Nifty Fails To Hold 9,700 But Closes Near Record
The Nifty needs to close above its previous record high of 9,709 consistently to move out of this range, Amar Singh, head of advisory, Angel Broking said. “9,440 has now become a strong support on the downside.”
Singh said the overall uptrend remains “very much intact” and investors should continue to “buy on every dip”. “We are bullish on the housing finance companies and FMCG stocks.”
#BQStocks | Stocks that are moving the market.https://t.co/vqZhJQeOvN pic.twitter.com/9xokwuYrql
— BloombergQuint (@BloombergQuint) July 6, 2017
Shares of Bharat Heavy Electricals Ltd. gained as much as 2.87 percent, the most since May 26, 2017 to Rs 137.90 despite brokerages being wary of the stock.
Citi in its report maintains a 'Sell' rating on the stock with a price target of Rs 133. The report sees limited upside risks to its FY18E gross sales estimates. It refers to BHEL as an 'incumbent market leader in an oversupplied industry.'
Citi also mentions most of BHEL's customers being under financial stress leading to its under performance.
Motilal Oswal too has retained its 'Sell' rating on the stock with a price target of Rs 100.
Apart from iron and steel, transport and telecom companies, power is the largest contributor to stress for banks.https://t.co/SJERc2Z2hr pic.twitter.com/k8y8901PkD
— BloombergQuint (@BloombergQuint) July 6, 2017
Jubilant Pharma Ltd., a materially wholly-owned subsidiary through a wholly-owned subsidiary of Jubilant Life Sciences Ltd. received an Abbreviated New Drug Application (ANDA) approval for Bupropion Hydrochlodide Extended-Release Tablets USP (XL) 150 mg and 300 mg.
The following tablet is used for the treatment of major depressive disorder and prevention of seasonal affective disorder, the company said in a statement.
This was Jubilant's fourth ANDA approval received through the U.S. FDA during the current financial year. The company had a total of 81 ANDAs for oral solids filed in the U.S., of which 51 were approved as of March 31, 2017.
Shares gained as much as 2.58 percent to Rs 724 on the National Stock Exchange.
Shares of the company gained as much as 4.08 percent, the most in a month to Rs 68.95 after it won an order amounting to Rs 71.57 crore from the East Coast Railway.
The work order involves construction of a major bridge between Koraput and Damanjodi stations in connection with the doubling of the Koraput-Singapur Road section of the East Coast Railway.
Shares of the company gained for the second straight day post the news of its cineplex division. The company's cineplex division Om Cineplex Commercial Complex was sold for a sum of Rs 18 crore.
Shares gained as much as 9.11 percent, the most in two months to Rs 57.50 on the National Stock Exchange.
Punjab National Bank best on Nifty Bank Index after Nomura upgrade, reports @shraddha_babla.https://t.co/IS4SmzwBxP pic.twitter.com/YhuFyS4YTz
— BloombergQuint (@BloombergQuint) July 6, 2017
Shares gained as much as 12.35 percent to Rs 27.25 on the National Stock Exchange.
The company expects better financial results owing to the improved operational performance, the statement added.
Brokerage firm JPMorgan maintained its 'Overweight' rating on the stock with a price target of Rs 455. The firm in its report expects 2017 to remain a challenging year for the real estate sector while anticipating a recovery in 2018.
Shares gained as much as 6.57 percent to Rs 405 on the National Stock Exchange.
#JustIn | 9% stake in Future Consumer changes hands for Rs 490 crore. pic.twitter.com/dlMVwAMp8F
— BloombergQuint (@BloombergQuint) July 6, 2017
- 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.
Also Read: Foreign Investors Buy Index Futures As Nifty Inches Higher
- Cadila Healthcare: Announces its intention to licence Phibro's poultry vaccine
- IRB Infra: Udaipur Tollway, wholly-owned subsidiary of the company achieves financial closure for its Udaipur-Gujarat border six laning project
- Om Metals Infraprojects: Sold its cineplex division for Rs 18 crore to Princess Infra and Development
- NBCC: Secured total business worth Rs 630 crore in the month of June
- Shriram EPC: Bags order worth Rs 71 crore from Palani Temple in Tamil Nadu marking the company's foray into the transportation business
- InterGlobe Aviation: To hold conference call today to discuss Air India deal
- Inox Leisure: Morgan Stanley Investment Funds Indian Equity Fund bought 24.52 lakh shares or 2.5 percent stake at Rs 277.5 each which were sold by Local Government Superannuation Scheme
- Speciality Restaurants: SAIF India IV FII Holdings Ltd. sold 2.65 lakh shares or 0.6 percent stake at Rs 110.8 each
For a complete list of stocks to watch, click HERE!
- Bharat Electronics: Raised to 'Buy' at Jefferies
- JK Cement: Raised to 'Buy' at Axis Capital with price target of Rs 1,143
- ONGC: Cut to 'Market Perform' at Bernstein with price target of Rs 172
- Punjab National Bank: Raised to 'Buy' at Nomura with price target of Rs 180
- Shree Cement: Raised to 'Hold' at Axis Capital
Source: Bloomberg
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Good Morning!
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, was little changed at 9,652.
Asian Stocks were mixed as investors assessed cues from the Federal Reserve’s most recent meeting.
Minutes from the central bank’s meeting showed a lack of consensus about when to shrink its balance sheet and how to approach policy strategy in a time of low inflation. Officials agreed gradual interest-rate increased continue to be the right way forward, while starting the process of unwinding their $4.5 trillion balance sheet this year.
Investors will next shift their focus to the U.S. jobs report due on Friday and the G-20 summit to be held in Germany.
Geopolitical risks continued to loom large as Kim Jong Un's test of an Intercontinental Ballistic Missile (ICBM) capable of striking the U.S. mainland resulted an emergency meeting at the United Nations Security Council.
West Texas Intermediate crude futures rose 1 percent to $45.60 a barrel. The contact dropped 4.1 percent on Wednesday, ending the longest winning streak this year, as Russia was said to oppose any proposal to deepen OPEC-led production cuts.
Gold slipped less than 0.1 percent to $1,226.06 an ounce, after two days of gains.
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