Indices end flat, Nifty settles at 10,227 levels; PSU banks, metals lose

Photo: Shutterstock.com
The domestic indices ended largely flat on Friday taking cues from their Asian counterparts.

Among sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. The Nifty Metal index  too ended 1.81% down due to a fall in shares of Steel Authority of India Limited, Jindal Steel & Power and Tata Steel.

The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said. 

In the global markets, Asian shares rallied and the safe-haven yen eased on Friday after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May.

Japan’s Nikkei rose 0.5 per cent and South Korean stocks rose more than 1 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent.

The mood had already brightened a little after Trump pressed ahead with tariffs but offered conditional exemptions for Canada and Mexico, offering at least the hope a full-blown trade war could be averted.

The White House said other countries could apply for exemptions on the 25 per cent tariff on steel imports and 10 per cent for aluminum, but details were sparse on when they might be granted and under what terms.

Several major trading partners have said they will respond with tariffs or direct action of their own.

(with wire inputs)


3:39 PM IST Nifty Metal index too slips over 1.5%

3:34 PM IST Nifty PSU Bank index slips over 1.5%

3:33 PM IST Sectoral trend

3:32 PM IST Sensex Heatmap

3:31 PM IST Markets at Close The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points 

3:12 PM IST Steel stocks under pressure; Tata Steel, JSPL, SAIL down 4%   Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th.   Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.

2:57 PM IST Gold stays weak on global cues, tepid demand Gold prices fell by Rs 100 to Rs 31,350 per 10 grams at the bullion market today in tandem with a weakening global trend amid sluggish demand from local jewellers.   Silver also drifted down by Rs 115 to Rs 39,385 per kg due to reduced offtake by industrial units and coin makers. READ MORE

2:45 PM IST Oil edges up as US President Trump set to meet North Korea's Kim Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump. READ MORE

2:32 PM IST Plug loopholes in alternative investment funds regulations: RBI to Sebi   The Reserve Bank of India (RBI) wrote to the Securities and Exchange Board of India (Sebi) to plug loopholes in alternative investment funds (AIFs) regulations that are being exploited by the funds to give corporate loans. According to sources, the banking regulator is concerned about the risks posed by such practices and fears the route could also be used for money laundering.   It is worthwhile to note that all the lending businesses in India are regulated by the RBI. READ MORE

2:16 PM IST National Stock Exchange 'hopeful' of going public in FY19   India's National Stock Exchange said on Thursday it was hopeful of going public in the next financial year beginning April and that it was committed to expeditiously resolving regulatory issues that have delayed its initial public offering.   NSE, as the bourse is known, had originally planned to go public in 2017 but it has been delayed due to an investigation by the market regulator Securities and Exchange Board of India (Sebi) on whether the exchange's employees had provided unfair trading access to select brokers. READ MORE

1:54 PM IST China, Japan, South Korea hit out at Trump's steel, aluminium tariffs   Major Asian nations reacted sharply to US President Donald Trump's decision to impose tariffs on steel and aluminium imports on Friday, warning of damage to relations amid industry calls for retaliation. Japan said the move would have a "big impact" on the countries' close bilateral ties, while China said it was "resolutely opposed" to the decision and South Korea said it may file a complaint to the World Trade Organization. READ MORE

1:41 PM IST BHEL bags Rs 117-bn thermal power plant contract in Jharkhand's Ramgarh State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3x800 Mw thermal power plant in Jharkhand.  Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE. READ MORE

LIVE UPDATES

Nifty Metal index too slips over 1.5%


Nifty PSU Bank index slips over 1.5%



Sectoral trend


Sensex Heatmap


Markets at Close

The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points 
Steel stocks under pressure; Tata Steel, JSPL, SAIL down 4%
 
Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th.
 
Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.
Gold stays weak on global cues, tepid demand

Gold prices fell by Rs 100 to Rs 31,350 per 10 grams at the bullion market today in tandem with a weakening global trend amid sluggish demand from local jewellers.
 
Silver also drifted down by Rs 115 to Rs 39,385 per kg due to reduced offtake by industrial units and coin makers. READ MORE

Oil edges up as US President Trump set to meet North Korea's Kim

Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump. READ MORE
Plug loopholes in alternative investment funds regulations: RBI to Sebi
 
The Reserve Bank of India (RBI) wrote to the Securities and Exchange Board of India (Sebi) to plug loopholes in alternative investment funds (AIFs) regulations that are being exploited by the funds to give corporate loans. According to sources, the banking regulator is concerned about the risks posed by such practices and fears the route could also be used for money laundering.
 
It is worthwhile to note that all the lending businesses in India are regulated by the RBI. READ MORE
National Stock Exchange 'hopeful' of going public in FY19
 
India's National Stock Exchange said on Thursday it was hopeful of going public in the next financial year beginning April and that it was committed to expeditiously resolving regulatory issues that have delayed its initial public offering.
 
NSE, as the bourse is known, had originally planned to go public in 2017 but it has been delayed due to an investigation by the market regulator Securities and Exchange Board of India (Sebi) on whether the exchange's employees had provided unfair trading access to select brokers. READ MORE
China, Japan, South Korea hit out at Trump's steel, aluminium tariffs
 
Major Asian nations reacted sharply to US President Donald Trump's decision to impose tariffs on steel and aluminium imports on Friday, warning of damage to relations amid industry calls for retaliation.

Japan said the move would have a "big impact" on the countries' close bilateral ties, while China said it was "resolutely opposed" to the decision and South Korea said it may file a complaint to the World Trade Organization. READ MORE
BHEL bags Rs 117-bn thermal power plant contract in Jharkhand's Ramgarh

State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3x800 Mw thermal power plant in Jharkhand.  Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE. READ MORE
Shell, Blackstone to jointly bid for $10 bn US shale assets of BHP: Report

Royal Dutch Shell Plc and US private equity firm Blackstone Group LP are working on a joint $10 billion bid for BHP Billiton Plc's US shale assets, Sky News said on Thursday. READ MORE
L&T Finance Holdings up 3% on preferential issue to L&T; QIP opens

L&T Finance Holdings (LTFH) was trading 3% higher at Rs 163 on the BSE after the company said it has raised almost Rs 20 billion from preferential allotment of shares to its promoter Larsen & Toubro (L&T). READ MORE
Market Check

 
S&P BSE Sensex 33,463.51 0.34%
 
Nifty 50 10,282.45 0.39%
 
S&P BSE 200 4,482.49 0.34%
 
Nifty 500 9,032.45 0.35%
 
S&P BSE Mid-Cap 16,078.54 0.22%
 
S&P BSE Small-Cap 17,400.09 0.25%

Amtek Group extend gains as Liberty House Group emerges preferred bidder

Shares of Amtek Group companies were locked in upper circuit of 5% on the BSE for the second straight day after Liberty House Group was chosen as highest preferred bidder for Amtek Auto's assets.
 
Amtek Auto (Rs 24.95), Metalyst Forgings (Rs 30.50), JMT Auto (Rs 4.96) and Castex Technologies (Rs 4.57) rose 5% on the BSE with only buyers being seen on these counters. READ MORE

Mayur Uniquoters extends gain on stake buy by Smallcap World Fund
 
Mayur Uniquoters was trading 2% higher at Rs 528, extending its previous day’s 5% gain on the BSE, after the foreign portfolio investor (FPI) bought nearly two percentage point stake in textiles Company through open market.
 
On Thursday, March 8, 2018, Smallcap World Fund Inc, had purchased a combined 875,586 shares representing 1.93% stake in Mayur Uniquoters at price of Rs 509 per share on the BSE and NSE, the bulk deal data shows. READ MORE
One in three BSE 100 firms falls short in CSR spending

At least 33 companies, or one-third of firms on the S&P BSE 100 list, have fallen short of the required corporate social responsibility (CSR) spending as mandated by the Companies Act. The Ministry of Corporate Affairs (MCA) is sending out notices seeking details of how and on what CSR funds are being disbursed, say people familiar with the issue, adding officials want to check if corporate social work is actually happening. READ MORE
GTL, GTL Infra tank upto 20% as company cuts outlook on Aircel insolvency

Shares of GTL and GTL Infrastructure have tanked up to 20% on the BSE after the Global Group firms warned that its operations will be hit with the shutdown of multiple telecom players and filing of bankruptcy petition by Aircel early this month. READ MORE
Bank stocks head south

COMPANY LATEST() CHG() CHG(%) VOLUME
IDBI BANK 73.60 -1.25 -1.67 4245934
PUNJAB NATL.BANK 96.40 -0.30 -0.31 1263621
CENTRAL BANK 68.65 -1.05 -1.51 1091028
ST BK OF INDIA 252.90 -3.85 -1.50 503299
SOUTH IND.BANK 24.65 -0.50 -1.99 454272

MARKET COMMENT from DBS Bank

Worries about trade protectionism is likely to impact sentiment in the short term. To be sure, the market is probably relieved that the tariffs are not as harsh as initially mooted. Canada and Mexico are exempted and there is room for other economies to negotiate. Equity markets have generally taken a sanguine view, grinding higher over the past week. Yields have also stayed buoyant. However, it is unclear if China or the Eurozone will be satisfied with this arrangement. Retaliatory tariffs leading to another round of trade tensions is a key downside risk. 
 
The upshot is that developed market bonds are still in consolidation mode. However, yields are in an uneasy range with implied volatility in USD rates significantly higher compared to EUR or JPY rates. We reiterate that 10Y UST yields at 3% is just about neutral for current economic conditions. Rangebound trading is likely until a clearer inflation trend is formed or if the Fed changes its guidance.  
SECTOR RESEARCH - Auto Sector – Commercial Vehicles

M&HCV goods carrier sales in domestic markets have surged 17.3% yoy during April 2017 -January 2018. We expect the momentum to sustain over the next couple of years led by 1) pickup in mining & construction activity, 2) regulatory thrust in the form of overloading norms and GST rollout, 3) BS IV to BS VI emission norm revision, and, 4) scrappage policy implementation. Overall, we expect domestic M&HCV goods carrier demand to grow 8-10% in FY19 and upwards of 15% in FY20. The shift to multi-axle vehicles is already driving realisations for CV manufacturers, and, content per vehicle for auto component manufacturers. In our reckoning, listed players Ashok Leyland, Tata Motors (Standalone), Bharat Forge, MM Forgings, Jamna Auto, Gabriel India, Setco Automotive and Wabco India would be the key beneficiaries of the positive trends.

(Source: IIFL)
Market Check

 
S&P BSE Sensex 33,405.25 0.16%
 
Nifty 50 10,264.15 0.21%
 
S&P BSE 200 4,475.39 0.18%
 
Nifty 500 9,015.90 0.17%
 
S&P BSE Mid-Cap 16,041.00 -0.02%
 
S&P BSE Small-Cap 17,381.29 0.14%

Govt is expecting additional money from RBI as dividend: Subhash C Garg

The government is expecting additional money from the Reserve Bank of India (RBI) as dividend this month, Subhash C Garg, secretary, Department of Economic Affairs, said on Thursday. In August, the RBI had paid the government a dividend of Rs 306.59 billion for the year ended June 2017. The amount was less than half of Rs 658.76 billion it had paid in 2015-16. The RBI’s financial year runs from July to June. READ MORE

Volume toppers on BSE500

COMPANY NAME LATEST HIGH LOW CHG
()
CHG(%) VALUE
( CR)
VOLUME
REL. COMM. 23.80 25.00 23.45 -1.35 -5.37 11.15 4595013
IDBI BANK 73.60 76.60 73.20 -1.25 -1.67 30.33 4066046
JP ASSOCIATES 14.35 14.85 14.00 -0.25 -1.71 5.23 3612087
SUZLON ENERGY 11.24 11.50 11.14 -0.26 -2.26 2.59 2290483
SPICEJET 136.85 140.00 133.50 3.80 2.86 21.75 1573910

How Donald Trump's tariff, trade war fears roiled financial markets
 
US President Donald Trump's plans to impose tariffs on steel and aluminum imports has rippled through financial markets since last week, when his initial announcement set off fears of a global trade war.
 
Trump has stood by the tariffs, despite resistance from his fellow Republicans and other countries, which have vowed to respond with levies of their own, and on Thursday, Trump pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminum. But he exempted Canada and Mexico, backtracking from earlier pledges of tariffs on all countries, while other countries can apply for exemptions. READ MORE
Equity flows into mutual funds strong in February despite stock decline
 
Investor flows into mutual funds (MFs) remained strong last month, despite the markets suffering their worst monthly setback in two years.
 
Equity schemes have reported net inflow of Rs 163 billion in February, the highest in three months, despite the benchmark indices falling five per cent. More than half of these were on account of Systematic Investment Plans (SIPs), a facility where investors commit to invest a fixed sum every month. READ MORE
HG Infra makes listless debut; lists at par against issue price of Rs 270

HG Infra Engineering (HGIEL) has made a listless debut on the bourses by listing at Rs 270, at par against its issue price of Rs 270 per share on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock fell below its issue price to Rs 265 after hitting high of Rs 275 on few seconds of its listing. READ MORE
TOP CONTRIBUTORS TO SENSEX'S GAIN (As at 10:30am)

COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR)
CONTRIBUTION
(POINTS)
H D F C 1820.85 23.35 1.30 193778.42 37.75
ITC 260.50 2.00 0.77 261575.10 16.45
TCS 3030.20 28.70 0.96 124249.74 14.98
INFOSYS 1161.20 4.50 0.39 218668.11 9.21
LARSEN & TOUBRO 1291.85 8.60 0.67 120446.07 8.20
HERO MOTOCORP 3647.25 61.60 1.72 34787.74 8.19

CLSA's Chris Wood on inflation

Data over the past week has been sufficient to keep the inflation scare building. The trend in US core PCE inflation is more concerning when measured on a six-month annualised basis than on a YoY basis. But this is what markets, and indeed economists, tend to do when they are looking for inflection points. It is this kind of trending which creates the potential for another violent sell-off this year, most particularly if continuing US dollar weakness is combined with a correcting Treasury bond market. GREED & fear’s base case remains an inflation scare, not a real return of inflation. This is in part because GREED & fear remains fundamentally sceptical of the health of US consumption
CLSA Managing Director & Equity Strategist Christopher Wood

STOCKS IN NEWS

L&T Financial Services - Approval for opening of QIP; floor price Rs. 161.79 per Equity shares

Fortis Health - Non-Executive Independent Director Joji Sekhon Gill Resigns From Co Effective March 7

Filatex India - Commencement of extended facility for 190 TPD of bright polyester fully drawn yarn and 85 TPD of Bright Chip at Dahej unit

Jayaswal Neco - HC dismissed the writ petition for implementation of approved Debt restructuring scheme, it reserves the right to appeal before SC

Piramal Enterprises board meeting for Right issue of 74.85 lac shares at Rs. 2,380 each

Balrampur Chini - AXIS Capital Limited (Manager to the BuyBack Offer) has submitted to BSE a copy of Letter of Offer to the equity shareholder for the Balrampur Chini Mills

Fortis - Axis Bank acquired 1.83 cr shares to invocation of pledging

IDFC Bank raises MCLR by 15-25 bps across all tenors effective today

GoI asks REC, PFC not to grant loan to discoms with heavy losses.

TCS's flagship product TCS BaNCS has gone live in Gansu Bank in China within 18 months

Indigo, SpiceJet - Clarification on penalty imposed by CCI: Company clarified that it did not indulge in anti-competitive activities

Dilip Buildcon has been declared L-1 by NHAI for a new EPC project under NHDP-IVB. The DBL project bis is Rs. 770 Cr as compared to NHAI Bid project cost of Rs. 963.11Cr. The completion period for the project is 30 months.

(Source: Nirmal Bang report)
Plug loopholes in alternative investment funds regulations: RBI to Sebi

The Reserve Bank of India (RBI) wrote to the Securities and Exchange Board of India (Sebi) to plug loopholes in alternative investment funds (AIFs) regulations that are being exploited by the funds to give corporate loans. According to sources, the banking regulator is concerned about the risks posed by such practices and fears the route could also be used for money laundering. READ MORE

Market Check

 
S&P BSE Sensex 33,468.97 0.35%
 
Nifty 50 10,273.15 0.30%
 
S&P BSE 200 4,487.41 0.45%
 
Nifty 500 9,033.20 0.36%
 
S&P BSE Mid-Cap 16,128.81 0.53%
 
S&P BSE Small-Cap 17,465.72 0.62%

NEWS WATCH Chandrababu Naidu's TDP exits Modi govt but not NDA: Top 10 developments

Andhra Pradesh's ruling Telugu Desam Party (TDP), led by N Chandrababu Naidu, on Thursday pulled out of the Narendra Modi government, with two of its minister in the Union Cabinet tendering their resignations. TDP’s exit from the Narendra Modi-led central government came as a result of the Centre’s refusal to grant Andhra Pradesh a special-category status.

However, a split within the ruling National Democratic Alliance (NDA) at the Centre was averted for now, with the party deciding to remain in the alliance, a move many view as TDP’s attempt to keep the window for rapprochement open. READ MORE
HDFC Bank has picked arrangers for $2.4 billion share sale: Sources

India’s HDFC Bank Ltd, the world’s most-expensive lender, has appointed arrangers including Bank of America Corp, Morgan Stanley and Credit Suisse Group AG for a Rs 155 billion ($2.38 billion) planned share sale, people with knowledge of the matter said. READ MORE
Nfty PSU Bank index slips over 1%


Sectoral Trend


Sensex Heatmap


Markets at open

At 9:16 am, the S&P BSE Sensex weas trading at 33,423, up 72 points while the broader Nifty50 index was ruling at 10,267, up 27 points
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,481.92 +130.35 +0.39
 
S&P BSE SENSEX 50 10,721.72 +24.36 +0.23
 
S&P BSE SENSEX Next 50 32,820.52 +93.47 +0.29
 
S&P BSE 100 10,612.27 +24.89 +0.24
 
S&P BSE Bharat 22 Index 3,504.76 +4.69 +0.13

(Source: BSE)
Today's picks: From Tata Steel to SBI, hot stocks to watch on Friday

Tata Steel 
Current price: Rs 635 
Target price: Rs 625
Keep a stop at Rs 641 and go short. Add to the position between Rs 627 and Rs 629. Book profits at Rs 625.

CLICK HERE FOR MORE

Investors upset as four banks recall Rs 109-bn additional tier 1 bonds

With four banks recalling their additional tier 1 bonds (AT1), issued as quasi-equity under Basel-III regulations, the stage is set for a slow death of these perpetual instruments. To date, Rs 761.14 billion of these bonds have been issued in the local markets, including by private banks and Exim Bank of India. State Bank of India’s Dubai branch raised another $300 million in AT1 bonds overseas. Almost all banks have issued these bonds. READ MORE
Thomas Cook: Quess likely to be spun-off; stay invested

Thomas Cook’s (TCIL) board has approved the proposal of a corporate restructuring exercise that would enable the company to focus on Travel-related businesses and give its shareholders direct exposure to Quess. The contours as well as the timeline of the deal are yet to be disclosed.

Our take: (1) In the scenario that existing shareholders are given Quess shares on pro-rata and no distribution tax is applicable, our estimates on residual business of Travel, forex and vacation ownership imply a 25% upside from CMP; (2) If distribution tax of ~20% is applied, we recommend existing shareholders stay invested and not monetize Quess – a steady compounder given immense opportunity landscape in business services tied directly to macro, shift from unorganized to organized, and consolidation of vendor base. Retain BUY on TCIL and Quess. Our estimates, target price remains unchanged.

(Source: Axis Capital note)
Aurobindo Pharma stock: Good growth in Europe may cushion downside
Aurobindo Pharma continues to be under pressure on the bourses owing to the US Food and Drug Administration’s (US FDA’s) observations to its unit-IV facility at Hyderabad. On Monday, Aurobindo confirmed that the unit has received nine observations between February 12 and February 20 CLICK HERE FOR MORE
HC dismisses RCom's appeal against arbitration order on sale of assets

The Bombay High Court has dismissed Reliance Communications Ltd's (RCom) plea against an arbitration court order that barred the telecom operator from selling or transferring its assets without the tribunal's permission. The company intends to file an appeal against the interim order of the court, an RCom spokesman said in an emailed statement to Reuters READ MORE
 

NEWS WATCH PNB may be given one year to provision against Rs 127-billion fraud

Stocks of Punjab National Bank are likely to be in focus on Friday on reports that the Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud. READ MORE
MARKET COMMENT Amar Ambani, partner and head of research at IIFL

Suddenly, peace seems to be getting a chance. US President Donald Trump has accepted an invitation to meet North Korean leader Kim Jong-un, which could put a halt to nuclear and missile tests in the Korean region. Crude oil futures are on the boil again following this development. On the other hand, Trump has gone ahead with his protectionist plans by setting import tariffs on steel and aluminium; Mexico and Canada have been exempted. The outlook is a peaceful start. The Indian market, which gave up most of its gains on Thursday, will look to get back to its winning ways. HG Infra Engineering shares will make its debut on the bourses. US markets were higher. Asian markets are trading with a positive bias
Top trading ideas for today: Buy HeroMoto Corp, Castrol India

BUY HERO MOTO
CMP: Rs 3,586.70
TARGET: Rs 3,825
STOP LOSS: Rs 3,450
 
The stock has more or less made a higher bottom formation pattern in the daily chart at around Rs 3,440 and has regained strength and has more upside potential to scale till Rs 3,825 levels in the coming days.

The indicators like the RSI has indicated a trend reversal and is poised for an upmove whereas the MACD is on the rise and is indicating a positive bias for more upside rally. With consistent volume activity seen, we recommend a buy in this stock for an upside target of Rs 3,825 keeping a stop loss of Rs 3,450.

CLICK HERE FOR MORE

Nifty outlook for the day

As of now, Nifty has taken support at the significant 200 DMA level of 10,135 and indicated signs of a revival. To signal a fresh positive sentiment, Nifty has to breach the level of 10,450 decisively else it would be range bound pattern of movement between 10,130 and 10,450 levels. The support for the day is seen at 10,180 while the resistance is seen at 10,300.
MARKET COMMENT Jayant Manglik, President, Religare Broking

Nifty managed to end with decent gains amid volatility, indicates a breather after the recent fall. It opened with an uptick but selling pressure at the higher level pushed the benchmark lower in no time. However, things improved as the session progressed, thanks to bargain hunting in select index majors after six days of consecutive fall.
 
We feel it's just a technical bounce and sustainability at higher level seems difficult. Traders shouldn't jump into the trade and keep a close eye on local developments, mainly related to the PSU banking fraud and upcoming macroeconomic data for cues. Nifty has immediate resistance at 10300-10400. Maintain "sell on rise" approach
CLSA's Chris Wood on markets

US wage data will be critical for markets. But for now the gathering inflation scare and new Fed Chairman Jerome Powell’s straightforward verbal delivery have caused more economists to forecast four rate hikes this year. In GREED & fear’s view the more rate hikes that are projected, the more likely that the American economy slows later this year despite the tax reform-triggered optimism on capex.

It would be a surprise to GREED & fear if Wall Street-correlated world stock markets did not see more sell-offs during this year with the catalysts most likely to be monetary tightening fears followed by later realisation that growth is not as strong as previously hoped


Markets on Thursday

 
S&P BSE Sensex 33,351.57 0.96%
 
Nifty 50 10,242.65 0.87%
 
S&P BSE 200 4,467.47 0.71%
 
Nifty 500 9,000.70 0.71%
 
S&P BSE Mid-Cap 16,043.55 0.56%
 
S&P BSE Small-Cap 17,357.35 0.50%

SGX Nifty

The SGX Nifty was at 10,284.50, up 0.45% from the previous close.
Asian Markets

The Japan’s Nikkei climbed 2.3%. South Korean stocks enjoyed their best day since May with a rise of 1.76%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6%.
Wall Street

The Dow ended Thursday with a gain of 0.38%, while the S&P 500 added 0.45% and the Nasdaq 0.42%.
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