Indian Indices:
Benchmark indices gained on the opening tick on Thursday, tracking handover from the global markets, with the Nifty looking to reclaim 9400. BSE Sensex opened up by 74 points at 30374, while the Nifty50 opened higher by 26 points at 9386 mark.
The Sensex was up 81.32 points at 30382.96, while the Nifty was up 26.15 points at 9386.70. The market breadth was narrow as 588 shares advanced against a decline of 225 shares, while 39 shares were unchanged. Nifty50 Index has breached its rising trendline support which was formed by joining lows of 7,893.80 and 9088.75. Now, going forward, Nifty50 has support placed around the level of 9,320, and if this level is breached, the index may drift towards the level of 9,270. On the upside, the region of 9,410-9,430 is likely to act as an immediate resistance.
There are 918 advances, 428 declines and 426 unchanged stocks on NSE reflecting some positive bias floating in the market.
Global Market:
Asian shares eked out modest gains on Thursday while the dollar and US bond yields slipped after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its USD 4.5 trillion of bond holdings.
Wall Street rose, while the US dollar and bond yields fell on Wednesday after Federal Reserve meeting minutes signalled a gradual approach to interest rate hikes, and oil prices dipped on a draw of US gasoline stocks that was smaller than expected.
US stocks ended up slightly higher on Wednesday with the S&P 500 hitting a record high close as minutes of the Federal Reserve’s latest policy showed broad agreement on plans to begin shirking the central bank’s balance sheet and also pointed to a likely rate hike next month, as widely expected. The Dow Jones Industrial Average gained 75 points to end at 21,012.
Major Headlines of the day:
• Max Financial- Has not received any formal communication from regulator
• Telecom-TRAI firm on decision to penalize Big 3 for Choking POI to Jio
• M&M has natural strength in aerospace & armoured vehicles, See opportunities of Rs 20,000-50,000 crore in every sector
Trend in FII flows: The FIIs were net buyers of Rs 81.88 the cash segment on Wednesday while the DIIs were net sellers of Rs 197.31 as per the provisional figures.
UPCOMING RESULTS: ASHOKLEY, ASIAN HOTEL, BALKRISHNAIND, BFUTILITY, BOSCH, BRITANNIA, CIPLA, DHAMPUR, GSPL,IOC,MANNAOURAMFIN,NMDC,PAGEIND,VADILA,TIMKEN,THOMASCOOK.
Securities in Ban For Trade Date 25-MAY-2017:
1.BANKINDIA
2.IBREALEST
3.INFIBEAM
4.JISLJALEQS
5.JPASSOCIAT
6.ORIENTBANK
7.RCOM
8.RELCAPITAL
9.UJJIVAN
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