Morning Notes
24th Jun, 2019
 

Trading Range:

Nifty opened flat to negative at 11828 on Friday and made a high and low of 11828 and 11705 respectively before closing negative at 11724.

Review/Outlook:

For the day, support for Nifty exists at 11690 and 11640 levels whereas resistance for Nifty stands at 11790 and 11830 levels.

Review/Outlook:

Bank Nifty opened gap up at 30805, week made a high of 30805, low of 30541, and closed negative at 30628. For the day, support for Bank Nifty exists at 30500 and 30300 levels whereas resistance for Bank Nifty stands at 30800 and 31000 levels.

Market Scan
Benchmark Indices
Index Clsg Chg%
Sensex 39,194 -1.03
Nifty 11,724 -0.91
BSE 200 4,889 -0.75
BSE Midcap 14,625 -0.38
BSE Smallcap 14,084 +0.14
Dow Jones 26,719 -0.13
NASDAQ 8,032 -0.24
 

DERIVATIVES INDICATORS FOR JUN 24, 2019:

NIFTY 11724.10 (-107.65) (-0.91%)
NIFTY JUN FUTURE 11753.45  (29.35 Points Premium)
NIFTY PCR - OI 1.34(-0.26)
NIFTY OPEN INTEREST 2.14Cr. (-0.63%)
INDIA VIX 14.61 (+4.36%)
NIFTY ROLLOVER 22%

NIFTY OPTIONS ACTIVITY (27-JUN SERIES)

CALL 11800 CE +12.14 lac Shares
CALL 11900 CE +9.32 lac Shares
PUT 11800 PE -4.16 lac Shares
PUT 11700 PE -1.56  lac Shares
Sectoral Indices (BSE)
Index Clsg Chg%
Auto 17,748 -1.32
Bankex 34,458 -0.43
PSU 7,664 +0.07
Healthcare 12,688 -0.84
IT 15,924 -0.64
 
Market Turn Over (`cr)
Index 21/06 20/06
BSE Cash 2,554 2,443
NSE Cash 39,473 34,786
NSE F&O 779,766 2,632,425
BSE Delivery % 39.37 34.68
Advances / Decines BSE Cash
Adv(%) Dec(%)
BSE 100 28.71 70.30
BSE 200 40.80 58.71
BSE 500 43.80 55.20
Total BSE 44.05 50.32
 
Commodities, Forex & Debt
Clsg Chg%
Crude Oil NYMEX $ bl 57.64 +0.37
Gold Rs./ 10 Gms 34167.00 +0.41
Silver Rs./ Kg 37954.00 -1.07
Rs.- US $ 69.59 -0.03
Rs.- Euro 79.17 +1.21
FII (Rs cr )
21/06* 20/06*
FIIs -179.24 -22.58
MFs - -

*Date refers to the day of activity and not the day on which it is reported.

 
Details Buy Sell Open interest at the
end of the day
Net Position
No. of
Contracts
Value
(Rs. Cr)
No. of
Contracts
Value
(Rs. Cr)
No. of
Contracts
Value
(Rs. Cr)
Value
(Rs. Cr)
Index Futures       37,595.00       2,887.90       39,086.00       3,047.61    2,91,307.00     23,524.52  (159.70)
Index Options  22,77,623.00  1,60,385.88  22,69,916.00  1,60,064.23    7,58,768.00     62,185.65   321.65
Stock Futures    2,78,339.00     15,592.56    2,77,130.00     15,553.61  14,46,895.00     87,103.61     38.94
Stock Options    1,06,879.00       6,166.89    1,09,298.00       6,279.86       81,776.00       4,596.32  (112.97)
Total  27,00,436.00  1,85,033.23  26,95,430.00  1,84,945.31  25,78,746.00  1,77,410.10     87.92
Corporate News
The Insolvency Resolution Professional (IRP) appointed by the National Company Law Tribunal (NCLT) has told the pilots and staff of Jet Airways that their salary dues may not be settled fully as the company is undergoing the insolvency process. In a meeting with the Jet management the IRP, Ashish Chhawchharia, Partner, Grant Thorton, charted out two possible scenarios for clearing dues. (BL).
Citing zero debt and a continuous increase in market share, an association comprising engineers and account professionals at BSNL has sought Prime Minister Narendra Modi’s intervention for the revival of the state-run firm and also said that non-performing employees should be held accountable. (ET).
GlaxoSmithKline Pharmaceuticals is optimising its product portfolio with focus on key brands to accelerate growth in India, a senior company official said. (BL).
Pharma major Dr. Reddy’s Laboratories Ltd has launched Phytonadione Injectable Emulsion USP a therapeutic equivalent generic version of Vitamin K1 (Phytonadione) Injectable Emulsion USP, approved by the U.S. Food and Drug Administration (USFDA). (ET).
NTPC and PowerGrid Corporation of India Limited have signed an agreement to set up the National Electricity Distribution Company Limited (NEDCL). NEDCL will be a joint venture of the two on 50:50 equity basis. “The main aim is to undertake business for distribution of electricity in distribution circles of India and related activities,” a PGCIL statement said. (ET).
Glenmark Pharmaceuticals on Saturday said the US Food and Drug Administration has issued a Complete Response Letter (CRL) regarding the new drug application for Ryaltris. The CRL cites deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients and in manufacturing facilities, the company said in a regulatory filing. (BL).
The United States Securities and Exchange Commission has observed that Walmart’s earlier joint venture retail operations in India, with Bharti Enterprises, routed improper payments to government officials through third-party intermediaries to obtain store operating permits and licences between 2009 and 2011. These improper payments were then recorded in the India joint venture’s books as “misc fees”, “miscellaneous”, “professional fees”, “incidental”, and “government fee”. (ET).
Tata Steel Sunday said it will seek shareholders’ nod for the reappointment of T V Narendran as Chief Executive Officer (CEO) and Managing Director (MD) of the company. (BL).
State-owned BHEL on Sunday said it has won an order worth Rs 840 crore from an NTPC subsidiary for emission control equipment. The company has bagged the order from Nabinagar Power Generating Company Ltd (NPGCL). (ET).
KKR-backed hospital management firm Radiant Life Care Friday said it has completed the acquisition of a 49.7 per cent stake in Max Healthcare from South Africa-based Life Healthcare. (ET).
Commercial vehicle major Ashok Leyland on Friday announced organisational changes to provide growth opportunities for talent from within the company. Gopal Mahadevan, who was recently appointed as a whole time director in addition to his current role as CFO and President, Customer Solutions Business, will also be responsible for IT, corporate strategy and business analytics. (BL).
L&T Construction, the construction arm of Larsen & Toubro, has completed the Medigadda Barrage, which is part of the Kaleshwaram project, in 24 months. (ET).
Singapore’s sovereign wealth fund GIC is strengthening its alliance with India’s largest listed realty developer DLF as it seeks to participate in helping build the country’s biggest retail mall of more than 2.5 million sq ft, said two persons with direct knowledge of the development. (BL).
Coal India Limited has extended the Selling Agency Agreement with MSTC Limited for disposal of Scrap/rejected/condemned/obsolete materials/unserviceable plant and machinery, vehicles, surplus stores/spares/e-waste etc. for a period of 5 years, the company said in the filing aftermarket hours on Friday. (ET).
Economy and Sector News
Fiscal deficit for the month of April was at Rs 1,57,048 crore which is 22 per cent of the budgeted estimate for the year 2019-20, slightly lower than what it was in the same period a year ago and as a percentage to the GDP, the fiscal deficit is at 0.75 per cent, Department of Expenditure (DoE) figures showed. These are the fiscal situation of the Central government as seen from the accounts for April 2019 of the Controller General of Accounts (CGA). For 2019-20, the fiscal deficit has been set at 3.4 per cent of the GDP in the interim Budget. (BL).
The outlook  for the manufacturing sector is moderate in the first quarter of  2019-20 as the percentage of respondents reporting higher production during the quarter has fallen compared with that of the fourth quarter of 2018-19, according to FICCI’s quarterly survey. (ET).
The Confederation of Indian Industry (CII) has called for a comprehensive National Employment Mission and setting up of an inter-ministerial and all-State National Employment Board to drive job creation. (BL).
Starting September 1, you can get a standalone own damage cover for your vehicle on an annual basis. The Insurance Regulatory Development Authority of India (IRDA) has now allowed insurers to issue standalone own damage policies for two-wheelers and cars –both new and old, on an annual basis. (ET).
* ET - Economic Times, BS - Business Standard, BL - Business Line, TOI - Times of India, Mint, IE - Indian Express, BT - Business Today, IE - Indian Express
Global Markets
 

DJIA and NASDAQ Composite

US markets slightly lower at the end of the week on Friday amid a flurry of 'dovish' remarks from top US central bank officials, even as markets kept a close eye on remarks out of Washington and Beijing ahead of an expected meeting between the US and Chinese Presidents on the margins of the G-20 leaders' summit in Japan scheduled for the following week. The Dow Jones Index closed at 26,719, down 34.04 points by 0.13%. The Standard & Poor s 500 index closed at 2,950, down 3.72 points by 0.13%. The Nasdaq Composite Index closed at 8,032, down 19.63 points by 0.24%.

FTSE 100

UK markets had slipped into the red by the close on Friday, with investors remaining cautious amid escalating tensions between the US and Iran. The FTSE 100 index closed at 7,408, down 16.94 points by 0.23%.

 
 
Global Indices
21/06/2019 Clsg Chg%
Dow Jones 26,719 -0.13
NASDAQ 8,032 -0.24
FTSE 100 7,408 -0.23
Bovespa 102,013 +1.70
24/06/2019 Latest
(5:23 AM IST)
Chg%
Nikkei 21,259 -0.95
Hang Seng 28,474 -0.27

Nikkei

Asian stocks opened mixed on Monday, while U.S. futures edged higher, as investors monitor geopolitical risks and plans for the high-stakes meeting between Presidents Donald Trump and Xi Jinping. Oil climbed as the U.S. said it was planning sanctions on Iran. Nikkei is currently trading at 21,259, down 204.22 points by 0.95%.

Precious Metals

Gold increased 0.6% to $1,407.29 an ounce on Monday.

Base Metals

Tin’s forward spreads on the London Metal Exchange on Friday have narrowed from their widest backwardation since 2015 against a 50% stock rise in June.

Crude Oil

West Texas Intermediate rose 0.9% to $57.93 a barrel on Monday.

 
 

Retail Research Desk:

Akhil Rathi D: 91 22 2858 3210
Hrishikesh Yedve D: 91 22 2858 3207
Vrinda Aditya D: 91 22 2858 3209
Neeraj Sharma D: 91 22 2858 3208
Rohan Gawale D: 91 22 2858 3213
Dhiral Shah D: 91 22 2858 3211

Email: retailresearch@acm.co.in

Research Analyst Registration Number:
INH000002483
CIN: U65990MH1993PLC075388

 
 

Follow us on:

 
 
           
 

Information pertaining to Asit C. Mehta Investment Interrmediates Limited (ACMIIL): ACMIIL is a SEBI registered Stock Broker, Merchant Banker and Depository Participant. It is also a AMFI registered Mutual Fund Distributor. It does not have any disciplinary history. Its associate/group companies are Asit C. Mehta Commodity Services Limited, Asit C. Mehta Realty Services Pvt. Ltd, Asit C. Mehta Forex Pvt. Ltd, Nucleus IT Enabled Services , Asit C. Mehta Financial Services Limited (all providing services other than stock broking and merchant banking).

Disclosures
ACMIIL/its associates and its Research analysts have no financial interest in the companies covered on the report. ACMIIL/ its associates and Research analysts did not have actual/beneficial ownership of one per cent or more in the companies being covered at the end of month immediately preceding the date of publication of the research report. ACMIIL/its associates or Research analysts have no material conflict of interest, have not received any compensation/benefits for any reason (including investment banking/merchant banking or brokera3ge services) from either the companies concerned/third parties with respect to the companies covered in the past 12 months. ACMIIL/its associates and research analysts have neither managed or co-managed any public offering of securities of the companies covered nor engaged in market making activity for the companies being covered. Further, the companies covered neither are/nor were a client during the 12 months preceding the date of the research report. Further, the Research analyst/s covering the companies covered herein have not served as an officer/director or employee of the companies being covered.

Disclaimer:
This report is based on information that we consider reliable, but we do not represent that it is accurate or complete and it should not be relied upon such. ACMIIL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in the report. To enhance transparency we have incorporated a Disclosure of Interest Statement in this document. This should however not be treated as endorsement of the views expressed in the report.