It's been a muted day of trade for the Asian markets with the Nikkei trading marginally lower at 6:50 a.m. The SGX Nifty, one of the early indicators of how the Indian markets will open, is hinting at a flat to marginally positive opening. Minutes of the last U.S. Federal Reserve meeting that were released on Wednesday, show a lack of consensus about when to shrink its balance sheet and how to approach policy strategy in a time of low inflation. Meanwhile, crude prices have managed to recover from its steepest intraday fall in four weeks to trade 0.5 percent higher. Here's a quick wrap on all you need to know to be ready for trade on Thursday.
Global Cues
- Muted close for U.S. markets. Dow Jones Industrial Average closed flat at 21,478, S&P 500 Index up 0.15 percent at 2,433 and Nasdaq up 0.7 percent at 6,151.
- Energy and material stock lost over 1 percent on the Dow; industrials and healthcare stocks gained the most
- S&P 500 extended gains for the third straight session as technology stocks lead rally; sector up over 1 percent
- Minutes of the last U.S. Federal Reserve meeting hint at gradual rate hikes even if inflation remains muted
- FTSE ended up 0.14 percent at 7,367, CAC 40 ended up 0.10 percent at 5,180 and DAX ended up 0.13 percent at 12,454
Asian Cues
- Asian markets see muted trade with Nikkei trading with mild losses in the morning.
- SGX Nifty indicates mild but positive opening for Indian markets
Commodities Update
- Crude prices bounced back 0.5 percent in early-morning trade, after falling 3.7 percent on Wednesday.
- Brent crude tumbled 3.7 percent on Wednesday, posting its biggest intraday fall in four weeks weeks
- Falling stock pile helped crude recover
Indian ADRs
- Vedanta: Up 1.59 percent
- ICICI Bank: Up 1.11 percent
- Tata Motors: Up 0.39 percent
- HDFC Bank: Up 0.14 percent
- Wipro: Ends flat
- Dr. Reddy's: Down 0.77 percent
- Infosys: Down 1.32 percent
Brokerage Radar
- Nomura upgraded Punjab National Bank Ltd. to ‘buy' from ‘neutral'. Target price maintained at Rs 180
- Credit Suisse added ITC Ltd. to their Asia Ex-Japan Focus List after recent clarity on the goods and services tax
Futures & Options Cues
- Nifty seems to be consolidating above the 9600 level for the past three days.
- Open interest additions at the 9400-9600 levels indicate strong support for the market.
- Nifty 9400 Put added 59.8 lakh shares in open interest while Nifty 9500 Put added 61.7 lakh shares.
- Call writers were seen shedding open interest with hardly any writing at current levels.
- Put writers, on the other hand, saw aggressive writing at 9500-9700 levels.
- The rising Put Call Ratio also provides confidence for a stable market.
- Cues suggest limited downside on the Nifty currently with a chance of a breakout on the higher side.
Put Call Ratio
- Nifty PCR rises to 1.26 from 1.21
- Nifty Bank PCR rises to 1.25 from 0.99
- A higher PCR indicates a bullish trend
Fund Flows
- Foreign portfolio investors turned net buyers for the first time this month, NSE provisional data indicates.
- FPIs were net buyers to the tune of Rs 227 crore after selling shares worth more than Rs 2000 crore in the past two days.
- Domestic institutional investors remained net buyers for the sixth straight session.
- DIIs bought shares worth Rs 75 crore on Wednesday, the lowest net buy figure in the past six sessions.
- DIIs bought Rs 3290 crore in the cash equity markets over the past six sessions.
- FIIs were net buyers to the tune of Rs 1422 crore in the derivatives market.
Index Play
- Nifty ended above the 9600 mark for third straight session
- Sensex traded above the 31,000 mark for third straight session
- Both the Nifty and Sensex continued to trade above the 50, 100 and 200 day moving averages.
- Nifty Pharma was only Index that has given negative returns so far this month.
- Nifty Pharma and IT were the only indices that have given negative returns so far this year.
- Nifty Metal and Nifty Energy indices have given positive returns so far this month.
Bulk Deals
- Inox Leisure: Morgan Stanley bought 24.5 lakh shares at Rs 277.75 per share
- Wimplast: Kotak Mutual Fund bought 3.03 lakh shares at Rs 1,565 per share; promoters sold
- Speciality Restaurants: Saif Partners sold 2.6 lakh shares at Rs 110.8 per share
Stocks Which Saw High Open Interest Addition
- Tata Chemicals: Open interest addition of 28 percent on the long side
- Indiabulls Real Estate: Open interest addition of 23 percent on the long side
- JSW Energy: Open interest addition of 10 percent on the long side
- Amara Raja Batteries: Open interest addition of 8 percent on the short side
- United Breweries: Open interest addition of 8 percent on the long side
- Cadila Health: Gets tentative U.S. FDA nod for Metformin Hydrochloride oral tablet
Top Performers So Far This Month
- Caplin Point Labs: Up 18.1 percent
- Timken India: Up 16.8 percent
- Chambal Fertilisers: Up 16.7 percent
- Videocon Industries: Up 15.6 percent
- Shilpi Cables: Up 15.5 percent
Worst Performers So Far This Month
- Religare Enterprises: Down 11.6 percent
- JMT Auto: Down 9.9 percent
- Tata Communications: Down 6.3 percent
- GVK Power: Down 5.8 percent
- Gayatri Projects: Down 5.5 percent
Stocks To Watch
- IndiGo will hold a conference call to discuss the Air India deal.
- Sobha has release its real estate operational update for the first quarter, new bookings are up 20 percent.
- IRB Infrastructure achieves financial closure for Udaipur road project.
- Om Metal divests its Cineplex division for Rs 18 crore.
- Shriram EPC bags orders worth Rs 71 crore.
- Bhushan Steel releases FY17 results.
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