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| Equity Market Outlook |
Indian Indices:
Goldman Sachs retained its overweight rating on Indian markets on increased confidence in corporate earnings recovery. The global investment bank expects earnings to grow 14 percent this year and 18 percent next year. Equity benchmarks extended losses in early trade, with the Nifty opening below 9650 level amid consolidation.
Tracking earnings trajectory, Goldman Sachs raised its Nifty’s 12-month target to 10,400 from 10,000 earlier. “We expect banks to recover from a downgrade cycle with upgrades to next year earnings driven by better NIMs/operating efficiency,” said the report. Volatility continued in global markets as exit poll in UK showed UK Prime Minister Theresa May's Conservative Party may not get majority, which means there could be a possibility
of hung parliament in the UK after Thursday's election.
The 30-share BSE Sensex was down 82.97 points at 31,130.39 and the 50-share NSE Nifty fell 22.75 points to 9,624.50. There are 831 advances, 823 declines and 87 unchanged stocks on NSE. The rupee opened at 64.27 per US dollar lower by 6 paise on Friday.
Global Market:
Asian markets mostly higher; pound weaker as exit poll points to hung UK parliament. The pound weakened on Friday in Asia in volatile trade on the ebb and flow of actual results and an exit poll suggested a hung parliament in the U.K. after Thursday's election, with regional indexes mostly higher.
U.S. stocks edged higher in choppy early afternoon trading on Thursday as investors assess former FBI Director James Comey's statements regarding an investigation into Russia's alleged meddling in the 2016 U.S. presidential election.
Volatility continued in global markets as exit poll in UK showed UK Prime Minister Theresa May's Conservative Party may not get majority, which means there could be a possibility of hung parliament in the UK after Thursday's election.
Major Headlines of the day:
• Pidilite- PUSA (Pidilite USA) subsidiary of the company has entered into an agreement with Niteo Products for sale of business of the Cyclo Division of PUSA
• IndusInd Bank raises a USD 225 million loan from OPIC for its MSME lending program
• Repco Home Finance proposes to raise Rs 100 crore by issuing non-convertible debentures (NCDs)
• Greenply Industries in focus: Greenply Gabon SA, Gabon, West Africa commences commercial production of 'Veneer', at its manufacturing unit at Nkok SEZ, Gabon, West Africa
Trend in FII flows: The FIIs were net buyers of Rs 90.78 the cash segment on Thursday while the DIIs were net sellers of Rs 738.78 as per the provisional figures.
Securities in Ban For Trade Date 09-JUN-2017:
1.DLF
2.GMRINFRA
3.IBREALEST
4.INFIBEAM
5.JPASSOCIAT
6.ORIENTBANK
7.RCOM
8.HINDPETRO
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