MCX EVENING NEWS UPDATES - 17 July 2018

Gold Prices Little Changed as Dollar Steadies Ahead of Powell’s Testimony - Gold prices were little changed on Tuesday as the dollar steadied ahead of the U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony. The U.S. Dollar Index that tracks the dollar against a basket of six major currencies was unchanged at 94.48 on Tuesday as traders awaited further clues on monetary policy when Powell testify on the economy and monetary policy before the U.S. Senate Banking Committee later in the day. The dollar plays a crucial role in determining gold’s direction, as a stronger dollar makes gold more expensive for holders of foreign currency.   Ahead of Powell’s appearance, the Fed gave a positive assessment of the U.S. economy, insisting that strong labor markets and inflation would support the central bank’s plan to continue with gradual rate hikes. 

Oil steadies on supply outages, U.S. China trade - Oil prices stabilised on Tuesday as worries over supply disruptions balanced signs of increasing production and potential damage to global growth from the U.S.-China trade dispute. "The perception in the oil market seems to be shifting," Carsten Menke, commodity research analyst at Swiss private bank Julius Baer, said. "Fears of shortages, which pushed prices as high as $80 per barrel in early summer, are receding and concerns about looming surpluses growing." Oil prices have fallen by almost 10 percent over the last week as crude export terminals in Libya have reopened and exports from other OPEC countries and Russia have improved. Also undermining prices is concern the growing trade war between the United States and other major trading blocs, particularly, China, could dampen economic activity and hence squeeze oil demand.

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SUP1:10660
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Indian Signing Foundational Agreements with US Would Broaden Defence Relationship - 19 May 2018

Ahead of her visit to India next week, Tina Kaidanow, Principal Deputy Assistant Secretary of State for Political-Military Affairs, told a group of reporters that it is important for Indian officials to understand these foundation agreements because it allows them to do so much more.

Noting that India and the United States are currently having discussion on a wide variety of state-of-the-art military hardware, a senior US official today insisted that New Delhi signing the "foundational agreements" with it would broaden the scope and potential of bilateral defense relationship.

Ahead of her visit to India next week, Tina Kaidanow, Principal Deputy Assistant Secretary of State for Political-Military Affairs, told a group of reporters that it is important for Indian officials to understand these foundation agreements because it allows them to do so much more.

"These are the kinds of things that we conclude with all of our friends and allies. It broadens the scope of the potential for the defence relationship," she said.

"Our hope is that ... the Indian government has the sovereign right to decide obviously ... but for all these agreements that we can come to a good understanding because that allows us to do so much more in the defence space," Kaidanow said in response to a question.

India-US bilateral defence trade has risen from near zero to USD 15 billion since 2008. India is projected to spend billions on military modernisation over the next decade. Her talks in India will focus on expanding the security cooperation while furthering opportunities for American industry.

Referring to the Lockheed-offer to relocate its F-16 manufacturing base to India under "Make in India", she said a lot of what the two countries are talking about here is indeed in the co-production, co-development arena.

"My hope is that the Indian government can come to some relevant decisions in the not so distant future," she said.

While bilateral defence trade figure of USD 15 billion is very compelling, but increasing this figure will hinge on not only how the two countries agree to sign foundational agreements, but also to come to an understanding on the contracts and all the other kinds of things that have to happen as a function of concluding some of these deals.

"That's the reason for a trip like mine is to see how far we can further some of those efforts," the senior US official said in response to a question.

The scope of India-US defence trade relationship has expanded fairly dramatically over the last decade and the Trump administration would like to see that expand even further.

"We consider the Indians to be important partners for us," she said adding that the US is currently engaged with India in a "very good, very productive, very robust" conversation on a whole host of things that they might choose to acquire from Washington at some point.

Much recently, a US team was in India to look at some of these things and to talk more with their Indian counterparts, she noted.

When asked about India's interest in armed drones and some of the other high-tech military hardware, Kaidanow said the US is still in the process of trying to discern exactly what their requirements are and then how it can provide the right tactical equipment that will meet those requirements.

"Part of this will be not just our decision but also the Indian government's decision as to what they procure," she said.

"We are having a full conversation on the entire array of things that India might be interested in. Nothing is necessarily precluded. It's just a function of what meets the requirements and what we can provide to meet the necessary requirements," Kaidanow said.


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CS NIFTY FUTURES (MAY ) OVERVIEW

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RES2: 10820
RES 1:10750
SUP1:10600
SUP2:10550


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RES 2: 26310
RES 1: 26185
SUP1: 25830
SUP2: 25740

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Nifty likely to open flat; Bajaj Finserv, Escorts, JSW Steel to be in focus -17 May 2018

Indian Indices:                             

The Nifty50 is likely to open on a flat note Thursday following muted trend seen in Asian stocks. The index closed down 60.80 points at 10,741.10 on Wednesday. The SGX Nifty futures also indicated flat trade as it was trading at 10,765.50, up 1.50 points on the Singaporean Stock Exchange. Asian stocks were narrowly mixed, shrugging off the firmer close on Wall Street as the yield on the US 10-year Treasury stayed above 3 percent.


Global Market:

• Asian markets- In equity markets, MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, while Japan's Nikkei gained 0.4 percent and South Korea's KOSPI rose 0.4 percent.

• US Markets: The Dow Jones industrial average closed 62.52 points higher at 24,768.93. The S&P 500 gained 0.4 percent to 2,722.46 and the Nasdaq composite advanced 0.6 percent to 7,398.30.

• European markets- European markets finished higher today with shares in France leading the region. The CAC 40 is up 0.26% while Germany's DAX is up 0.20% and London's FTSE 100 is up 0.15%.


Major Headlines of the day:

• Tata Steel Q4:- Consolidated profit at Rs 14,688 crore versus loss Rs 1,168 crore; revenue at Rs 36,132.30NTPC to take over power projects in Bihar.
• Ester Industries Q4: Net profit at Rs 5.6 crore versus loss of Rs 0.6 crore; revenue at Rs 220 crore versus Rs 215.1 crore (YoY).
• JK Lakshmi Cement Q4: Net profit up 62.5 percent at Rs 33.8 crore versus Rs 20.8 crore; revenue up 11.2 percent at Rs 897 crore versus Rs 806.7 crore (YoY).
• Alembic Pharmaceuticals Q4: Profit up at Rs 93.99 crore versus Rs 92.96 crore; revenue up at Rs 853.3 crore versus Rs 741.35 crore (YoY).
• JSW Steel Q4: Consolidated net profit at Rs 2,879 crore versus Rs 1,008 crore; revenue up 25 percent at Rs 20,817 crore versus Rs 16,656 crore (YoY).
• Godrej Agrovet keen to acquire Ruchi Soya's Oil Palm business.


Trend in FII flows:- 

The FIIs were Net Value of Rs  -699.22 in the cash segment WEDNESDAY while the DIIs were Net Value of Rs 229.06 as per the provisional figures.


TODAY ON EARNING FRONT:-   

BAJAJ FIN SERV, LUX IND, BAJAJ FIN, KIRLOSKAR IND, BALKRISHN IND, ESCORTS, VOLTAS, KEI, COFFEE DAY, TAJ GVK, TAKE SOLUTIONS, BLISS, SKIPPER, JK TYRES, RELIANCE CHEMO


Securities in Ban For Trade Date 16-MAY-2018 :- 

1. DHFL
2. Jet Airways,
3. Jaiprakash Associates, 
4. Just Dial, 
5. PC Jeweller, 
6. Wockhardt and 
7. Reliance Communications

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