DAILY EQUITY REPORT
INDIAN FACE
INDIAN EQUITY BENCHMARKS NSE Index gains nearly 2.62
percent, tracking a rebound in the rupee from a record low
after the central bank's move to provide dollars directly to oil
companies. Traders say continued foreign selling and expiry of
August equity derivative contracts later in the day had
increased volatility in the second half of trade.
Further, Sesa Goa 30% surge in past seven trading days, on
back of heavy volumes on the indices after the company said
merger of Sterlite Energy of Vedanta Aluminium into it have
become effective.
Financial shares gain after steep losses in the previous two
sessions are seen as overdone as the rupee gains today against
the dollar
GLOBAL FACE
Asian stock was mostly higher, rebounding from recent losses as
investors returned to the market to seek cheap valuations. Gains
were limited as traders continued to monitor the situation in Syria.
European stocks were higher, as investors eyed the release of U.S.
data later in the day as concerns that the Federal Reserve could soon
begging tapering its stimulus program recently eased.
The US equity markets end on a positive note, reversing their earlier
declines, as strong gains in materials and energy offset weak housing
data.
MARKET TALKS
Rupee sinks as FIIs extend selling.
The rupee tumbled to a near- 67.77 level against the dollar, over
concerns that foreign institutional investors (FIIs) might continue
selling stocks in the absence of concrete steps to rein in the current
account deficit (CAD). Also fuelling the slide was the fear that a
surge in oil prices might push the country’s economy into its biggest
crisis in over two decades.
Oil companies’ gain after RBI opens forex swap window.
State-owned oil companies gain on the Reserve Bank of India's
move to provide dollars directly to these companies. The RBI
announced late on Wednesday a special window "with immediate
effect" to sell dollars through a designated bank to Indian Oil Corp
Ltd , Hindustan Petroleum Corp and Bharat Petroleum Corp "until
further notice.
Another high-profile exit at Infy; stock slips.
Infosys is trading lower at Rs 3107 in otherwise firm market after
Americas head and global manufacturing chief, Ashok Vemuri,
resigned from the company. Member of the board has conveyed his
intention to resign from the services of the company.
Barclays sees upside in Tata Motors; upgrades to 'overweight'.
Barclays upgraded Tata Motors Ltd to "overweight" from
"underweight" as the market price of shares are increasing, citing
improving performance at unit Jaguar Land Rover Ltd (JLR), While
Tata Motors' domestic business remains under stress due to macro
concerns, Barclays believes that an improved performance from
JLR should offset any drag from the standalone operations.
IDBI Bank slips on turning exdividend today.
IDBI Bank has plunged over 5% at Rs 53.70 after the stock of
staterun lender turns ex-dividend today. The board of directors of the
bank at its meeting, 2013 had recommended dividend of Rs 3.50
per share for the year 2012-13. As approved by the Board, the date
of dispatch of dividend warrants would be September 26, 2013 and
date of payment of dividend would be October 01, 2013.
DAILY AGRI REPORT
TURMERIC
Indian turmeric futures fell due to higher carryforward stocks though export demand is
restricting a sharp fall in prices. Huge carryover stocks, coupled with favourable climate, may
cap sharp gains and pressurise prices at higher levels. Turmeric sowing is almost complete in
the leading cultivating areas and the crop is in good condition.
TURMERIC (SEP.) TECHNICAL VIEW:
TREND: BEARISH
SUPPORT 1: 4900,
SUPPORT 2: 4770,
RESISTENCE 1: 5040,
RESISTENCE 2: 5120,
STRATEGY: SELL ON RISE.
SOYABEAN
Indian oilseeds and soyoil futures dropped on Thursday on profit-taking driven by a fall in
overseas edible oil prices and as the rupee recouped some of its losses. Malaysian palm oil
futures slipped on Thursday as investors took profits after six straight sessions of gains for the
edible oil that were driven by expectations of hot U.S. weather affecting supply of competing
soybean oil. Traders are booking profits as the rupee is gaining some lost ground. In overseas
markets also edible oil prices are falling.
SOYABEAN TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 3520,
SUPPORT 2: 3442,
RESISTENCE 1: 3698,
RESISTENCE 2: 3748,
STRATEGY: SELL ON RISE.
CHANA
Indian chana, or chickpea, futures fell on prospects of better sowing while higher area under
summer-sown pulses and conducive weather also weighed on sentiment. An expectation of
higher sowing in winter is weighing on prices but festive buying is expected to improve and
support at lower prices.
CHANA (SEP.) TECHNICAL VIEW:
TREND: BEARISH
SUPPORT 1: 3015,
SUPPORT 2: 2963,
RESISTENCE 1: 3112,
RESISTENCE 2: 3170.
STRATEGY: SELL ON RISE.
JEERA
Indian jeera, or cumin seed, futures fell on Wednesday on expectations of higher sowing in top
producing Gujarat and on ample rains, though good demand from overseas buyers limited the
downside.
JEERA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 13310,
SUPPORT 2: 13200,
RESISTENCE 1: 13785,
RESISTENCE 2: 13965.
STRATEGY: SELL ON RISE.
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 BENCHMARKS NSE Index gains nearly 2.62
percent, tracking a rebound in the rupee from a record low
after the central bank's move to provide dollars directly to oil
companies. Traders say continued foreign selling and expiry of
August equity derivative contracts later in the day had
increased volatility in the second half of trade.
Further, Sesa Goa 30% surge in past seven trading days, on
back of heavy volumes on the indices after the company said
merger of Sterlite Energy of Vedanta Aluminium into it have
become effective.
Financial shares gain after steep losses in the previous two
sessions are seen as overdone as the rupee gains today against
the dollar
GLOBAL FACE
Asian stock was mostly higher, rebounding from recent losses as
investors returned to the market to seek cheap valuations. Gains
were limited as traders continued to monitor the situation in Syria.
European stocks were higher, as investors eyed the release of U.S.
data later in the day as concerns that the Federal Reserve could soon
begging tapering its stimulus program recently eased.
The US equity markets end on a positive note, reversing their earlier
declines, as strong gains in materials and energy offset weak housing
data.
MARKET TALKS
Rupee sinks as FIIs extend selling.
The rupee tumbled to a near- 67.77 level against the dollar, over
concerns that foreign institutional investors (FIIs) might continue
selling stocks in the absence of concrete steps to rein in the current
account deficit (CAD). Also fuelling the slide was the fear that a
surge in oil prices might push the country’s economy into its biggest
crisis in over two decades.
Oil companies’ gain after RBI opens forex swap window.
State-owned oil companies gain on the Reserve Bank of India's
move to provide dollars directly to these companies. The RBI
announced late on Wednesday a special window "with immediate
effect" to sell dollars through a designated bank to Indian Oil Corp
Ltd , Hindustan Petroleum Corp and Bharat Petroleum Corp "until
further notice.
Another high-profile exit at Infy; stock slips.
Infosys is trading lower at Rs 3107 in otherwise firm market after
Americas head and global manufacturing chief, Ashok Vemuri,
resigned from the company. Member of the board has conveyed his
intention to resign from the services of the company.
Barclays sees upside in Tata Motors; upgrades to 'overweight'.
Barclays upgraded Tata Motors Ltd to "overweight" from
"underweight" as the market price of shares are increasing, citing
improving performance at unit Jaguar Land Rover Ltd (JLR), While
Tata Motors' domestic business remains under stress due to macro
concerns, Barclays believes that an improved performance from
JLR should offset any drag from the standalone operations.
IDBI Bank slips on turning exdividend today.
IDBI Bank has plunged over 5% at Rs 53.70 after the stock of
staterun lender turns ex-dividend today. The board of directors of the
bank at its meeting, 2013 had recommended dividend of Rs 3.50
per share for the year 2012-13. As approved by the Board, the date
of dispatch of dividend warrants would be September 26, 2013 and
date of payment of dividend would be October 01, 2013.
DAILY AGRI REPORT
TURMERIC
Indian turmeric futures fell due to higher carryforward stocks though export demand is
restricting a sharp fall in prices. Huge carryover stocks, coupled with favourable climate, may
cap sharp gains and pressurise prices at higher levels. Turmeric sowing is almost complete in
the leading cultivating areas and the crop is in good condition.
TURMERIC (SEP.) TECHNICAL VIEW:
TREND: BEARISH
SUPPORT 1: 4900,
SUPPORT 2: 4770,
RESISTENCE 1: 5040,
RESISTENCE 2: 5120,
STRATEGY: SELL ON RISE.
SOYABEAN
Indian oilseeds and soyoil futures dropped on Thursday on profit-taking driven by a fall in
overseas edible oil prices and as the rupee recouped some of its losses. Malaysian palm oil
futures slipped on Thursday as investors took profits after six straight sessions of gains for the
edible oil that were driven by expectations of hot U.S. weather affecting supply of competing
soybean oil. Traders are booking profits as the rupee is gaining some lost ground. In overseas
markets also edible oil prices are falling.
SOYABEAN TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 3520,
SUPPORT 2: 3442,
RESISTENCE 1: 3698,
RESISTENCE 2: 3748,
STRATEGY: SELL ON RISE.
CHANA
Indian chana, or chickpea, futures fell on prospects of better sowing while higher area under
summer-sown pulses and conducive weather also weighed on sentiment. An expectation of
higher sowing in winter is weighing on prices but festive buying is expected to improve and
support at lower prices.
CHANA (SEP.) TECHNICAL VIEW:
TREND: BEARISH
SUPPORT 1: 3015,
SUPPORT 2: 2963,
RESISTENCE 1: 3112,
RESISTENCE 2: 3170.
STRATEGY: SELL ON RISE.
JEERA
Indian jeera, or cumin seed, futures fell on Wednesday on expectations of higher sowing in top
producing Gujarat and on ample rains, though good demand from overseas buyers limited the
downside.
JEERA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 13310,
SUPPORT 2: 13200,
RESISTENCE 1: 13785,
RESISTENCE 2: 13965.
STRATEGY: SELL ON RISE.
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.
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