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Ruchit Jain, technical analyst at Angel Broking said the overall trend remains positive as the Nifty was making higher tops and higher bottoms. Besides that, another positive he said was that the corrections so far have been time corrections and not price corrections.
“We had breakout gap this week, i.e. a significant move after a period of consolidation. This gap area from 8,950-9,050 is a very strong support for the market. The market is unlikely to go below that in the short-term,” he told BloombergQuint in a phone conversation.
On higher side, he said whenever any index or any stock is trading at an all-time high level, the targets are usually arrived by looking at reciprocal retracements of the previous corrective move. “As per the reciprocal retracement, the target for Nifty should head first to 9,400 and then to 9,650,” he said.
Sun Pharmaceuticals Ltd. in an exchange filing said that it's indirect subsidiary Taro Pharmaceuticals Inc. is set to acquire 100 percent shares of Canada-based Thallion Pharmaceuticals Inc. (Canada). The acquisition is priced at 2.3 million Canadian Dollars with 0.4 million due at the earlier of the completion of an additional pre-clinical animal study or April 1, 2019.
Shares of the company were trading lower by 0.4 percent at Rs 708.20.
Shares of government-run United Bank of India Ltd. jumped as much as 12 percent to Rs 26.95, the highest since February 9, 2017.
The lender received a letter from the Indian government on capital infusion of Rs 418 crore.
Trading volumes were nearly 5.5 times its 30-day average. The stock has a total return of 30.6 percent on a year-to-date compared with 11.7 percent for the benchmark Sensex index.
Wilful defaulters owe state owned banks Rs 91,155 crore, says government.https://t.co/Bpm4liUNv3 pic.twitter.com/toUmdzklkh
— BloombergQuint (@BloombergQuint) March 17, 2017
Former IDBI chief, ex-deputy managing director granted bail. pic.twitter.com/7E0ammm4Oo
— BloombergQuint (@BloombergQuint) March 17, 2017
Shares of Mahanagar Telephone Nigam Ltd. (MTNL) rose as much as 8 percent to Rs 26.20 after a parliamentary panel suggested merger of state-run telecom firm with Bharat Sanchar Nigam Ltd.
MTNL’s trading volume at 2.3 times 30-day average. The stock has given a return of 23.5 percent so far this year compared with 11.7 percent for the benchmark S&P BSE Sensex index.
Interesting Stock Move 2:Jindal Poly Films
— Shraddha Babla (@shraddha_babla) March 17, 2017
↑ for Day 6
↑ 40% in a week
India’s largest producer of PET,BOPP films
6 Mar:Rs 350 cr capex plan pic.twitter.com/cChehxSwId
A $33 billion manager says history on side of Indian stocks, reports @abhavam.https://t.co/8PV2YDB4Fl pic.twitter.com/jxRRkry0b7
— BloombergQuint (@BloombergQuint) March 17, 2017
Reversing its 4-day climb, the rupee fell 24 paise to 65.65 against the dollar today as the American currency got some of its lure back among banks and importers.
The dollar's strength overseas weighed, but a higher opening in domestic equities cushioned the impact.
The rupee had gained 28 paise to close at a fresh 16-month high of 65.41 on Thursday after the U.S. Federal Reserve stuck to its stance of a gradual approach on future rate hikes.
Source: PTI
Shares of tobacco firms rose between 3 percent to 7 percent after the Goods and Services Tax (GST) panel set the cap for additional tax on tobacco.
Shares of Godfrey Phillips rose as much as 2.86 percent while ITC was the top gainer on the Nifty 50 index with gains of over 7 percent. VST Industries was up 3 percent on the Bombay Stock Exchange.
Jagran Prakashan-promoted Music Broadcast Ltd. on Friday became the first radio channel operator in eleven years to go public, as its shares listed on the Bombay Stock Exchange at Rs 420, a 26 percent premium to its issue price.
The Radio City FM station operator’s initial public offering (IPO) was subscribed nearly 40 times by the time the issue closed on March 8, according to stock exchange data.
The U.S. Fed decision of not accelerating the timeline for future tightening and Prime Minister Narendra Modi's victory in state elections have pushed the Indian rupee higher this week. The local currency has climbed 1.8 percent to 65.41 per dollar this week, which is the most in a year.
However, some traders say that the rally in the rupee is overdone and that it has taken the currency to expensive levels on a real effective rate basis. ANZ expects some retracement of the currency once the euphoria fades and sees the rupee at 67.50 per dollar by the end of the year.
In the bond market, the yield on the benchmark note declined 6 basis points for the week. Later today, the government will repurchase Rs 3,500 crore of bonds.
Good Morning!
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, rose 0.2 percent to 9,205.
Most Asian stocks were trading little changed, as Japanese equities slipped while Hong Kong shares fluctuated, after the biggest gain for MSCI Asia Pacific Index since November a day before. The Bloomberg Dollar Spot Index was little changed after dropping 1.4 percent in previous two sessions.
Overnight, the S&P 500 Index’s post-Fed rally ran out of steam after the gauge climbed within 0.5 percent of an all-time high. The pound retreated after Thursday’s gains spurred by some Bank of England policy makers saying they may not be far behind monetary policy committee member Kristin Forbes who’s leaning toward raising interest rates.
The focus on Friday will be a meeting between Donald Trump and Angela Merkel, while Steve Mnuchin will be attending his first G20 finance chiefs gathering in Germany as U.S. Treasury secretary. He repeated his view on Thursday in Berlin that the long-term strengthening of the dollar is in the best interest of the U.S. economy and that it reflects in the world’s reserve currency.
Oil advanced 0.3 percent to 48.88, heading toward its first weekly gain in three weeks. Gold was steady after a two-day gain, trading at $1,227.15 an ounce and poised for a 1.9 percent increase for the week.
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