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Wednesday, 19 July 2017

14 things you should know -- The GRS Solution

The GRS Solution | 14 Things You Should Know :-

The Nifty50 is likely to open flat on Wednesday tracking mixed handover from Wall Street. The Nifty50 closed 88 points lower at 9,827 on Tuesday.
The index formed a Long Legged Doji kind of pattern on the daily candlestick charts on Tuesday which signaled indecision among buyers and sellers. The market is likely to consolidate at current levels before picking pace to touch Mount 10K.
It is a neutral pattern which suggests that the neither bulls nor bears were able to regain control on the D-Street but for bulls to take back charge of D-Street, Nifty50 has to cross above 9,850.
The way market sold off during the last one hour of trade suggests that traders are exiting their long positions and it would be prudent for investors to book some profits at current levels and don’t add any fresh long positions because the corrections could last till 9,580.
The Nifty index has to cross and hold above 9,850 to again get into the comfort zone to retest recent high of 9,928 and then 10,000 while on the downside major supports are seen at 9,800 and 9,710, suggest experts.
Stay tuned with Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
Wall Street ends mixed but hit a record high:
The US markets ended on a high note with the Nasdaq Composite hitting a record high on Tuesday while Goldman Sachs Group dragged the Dow lower on lower earnings.
The Dow Jones Industrial Average fell 54.99 points, or 0.25 percent, to 21,574.73, the S&P 500 gained 1.47 points, or 0.06 percent, to 2,460.61 and the Nasdaq Composite added 29.87 points, or 0.47 percent, to 6,344.31.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 10 points higher at 9,867 indicating a positive opening for the domestic market.
US Tax reforms under trouble?
Republicans in Congress unveiled a fiscal 2018 budget plan as the first step to major US tax reform on Tuesday, only to face the same divisions between conservatives and moderates that helped killed their efforts to replace Obamacare, said a Reuters poll.
The $4 trillion spending blueprint, released by the House of Representatives budget committee, could become a new flashpoint for Republican in-fighting because it links future tax cuts for businesses and individuals with $203 billion in mandatory spending cuts that would reduce benefits for the poor, it said.
Depreciation pressures on yuan have eased:
Depreciation pressures on the Chinese yuan have diminished due to more robust economic growth and rising foreign exchange reserves, said a Reuters report quoting a senior central bank adviser's interview with official state media.
China's foreign exchange reserves edged up in June for a fifth consecutive month as capital outflows eased in the face of tighter controls over moving funds out of the country and a pause in the U.S. dollar's rally.
Dollar plummets on healthcare bill collapse
The dollar hit its lowest level against the euro and Swiss franc in more than a year on Tuesday, with the broader dollar index touching a more than 10-month low, on reduced confidence in U.S. President Donald Trump's agenda and jitters over hawkish central banks abroad, said a Reuters report.
The dollar index, which measures the greenback against a basket of six major rivals, touched its lowest since early September of 94.476. The dollar touched 0.9525 franc, its lowest against the Swiss currency since late June 2016, while the dollar hit a three-week low against the Japanese yen of 111.69 yen, it said.
Donald Trump administration announces additional H2B visas
The Trump administration has announced a one-time increase of 15,000 additional H-2B visas for low-wage foreign workers after determining that the needs of US businesses cannot be satisfied with Americans willing and qualified to do the work, said a PTI report.
US businesses in danger of suffering irreparable harm due to a lack of available temporary nonagricultural workers will be able to hire up to 15,000 additional temporary nonagricultural workers under the H-2B programme, the Department of Homeland Security said on Monday.
Cabinet may decide on HPCL stake sale today:
The Cabinet is likely to consider on Wednesday the sale of government's 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) for over Rs 28,000 crore, PTI said in a report quoting a source.
The Department of Investment and Public Asset Management (DIPAM), the ministry of finance, has moved the proposal for consideration of the Cabinet Committee on Economic Affairs (CCEA), said the source who could not be named because the information is not public.
HUL Q1 profit jumps 9 percent to Rs 1,283 cr:
Fast-moving consumer goods major (FMCG) Hindustan Unilever (HUL), on Tuesday, reported 8.5 percent rise year on year in its June quarter net profit at Rs 1,283 crore against Rs 1,183 posted during the corresponding last year.
The company reported a jump of 4.77 percent in its revenue at Rs 9,222 crore for the quarter against Rs 8,802 crore during June quarter in 2016. Underlying volume growth was flat, which was on expected lines due to disruption ahead of GST rollout on July 1.
Govt's demand for additional tax premature: RIL
The government's demand for an additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is "premature", Reliance Industries said in a statement on Tuesday.
Reliance and Royal Dutch Shell own 30 percent interest each in the fields, off India's west coast, while Oil and Natural Gas Corp holds the remaining 40 percent, said a Reuters report.
BSE to shift 28 stocks; NSE 12 scrips to restricted group
Top bourses BSE and NSE will shift securities of various firms to the restricted trading segment from July 20, to ensure the safety of the capital markets, said a report.
In total, BSE would shift as many as 28 stocks, including Shriram Asset Management Company and Sahara One Media & Entertainment, to the trade-for-trade segment represented by 'T', 'XT' or 'ST' groups, it said.
At the same time, NSE would transfer 12 scrips to the trade-for-trade segment on its platform.
Rupee closes flat against dollar
After opening strong against the dollar on Tuesday, the Indian rupee erased its gains against the greenback to close little changed at 64.33, tracking losses in domestic equity markets.
Intraday, the rupee moved in a thin band, touching a high and low of 64.31 and 64.37 to the dollar, respectively. Dealers said that state-owned banks were in the market early in the session to sell dollars in favour of the rupee.
GDP could hit USD 8 tn in 15 yrs: Arvind Panagariya
India's GDP could rise to about USD 8 trillion over the next 15 years if the country registers an economic growth of 8 per cent annually and come very close to eliminating abject poverty entirely, NITI Aayog Vice Chairman Arvind Panagariya has said.
He said with that level of economic growth, living standards and amenities that are taken for granted in the west will become accessible to a very large part of the population in India in the coming 15 years.
15 companies to report Q1 results today:
15 companies will report their results for the quarter ended June on Wednesday which include names like Amtek Auto, Bajaj Finserv, Bajaj Finance, Canara Bank, Havells India, Jubilant Industries, KPIT Technologies, Mastek, MindTree, Sanofi India, and Sterlite Technologies among others.
10 stocks under ban period on NSE
Security in ban period for the next trade date under the F&O segment includes companies in which the security has crossed 95% of the market-wide position limit.
Securities which are banned for trading today include names like Fortis Healthcare, GMR Infrastructure, HDIL, Indiabulls Real Estate, JSW Energy, JustDial, Kaveri Seeds, OBC, TV18 Broadcast and Ujjivan

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