Stock and Commodity Market Recommendations The market has opened flat reacting to Federal Reserve Chair Janet Yellen's comments on rate hikes. The Sensex is up 39.01 points or 0.1 percent at 27821.26, and the Nifty is up 11.20 points or 0.1 percent at 8583.75. About 172 shares have advanced, 93 shares declined, and 17 shares are unchanged.
OPENING BELL
SENSEX UP + 45.01 @ 27827.26, NIFTY FUTURE DOWN - 15.10 @ 8609.90, BANK NIFTY FUTURE DOWN - 2.55 @ 19315.00, USD/INR – 67.14.
Tata Motors, L&T, Cipla, Sun Pharma and Asian Paints are top gainers while Adani Ports, Lupin, Bharti, SBI and Axis are losers in the Sensex. The Indian rupee opened lower by 8 paise at 67.14 per dollar versus 67.06 Friday.
Best Advisory Company presents 3 large caps that analysts suggest to buy Infosys CLSA has outperform rating but cut FY17-19 earnings by 1-2 percent and target to Rs 1120 from Rs 1200 per share.
Tata Motors Macquarie maintains outperform rating with target increased to Rs 600 from Rs 535 per share on its firm Q1 numbers. It expects JLR to register strong volume growth over FY16-18 led by new models. CLSA reiterates buy rating with target increased to Rs 635 from Rs 545 per share. It says forex losses impact JLR’s margins but should bounce back. It expects a strong rebound in JLR’s margins in balance FY17 & FY18 and a strong 21 percent EPS CAGR over FY16-19.
Dr Reddy's Credit Suisse maintains underperform as stock is already at 22 times FY18 EPS. It expects case credit with respect to Aloxi by September/October.
INTERNATIONAL MARKET UPDATE
GOLD $ 1319.95 SILVER $ 18.430, COPPER $308.00, CRUDE OIL $ 47.04, INR 67.155.
Free MCX Market Tips Oil prices fall on rising Iraq output, doubt over producer talks Gold inches down on steady dollar,Fed rate hike remains on cards Gold edged lower early on Monday as the dollar strengthened after hawkish comments from Federal Reserve Chair Janet Yellen left the door open for a US interest hike as early as next month.
FUNDAMENTALS Spot gold had dipped 0.33 percent to USD 1,316.46 per ounce at 0120 GMT. The metal closed last week down 1.5 percent.
MCX SUPPORT & RESISTANCE LEVEL GOLD JUNE FUTURE R2–31642, R1 -31470, S1-30970, S2-30670, SILVER JULY FUTURE R2 –45880, R1- 45112, S1-43412, S2-43014, CRUDE OIL JUNE FUTURE R2 –3270, R1-3200. S1-3100, S2-3050, COPPER JUNE FUTURE R2 –324, R1-319, S1-304, S2-299.