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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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Onion prices rally in Asia as India restricts Exports

indian stock market

Asian countries like Bangladesh and Malaysia are struggling to secure supplies of onions after the world’s biggest exporter India restricted overseas sales amid limited availability in the global market.

Onions, an essential part of the diets of millions of Asians, are likely to remain expensive and scarce for at least two months until India lifts curbs on exports, traders said.

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“At the moment, there is nothing we can do but to wait,” said Mohammad Idris, a trader based in Dhaka, Bangladesh, where onion prices have trebled in recent months, hitting an all-time high of 100 takas ($1.22) a kg (2.2 pounds) this week.

“We are hoping the price of onions will come down in India once their new harvest hits the markets,” Idris said.

Onions grab space in almost every Asian kitchen as they are used as the base for traditional dishes such as biryani in Pakistan, Belacan in Malaysia and fish curry in Bangladesh.

A seven-fold rise in retail onion prices in just five months prompted India last week to set a minimum price of $850 a tonne for overseas sales until the end of 2017, well above the prevailing market price of $700 a tonne.

“Only a few importers are willing to pay $850 per tonne. Exports have dropped substantially,” said Ajit Shah, an Indian exporter based in Mumbai. India was exporting onions at an average price of just $186 in July.

The shortages come after record supplies last year prompted farmers in India and Pakistan to slash the area given over to the pungent bulb during the summer season after incurring losses.

India exported 2.4 million tonnes of onions in 2016/17, mainly to Bangladesh, Malaysia, and the United Arab Emirates. Other exporters include Pakistan, China, and Egypt.

Pakistan has imposed an unofficial ban on exports, said Waheed Ahmed, chairman research and development, All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association.

“The Department of Plant Protection is not issuing health certification required for onion exports for the last two months. There is no legal notification to ban the exports, but it’s sort of an informal ban,” Ahmed said.

Buyers from importing countries like Malaysia, Bangladesh, Sri Lanka, United Arab Emirates, Indonesia, and Nepal are now looking to China and Egypt for supplies, but these countries could not supply enough.

“All the countries that produce onions have shortages. So even if you go to China to buy, you can’t get as much as you want,” said a Kuala Lumpur-based official with leading Malaysian farm commodities importing firm.

Indian supplies were preferred by Asian buyers due to flavor, lower freight charges, and prompt delivery.

“It takes more than one month to get the delivery when it comes from Egypt and about 20 days from China while it takes only a few days from India,” said Dhaka-based Idris.

India’s production of summer and late summer onion crops is expected to drop by a quarter from last year’s level of 7.5 million tonnes, said P.K. Gupta, acting director of India’s National Horticultural Research and Development Foundation.

Onions have three crops a year, and the supply from the late summer season crop will start to rise in December and could help to moderate prices, Gupta said.

However, industry participants said the new season crop will provide only a tiny surplus and India would look for a substantial drop in local prices before easing export restrictions.

This was likely to take two months when supply from the late summer crop peaks.

($1 = 64.48 Indian rupees, $1 = 82.2900 taka)


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Sensex falls 300 pts, all sectoral indices in red; RIL, Infosys, HDFC drag

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Tata Motors, Tata Motors DVR, and Bosch gained the most on both indices, while Bharti Airtel, Coal India, and Hindalco lost the most.


Suzuki Motorcycle India (SMIPL) today reported 37.2 percent rise in its total sales at 49,535 units in November.

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The company had sold 36,098 units in the same month last year, SMIPL said in a statement.

Domestic sales stood at 42,722 units in November as against 30,830 units in the same month last year, a growth of 38.6 percent.

Exports were at 6,813 units as against 5,268 units in November last year, up 29.33 percent.

Equity benchmarks fell further in late trade as the 30-share BSE Sensex plunged 317.42 points or 0.96 percent to 32,831.93, dragged by index heavyweights HDFC, Reliance Industries and Infosys.

The 50-share NSE Nifty was down 104 points or 1.02 percent to 10,122.50.

About two shares declined for every share rising on the BSE.

Eicher Motors’ November sales missed analyst expectations on Friday.

The company sold 70,126 units of Royal Enfield in November 2017, higher by 22 percent compared with year-ago.

Exports during the month grew 60 percent to 2,350 units YoY.


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नवंबर में बजाज ऑटो की बिक्री 21% बढ़ी

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नवंबर मेंबजाज ऑटो की बिक्री में अच्छी बढ़त देखने को मिली है। नवंबर में बजाज ऑटो की कुल बिक्री 21 फीसदी बढ़कर 3.26 लाख यूनिट रही है। जबकि कंपनी ने नवंबर 2016 में 2.7 लाख यूनिट की बिक्री की थी। नवंबर में कंपनी के एक्सपोर्ट में में भी अच्छी बढ़त हुई है। नवंबर 2017 में कंपनी का एक्सपोर्ट 27 फीसदी बढ़ कर 1.46 लाख यूनिट रहा है जबकि नबंबर 2016 में कंपनी का एक्सपोर्ट 1.15 लाख यूनिट रहा था।

नवंबर में बजाज ऑटो की घरेलू बिक्री में भी 16 फीसदी की बढ़त दर्ज का गई है। नवंबर में कंपनी की घरेलू बिक्री पिछले साल की समान अवधि के 1.54 लाख यूनिट से बढ़कर 1.79 लाख यूनिट हो गई है।

नवंबर में नवंबर में बजाज ऑटो की मोटर साइकिल बिक्री में भी 11 फीसदी की बढ़त दर्ज का गई है। नवंबर में कंपनी की मोटर साइकिल बिक्री पिछले साल की समान अवधि के 2.37 लाख यूनिट से बढ़कर 2.64 लाख यूनिट हो गई है।

नवंबर में बजाज ऑटो की थ्रीव्हीलर बिक्री में भी अच्छी बढ़त देखने को मिली है। नवंबर में बजाज ऑटो की थ्रीव्हीलर बिक्री 94 फीसदी बढ़कर 62,488 यूनिट रही है। जबकि कंपनी ने नवंबर 2016 में 32,191 थ्रीव्हीलर बेचे थे। बजाज ऑटो ने नवंबर महीनें में अब तक की सबसे ज्यादा थ्रीव्हीलर मासिक बिक्री है।

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जारी रहेगी मजबूती, गिरावट में देखें खरीदारी के मौके

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बाजार की आगे की चाल और दिशा पर गुजरात में बीजेपी के फिर से सत्ता में आने को लेकर बार आश्वस्त है। बाजार के लिए के ऐसा होना अच्छा रहेगा। इकोनॉमी के दूसरे आंकडे भी अच्छे रहे हैं। मॉनसून के बाद आने वाली पहली फसल भी अच्छी पहने की उम्मीद है। हालांकि दिसंबर महीने में ग्लोबल एक्टिविटी कम रहेगी। लेकिन जनवरीमार्च तिमाही में भारतीय बाजारों में ग्लोबल एक्टिविटी भी बढ़ेगी। इस सब बातों को ध्यान मे रखें तो लगता है कि बाजार में यहां से और बढ़त देखने को मिलेगी। हालांकि बीचबीच में करेक्शन देखने को मिलेंगे जो निवेशकों के लिए खरीदारी के बेहतर मौके साबित होंगे।

ऑटो सेक्टर पर फोरव्हीलर बाजार में मारुति का दबदबा कायम रहेगा। लेकिन टाटा मोटर्स में भी अच्छी बढ़त की उम्मीद है। ऑटो सेक्टर में मारुति, टाटा मोटर्स और बजाज ऑटो देवेन चोकसी के पसंदीदा शेयर हैं। इसके अलावा कुछ ऑटो एंसिलरी कंपनियों में भी पैसे लगाने की सलाह है।

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