Browse Category: commodity tips

Indian ADRs: Wipro slips 4.5%, Infosys down 3%

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Indian ADRs ended lower on Friday. Tata Motors fell 1.35 percent and HDFC Bank was down 1.12 percent.


Indian ADRs ended lower on Friday. In the IT space, Infosys slipped 3.21 percent at USD 15.06 and Wipro shed 4.45 percent at USD 5.15.

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In the banking space, ICICI Bank fell 1.68 percent at USD 9.38 and HDFC Bank was down 1.12 percent at USD 96.01.

In the other sectors, Tata Motors fell 1.35 percent at USD 30.77 and Dr. Reddy’s Laboratories declined 0.71 percent at USD 34.77.


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Asia Trades lower, but Dow Futures spike more than 200 points after Senate passes Tax plan

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Dow Jones industrial average futures, meanwhile, rose 212 points to 24,450 at 9:43 a.m. HK/SIN.


Asia markets traded mostly lower on Monday morning, following a decline in US stocks on Friday after a shock from a since-corrected report about the investigation into possible collusion between then-candidate Donald Trump and Russia.

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Dow Jones industrial average futures, meanwhile, rose 212 points to 24,450 at 9:43 a.m. HK/SIN.

In Australia, the ASX 200 was down 0.18 percent as the heavily-weighted financial subindex fell 0.88 percent. The country’s so-called Big Four banks saw losses in the morning session.

Shares of ANZ were down 0.98 percent, Commonwealth Bank declined 0.83 percent, Westpac fell by 1.55 percent and the National Australia Bank was lower by 0.78 percent.

Japan’s Nikkei 225 declined 0.27 percent in morning trade while the Topix index traded down 0.1 percent. Across the Korean Strait, the Kospi stood out and traded up 0.13 percent.

Chinese mainland markets were also lower in early trade. The Shanghai Composite fell 0.28 percent and the Shenzhen composite was down 0.23 percent.

In Hong Kong, the Hang Seng index declined 0.3 percent.

Michael Flynn, the former White House national security advisor, would testify that he was directed to make contact with Russians during the presidential campaign in 2016. Flynn pleaded guilty to lying to the FBI about his post-election contacts with Russia’s ambassador to the US.

That report hit the markets hard, but its source had clarified that Trump gave Flynn the directive “shortly after the election” to discuss strategies for fighting the Islamic State extremist group.

The news “provides a reminder of the cloud hanging over the Trump administration,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, wrote in a weekend note. He added that could cause “bouts of volatility next year and just adds to the likelihood that the GOP will lose control of the House in the November 2018 mid-term elections.”

“However, we remain of the view that it does not change prospects for tax reform (it’s already nearly there) and in fact just highlights the pressure on Congress to get it done,” Oliver noted.

In the early hours of Saturday morning, Senate Republicans narrowly passed a bill to overhaul the US tax system. The GOP still needs to overcome significant disagreements for the House and Senate to craft a joint bill and send it to Trump’s desk. Republicans hope to reach a deal by Christmas.

While the tax bill narrowly passing may have been a “political relief” for the Trump administration, it does not “eradicate fiscal uncertainty.

“Fact is, a possible US government shutdown looms heading into 8th Dec and, in all likelihood, the backstop to avert a shutdown may be by the skin of the teeth as well,” he wrote in a Monday morning note. “And this could keep long-end yield upside in check if caution trumps exuberance.”

In the currency market, the dollar rose from an overnight low of 92.881 to trade at 93.086 against a basket of currencies at 9:50 a.m. HK/SIN.

Among other currency majors, the Japanese Yen fetched 112.67 to the Dollar, weakening from an earlier low of 112.39. Despite the relative weakness in the Yen, major exporters remained under pressure: Toyota was down 0.26 percent, Sony reversed early losses to trade up 0.64 percent and Mitsubishi Electric was down 0.54 percent. Nissan shares rose 0.32 percent.

Typically, a weaker Yen is positive for Japanese exporters since it increases their overseas revenue when converted back into local currency.

The Australian Dollar weakened against the greenback to trade at USD 0.7603 from a previous high of USD 0.7613, and the Euro was at USD 1.1874.

Elsewhere, oil prices were also lower. US crude was down 0.74 percent at USD 57.93 and global benchmark Brent fell 0.61 percent at USD 63.34 a barrel.


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Indian Stock Market Live: Sensex off opening high, Nifty breaks 10,100; Infosys, Biocon rally

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Biocon surged 10 percent as the US FDA approved Mylan and Biocon’s Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.


Shares of Transformers and Rectifiers India gained 5 percent in the morning as it has received order worth Rs 127 crore.

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The said order falls under the normal course of business. The company neither has any interest in the entity that awarded the order nor falls within related party transactions.

With this order, the company’s order book as on stands around Rs 937 crore.

The company continuously thrives to deliver quality products and services, and over a period of time has become a leading manufacturer of transformers in the country.

Shares of Dr. Reddy’s Laboratories was up more than 2 percent intraday as it has received EIR for its Miyapur facility.

The company has received establishment inspection report (EIR) for Miyapur facility, Hyderabad, Telangana.

The audit of the said facility has been completed by USFDA in September with zero observations.

The Rupee was trading down by 3 paise at 64.49 against the US currency in early trade today at the interbank foreign exchange as the Dollar strengthened in global markets after progress on the US tax-cut proposal.

Dealers also attributed the rupee’s fall to increased demand for the US currency from importers but a higher opening in the domestic equity market capped the losses to some extent.

The Rupee opened lower by 7 paise at 64.53 against the last close of 64.46 on higher demand for the dollar. Later the rupee reverses its losses to touch a high of 64.45 in early trade.

On Thursday, the Rupee had lost 15 paise to close at 64.46 a Dollar on growing concerns with regard to fiscal deficit and possible extension of crude oil production curb by OPEC. Forex and money markets were closed on Friday on account of Id-E-Milad.


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4th December 2017- OPENING BELL- FII And PRO Have Sell Position Of 362202 Contracts In Index Options

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The major players in the market FII & PRO have sold 113533 contracts on 1-Dec and they have rolled over the position of (-)248in9 contracts from the last expiry. Because of such huge sell position, nifty has corrected 300 points from a high of 10410 the and made a low of 10109. Nifty has the support of 10094, breaching this level may take down the Index to 9955 which is its 8 weeks low as the major players in the market are short in Index option open interest data.

Realty Sector is performing well for last 3 weeks. In the current week, Sobha and Koltepatil were up by 11.34% and 8.25% respectively.

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Last week, the GDP data released by the Central Statistics Office (CSO) on Thursday showed that Gross domestic product (GDP) of India grew 6.3 percent in the second quarter of 2017-18, its fastest pace in three quarters.

Early Saturday morning, Senate Republicans have passed the most sweeping revamp of the US tax code, a significant step that moves Donald Trump closer to achieve the first major legislative victory of his presidency. For the first time since 1986, both the House and the Senate have passed a major revamp of US tax code.

Nifty Future is opening gap up by 13 points against yesterday close of 10144 as indicated by SGX Nifty which is currently trading at 10157.

NIFTY OUTLOOK & OPEN INTEREST IN INDEX OPTION

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In last 10 days, FII and PRO in combined have sold 102440 contracts in Index Options.

Cash Market Data

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In last 10 days, FII and DII in combined have bought stocks worth Rs. 379.92 Crore in cash segment.


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Whipsawed by Washington, Wall Street Ends Modestly Lower

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The Dow Jones Industrial Average fell 40.76 points, or 0.17 percent, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20 percent, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38 percent, to 6,847.59.


Wall Street fell on Friday, whipsawed by developments with a probe into Russia’s alleged involvement in the US election as well as with progress on a tax bill in Congress.

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Major indexes ended lower after a former national security adviser Michael Flynn was prepared to testify that before taking office President Donald Trump had directed him to make contact with Russians.

The benchmark S&P 500 was down as much as 1.6 percent following the report. Flynn pleaded guilty on Friday to lying to the FBI about contacts with Russia’s ambassador.

But stocks recouped the bulk of their initial losses after US Senate Republicans said they had enough support to pass a sweeping tax overhaul.

The Senate news was the latest sign of progress for a tax bill being closely watched by investors, with hopes that significant corporate tax cuts will further fuel Wall Street’s record-setting rally.

“This Flynn thing threw everything for a loop. We had that still against the backdrop of tax reform,” said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago.

“We are at all-time highs so sometimes when you do get news that’s of nature where people want to sell, it gets a little bit overdone,” Kinahan said.

The Dow Jones Industrial Average fell 40.76 points, or 0.17 percent, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20 percent, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38 percent, to 6,847.59.

Steep sell-offs have been a rarity on Wall Street this year. The S&P 500 has closed down by at least 1 percent only four times in 2017.

Progress with the tax legislation in the Senate had helped buoy stocks this week, as well as drive a rotation into those areas that seem poised to benefit from lower corporate taxes.

“We’ve kind of had a slow-growth economy in the last 18 to 24 months. The market piled into the faster-growing companies out there,” said Gary Bradshaw, portfolio manager at Hodges Capital in Dallas.

“Now we have an economy that’s accelerated in growth. A lot of the stocks that have been ignored in the last couple of years could become bargains,” Bradshaw said.

The S&P has rallied 18 percent this year, boosted by solid global economic data and strong US corporate earnings. But with investors optimistic about some aspects of Trump’s domestic agenda, especially tax cuts, news involving his administration has periodically rattled markets.

“We’ve kind of gotten used to the drama in the White House,” said Rob Stein, CEO of Astor Investment Management in Chicago. “Whether or not they prove that there are Russian relationship ties, that doesn’t have a long-term effect on the value of the stock market.”

Indeed, the initial abrupt selloff prompted Wall Street’s favorite reaction in recent months: “Buy the dip.”

The energy was the best-performing sector, rising 0.8 percent. Oil prices settled up slightly, the day after OPEC and other crude producers agreed to extend output cuts until the end of 2018 to tighten global supplies and support prices.

Advancing issues outnumbered declining ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored decliners.

About 8.2 billion shares changed hands on US exchanges, well above the 6.6 billion daily average for the past 20 trading days.


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Indian Rupee opens Lower at 64.55 per Dollar

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The trading range for the spot USD-INR pair will be 64.20-64.80, says Ripples Advisory Private Limited.


The Indian Rupee opened lower by 9 paise at 64.55 per Dollar on Monday versus 64.46 Thursday.

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Ahead of RBI’s monetary policy announcement which is lined up on December 6, the Rupee will be volatile.The trading range for the spot USD-INR pair will be 64.20-64.80.

The US currency recovered some of Friday’s losses as US futures rally after Senate passage of tax-cut legislation overshadowing news reports of Michael Flynn’s guilty plea for lying to Federal agents.

Meanwhile, Japanese Yen weakens versus the US Dollar.

The bond markets are expected to remain under pressure given the elevated crude prices and persistent domestic concerns.

The 10-year benchmark is likely to trade in a range of 7.04-7.09 percent today.


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DLF plans to raise Rs 11,250 cr from Promoters

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Real estate major DLF on Friday said that it plans to raise Rs 11,250 crore through issue of warrants and debentures to its promoters, subject to shareholders approval.

Upon completion of the mentioned issuances and conversion into equity shares, the total additional amount of promoter or promoters group’s equity contribution to the company will be approximately Rs 11,250 crores,” the company said in a BSE filing.

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The company also plans to offer and issue up to 17.30 crore equity shares of Rs 2 each, to eligible investors, in one or more tranches, in India or abroad by way of “public issue or a private placement or a qualified institutions placement”.


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Asian Shares Edge up with US tax bill in Focus

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Japan’s Nikkei stock index was up 0.8 percent in early trade, on track to gain 1.6 percent for the week.


Asian shares pushed higher on Friday, cheered by Wall Street gains after apparent progress on US tax legislation as investors waited for the Senate’s vote, while higher US Treasury yields underpinned the Dollar.

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MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent. For the week, it was 2.6 percent lower.

Japan’s Nikkei stock index was up 0.8 percent in early trade, on track to gain 1.6 percent for the week.

“The Nikkei got a lift from the stronger Dollar, while the market’s main focus is now whether the tax bill will pass or not,” said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo.

On Wall Street overnight, major indexes marked gains, with sentiment lifted by apparent progress toward passage of the tax reform legislation. The S&P 500 hit a record closing high and the Dow Jones industrial average topped the 24,000 mark for the first time.

Chances of the passage of a Senate tax bill rose with the endorsement of Senator John McCain, as that branch of Congress moved toward a decisive vote. The House approved its own tax bill on Nov. 16.

News of McCain’s endorsement pushed up US Treasury yields to five-week highs, which underpinned the recently beleaguered Dollar.

The 10-year Treasury yield stood at 2.415 percent in early Asian trade, steady from its US close on Thursday, and above Wednesday’s U.S. close of 2.322 percent.

The Dollar was steady on the day 112.54 Yen after touching 112.690 earlier, its highest since Nov. 21, moving away from a 10-week low of 110.85 yen touched on Monday.

The Euro was also steady at USD 1.1908, below a two-month peak of USD 1.1961 scaled on Monday.

Bitcoin was up 1.1 percent at USD 10,042, moving away from the previous session’s low of USD 9,000, and well shy of this week’s record high of $11,395.

Crude oil futures edged down but held on to most of their gains made on Thursday after OPEC and non-OPEC producers led by Russia agreed to extend output cuts until the end of 2018, while also signaling a possible early exit from the deal if the market overheats.

US crude futures were down 3 cents, or 0.1 percent, at USD 57.37 a barrel. For November, US crude added 5.5 percent.


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Indian ADRs: Wipro slips 4.5%, Infosys down 3%

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Indian ADRs ended lower on Friday. Tata Motors fell 1.35 percent and HDFC Bank was down 1.12 percent.


Indian ADRs ended lower on Friday. In the IT space, Infosys slipped 3.21 percent at USD 15.06 and Wipro shed 4.45 percent at USD 5.15.

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In the banking space, ICICI Bank fell 1.68 percent at USD 9.38 and HDFC Bank was down 1.12 percent at USD 96.01.

In the other sectors, Tata Motors fell 1.35 percent at USD 30.77 and Dr. Reddy’s Laboratories declined 0.71 percent at USD 34.77.


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Whipsawed by Washington, Wall Street ends modestly lower

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The Dow Jones Industrial Average fell 40.76 points, or 0.17 percent, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20 percent, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38 percent, to 6,847.59.


Wall Street fell on Friday, whipsawed by developments with a probe into Russia’s alleged involvement in the US election as well as with progress on a tax bill in Congress.

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Major indexes ended lower after an ABC News report that former national security adviser Michael Flynn was prepared to testify that before taking office President Donald Trump had directed him to make contact with Russians.

The benchmark S&P 500 was down as much as 1.6 percent following the report. Flynn pleaded guilty on Friday to lying to the FBI about contacts with Russia’s ambassador.

But stocks recouped the bulk of their initial losses after US Senate Republicans said they had enough support to pass a sweeping tax overhaul.

The Senate news was the latest sign of progress for a tax bill being closely watched by investors, with hopes that significant corporate tax cuts will further fuel Wall Street’s record-setting rally.

“This Flynn thing threw everything for a loop. We had that still against the backdrop of tax reform,” said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago.

“We are at all-time highs so sometimes when you do get news that’s of nature where people want to sell, it gets a little bit overdone,” Kinahan said.

The Dow Jones Industrial Average fell 40.76 points, or 0.17 percent, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20 percent, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38 percent, to 6,847.59.

Steep sell-offs have been a rarity on Wall Street this year. The S&P 500 has closed down by at least 1 percent only four times in 2017.

Progress with the tax legislation in the Senate had helped buoy stocks this week, as well as drive a rotation into those areas that seem poised to benefit from lower corporate taxes.

“Now we have an economy that’s accelerated in growth. A lot of the stocks that have been ignored in the last couple of years could become bargains.

The S&P has rallied 18 percent this year, boosted by solid global economic data and strong US corporate earnings. But with investors optimistic about some aspects of Trump’s domestic agenda, especially tax cuts, news involving his administration has periodically rattled markets.

“We’ve kind of gotten used to the drama in the White House,” said Rob Stein, CEO of Astor Investment Management in Chicago. “Whether or not they prove that there are Russian relationship ties, that doesn’t have a long-term effect on the value of the stock market.”

Indeed, the initial abrupt selloff prompted Wall Street’s favorite reaction in recent months: “Buy the dip.”

The energy was the best-performing sector, rising 0.8 percent. Oil prices settled up slightly, the day after OPEC and other crude producers agreed to extend output cuts until the end of 2018 to tighten global supplies and support prices.

Advancing issues outnumbered declining ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored decliners.

About 8.2 billion shares changed hands on US exchanges, well above the 6.6 billion daily average for the past 20 trading days.


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