Epic Research Special Stock Market Report of 25 MAY 2017

Global markets at a glance

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. While the yield curve flattened, the S&P 500 closed at a record high after minutes from the US central bank's May 2-3 policy meeting indicated the Fed would gradually raise rates and wind down its USD 4.5 trillion of bond holdings.

MACRO NEWS

HCL Tech to buyback stock at 17% premium for Rs 3,500 cr .

Lupin gets 6 USFDA observations for Indore plant .

I-T Dept unearths 400 benami deals, attaches properties worth Rs 600 crore .

Wipro tightens appraisal policy; now a single poor rating can lead to job loss .

M&M lines up ambitious plans for electric vehicles; to set up a plant in Chakan .

Jaiprakash Power Calls a meeting to restructure old bonds .

Ashoka Buildcon raising equity through QIP etc .

Sarla Performance Fibers board meeting on May 27 to consider buyback.

Kalpataru Power Transmission to issue NCD worth Rs 100 crore.

Johnson Hitachi plans to export from india.

STOCKS IN NEWS
Results Today: Indian Oil Corporation, Cipla, Britannia Industries, Ashok Leyland, Bosch, NMDC, Page Industries, Gujarat State Petronet, Redington India, Repco Home Finance, Bajaj Hindusthan Sugar, Adlabs Entert, Balkrishna Industries, Container Corporation Of India, AIA Engineering, Dhampur Sugar Mills, HeidelbergCement India.

COMMODITY ROUNDUP & TRADING TIPS

Gold is consolidating just above $1250 per ounce levels amid cautious undertone in equities. Chinese stocks eased as Moody’s Investors Service’s decision to lower the country’s credit rating for the first time since 1989. Asian markets mostly reeled lower following this as investors worried about China’s continued growth in outstanding borrowings.

NCDEX Guarseed futures slipped heavily today after witnessing modest gains in the last session as traders eyed the possibility of an early onset to the monsoon season. The India Meteorological Department (IMD) has predicted the onset of the monsoon in Kerala on May 30 this year, but the seasonal rainfall may arrive a day before. This triggered a heavy correction in the commodity and the benchmark NCDEX June Guarseed futures tested a fresh contract low near Rs 3500 per quintal. The counter is currently quoting at Rs 3532 per quintal, down 1.50% on the day.

Trading Recommendations

BUY CORIANDER JUNE ABOVE 5060 TGT 5075 5105 SL BELOW 5045
SELL CORIANDER JUNE BELOW 4960 TGT 4645 4915 SL ABOVE 4975

BUY SILVER ABOVE 39900 TGT40100 40500 SL BELOW 39700
SELL SILVER BELOW 39800 TGT 39600 39200 SL ABOVE 40000

CURRENCY MARKET UPDATE

The Indian rupee commenced almost flat against the dollar in early trades but managed to climb higher thereafter on Wednesday, 24 May 2017 on fresh selling of the US currency by banks and exporters. A higher opening in domestic equity market also supported the rupee but the dollar's strength against some currencies overseas, capped the rupee's gain.The domestic currency opened at Rs 64.89 against the dollar and climbed to a high of 64.7975 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.9250. The rupee had slumped by a
whopping 34 paise to end at a fresh seven-week low of 64.89 against the American currency in yesterday's trade on the back of frantic dollar demand.

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This release was published on openPR.