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Dollar shines, Asia shares slip after Fed signals December rate hike- GET FREE EQUITY TIPS ON MOBILE

The US Dollar shone while Asian shares slipped slightly on Thursday after the US Federal Reserve announced a plan to start shrinking its balance sheet and signaled one more rate hike later this year.

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MSCI’s broadest Dollar-denominated index of Asia-Pacific shares outside Japan was down 0.4 percent. South Korea’s Kospi was down 0.1 percent while Australia shed 0.6 percent.

Japan’s Nikkei gained 0.8 percent thanks to the Yen’s fall against the Dollar.

US share prices recovered quickly from initial losses following the Fed’s announcement, with the S&P 500 ending slightly higher, adding to a string of losing records. You can also click here and have our daily free equity tips on mobile from Indian stock market.

As widely expected, the Federal Reserve announced it would begin in October to trim its massive holding of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis.

The Fed signaled it still expects one more interest rate hike by the end of the year, despite a recent bout of low inflation, but ratcheted down its long-term interest rate forecasts.

Fed fund rate futures are pricing in about 65 percent chance of a rate hike by December, the highest level since March, and around 50 percent before the Fed meeting. Markets expect the Fed move will in December when it is due to revise its economic projections.

The yield on two-year U.S. Treasury notes jumped to 1.451 percent, its highest level since November 2008. The 10-year US Treasuries yield rose to 2.278 percent, briefly hitting a six-week high of 2.289 percent.

The markets reacted to the Fed quite straightforwardly, with shorter yields rising more than long-dated bond yields. The bond markets have fairly strong conviction that low inflation and low growth will persist.

In the currency market, the rise in Treasury yields boosted the dollar’s attractiveness. The Euro dropped to USD 1.1873 from above USD 1.20 just before the Fed’s policy announcement.

Likewise, the Dollar jumped to 112.595 Yen, a two-month high, from around 111.30. The Bank of Japan is widely expected to keep monetary policy unchanged when it wraps up its two-day policy review later on Thursday.

Gold fell to $1,296.1 per ounce on Wednesday, its lowest level in more than three weeks, and last stood at USD 1,128.6.

Oil prices flirted with multi-month highs, despite a rise in US crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts, ahead of the planned meeting between OPEC and non-OPEC nations on Friday.

Brent crude futures rose to a five-month high of USD 56.48 a barrel and last stood at $56.16.

US benchmark West Texas Intermediate (WTI) crude futures hit a four-month high of USD 50.79 per barrel and last traded at USD 50.71, flat from the US close on Wednesday.

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Wall Street closes slightly higher after Fed policy decisions- GET FREE EQUITY TIPS ON MOBILE

The S&P 500 gained 1.59 points, or 0.06 percent, to 2,508.24, clocking its sixth record closing high in the last seven sessions. The Nasdaq Composite dropped 5.28 points, or 0.08 percent, to 6,456.04, with Apple Inc as its biggest drag.

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The S&P 500 and the Dow ended slightly higher on Wednesday, adding to their string of closing records after the Federal Reserve signalled it expects another interest rate hike by year-end and disclosed timing for reducing its balance sheet.

The Fed left rates unchanged for now, as was widely anticipated, but investors’ expectations changed for December after the US central bank signalled one more rate hike by year-end despite recent weak inflation readings.

In line with expectations, the Fed said it would begin in October to cut it’s roughly USD 4.2 trillion in US Treasury bonds and mortgage-backed securities holdings by initially cutting up to USD 10 billion each month from the amount of maturing securities it reinvests. You can also have our FREE EQUITY TIPS ON MOBILE FROM HERE- Register NOW!

Financial stocks jumped after the statement as US Treasury yields rose on the prospect of higher rates while utilities took a fall on concerns that the defensive sector would look less attractive as rates climb.

While some investors said the Fed’s tone was more hawkish than expected others were happy Fed Chair Janet Yellen reiterated her stance that balance sheet reduction would be data dependent.

“The most important thing Yellen needed to communicate to the market was that the bond sale plan and rate increases are not on autopilot,” said Jason Pride, director of the investment strategy at Glenmede in Philadelphia.

After the statement traders were betting on a roughly 67 percent chance of a December hike, compared with 51 percent minutes before, according to the CME Group’s FedWatch tool.

“Keeping rate hikes where they were was expected. What wasn’t known was the tone. The market reaction is interpreting the Fed as slightly hawkish but not too much,” said Victor Jones, director of trading at TD Ameritrade in Chicago.

The Dow Jones Industrial Average rose 41.79 points, or 0.19 percent to end at 22,412.59, its seventh straight record close.

The S&P 500 gained 1.59 points, or 0.06 percent, to 2,508.24, clocking its sixth record closing high in the last seven sessions. The Nasdaq Composite dropped 5.28 points, or 0.08 percent, to 6,456.04, with Apple Inc as its biggest drag.

The S&P’s financial sector ended 0.6 percent higher as banks benefit from higher rates. The sector has risen in eight of the last nine sessions and has clocked a 6.7 percent gain in that time as investors anticipated the Fed meeting.

The consumer staples sector fell 0.9 percent while the utility sector ended 0.8 percent lower.

Shares of Apple fell 1.7 percent after it admitted its latest smartwatch has connectivity problems.

Advancing issues outnumbered declining ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favoured advancers.

Roughly 6.7 billion shares changed hands on US exchanges compared with the 6 billion average for the last 20 sessions.

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Indian Rupee slips 24 paise in opening trade 

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The Indian Rupee slipped in the early trade on Thursday. It has opened lower by 24 paise at 64.50 per Dollar versus 64.26 Wednesday. Get free equity tips on mobile call on 9644405056.

The FOMC kept Fed funds rate unchanged but announced balance sheet normalization from October. The probability of a December rate hike has now increased significantly.

The Dollar index spiked sharply and US 10-year treasury yield firmed up. Expect USD-INR pair to trade in a range of 64.20- 64.50 for the day.

Higher crude prices and higher US Treasury yields are likely to generate negative sentiment in the local bond market. Fiscal slippage worries could re-surface with a possible fiscal stimulus.

The 10-year benchmark bond yield is expected to trade in a range of 6.58-6.61 percent for the day.

The Dollar rose to a two-month high against the Yen and extended its gains against the euro after a hawkish Federal Reserve heightened expectations for an interest rate hike in December.

21th SEPTEMBER- OPENING BELL >> In Line With Expectations Fed Kept Its Interest Rate Unchanged

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Among stocks Sunflag Iron rose 12.12%, the company is into Iron and Steel business and Daido Steel to pick up 10% stake in the company. Rico Auto zoomed 7.70%; the company is into single business segment Automotive Components. Tirumalai rose 5.42% and Dwarkesh was up by 5.39% on sector performance. Get free equity tips on mobile and intraday trading tips Call us on 9644405056.

Today Nifty opening gap down by 16 points at 10153 from yesterday close of 10169 as per SGX Nifty.


Aluminium Trading Range For The Day Is 131.9-137.5 

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Aluminium on MCX settled up 1.88% at 135.3 as prices seen supported after news that China august aluminum output hits lowest since April 2016. China’s new home prices rose in August at the slowest pace in seven months and fell or leveled off in more cities as government cooling measures dampened speculation, though there were no signs of a sharper correction that could damage the economy. China’s non-ferrous metal output fell to a one-year low in August, in a sign that Beijing’s environmental crackdown is curbing supplies of base metals, with aluminum also hit by efforts to rein in output. Get Free Stock Cash Tips also Call on 9644405056.


Trading Ideas:

* Aluminium trading range for the day is 131.9-137.5.

* Aluminium prices seen supported after news that China august aluminum output hits lowest since April 2016.

* Aluminum processors in Henan to suffer tough winter output controls.

* Alumina stocks at alumina producers in China totaled 389,800 tonnes in September.

Natural Gas trading range for the day is 199.4-205- GET COMMODITY MARKET TIPS

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Natural gas on MCX settled down -0.49% at 201.50 on profit booking after prices rallied a day before surged to their highest level in more than three months on Monday on expectations of more demand than previously forecast through the end of September. Support also is seen after the expectation that US gas consumption will rise to 72.2 bcf per day this week, up from the 71.8 bcfd forecast last week. For the last week of Sept, the market is saying that demand would average 71.1 bcfd, up from the 69.9 bcfd forecast last week.

Trading Ideas:

* Natural gas trading range for the day is 199.4-205.

* Natural gas dropped pausing for breath after rallying amid bullish weather forecasts and a flurry of tropical storm activity in the Atlantic.

* Meanwhile, traders said they were closely eyeing the path of Hurricane Maria, to see whether it would knock out production.

* High pressure will dominate the southern and east-central U.S. with highs of 80 s and 90 s through Sept. 25.

Reliance Communications welcomes TRAI decision to slash IUC

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Reliance Communications on Wednesday welcomed the Indian telecom regulator’s decision to slash interconnection usage charges (IUC) to 6 paise.

“We welcome the reduction in IUC to 6 paise by TRAI. We also welcome the Bill & Keep model, to be effective from January 2020. The IUC cut has already been delayed by three years. With voice calls becoming free, TRAI’s move will provide a level playing field,” Reliance Communications said in a statement. Don’t forget to SUBSCRIBE OUR FREE EQUITY TIPS ON MOBILE.

The Telecom Regulatory Authority of India (TRAI) on Tuesday came out with a regulation cutting call termination charges from mobile to mobile by over half to 6 paise per minute effective from October 1. The measure drew stiff opposition from a majority of telecom operators who plan to seek legal redressal.

The sector regulator also plans to phase out IUC by January 1, 2020.

“For mobile to mobile, termination charge has been reduced from 14 paise per minute to 6 paise per minute with effect from October 1, 2017,” the TRAI said in a statement.

“Such a revision in the mobile termination charge is in line with the international trends.”

Domestic termination charges are the charges payable by a telecom service provider (TSP) whose subscriber originates the call, to the TSP in whose network the call terminates.

Arun Jaitley reviews state of economy

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Finance Minister Arun Jaitley reviewed the state of the economy, including export scenario and infrastructure spending, as the government looks to perk up economic activity to boost growth. The review meeting, which lasted for over two hours, was also attended by Commerce Minister Suresh Prabhu, Railway Minister Piyush Goyal and Niti Aayog Vice Chairman Rajiv Kumar, said government sources. Besides, Additional Principal Secretary to the Prime Minister P K Misra, Commerce Secretary Rita Teaotia, secretaries in the Finance Ministry and Chief Economic Adviser Arvind Subramanian were part of the deliberation. You can also get free equity tips on mobile from here.

This meeting was a follow-up of yesterday’s meeting which Jaitley held. After finalizing a detailed roadmap for the economy, Jaitley and finance ministry officials would make a presentation to the prime minister on steps that could be taken to rejuvenate the economy.


Sensex, Nifty open mildly higher on RIL support; Nifty hovers around 10,150 ahead of Fed meet outcome; Dr Reddy’s up- FREE EQUITY TIPS ON MOBLIE

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Mahindra & Mahindra (M&M) is set to buy a big tractor company in Turkey.

The company has zeroed in on one of Turkey’s top five tractor makers, with the acquisition in ‘final stages’. An announcement to this effect is expected shortly.

This would be M&M’s second tractor acquisition in Turkey this year. In January 2017, it had acquired Turkish company Hisarlar. Turkey is Europe’s ( GET FREE EQUITY TIPS ON MOBILE) largest tractor market and globally commands a 3% market share in the agri-machinery industry.

The Turkish acquisition is part of M&M’s plan to double its global revenue to USD 5 billion by 2019. It is targeting 50 percent revenues from global markets by 2019.

10:39 am Divi’s Laboratories said its Unit-2 has been inspected by US-FDA from September 11 to September 19, 2017.

This inspection was for full cGMP and verification of all Corrective Actions proposed against the previous Inspection observations. Divi’s Laboratories Limited announces that all previous observations have been confirmed as completed and resolved.

On completion of this inspection, Divi’s Laboratories Limited has received a Form 483 citing six observations which are procedural and the company will be responding to these within the stipulated time.


20th September 2017- OPENING BELL >> Fed Is Expected To Keep Its Interest Rate Unchanged

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As per Dynamic Levels, research Fed is going to keep its interest rate unc, and today at mid-night at 12 O’clock. Yesterday among stocks Rain Industries zoomed by 16.74%, the company is into the business of Calcined petroleum coke which is a part of highest performing sector Carbon. Tinplate rose by 14.72%, the company generates its revenue from electrolytic tin mill product. Panama Petro zoomed by 7.28% as energy oil and gas sector as a whole rose by 1.79%. TFCILTD Moved up by 3.73%, Sunflag rose by 5.27% as metal & mining sector is continuously performing.

Today Nifty opening gap down by 6 points at 10162 from yesterday close of 10168 as per SGX Nifty.