Market Update

Friday 6 July 2018

Free Stock Tips By TradeIndia Research,Sensex up 150 pts, Nifty tests 10,800; Titan Infosys most active



Sensex up 150 pts, Nifty tests 10,800; Varroc Engg, Titan Infosys most active

All the sectoral indices are trading positive with auto and energy index up more than 1 percent.

Stock Tips


Deutsche Bank has maintained sell rating on IDFC Bank and cuts target price to Rs 35 from Rs 43 per share.
Deutsche Bank feels that any recovery in RoA/RoEs is still a long time away and expect subdued RoEs of 5-7% over the next 2 years.
It has cut estimates by 67%/20% for FY19/20
The market is trading at day's high with Sensex up more than 150 points and Nifty trading above 10,800.
The Sensex is up 163.99 points at 35,738.54, and the Nifty up 53 points at 10802.80.
All the sectoral indices are trading positive with auto and energy index up more than 1 percent.
Metal stocks are in focus today as US tariffs are set to take effect. Price of metals has already fallen while global markets are readying themselves for new tariffs from the US in China worth USD 34 billion worth of goods which does not augur well for the metal space.
In the recent weeks, there have been selloffs but it seems things are going from bad to worse. Copper and zinc prices are trading at 11-month lows. Nickel and lead decline nearly a couple of percentage points and they are trading at May lows as well.
Steel and iron ore prices started softly in the Asian markets right now. But the only metal that is trading in the positive is aluminum and that is because China has released a statement saying that they will shut down some smelters to ensure environment control and that would lead to some curb in the output.
Crude oil prices also continue to look at the supply concerns. US President Trump on Thursday told the Organisation of the Petroleum Exporting Countries (OPEC) to reduce prices now and to increase output substantially.
Oil markets opened cautiously lower on Friday ahead of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China.
International Brent crude oil futures were at $77.18 per barrel at 0043 GMT, down 21 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.1 percent, at $72.88 per barrel.
The price band for the issue, which consisted of an offer-for-sale of 2,02,21,730 equity shares by promoter Tarang Jain and existing investors which are Tata Group companies - Tata Capital Financial Services and Omega TC Holdings, was Rs 965-967 per share.
Gold prices nudged lower amid a steady dollar on Friday, with investors bracing for any impact on global markets from a deepening trade conflict between the United States and China.

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