Indian ADRs: Infosys, HDFC Bank down; Tata Motors, Dr Reddy’s Labs gain

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Indian ADRs ended mixed on Friday. In the IT space, Infosys was down 0.78 percent at USD 15.18 and Wipro slipped 1.01 percent at USD 10.81.

In the banking space, ICICI Bank gained 0.1 percent at USD 9.80 and HDFC Bank shed 0.21 percent at USD 87.61.

In the other sectors, Tata Motors added 0.51 percent at USD 37.31 and Dr Reddy’s Laboratories was up 0.43 percent at USD 39.63.

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US stocks advanced on Thursday, with each of the major U.S. indexes notching record highs, after a batch of economic data suggested the economy was picking up speed.

The ADP private sector employment report showed 253,000 jobs were added in May, well above the 185,000 estimated.

The report could signal a strong government payrolls report on Friday that includes hiring in both public and private sectors, which would cement expectations for an interest rate hike by the Federal Reserve in two weeks.

Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability

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A 10 percent surge over six weeks swept Japan’s Nikkei stock index above the 20,000-point barrier for the first time since late 2015 on Friday, without dispelling doubts about the rally’s shelf life given the outlook for automakers, banks and the yen.

Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year’s low on April 17 gathered momentum.

But the data also shows foreigners avoided making heavy bullish bets, probably because analysts expect Japan Inc.’s earnings growth to falter.

The number of companies on the MSCI Japan index with earnings estimates down from the previous month has climbed steadily since mid-April and is now at its highest since December.

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RBI to strike less hawkish tone while standing pat

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The Reserve Bank of India is likely to keep interest rates unchanged at a review on June 7, but with inflation well below target its policy statement is likely to sound less hawkish than when the monetary policy committee last met.

The RBI has sprung several surprises since the MPC was formed last year to include the views of government and non-central bank officials. But the poll, conducted over the past week, suggested most economists saw little chance of being caught out this time.

An overwhelming majority, 56 of 60 surveyed, expected the committee to leave the repo rate, its main policy rate, unchanged at 6.25 percent, where it has been for the past six months.

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Delhi Govt to demand lowering of tax slabs under GST

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The Delhi Government has said that it is planning to make a demand for lowering of tax slabs to protect the interests of the capital’s traders and industrialists.

The Deputy Chief Minister, Sisodia, a member of the GST Council said that after a series of meetings with the capital’s traders, he will forward a demand for lowering of tax slabs in the council’s meeting on June 3.

Commenting on the issue, Delhi’s Deputy Chief Minister, Sisodia told the media, “I have met over 32 traders associations today and it seems that increase in taxes through GST will have an adverse impact on the capital’s trade and growth.”

“GST could completely fail if the process of implementing the tax measure is not corrected. Tax slabs need to be reduced as that could affect our small-scale industries and trades,” he said.

“The Centre is pushing its ‘Make in India’ policy and transparency in taxes, but if the taxes are so high, all our industries will have to either shut down or the owners forced to evade taxes,” the deputy chief minister said.

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Jet Airways` Q4 standalone net profit down 91%

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Airline major Jet Airways on Tuesday reported a massive decline of over 90.73 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17.

According to the company, its standalone net profit during the quarter under review declined to Rs 36.80 crore from Rs 397.16 crore reported in the corresponding period of 2015-16.

However, the Q4 standalone total income of the company inched higher by 5.65 per cent to Rs 5,759.58 crore from Rs 5,451.28 crore earned in the corresponding period of the previous fiscal.

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L&T`s construction arm bags orders Rs 5,146 cr- Get Mcx Tips

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India based multinational L&T on Tuesday said that its construction arm has bagged orders worth Rs 5,146 crore across various business segments, led by the power transmission and distribution business.

According to the company, the power transmission and distribution (PT&D) business has bagged major orders worth Rs 2,780 crore in the domestic and international markets.

Reliance Communications hits fresh low on rating downgrade

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Shares of Reliance Communications extended selling spree on Wednesday, hitting fresh 52-week low, on the Bombay stock Exchange after the global rating agency Moody’s Investors Service downgraded company’s rating and senior secured bond rating, citing weak performance and fragile liquidity position.

Extending previous session losses, shares of the company declined as much as 9.47 per cent to hit all-time low of Rs 18.15 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 18.35 against previous close price of Rs 20.05.

RBI does not target any range for Rupee

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As the rupee touched a 17-month high against the US dollar, Deputy Governor S S Mundra today said the Reserve Bank does not target any range for the domestic currency and intervenes only to curb volatility. “We don’t target a particular range for the rupee. What we always do is to curb the undue volatility in the (forex) market,” he told reporters on the sidelines of Exim Bank’s annual commencement day lecture here.

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NIFTY MAR FUT (28th MAR 2017) : Trend : DownClose : 9067 Support : 8956-9031 Center Point : 9071 Resistance :9107-9183 Daily Reversal Value : 9123 RSI : 50.86

BANKNIFTY MAR FUT (28th MAR 2017) : Trend : DownClose : 21101Support : 20821-21004Center Point : 21189Resistance : 21187-21370Daily Reversal Value : 21051RSI :61.57

SENSEX (28th MAR 2017) : Trend : DownClose : 29237Support : 28869-29126Center Point :29273Resistance : 29384-29641Daily Reversal Value : 29424RSI : 46.14 

USDINR MAR (28th MAR 2017) : Trend : DownClose : 65.08Support : 64.65-64.96Center Point : 65.15Resistance : 65.27-65.58Daily Reversal Value : 65.84RSI : 42.20

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