down
GDP for the first quarter of this fiscal year came in at a four-year
low of 4.4 % versus 5.4 % (YoY), below street expectation of 4.7 %.
In the previous quarter, the GDP witnessed a 4.8% growth. C
Rangarajan sees second half of the year to be better than first half,
primarily because of agriculture growth. Manufacturing will also see
a pickup in from third quarter onwards.
Buyback price of Rs 261 best offer in current set-up: JSPL
The board of directors of the company approved the buyback of
equity shares from its existing shareholders (other than promoters,
promoter group, persons in control and persons acting in concert),
at a price not exceeding Rs 261 per equity share, up to an
aggregate amount not exceeding Rs 1,000 crore from the open
market.
Fiscal deficit reaches nearly 63% of full-year target: Govt
India's fiscal deficit during the April-July period was Rs 341,000
Crore or 62.8% of the full-year target, The country's fiscal deficit
during the 2012/13 fiscal year ending March fell to 4.9% of the
country's gross domestic product, compared with 5.8% a year ago.
Large fiscal deficit, CAD impacted market confidence: IMF
India's large fiscal and current account deficits have impacted
market confidence; emphasizing that the rupee decline posed both
challenges and opportunities for the country. "The current situation
presents a challenge, obviously, to the government of India, but
also an opportunity for the government to continue with its policy
efforts on a variety of fronts," International Monetary Fund”.
Maruti Suzuki down 2%; Deutsche Bank cuts target price
Maruti Suzuki shares lost more than 2 percent intraday Friday.
Deutsche Bank has cut its target price on the stock by 14 percent to
Rs 1,450. The brokerage house has cut its FY14 and FY15 volume
forecasts by 3 percent and 7 percent, respectively, to factor in 8-10
percent rupee depreciation. Maruti's market share gains are being
offset by weak overall demand
DAILY AGRI REPORT
TURMERIC
Indian turmeric futures fell as higher carry-forward stocks and weak spot demand weighed on sentiment but demand from overseas buyers limited the fall. Higher stocks from the old crop amid weak local buying is adding pressure on turmeric prices. However, any sharp decline is unlikely because exports are good. Turmeric sowing is complete in leading cultivating areas and the weather is favourable for the growth of the crop.
TURMERIC (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 4900,
SUPPORT 2: 4836,
RESISTENCE 1: 5220,
RESISTENCE 2: 5284,
STRATEGY: BUY ON DIPS.
SOYABEAN
Indian oilseeds and soyoil futures extended losses on weak demand in local spot markets and as edible oil prices fell overseas on profit-taking.
SOYABEAN TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 3442,
SUPPORT 2: 3387,
RESISTENCE 1: 3587,
RESISTENCE 2: 3698,
STRATEGY: BUY ON DIPS.
CHANA
Indian chana, or chickpea, futures rose on hopes of festival demand, though rains, which raised
hopes of better sowing, kept the upside limited.
CHANA (SEP.) TECHNICAL VIEW:
TREND: BULLISH
SUPPORT 1: 3015,
SUPPORT 2: 2963,
RESISTENCE 1: 3194,
RESISTENCE 2: 3277.
STRATEGY: BUY ON DIPS.
JEERA
Indian jeera, or cumin seed, futures rose on export demand, though expectations of higher
sowing due to ample rains and higher-than-expected supplies kept the upside limited. Gujarat,
the top jeera producer in India, has received above average rainfall so far in this monsoon
season.
JEERA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 13300,
SUPPORT 2: 13200,
RESISTENCE 1: 13785,
RESISTENCE 2: 13965.
STRATEGY: BUY ON DIPS.
DISCLAIMER
The information and views in this report, our website & all the service we provide are believed
to be reliable, but we do Company not accept any responsibility (or liability) for errors of fact or
opinion. Users have the right to choose the product/s that suits them the most.
Use of this report in no way constitutes a client/advisor relationship, all information we
communicate to you (the subscriber) either through our Web site or other forms of
communications, are purely for informational purposes only. We recommend seeking individual
investment advice before making any investment, for you are assuming sole liability for your
investments. Capital Stars will in no way have discretionary authority over your trading or
investment accounts.
INDIAN FACE
INDIAN EQUITY BENCHMARK rose over 1% in a volatile
session, marking its highest close in nearly two weeks as blue
chip shares surged tracking a rebound in the rupee for a
second day, ahead of April-June GDP data. Ebbing prospects of
a U.S.-led military strike against Syria were also seen helping
shares even as foreign investors sold over $1 billion worth of
shares in the previous 10 sessions through Thursday.
Further, Software exporters gained to record highs on
improving U.S. business prospects.
Tech Mahindra Ltd rose 0.7 percent after Morgan Stanley
resumed coverage of its shares at "overweight" and a target
price of 1,650 rupees, saying they remain undervalued.
GLOBAL FACE
Most Asian markets traded higher following a raft of regional
economic data points.
European stocks were sharply, ahead of euro zone economic reports
as fears over a potential military intervention in Syria by the U.S. and
its allies weighed, sparking losses in commodity-linked stocks.
U.S. stock futures pointed to a higher open on Friday, as investors
eyed the release of U.S. data later in the day, after positive U.S.
economic reports indicated that the recovery is on track.
MARKET TALKS
Q1 GDP at 4.4% vs. 4.8% (QoQ); consumption demand down
GDP for the first quarter of this fiscal year came in at a four-year
low of 4.4 % versus 5.4 % (YoY), below street expectation of 4.7 %.
In the previous quarter, the GDP witnessed a 4.8% growth. C
Rangarajan sees second half of the year to be better than first half,
primarily because of agriculture growth. Manufacturing will also see
a pickup in from third quarter onwards.
Buyback price of Rs 261 best offer in current set-up: JSPL
The board of directors of the company approved the buyback of
equity shares from its existing shareholders (other than promoters,
promoter group, persons in control and persons acting in concert),
at a price not exceeding Rs 261 per equity share, up to an
aggregate amount not exceeding Rs 1,000 crore from the open
market.
Fiscal deficit reaches nearly 63% of full-year target: Govt
India's fiscal deficit during the April-July period was Rs 341,000
Crore or 62.8% of the full-year target, The country's fiscal deficit
during the 2012/13 fiscal year ending March fell to 4.9% of the
country's gross domestic product, compared with 5.8% a year ago.
Large fiscal deficit, CAD impacted market confidence: IMF
India's large fiscal and current account deficits have impacted
market confidence; emphasizing that the rupee decline posed both
challenges and opportunities for the country. "The current situation
presents a challenge, obviously, to the government of India, but
also an opportunity for the government to continue with its policy
efforts on a variety of fronts," International Monetary Fund”.
Maruti Suzuki down 2%; Deutsche Bank cuts target price
Maruti Suzuki shares lost more than 2 percent intraday Friday.
Deutsche Bank has cut its target price on the stock by 14 percent to
Rs 1,450. The brokerage house has cut its FY14 and FY15 volume
forecasts by 3 percent and 7 percent, respectively, to factor in 8-10
percent rupee depreciation. Maruti's market share gains are being
offset by weak overall demand
DAILY AGRI REPORT
TURMERIC
Indian turmeric futures fell as higher carry-forward stocks and weak spot demand weighed on sentiment but demand from overseas buyers limited the fall. Higher stocks from the old crop amid weak local buying is adding pressure on turmeric prices. However, any sharp decline is unlikely because exports are good. Turmeric sowing is complete in leading cultivating areas and the weather is favourable for the growth of the crop.
TURMERIC (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 4900,
SUPPORT 2: 4836,
RESISTENCE 1: 5220,
RESISTENCE 2: 5284,
STRATEGY: BUY ON DIPS.
SOYABEAN
Indian oilseeds and soyoil futures extended losses on weak demand in local spot markets and as edible oil prices fell overseas on profit-taking.
SOYABEAN TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 3442,
SUPPORT 2: 3387,
RESISTENCE 1: 3587,
RESISTENCE 2: 3698,
STRATEGY: BUY ON DIPS.
CHANA
Indian chana, or chickpea, futures rose on hopes of festival demand, though rains, which raised
hopes of better sowing, kept the upside limited.
CHANA (SEP.) TECHNICAL VIEW:
TREND: BULLISH
SUPPORT 1: 3015,
SUPPORT 2: 2963,
RESISTENCE 1: 3194,
RESISTENCE 2: 3277.
STRATEGY: BUY ON DIPS.
JEERA
Indian jeera, or cumin seed, futures rose on export demand, though expectations of higher
sowing due to ample rains and higher-than-expected supplies kept the upside limited. Gujarat,
the top jeera producer in India, has received above average rainfall so far in this monsoon
season.
JEERA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 13300,
SUPPORT 2: 13200,
RESISTENCE 1: 13785,
RESISTENCE 2: 13965.
STRATEGY: BUY ON DIPS.
DISCLAIMER
The information and views in this report, our website & all the service we provide are believed
to be reliable, but we do Company not accept any responsibility (or liability) for errors of fact or
opinion. Users have the right to choose the product/s that suits them the most.
Use of this report in no way constitutes a client/advisor relationship, all information we
communicate to you (the subscriber) either through our Web site or other forms of
communications, are purely for informational purposes only. We recommend seeking individual
investment advice before making any investment, for you are assuming sole liability for your
investments. Capital Stars will in no way have discretionary authority over your trading or
investment accounts.
0 Comments