Saturday, July 1, 2017

SENSEX @ 30,921 (+0.2%) Cash Turnover: USD 437mn // NIFTY @ 9,521 (+0.2%) Cash Turnover: USD 3.60bn



·         Benchmark indices rebounded to ended marginally higher after a day of subdued trading as caution ahead of the launch of a goods and services tax (GST) kept investors on edge. The indices ended the month of June in negative, first monthly loss this year, even after they rose a bit in the late afternoon deals led by Quarterly NAV management.
·        In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap bucked the trend to gain 0.6% each.
·        Among losers, Nifty Realty index (-0.4%) was the top loser, led by losses in Indiabulls Real Estate, HDIL, Sobha and DLF, which lost between 1.5%-4.5%. The government on Thursday hiked the GST rate for the construction sector to 18% from 12%, but removed land value from computation of tax liability.  
·         Cigarettes, Pharma & Metals were top gainers on BSE Sensex while Banks & Autos lost the most.
·        Auto makers were among the top losers on worries that GST would push up prices of cars and lead to a decline in sales. The Nifty Auto index lost as much as 0.9% intraday but later ended 0.3% lower, with Eicher Motors falling 1.2%.
·         Interglobe Aviation (INDIGO IN, -5.7%) extended its Thursday’sfall, after the low-cost carrier has expressed unsolicited interest in buying a stake in national carrier Air India.
·         Central Depository Services India Ltd (CDSL IN, +75%) stellar listing gains given its unique business model with high entry barriers coupled with decent growth prospects.

Flows: Buyer in Pharma, Utilities, Private-Sector Banks, Oil-Marketing Companies // Seller in Cement, Autos, FMCG.

Major blocks in market: KMB IN (USD 10m), EIM IN (USD 10M), ACEM IN (USD 5M).

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