Browse Category: Gold Market Tips

Asia Stocks subdued as US Tax cuts Batter Bonds

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MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent in thin trade, while Australian stocks lost 0.3 percent.


Asian markets offered a muted reaction on Thursday to the passage of U.S. tax cuts as benefits to company bottom lines were already baked into stock prices, while bonds were spooked by the blowout in government debt needed to fund the giveaways.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent in thin trade, while Australian stocks lost 0.3 percent.

Japan’s Nikkei eased 0.3 percent, though a softening Yen should provide some support to exporters.

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In U.S. President Donald Trump’s first major policy win, Republicans steamrolled opposition from Democrats to pass a bill that slashes taxes for corporations and the wealthy while giving mixed, temporary relief to middle-class Americans.

Having spent more than a year anticipating the bill, its actual passage proved something of an anticlimax for Wall Street. The Dow fell 0.11 percent, while the S&P 500 lost 0.08 percent and the Nasdaq 0.04 percent.

Most of the action was in bond markets where yields on U.S. 10-year notes jumped to the highest since March at 2.50 percent, in the process making a bearish break of a key chart level at 2.47 percent.

The swing higher in long-term yields, for once, outpaced the move in the short-end and steepened the yield curve a little.

Bond investors are concerned that adding fiscal stimulus at a time when the economy is already at full employment would only reinforce the Federal Reserve’s determination to raise interest rates, thus pushing up short-term yields.

At the same time, many assume the unfunded tax cuts will lead to an explosion in government borrowing, increasing the supply of new bonds and pressuring prices across the curve.

The impact is all the greater as the Fed has begun to unwind its massive bond holdings, as have central banks elsewhere.

Sweden’s Riksbank on Wednesday took its first baby steps toward reversing ultra-loose policy by ending net new bond purchases.

“An appreciation that central banks are going to be buying fewer bonds next year at a time when many governments will be selling more of them, plus profit taking on the curve-flattening theme that has been a winning trade for large parts of 2017, are playing a part,” said Ray Attrill, head of FX strategy at NAB.

One institution that has been committed to aggressive stimulus is the Bank of Japan, but even it may hint at a re-think after its board meeting later Thursday.

For now, currency investors are assuming the BOJ will still keep Japanese bond yields super-low for some time to come and have been nudging the yen lower.

The Euro hit its highest on the yen since late 2015 at 134.76 Yen, having overcome major resistance around 134.50. The Dollar was up at 113.38 Yen, after rising 0.4 percent on Wednesday.

The Euro outperformed broadly, reaching $1.1875 <EUR=> on the Dollar after starting the week down at $1.1752. Against a basket of currencies, the Dollar was flat at 93.309.

The single currency faces a hurdle later in the day when an election in Catalonia is expected to produce no clear majority for either the separatist or unionist parties, leading to weeks of political wrangling.

In commodity markets, gold was underpinned by the softer Dollar to stand at $1,265.10 an ounce.

Oil prices steadied after rising on a larger-than-expected drop in U.S. inventories and the continued outage of the North Sea Forties pipeline system.

U.S. crude futures were off 4 cents in early trade at $58.05 a barrel, having rallied 53 cents overnight. Brent crude was yet to trade at $64.50 a barrel.


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OPENING BELL- 21 December 2017 – Ripples Advisory Private Limited

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OPENING BELL

NIFTY UP (+29) @ 10473 (+0.27% )

BANKNIFTY UP (+33) @ 25695 (+0.12%)

SENSEX UP (+49) @ 33826 (+0.14%)


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Sensex Rebounds, Nifty Opens above 10,450; Hero Moto, Hindalco Lead

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Reliance Nippon, Pidilite Industries, PVR, Ajanta Pharma, Reliance Communications, Monnet Ispat, Gokaldas Exports, Videocon Industries, Wockhardt, and Unitech rallied 1-6 percent while Bank of India and Motherson Sumi were down 1 percent each.

9:21 am Buzzing: Morgan Stanley has initiated its coverage with Overweight on HDFC Standard Life and set a target price at Rs 425 per share.

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The research house expects premium growth to normalize at 17.5 percent in FY19-20, after 30 percent growth in FY18.

The stock gained 1.5 percent.

9:15 am Market Check: Equity benchmarks rebounded in the opening on Thursday, with the Nifty reclaiming 10,450 level, backed by select auto, technology, metals and pharma stocks.

The 30-share BSE Sensex was up 64.49 points at 33,841.87 and the 50-share NSE Nifty rose 20 points to 10,464.20. About 984 shares advanced against 265 declining shares on the BSE.

Bharti Airtel, Axis Bank, Wipro, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank were early losers. Hero MotoCorp, GAIL, Hindalco, Eicher Motors, Maruti Suzuki and UPL were early gainers

Mahindra and Mahindra was down 1.4 percent as stock trades ex-bonus today. Nifty Midcap was up 0.5 percent.

Reliance Nippon, Pidilite Industries, PVR, Ajanta Pharma, Reliance Communications, Monnet Ispat, Gokaldas Exports, Videocon Industries, Wockhardt, and Unitech rallied 1-6 percent while Bank of India and Motherson Sumi were down 1 percent each.


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Indian ADRs: Tata Motors, Wipro, ICICI Bank gain

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Indian ADRs ended mostly higher on Tuesday. Wipro rose 1.27 percent and HDFC Bank added 1.12 percent.


Indian ADRs ended mostly higher on Tuesday. In the banking space, ICICI Bank gained 1.46 percent at USD 9.72 and HDFC Bank added 1.12 percent at USD 99.62.

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In the IT space, Infosys was down 0.31 percent at USD 15.99 and Wipro rose 1.27 percent at USD 5.59.

In the other sectors, Tata Motors surged 2.88 percent at USD 32.55 and Dr. Reddy’s Laboratories fell 1.44 percent at USD 36.87.


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Wall Street Edges Lower, Pauses as tax Bill clears Congress

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The Republican-controlled U.S. House of Representatives gave final approval to a sweeping tax bill, which will be the largest overhaul of the U.S. tax code in 30 years. The Senate had already voted in favor of the bill.


Wall Street’s main indexes dipped on Wefavory, pausing after recent record highs as both houses of Congress approved a long-anticipated tax overhaul.

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The Republican-controlled U.S. House of Representatives gave final approval to a sweeping tax bill, which will be the largest overhaul of the U.S. tax code in 30 years. The Senate had already voted in favor of the bill.

The proposed changes include cutting the corporate tax rate to 21 percent from 35 percent from Jan. 1, which could boost company earnings and pave the way for higher dividends and stock buybacks.

The S&P 500 has climbed about 4.5 percent since mid-November, led by a rally in sectors such as transport, banks and others that are expected to benefit the most from lower taxes.

Some analysts say the market has reached a lull, given stocks have already priced in approval of the tax bill.

“There’s not the as much upward movement as there was last week,” said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston. “As people sharpen their pencils and figure out which companies will benefit (from the tax bill), and companies start talking about that themselves, I think we’ll see larger moves in share prices.”

The Dow Jones Industrial Average fell 28.1 points, or 0.11 percent, to 24,726.65, the S&P 500 lost 2.22 points, or 0.08 percent, to 2,679.25 and the Nasdaq Composite dropped 2.89 points, or 0.04 percent, to 6,960.96.

Four of the 11 major S&P sectors ended higher, led by a 1.4 percent gain in energy. Energy stocks were fuelled as oil prices rose about 1 percent, supported by a larger-than-expected drop in U.S. inventories.

Telecoms saw a 0.6-percent rise. The sector is considered by some analysts to be the biggest beneficiary of lower taxes. AT&T gained 1.3 percent.

The Dow Jones Transport Index jumped 0.9 percent to a record high close, helped by a surge in FedEx. The company’s shares were up 3.5 percent and earlier in the session touched a record high, a day after it reported a stronger-than-expected quarterly profit.

Technology stocks, expected to benefit the least from lower taxes, were down 0.1 percent on the S&P 500. Chipmaker Micron was up 4.0 percent after strong results and forecast.

The consumer staples index fell 0.4 percent, weighed by a 2.5-percent slide in Philip Morris International Inc.

Former Philip Morris employees detailed irregularities in clinical trials for the company’s e-cigarette, due to be voted on by the U.S. FDA next year.

Advancing issues outnumbered declining ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored advancers.

Volume so far on U.S. exchanges was 6.17 billion shares, compared to the 6.84 billion average for the full session over the last 20 trading days.


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Strategy to Boost Exports Being Formulated: Suresh Prabhu

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A strategy to boost the share of services in the export basket of the country is being formulated, said Suresh Prabhu, Minister for Commerce and Industry. Speaking at the Services Conclave: “Serve India and the World” organized by the Confederation of Indian Industry (CII) in cooperation with the Department of Commerce, the Minister said that services exports have the potential to rise faster than goods exports.

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He stated that Indian Industry needed to identify the markets that they wanted to export to and the Department of Commerce would work on Market Access issues there. He was of the view that we needed to identify new services which had tremendous export potential e.g. healthcare and financial services and within that develop new products which could be exported. He suggested that sectors such as IT should look at developing newer markets such as Latin America as markets such as the US and Europe were becoming saturated.

Prabhu stated that with manufacturing becoming increasingly automated, it was services that would lead the country in terms of employment generation. He pointed out that even manufacturing had a services component to it. Speaking on the occasion, Uday Kotak, Vice President, CII, and Chairman, CII National Council on Services, the services sector contributed 60 percent of India’s GDP, 30 percent of India’s exports and just 30 percent of India’s jobs. He was of the view that measures need to be taken to step up the share of jobs to 40 percent. He felt that the service sector become the “job creation engine” for the Indian economy.


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Sensex, Nifty Trade with mild Gains; ONGC, Hindalco, Hero Top Gainers

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2:28 pm Prompt Corrective Action Framework: Bank of India informed exchanges that the Reserve Bank of India has placed the bank under Prompt Corrective Action Framework, consequent to the onsite inspection under the Risk-Based Supervision Model carried out for the year ended March 2017, and the report issued thereof.

“This is in view of high net NPA, insufficient CET1 Capital and negative return on assets for two consequent years. This action will contribute to the overall improvement in risk management, asset quality, profitability, efficiency, etc of the bank,” it said.

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2:15 pm Buzzing: Global brokerage firm Deutsche Bank said Jubilant Foodworks remains its top pick in consumer discretionary space. The stock gained more than a percent intraday.

The research house has maintained its Buy rating on the stock with a target price of Rs 2,000.

Consumer feedback is positive on the recent extension of ‘everyday value’, Deutsche said while expecting the national launch of Rs 99 price point in 2018 to enhance value-proposition positioning For Dominoes.

Turnaround plans implemented are steps in the right direction, it said.


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Midcap outperforms Sensex; Nifty inches towards Record high amid Volatility

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Religare Enterprises rallied 5 percent and Edelweiss Financial was up 1.7 percent. Edelweiss Financial will buy Religare’s securities business which includes securities & commodities broking & depository participants services.


Phillip Capital has initiated coverage with a Buy rating on Sintex Plastics Technology and set a target price at Rs 145, implying a potential upside of 85 percent. The stock rallied as much as 6.7 percent intraday Wednesday.

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The subsidiary of Sintex Industries is in a strong position to capitalize on economic recovery and growth in retail, warehousing and cold chain post-GST.

Sintex Plastics Technology operates under two divisions – custom molding solutions and building products & solutions (water storage tanks, prefab, and construction for mass housing).

The research house sees stable and sustainable growth in custom molding segment and expects prefab business to grow on government spending on healthcare, education, and sanitation.

Phillip Capital expects revenue/EBITDA/net profit to grow at a CAGR of 9/6/10 percent over FY17-20.


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HDFC Bank plans to raise up to $3.75 Billion from Share sale

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HDFC Bank Ltd, India’s second-biggest lender by assets, said on Wednesday it would raise up to 240 billion Rupees ($3.75 billion) to fund growth by selling shares to investors, including a preferential issue to its parent HDFC Ltd.

HDFC Bank, the most valuable in the sector with a market capitalization of more than $76 billion, said in a statement its board had approved the fundraising plan on Wednesday. Shareholders will be asked to vote on the plan on Jan. 19, the lender added.

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As part of the planned fundraising, HDFC Bank will issue up to 85 billion Rupees worth of shares to mortgage lender HDFC Ltd on a preferential basis, while the remainder will be raised via modes including American Depositary Receipts and a share sale in India to institutional investors.

HDFC Bank has the lowest bad-loan ratio among India’s top banks and is an investor favorite with its consistent profit growth in a sector whose profitability has been burdened by a large amount of bad debt in their books.

The bank, which is also listed in New York, last raised 97.66 billion Rupees in equity capital in 2015.

As of end-September, HDFC Bank had a capital adequacy ratio of 15.1 percent against a regulatory requirement of 10.25 percent. HDFC Bank is one of the three in India designated by the central bank as “too big to fail”.

HDFC Bank shares gained as much as 1 percent, hitting a record high of 1,903.1 rupees. The stock has risen 56 percent this year, compared with a 28 percent gain in the Nifty 50 index and a 41.5 percent rise in the banking sector index.

($1 = 64.0650 Indian Rupees)


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Sensex Turns volatile after Hitting New High, Nifty Holds 10,450

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Religare Enterprises rallied 5 percent and Edelweiss Financial was up 1.7 percent. Edelweiss Financial will buy Religare’s securities business which includes securities & commodities broking & depository participants services.

HDFC Bank informed exchanges that the board of directors today has approved raising of funds aggregating up to Rs.24,000 crore.

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Of which, an amount up to a maximum of Rs 8,500 crore will be through the issuance of equity shares of face value of Rs 2 each pursuant to a preferential issue to promoter Housing Development Finance Corporation, the bank said.

The balance will be raised through the issuance of equity shares / convertible securities/depository receipts pursuant to a qualified institution’s placement / American Depository Receipts / Global Depository Receipts, it added.

The bank said the extraordinary general meeting will be held on January 19, 2018, to seek approval of the shareholders of the bank for above fundraising plant.

Strides Pharma Asia Pte, Singapore, a wholly owned subsidiary of Strides Shasun has entered into definitive agreements with Trinity Pharma proprietary, South Africa for the acquisition of controlling stake in Trinity.


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