Sensex, Nifty open Flat

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The market has opened flat on Monday with the Nifty below 8550.

The 50-share index is down 21.65 points or 0.2 percent at 8519.55

and the Sensex is down 57.53 points or 0.2 percent at 27745.71.

About 214 shares have advanced, 82 shares declined, and 28 shares are unchanged. Adani Ports, ITC, Asian Paints, Maruti and GAIL are top gainers while Axis Bank, Cipla, BHEL, TCS and M&M are top losers in the Sensex.

The Indian rupee opened lower by 11 at 67.19 per dollar on Monday versus 67.08 Friday.

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Bankers Guarded on new Scheme to fix bad loans

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Bankers are looking forward to the Reserve Bank of India’s (RBI’s) new scheme to tackle bad loans. But they are also keeping their fingers crossed owing to its limited applicability, as also the absence of provisions to cut down lengthy legal processes.

Though previous tools to arrest mounting non-performing assets (NPAs) did not provide satisfactory results, bankers have started examining the applicability of the ‘Scheme for Sustainable Structuring of Stressed Assets’ (S4A) introduced last month by the apex bank. Crisil has estimated weak assets in the Indian banking system to touch a high of Rs 800,000 crore by the end of the current fiscal.

The RBI’s latest Financial Stability Report suggested that the GNPA (Gross non-performing asset) ratio might rise to 8.5 per cent by March 2017 from 7.6 per cent in March 2016. The new scheme envisages banks will need to divide the existing debt of a company into “sustainable” and “unsustainable”. The sustainable part is that share of the debt that can be serviced by the company on the strength of its current cash flows.

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Indian ADRs: Tata Motors up, ICICI Bank, Wipro Down

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Indian ADRs ended mixed on Friday. In the IT space, Infosys shed 0.30 percent at USD 16.57 and Wipro was down 0.71 percent at USD 11.25.

In the banking space, ICICI Bank fell 0.26 percent at USD 7.82 and HDFC Bank gained 0.55 percent at USD 69.43.

In the other sectors, Tata Motors rose 1.44 percent at USD 37.34 and Dr Reddy’s Laboratories was up 0.02 percent at USD 53.34.

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Rupee Opens at 67.19 per Dollar; down 11 Paise

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The Indian rupee opened lower by 11 at 67.19 per dollar on Monday versus 67.08 Friday.

“Rupee has been stuck in a range of 67-67.30/dollar in absence of any cues. Breakout from either side will decide further direction. Rupee is seeking a trigger for the breakout to happen.”

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Asia Markets Higher; ASX up 0.6%, Nikkei up 0.3%, Kospi Up 0.4%

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Asia markets opened higher on Monday, as traders eye key central bank meetings in the US and Japan due later in the week. Australia’s ASX 200 was up 0.56 percent in early trade, boosted by a 0.64 percent increase in the heavily-weighted financials sub-index.

In South Korea, the Kospi was up 0.40 percent. In Japan, the Nikkei 225 gained 0.32 percent, with markets reacting to better-than-expected export data released before market open. Japan’s exports for June fell 7.4 percent on-year, the ninth consecutive monthly fall, according to Reuters, but it was a better than the forecast of 11.6 percent drop from a Reuters poll of economists.

In volume terms, exports rose 2.9 percent in June on-year, the first increase in four months, reported Reuters. Imports fell 18.8 percent on-year, slightly better than the forecast of 19.7 percent decline. The trade balance was at a surplus of 692.8 billion yen, compared with a 494.8 billion yen surplus expected, said Reuters.

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Aluminium Futures Rise On Spot Demand

Aluminium on MCX settled down -1.38% at 106.85 tracking weakness from LME Aluminium which was bid 1.5 per cent weaker at $US1,600, the lowest in more than three weeks. Aluminium was the only metal in negative territory – it was last at $1,618, down $7, after a surprise stock jump of 12,600 tonnes to 2,310,050 tonnes.
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Prices are under pressure due to LME stock rose while prices can see bounce again as strengthening Chinese demand led Norsk Hydro, to raise its forecast for global aluminium demand growth this year to 4-5 percent as it reported forecast-beating earnings on Thursday.
At the MCX, Aluminium futures for July 2016 contract is trading at Rs 107.25 per 10 grams, up by 0.37 %, after opening at Rs 106.35, against a previous close of Rs 106.85. It touched an intraday high of Rs 107.50.

Trading Ideas

Aluminium trading range for the day is 105.2-109.8.

Norsk Hydro ASA raised its annual global aluminum demand-growth forecast to 4 % to 5 % for 2016.

Aluminum daily stocks at Shanghai exchange came down by 2199 tonnes.

Federal Bank Q1 net Grows 18% to Rs 167 crore

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Private lender Federal Bank today reported a rise of 18.3 percent in net profit at Rs 167.3 crore during the June quarter of the current fiscal. The bank had reported a net profit of Rs 141.4 crore in April-June of 2015-16.

The total earnings of the bank increased to Rs 2,250.8 crore for the quarter under review, as against Rs 2,107.09 crore a year before, the bank said in a regulatory filing.

The bank kept its grip on asset quality as it saw only a marginal uptick in its bad loan profile, with gross non-performing assets (NPAs) rising to 2.92 percent of gross advances as of June 2016 against 2.59 percent a year ago.

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डीबी कॉर्प का मुनाफा 61.4% बढ़ा, आय 20.5% बढ़ी

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वित्त वर्ष 2017 की पहली तिमाही में डीबी कॉर्प का मुनाफा 61.4 फीसदी बढ़कर 103.8 करोड़ रुपये हो गया है। वित्त वर्ष 2016 की पहली तिमाही में डीबी कॉर्प का मुनाफा 64.3 करोड़ रुपये रहा था।

वित्त वर्ष 2017 की पहली तिमाही में डीबी कॉर्प की आय 20.5 फीसदी बढ़कर 570.4 करोड़ रुपये हो गई है। वित्त वर्ष 2016 की पहली तिमाही में डीबी कॉर्प की आय 473.4 करोड़ रुपये रही थी।

सालाना आधार पर अप्रैल-जून तिमाही में डीबी कॉर्प का एबिटडा 119.5 करोड़ रुपये के मुकाबले 181.2 करोड़ रुपये हो गया है। सालाना आधार पर अप्रैल-जून तिमाही में डीबी कॉर्प का एबिटडा मार्जिन 25.3 फीसदी से बढ़कर 31.8 फीसदी हो गया है।

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SOYABEAN COMMODITY MARKET UPDATE

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Soyabean on NCDEX settled down by -0.27% at 3729 due to expectation of better harvest as rains have eased in MP, the largest producer of soybean. As on now, soybean sowing was recorded at 96.6 lh, same as from a year ago as per the government data.

Soyabean trading range for the day is 3692-3780.Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. Soybean acreage in the country is likely to decline but it may not affect the yield in the country due to hopes of good yield.

US soybean planting is complete, as on 26 June 2016.Further, about 95% of the newly planted US soybean has emerged which is up from 88% during the corresponding period last year and also up from 5 year average of 91%.

At the Indore spot market in top producer MP, soybean gained 28 rupee to 3818 rupee per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 4.44% to settled at 50860 while prices down -10 rupee, now Soyabean is getting support at 3711 and below same could see a test of 3692 level, And resistance is now likely to be seen at 3755, a move above could see prices testing 3780.

Gold Holds On To Overnight Gains As Stocks, Dollar Retreat

Gold held steady on Friday, after rising over one percent in the previous session, as equities fell on weak corporate results and the dollar eased but the metal remained on course for a second straight weekly decline.
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Spot gold edged up 0.1 %at $1,332.56 an ounce at 0051 GMT. Bullion rose 1.2 % on Thursday, but was down about 0.4 percent for the week.

U.S. gold was up 0.1 % at $1,332.80 an ounce.

The U.S. Federal Reserve will wait until the fourth quarter before raising interest rates, likely in December after the presidential election, according to a Reuters poll which once again showed subdued inflation expectations.

U.S. home resales hit their highest in nearly 9-1/2 years in June as low interest rates lured first-time buyers into the market and the number of Americans filing for unemployment benefits fell last week, underscoring the economy’s strength.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22% to 963.14 tonnes on Thursday.