Weekly EQUITY Report by Indira Securities (20 NOV to 24 NOV 2017)

Weekly EQUITY Report by Indira Securities (20 NOV to 24 NOV 2017)

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Top Stories This Week

• On the macro front, data released by the government after market hours on Friday, 10 November 2017, showed that India’s index of industrial production (IIP) rose 3.8% in September 2017 over September 2016. The IIP growth in August 2017 was at 4.5%

• The stock market registered modest gains on Friday, 17 November 2017. The barometer index, the S&P BSE Sensex advanced 235.98 points or 0.71% to settle at 33,342.80. The Nifty 50 index rose 68.85 points or 0.67% to settle at 10,283.60. Positive cues from Asian markets and overnight gains on Wall Street boosted sentiment. Investor risk appetite also increased after rating agency Moody’s Investors Service has upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years.

• Drug major Sun Pharmaceutical Industries dropped 1.94% to Rs 517.05 after consolidated net profit skidded 59% to Rs 912 crore on 15% decline in sales to Rs 6590 crore in Q2 September 2017 over Q2 September 2016. The result was announced on Tuesday, 14 November 2017

• State-run NTPC gained 0.76% to Rs 178. The company’s net profit fell 2.33% to Rs 2438.60 crore on 1.89% rise in total revenue to Rs 19960.35 crore in Q2 September 2017 over Q2 September 2016. The result was announced on Monday, 13 November 2017.

• Banks shares were in demand. Kotak Mahindra Bank (up 2.97%), ICICI Bank (up 2.04%), State Bank of India (up 1.26%) and HDFC Bank (up 0.24%), edged higher.

MARKET COMMENTARY

The stock market registered modest gains on Friday, 17 November 2017. The barometer index, the S&P BSE Sensex advanced 235.98 points or 0.71% to settle at 33,342.80. The Nifty 50 index rose 68.85 points or 0.67% to settle at 10,283.60. Positive cues from Asian markets and overnight gains on Wall Street boosted sentiment. Investor risk appetite also increased after rating agency Moody’s Investors Service has upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years.

For the next week Nifty likely to trade in the range between 10226-10639

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