Market Outlook : US Fed has cut interest rate by 25 bps after more than 10 years. However US markets closed negative after hawkish commentary by Fed Chairman who said the rate cut should not be constituted as a long series of rate cut. All global markets are trading negative taking cues from US markets. The negative sentiments in Indian market continues with FII selling around Rs 16800 Cr in the month of July and weak corporate earnings for the quarter. Yesterday markets took support at 11,000 levels and we expect this to form a key near term support for the markets. Outlook for the day remains weak.
Results today : Bharati Airtel, Ceat, Godrej Consumers, JK Tyre, KRBL, Marico, Raymond
IPO Alert:
Affle India IPO Gets 86.5 Times Demand for Shares Offered
Spandana Sphoorty to Sell Shares at INR 853-856 Each in India IPO starting Aug. 5
Global market:
DOW: - 333
SGX NIFTY: -40
NIFTY 50 : 11118
Sensex : 37481
Institution:
FII: - 1497 Cr
DII: +2479 Cr
Currency:
Dollar: 68.79
Commodity:
Gold: $ 1409 per ounce
Crude: $ 65.17 per barrel
Bonds:
10 year US bond rate: 2.03 %
10 year Indian Bond rate: 6.37 %
Updates :
Eicher Motor - Revenue Inline But EBITDA margin lower than expectation due to higher staff and raw material cost.
UPL- Miss on margins due to unfavourable product mix. Revenue also lower than expectation. High debt remain a concern.
Zee: Invesco Oppenheimer fund to buy 11% stake in co for Rs 4200 Cr which will address the part of promoters debt issues.
Derivative View - VIX closed at 13.61. Put writing at 11000 then 10800 strike while Call writing is at 11200 followed by 11300 strike. Option data suggests a trading range in between 11000 to 11200 zone.