Thursday, March 08, 2018

Market Pulse
The stock market rebounded sharply in mid-afternoon trade with the two key benchmark indices just falling shy of their intraday highs. At 14:17 IST, the barometer index, the S&P BSE Sensex rose 246.71 points or 0.75% at 33,279.80. The Nifty 50 index advanced 61.15 points or 0.6% at 10,215.35. Stocks of key public sector banks dropped.

Key indices started the session on a strong footing on positive Asian stocks as worries surrounding trade war eased on reports US President Donald Trump's import tariff plan may spare select countries from much of the impact. Indices trimmed gains in morning trade. Later, indices came off the day's low and traded with modest gains till afternoon trade. Key indices rebounded sharply in mid-afternoon trade.

The S&P BSE Mid-Cap index rose 0.09%. The S&P BSE Small-Cap index advanced 0.06%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,640 shares declined and 985 shares advanced. A total of 146 shares were unchanged.

Overseas, European stocks traded mixed ahead of the European Central Bank's (ECB) monetary policy statement is due later today, 8 March 2018. The central bank is expected to be cautious to prevent any unwanted tightening of financing conditions amid mounting global insecurities, especially in the wake of recent tariffs announcement by the US President.

Asian stocks edged higher amid news of potential US tariff exemptions. US stocks closed well off session lows yesterday, 7 March 2018 after the White House hinted Canada and Mexico could be exempt from tariffs proposed by President Donald Trump.

Stocks of key public sector banks dropped. IDBI Bank (down 6.5%), Bank of India (down 3.17%), Union Bank of India (down 0.57%) and Punjab National Bank (down 0.1%) edged lower. Bank of Baroda (up 0.19%) edged higher.

State Bank of India (SBI) was up 2.05%. The Reserve Bank of India (RBI) vide its press release dated 7 March 2018, imposed a penalty of Rs 40 lakh on SBI for non-compliance with the directions issued by the central bank on detection and impounding of counterfeit notes. The announcement was made after market hours yesterday, 7 March 2018.

Stocks of private sector banks were mixed. Yes Bank (down 2.38%), Kotak Mahindra Bank (down 0.7%) and IndusInd Bank (down 0.3%) edged lower. ICICI Bank (up 1.9%), Axis Bank (up 0.89%) and HDFC Bank (up 0.64%) edged higher.

Aviation stocks were mixed. SpiceJet (up 3.02%) and InterGlobe Aviation (up 0.39%) edged higher. Jet Airways (India) (down 3.78%) declined.

IT major TCS was up 0.19% after the company announced during trading hours today, 8 March 2018 that its flagship product TCS BaNCS has gone live in Hunan Rural Credit Union (HNRCC) in Hunan Province located in Central China. This go-live expands TCS BaNCS' footprint in China with three other large credit unions that are already fully operational in addition to 20 other financial institutions including one of the largest Banks in the country.

Foods & Inns galloped 8.21% after the company scheduled a board meeting on 13 March 2018 to consider sale of factory land at Chembur, Mumbai. The board will also consider allotment of convertible warrants into equity shares issued to promoters of the company on preferential basis and a proposal for acquisition of additional shareholding in Finns Frozen Foods (India). The announcement was made during market hours today, 8 March 2018.

Today's calls to Premium Members:
#Buy BANK NIFTY FUTURE at around 24280; SL: 24172; T: 24410..Book PARTIAL PROFIT at around 24332.

#Nifty_Spot: the Support zone at 10147 - 10150 is being tested.....Your intraday or short term buy/sell decision hinges on whether Nifty support at 10147 holds or not..Intraday BUY NIFTY FUTURES on declines at around 10165; SL below 10140; T - 10205.

#The stock of Urja Global Ltd hit another lower circuit today at Rs.4.55 in the NSE. If you remember, I had repeatedly asked all my well-wishers and blog readers to stay from this counter since it was trading above Rs.9. The stock has more than halved from  that price. The share does not merit attention above Rs.2-3. 

#TV Vision Ltd (Rs.15) is running the popular Mastii TV Channel along with others. The stock is available at dirt cheap price. One good quarter means the share has the potential to give at least 50% return from here.

#Intraday BUY APOLLO TYRE at around Rs.255.5,  SL: Rs.252.5, T: Rs. 259-260..1st target of Rs.259  and Intraday: 2nd Target of Rs.260, has been ACHIEVED.

#Positional Buy Union Bank of India Ltd at around Rs.96-97, T: Rs.111-117, SL: Rs.86.

#I will soon Recommend a MOMENTUM Small  Cap Counter. Those who will join my Premium Service by next week, will get this scrip name along with the existing members; which alone might be able to cover the cost of the subscription. Also note that I have devised a special discount scheme for small investors (those who have portfolio sizes, below Rs.1 lakh). 
Moreover, you will get regular inputs on some of my recommended counters like HDIL, 3i Infotech Ltd, Unitech Ltd, J P Associates Ltd, etc. 

~~ With inputs from Capital Market - Live News...

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