18-June:
Market Outlook: Yesterday Domestic markets closed below crucial level of 11750 indicating further weakness in the market. Fitch reduced global as well as India’s growth outlook by 10 bps and 20 bps respectively. FII continue to be sellers although small for the last few sessions. Market outlook remains cautious with negative bias. . Globally market is awaiting for Fed Policy decisions scheduled on 19th of June.
Actionable : We would like to buy defensives like TCS , Infosys and Pvt banks like ICICI Bank and HDFC Bank
Global market:
DOW: +22
SGX NIFTY: +20
NIFTY 50: 11672
Sensex : 38960
Institution:
FII: -331 Cr
DII: +1257 Cr
Currency:
Dollar: 69.90
Commodity:
Gold: $ 1344 per ounce
Crude: $ 60.91 per barrel
Bonds:
10 year US bond rate: 2.08 percent
10 year Indian Bond rate: 6.93 percent
Updates :
Fitch cuts world growth forecast for 2020 to 2.7 % from 2.8 % .Cuts India growth forecast for 2020 to 6.6 % from 6.8 % earlier
Bharti Airtel’s Africa unit set its IPO price range at 80-100 pence per share while the company plans to list in London. Company to raise Rs 5250 crores through IPO. Positive for Bharti.
HDFC AMC – decides to absorb Essel Group losses in FMP to the tune of Rs 500 Cr . Negative for the company.
IndiGo – Co places $20 billion ( Rs 1.40 lakh Cr ) U.S. LEAP -1A engine order from US company.
Derivative View - VIX closed at 14.65. Call writing is seen at 11700 then 11800 strike while Put writing is seen at 11600 then 11500 strike . Option data suggests trading range in between 11500 to 11800 zone.