Forget Sensex, India’s market cap likely to double from $2 trn to $4-5 trn in 7-10 yrs : 6 June 2017

Indian Indices:

Nifty opens above 9700 for the first time, Sensex opens at record high The Indian market, which recently entered the $2 trillion market cap club last month, thanks to a gush of local as well as global liquidity, will soon join the $4 trillion club in the next 7-10 years, suggest experts.

The BSE Sensex opened at 31420 up by 111 points, while the Nifty50 opened up by 29 points at 9704 mark. TCS is the top Nifty gainer and Bharti Airtel is the top Nifty loser in the morning hours. TCS is trading at Rs 2651.40 per share up by 1.82% whereas Bharti Airtel is trading at Rs 369.85 per share, down by 0.68%

Nifty50 is likely to face immediate resistance around the levels of 9,700-9,710. If it holds above these levels, a rally up to the level of 9,750 is likely. On the downside, the support for Nifty50 index is placed in the region of 9,620-9,630. There are 814 advances, 511 declines and 486 unchanged stocks on NSE reflecting some positive bias floating in the market.

Global Market:

Asian shares declined marginally in early trade on Tuesday. Japan’s Nikkei 225 has fallen 122 points. Hong Kong’s Hang Seng has advanced 77 points and China’s Shanghai Composite has shed 3 points.

The US stocks showed a lack of direction throughout the trading session on Monday. Eventually, the session ended with nominal losses.

Major Headlines of the day:

• Bharat Forge-May Class 8 truck sales up 29 percent at 16,300 units YoY and sales down 31 percent at 16,300 units MoM
• SBI-Opens issue for receiving bids for capital raising and QIP floor price at Rs 287.58/share for issue
• Tata Motors commercial vehicle business executive director Ravi Pisharody steps down

Trend in FII flows: The FIIs were net buyers of Rs 476.64 the cash segment on Friday  while the DIIs were net sellers of Rs 13.62  as per the provisional figures.

Securities in Ban For Trade Date 06-JUN-2017:

1.DLF
2.GMRINFRA
3.IBREALEST
4.INFIBEAM
5.JPASSOCIAT
6.RCOM
7.RELCAPITAL

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