Tuesday, November 28, 2017

The Sensex fell 105.85 points or 0.31% to settle at 33,618.59, its lowest closing level since 23 November 2017. The index rose 45.71 points, or 0.14% at the day's high of 33,770.15. The index fell 147.79 points, or 0.44% at the day's low of 33,576.65.

The Nifty 50 index fell 29.30 points or 0.28% to settle at 10,370.25, its lowest closing level since 23 November 2017. The index rose 10 points, or 0.10% at the day's high of 10,409.55. The index fell 44.35 points, or 0.43% at the day's low of 10,355.20.

The S&P BSE Mid-Cap index rose 0.10%. The S&P BSE Small-Cap index rose 0.27%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, once again turned positive from negative in late trade. On the BSE, 1,386 shares rose and 1,333 shares fell. A total of 158 shares were unchanged.

The total turnover on BSE amounted to Rs 4245.83 crore, higher than the turnover of Rs 4087.13 crore registered during the previous trading session.

Reliance Communications (RCom) fell to Rs.12.20, intraday from around Rs.14, which it touched last week. The stock closed at Rs.12.90 in the BSE.. If you remember, I had asked all to exit the counter on every rise, when it fell to all time low of around Rs.9.60 in the BSE. 
Meanwhile, RCom issued a clarification to the stock exchanges after market hours yesterday, 27 November 2017, with regard to media news titled China development bank files insolvency case against Reliance communications. RCom said that the company has not been served any notice of the application filed by China Development Bank with NCLT, as reported in the media.
RCom is engaged through the joint lenders forum (JLF) with all its lenders for a successful resolution of the strategic debt restructuring (SDR) process. The China Development Bank has also been actively participating in the JLF. RCom said it is therefore, surprised by the untimely and premature action of the China Development Bank of filing an application at NCLT. RCom added that it continues to remain engaged with all lenders including the China Development Bank and is confident and committed to a full resolution with the support of all the lenders.
Separately, RCom said it has entered into a binding share purchase agreement with Pantel Technologies and Veecon Media & Television for sale of its subsidiary Reliance BIG TV (RBTV), engaged in the business of direct-to-home (DTH) services across India.
Pursuant to this transaction, the buyers will acquire the entire shareholding of RBTV with business on an as-in, where is basis, along with existing trade and contingent liabilities. The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom. The transaction is in consonance with RCom's stated objective to focus on B2B businesses of the new RCom, the company said in a statement.

Future Enterprises Ltd has been moving up, since the last few days as the company was sending some news to the exchanges. The Rs.2 face value scrip rose enough from my recommended price of around Rs.18, to Rs.62 in less than a year; after which it never closed above Rs.56. Today the stock closed at Rs.55.10 in the BSE. The investors were long suggested to book profits and exit the counter until the stock closed above Rs.57.

I will be recommending a (Super) Scrip next Monday, which is capable of giving you at least 15% returns in the short term (Enough to cover the cost of 1 year subscription on a seed capital of Rs.1.5 lakhs). If you are interested to know the name of the stock, then you should either, join my Premium Service or by trade through my associated brokerage house: BMA Wealth Creators Ltd, with a minimum portfolio size of Rs.1.5 lakhs.

SKM Egg Products Ltd today closed at Rs.97.30 in the NSE. The investors are suggested to book complete profits and exit the counter.

The money would continue to flow in the Indian bourses, due a virtually defunct real estate market and no so encouraging precious metals space. The tax component in new properties is one of the greatest impediment to the new home sales. Besides, in Mumbai, it is now possible to book a Rs.2 crore property by paying only few lakhs; as the builders try to hard to clear the old inventories. The property prices are likely to fall further.

Asian stocks finished on a mixed note amid uncertainty over the US tax bill. US stocks closed mostly lower yesterday, 27 November 2017 after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out a gain.

US President Donald Trump is scheduled to address Senate Republicans today, 28 November 2017 ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing is due for her nominated successor, Jerome Powell.

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