DAILY NIFTY SMART MOVERS & LAGGARDS - 20 JUN 2016

DAILY NIFTY SMART MOVERS

SCRIPTS	PRICE	VOLUME             (IN 000’S)		PRE. CLOSE	CHANGE (%)	CHANGE (Rs.)
Tata Motors	482.30	8676.09		464.40	3.85	17.90
Tata Steel	336.10	5846.90		325.45	3.27	10.65
Tata Motors - DVR	321.60	3101.83		312.15	3.03	9.45
Ambuja Cement	241.90	2917.94		235.90	2.54	6.00
Infosys	1209.10	2951.72		1179.50	2.51	29.60

DAILY NIFTY TOP LAGGARDS                      

SCRIPTS	PRICE	VOLUME (000’S)	PRE. CLOSE	CHANGE (%)	CHANGE (Rs.)
Axis Bank	521.95	10933.75	526.90	-0.94	-4.95
Asian Paints	990.55	584.28	999.60	-0.91	-9.05
Eicher Motors	18643.30	18.70	18779.05	-0.72	-135.75
ITC	357.85	5601.10	359.85	-0.56	-2.00
Sun Pharma Inds.	739.25	3055.63	743.20	-0.53	-3.95

                                        

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INDIAN EQUITY MARKET OUTLOOK - 20 JUN 2016

Indian markets Rajan’s exit, Brexit worries set to hit Dalal Street

Indian Indices:

Indian benchmark are likely to open on a bearish note as the global cues look subdued with SGX Nifty trading 58.50 points lower.

The Indian equity benchmarks may witness a gap down opening on Monday as Raghuram Rajan’s abrupt decision to step down as the RBI governor following the end of his term in September may sour risk taking appetite.

Rajan, who was instrumental in helping tame down inflation and restoring macroeconomic stability, said that he won’t seek an extension to his term and will be returning back to academics. Rajan’s exit could spell volatility for equities and the rupee which may also take a hit from heightened global economic uncertainty amidst fears that a potential exit of the UK from the European Union may weaken the global economy.

The Brexit referendum slated on June 23, 2016 will decide whether the UK will break away from the European Union, an event which could hurt capital flows to emerging markets.

Global Market:

Asian stocks were trading mostly higher with focus firmly on Brexit referendum in the UK. A latest poll showed a swing in favour of Britain remaining in the EU, as campaigning resumed after the murder of opposition lawmaker Jo Cox.

China’s Shanghai Composite logged modest losses, Hang Seng rose and Japan’s Nikkei 225 surged by over 2 per cent as the yen declined after the country’s exports suffered an eighth straight drop in May.

On Friday, Wall Street succumbed to a renewed slide with benchmark S&P 500 marking its second weekly decline and the biggest since April as concerns over the world economy amidst Brexit fears and soft housing data hit sentiment.

US housing starts fell 0.3 per cent to a 1.16 million annualized rate in May, signaling a cooling housing market in the world’s biggest economy.

European shares rose on Friday, helped by a rebound in the battered banking sector, with investors attributing the rebound partly to the suspension of campaigning for Britain's EU referendum following the shooting of a lawmaker.

Major Headlines of the day:

·  RBI Governor Raghuram Rajan decides not to seek reappointment

·  Cipla in pact with Russian firm for HIV, Hepatitis C drugs.

·  Max Life and HDFC Standard life begin due diligence for merger.

 Trend in FII flows: The FIIs were net buyers of Rs 31.96 Cr in the cash segment on FRIDAY while the DIIs were net sellers of Rs -26.21 Cr, as per the provisional figures.

                             

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CS NIFTY FUTURES & BANK NIFTY FUTURES OVERVIEWS - 20 JUN 2016

CS NIFTY FUTURES (JUNE) OVERVIEW

TREND MIXED TO BEARISH

RES2:8262

RES 1:8237

SUP1:8150

SUP2:8105

CS BANK NIFTY FUTURES (JUNE) OVERVIEW

TREND MIXED TO BEARISH

RES 2: 17927

RES 1:17825

SUP1:17525

SUP2:17425

                                        

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Coal India share buy-back not to affect its capex plans

Coal India has agreed to part with nearly Rs 6,000 crore from its cash reserves of over Rs 38,000 crore for a share buy-back mooted by the finance ministry after ensuring that its capex plans to up production would not be impacted. 
Officials in the company said, so far, four of its subsidies has agreed to a share buy-back.

As per the official, this buyback will not have any impact on the future plans of Coal India’s capital expenditure (capex). Back in September 2015, the Maharatna company had worked out a capex plan of Rs 57,000 crore over a period of five years to propel growth in output which was to be partly funded by its cash reserves. However, with the government making its move to pump out part of the reserves to drive growth in other sectors, the overall reserves are likely to decline.

Under the share buy-back programme, Coal India will be purchasing around 2-3% of its shares from the government – a move which will help the centre move an inch closer to the Sebi guidelines.

Sebi guidelines have stated the public should hold 25% in state-owned listed companies by August 2017. Currently, the President of India holds 79.65% in the company resulting in the public having access to only 20.35% of the shares.

The buy-back will not just reduce the stake of the government, it will also prepare the ground for the 10% additional planned disinvestment in the world’s largest coal miner.

                                 

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