CH Stock Market Opening Bell for 17-October-2017

Opening bell

OPENING BELL:

NIFTY FUTURE DOWN 15 @ 10240

BANK NIFTY FUTURE DOWN 44 @ 24699

SENSEX DOWN 12 @ 32621

INR 64.85

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International Market Update by Money CapitalHeight

INTERNATIONAL MARKET UPDATE

GOLD $ 1295.55

SILVER $ 17.23

COPPER $ 3.23

CRUDE $ 51.81

INR 64.85

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World Market Update by Money CapitalHeight

WORLD MARKET UPDATE

HANG SENG 31

NIKKEI 5

SHANGHAI -7

DOWJONES 85.24

NASDAQ 18.2

SGX NIFTY -21

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CH Bank Nifty Market Trend for 17-October-2017

BANK NIFTY TREND -CONSOLIDATE

BANK NIFTY FUTURE LEVELS

SUPP 1: 24550

SUPP 2: 24185

RES 1:24880

RES 2: 25150

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CH Nifty Market Trend for 17-October-2017

NIFTY TREND-BULLISH

NIFTY SPOT LEVELS

SUPP 1: 10145

SUPP 2: 10070

RES 1: 10285

RES 2: 10370

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CH Stock Market Closing Bell 16-October-2017

Closing Bell

CLOSING BELL:

NIFTY FUTURE UP 62 @ 10255

BANK NIFTY FUTURE UP 24 @ 24756

SENSEX UP 200 @ 32633

INR 64.74

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Jindal Steel pays dues worth Rs 700 cr to Banks

Jindal Steel & Power (JSPL) share price rallied 4.3 percent intraday Monday as the company may soon come out of the clutch of joint lenders forum.

The steel maker cleared its pending dues of around Rs 700 crore to banks a little over a week ago, according to the company’s Chairman Naveen Jindal.

After this payment, the company may soon be out of SMA-2 category that it was placed under after its debt remained unpaid for more than 60 days.

SMA-2 is one step short of the account being declared a non-performing asset.

This could well pave the way for the Delhi-based steel and power producer to come out of the clutch of joint lenders forum.

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Gold Prices to Trade Higher

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Spot gold traded higher by 2.3 percent last week while silver prices also rose 3.4 percent. Gold prices rose as minutes from a U.S. Federal Reserve September meeting showed policymakers had a prolonged debate about prospects of a pick – up in inflation and slowing the path of future interest rate rises if it did not. Weak dollar index and geopolitical tensions in Spain and North Korea further supported the rally in gold. Russia and China both called for restraint on North Korea following a Twitter post from U.S. President Donald Trump hinting that military action was on his mind. The focus of the markets have now shifted from the geo – political crisis  to the economic data that will be released from the US, besides, the  possibility of rate hike scenario in the US is a factor for gold prices to move lower in the week ahead.

Outlook

Geo – political crisis and economic data from US will be the key going forward, besides, the possibility of rate hike scenario in the US is a factor for gold prices to move lower in the sessions ahead. ON the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.2 percent at $1302 per ounce.

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Sensex off Day’s High, Nifty below 10,200

The Indian market is going through a Diwali cheer phase as frontline indices hit fresh record highs, backed by macro data and steady earnings trends in its first week of the season.

Having said that, these are still some early days as companies with good numbers initially are declared in the early part of the season. “Ex-financials, companies in our coverage should have 10 percent growth,” Krishna Kumar Karwa, MD, Emkay Global Financial Services told CNBC-TV18 in an interview.

The rupee trimmed initial gains but was still trading up by 17 paise to 64.75 against the US currency on bouts of dollar selling by some banks and exporters amid higher domestic equities.

The dollar index was trading steady at 93.14 against a basket of six currencies in early trade.

Growth in India’s consumer sector is seemed to have recovered in the July-September quarter largely owing to increasing urban demand and the festive season, says a Nomura report.

According to the Japanese financial services major, consumer firms are expected to report average net sales growth of 8.6 per cent year-on-year with EBITDA growth of 8.4 per cent in the second quarter of this fiscal. Growth in India’s consumer sector particularly the household and personal care segment was held back in recent quarters largely due to macro issues.

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Godrej Agrovet Debuts with 34% Premium

Diversified agro-business company Godrej Agrovet started off first trade at Rs 615.60 on the National Stock Exchange, a whopping premium of 33.82 percent over its issue price of Rs 460 per share.

The stock touched a high of Rs 630 and low of Rs 605.55 in early trade. At 10:05 hours IST, the stock price was trading at Rs 615, up 33.69 percent over issue price.

The hefty premium was warranted, given the huge oversubscription to the issue.

The Rs 1,157-crore initial public offer was oversubscribed 95.41 times on October 6, the last day of bidding. The issue was opened for subscription on October 4, with a price band of Rs 450-460 per share.

The IPO comprised of fresh issue of shares worth Rs 291.51 crore and offer for sale of up to Rs 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences Investments Pte Ltd, a subsidiary of Singapore-based investment company Temasek.

Post issue, Godrej Industries holds 60.81 percent stake in Godrej Agrovet, which is an agri-business company with operations across five verticals – animal feed, crop protection, oil palm, dairy, poultry and processed foods.

Agrovet will use fresh issue proceeds towards repayment of loans and other general purposes.

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