Surging banks lead Wall Street to highs as tax plan advances

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The Dow Jones Industrial Average rose 255.93 points, or 1.09 percent, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99 percent, to 2,627.05 and the Nasdaq Composite added 33.84 points, or 0.49 percent, to 6,912.36.

Wall Street surged to record highs on Tuesday led by sharp gains in bank stocks, and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve.

The S&P financial sector soared 2.6 percent, its biggest daily percentage increase since March 1.

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JP Morgan rose 3.5 percent and Bank of America gained 3.9 percent, while the S&P 500 banks index jumped 3.3 percent.

Trump’s push for a big package of tax cuts moved past a potential obstacle as a Senate panel approved the measure despite lingering concerns from some Republican members.

Wall Street is closely watching progress on the Republicans’ tax-reform efforts, with hopes that corporate tax cuts will further fuel the record-setting rally for equities.

The Dow Jones Industrial Average rose 255.93 points, or 1.09 percent, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99 percent, to 2,627.05 and the Nasdaq Composite added 33.84 points, or 0.49 percent, to 6,912.36.

All three indexes notched record closing highs.

The small-cap Russell 2000, which is viewed as a barometer for tax reform’s chances, rose 1.5 percent and also tallied a record closing high.

In testimony before a Senate committee, Jerome Powell nominated to replace Janet Yellen as Fed chair, defended the need to potentially lighten regulation on the financial sector.

Powell overall presented himself as an extension of the Fed policies set under Yellen and her predecessor Ben Bernanke, confirming market expectations that he offered stability despite the change in Fed leadership.

Data showed that US consumer confidence surged to a near 17-year high in November, driven by a robust labor market, while house prices rose sharply in September in the latest encouraging reports about the US economy.

“Some of the data that we got today kind of confirms this goldilocks environment that we have,” said Anthony Saglimbene, global market strategist at Ameriprise in Troy, Michigan.

“Unemployment and interest rates are low, confidence and asset prices are high.”

Major indexes briefly pulled back from session highs after news that North Korea had fired a missile before they rebounded.

In corporate news, Buffalo Wild Wings shares rose 6.3 percent after Roark Capital Group said it would buy the chicken wing restaurant chain.

Advancing issues outnumbered declining ones on the NYSE by a 2.16-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favored advancers.


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Indian Rupee opens weak at 64.46 per Dollar

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The Rupee will float in a range in absence of any directional cue, says Ripples Advisory Private Limited.


The Indian Rupee opened lower by 5 paise at 64.46 per Dollar on Wednesday versus previous close 64.41.

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The Rupee will float in a range in absence of any directional cue. The Expected spot USD-INR pair to trade in a range of 64.20-64.80.

The Dollar index held on to overnight gains after the Senate budget committee approved the Republican tax bill, boost also coming in from strong US economic data as US consumer confidence unexpectedly improved in November to a 17-year high.

Bond market sentiment appears to have stabilized judging by the price action of last two days amid lack of market-moving news.

Market participants await GDP data to get more cues on the state of the economy amid relatively calm global markets.

Expected the 10-year benchmark bond yield to remain below 7.10 percent.


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Indian Stock Market Live: Sensex higher, Nifty eyes 10,400 despite North Korea missile launch

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Alkem Labs gained 4 percent on US FDA nod for Capecitabine tablets.


The Rupee is trading flat after seeing a depreciation of 10 paise to 64.51 against the US Dollar in the opening at the interbank foreign exchange due to the appreciation of the American currency overseas.

Yesterday, the Rupee had gained further ground against the US currency and finished at a new two-month high of 64.41, appreciating by 9 paise after sustained Dollar unwinding by exporters and corporates.

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Alkem Laboratories share price rallied as much as 8.5 percent in the morning after Motilal Oswal has upgraded its rating to buy from neutral on the stock, citing likely strong domestic business growth.

The research house has hiked its price target on the stock to Rs 2,500 per share (from Rs 1,950) as it expects domestic business to grow at 20 percent over the next three quarters.

The domestic business EBITDA margin has historically been more than 21 percent.

The share price of Genus Power Infrastructures gained further on the back of order win from EESL.

The company has won an order from EESL for the supply of 13.5 lakh smart meters for the states of Haryana and Uttar Pradesh.

This tender was opened in October by EESL for the supply of 50 lakh smart meters where company emerged as an L2 bidder.

Post this order, the total order book of the company stands at Rs 1226 crore.

The company is expecting the supply to commence from Q1FY19.

9:25 am Order Win: Shares of Technofab Engineering has locked at 20 percent upper circuit on the back of order won worth Rs 281 crore.

The company has received the new order in the domestic water sector valued at Rs 281 crore.

The project is funded by Asian Development Bank.

This order gives a further impetus to the company’s standing in the water sector, soon after securing orders in Bhutan and Uganda, and recently completed projects in Tanzania and Zimbabwe, company said in press release.

9:20 am Stake Sale: Reliance Communications said it will sell its DTH arm Reliance BIG TV to Pantel Technologies and Veecon Media & Television, a move aimed at reducing debt.

The company has entered into a binding share purchase agreement with Pantel Technologies Ltd and Veecon Media & Television Ltd for sale of its subsidiary Reliance BIG TV Limited (RBTV), RCom said in a statement without disclosing the deal amount.

“The transaction will help reduce the liability of unsecured creditors, benefiting all stakeholders, including lenders and shareholders of RCOM. The transaction is in consonance with RCOM’s stated objective to focus on B2B businesses of the new RCOM,” RCom said.

The buyers will acquire the entire shareholding of RBTV with business on an “as-is, where-is” basis, it added.


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29th November 2017- OPENING BELL- Huge Short Position Of 91345 Contracts By FII & PRO Yesterday, Ahead Of Expiry

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Yesterday both the major players in the market (FII & PRO) together have sold 91345 contracts which is more than twice of its daily average of 43000 contracts. In the current expiry, they have sold 307635 contracts.

Yesterday, Nifty opened at 10388 made a low of 10355 and closed at 10370 after making a high of 10410. Nifty is facing a strong resistance of 10400 levels from last 3 days. Today if Nifty breaks 10340, then further downside may be seen in the market.

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Nifty Future is opening gap- up by 20 points against yesterday close of 10377, as indicated by SGX Nifty which is currently trading at 10390.

NIFTY OUTLOOK & OPEN INTEREST IN INDEX OPTION

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In the Current Expiry, FII and PRO in combined have sold 307635 contracts in Index Options.

Cash Market Data

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In last 10 days, FII and DII in combined have bought stocks in cash market worth Rs. 3915.27 Crore.


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Pradhan defends Mega Oil refinery amid e-vehicle push

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Oil Minister Dharmendra Pradhan today strongly defended plans to build the Rs 2.7 lakh crore oil refinery on the west coast by 2022 despite the push for electric vehicles, saying that India needs multi-source fuels to meet its fast-growing energy needs. The plan to build the 60 million tonnes (MT) a year capacity refinery in Ratnagiri district of Maharashtra has come in for questioning after Transport Minister Nitin Gadkari announced that only electric cars would be produced in the country after 2030.

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Besides, Railway Minister Piyush Goyal has said that diesel locomotives will be phased out by 2022. “India consumes just 6 percent of the global primary energy at present but it will account for 25 percent of incremental growth,” Pradhan said at a KPMG Energy Summit here. In order to meet the vast growing energy needs, India needs “multi-source fuels,” he said, adding that there is a requirement for conventional fuels, coal, renewable sources as well as nuclear. India has a capacity to refine 232.066 MT of crude oil into fuel a year, which exceeded the demand of 194.2 MT in 2016-17 fiscal.

According to the International Energy Agency (EA), this demand is expected to reach 458 MT by 2040. Pradhan said India’s per capita petrochemical consumption is just 10 kg as against the global average of 30 kg. And the nation is import dependent to meet its petrochemical needs. “So if the petrochemical demand grows with the expanding economy, we would need domestic production,” he said.

The planned Rs 2.7 lakh crore project in Ratnagiri district of Maharashtra will have a 10-12 MT petrochemical complex. Petrochemicals which form the building blocks for products used in the manufacture of wide range of items, from plastics to cosmetics, is derived from refining crude oil or natural gas.

Refineries world over are looking at value addition to produce petrochemicals. Pradhan said that just a couple of days back Saudi Aramco and Saudi Arabia’s chemicals company SABIC announced plans to develop a fully-integrated crude oil for chemicals (COTC) complex. The USD 20 billion project is planned to process 400,000 barrels per day (20 MT) of crude oil and produce some 9 MT of chemicals and base oils per year by 2025. Saudi Aramco has also shown interest in taking an equity stake in the Maharashtra project, which is being jointly put up by Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp.


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Midcap continues to outperform, Nifty nears 10,400; HDFC gains

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Reliance Communications plunged 8 percent. Reliance Capital, Reliance Naval and Reliance Infrastructure fall 1 percent each.


The benchmark indices continue to trade lower in the afternoon trade. The Sensex was down 120.36 points at 33604.08, and the Nifty was down 32.10 points at 10367.40. About 1267 shares have advanced, 1296 shares declined, and 135 shares are unchanged.

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SREI Infrastructure Finance was up 1.5 percent as it has decided that 43,86,765 equity shares of SEFL (SREI Equipment Finance) be offered to the public in the proposed offer as part of the offer for sale.

HSBC said given inflation risks are tilting to the upside, the RBI will keep the repo rate on hold at 6 percent in the foreseeable future, giving primacy to the inflation target.

Also, embedded in its own forecasts is the view that growth over the second half of FY18 will be more rapid, perhaps above 7 percent. To that end, the central bank’s support to growth via a rate cut at the risk of missing the inflation target may be unwarranted at the moment. And likewise, a hike would be detrimental to the fragile economic recovery, while other measures to revive private investment are being undertaken.

Fiberweb India today informed BSE that the meeting of the board of directors of the company will be held on December 5 to consider the issue of bonus shares to the existing shareholders.

The trading window for dealing with the securities of the company will remain closed for Directors and other Employees covered under the Code from the closure of business hours of November 28, 2017, to the closure of business hours of December 06, 2017 (both days inclusive).


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RCom`s shares slide after reports of CDB insolvency case against it

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Reliance Communications Ltd’s shares fell sharply on Tuesday after media reports of creditor China Development Bank pursuing insolvency proceedings against the Indian telecoms firm, raising concerns about its ongoing debt overhaul plan.

China Development Bank (CDB) filed an insolvency petition against Reliance Communications (RCom) at India’s National Company Law Tribunal (NCLT) to recover about 114.6 billion Rupees ($1.8 billion) and other media said late on Monday.

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A source familiar with the matter told on Tuesday that CDB had initiated the insolvency proceedings on Friday and that RCom owes the bank upwards of $1.5 billion.

CDB declined immediate comment on the matter. RCom and NCLT could not be reached immediately.

RCom had said in a statement after market hours on Monday that it had not yet been served with any notice of the application from CDB. RCom also said it remains engaged with all lenders including CDB and was confident and committed to a debt restructuring plan with the support of all its lenders.

A case by CDB could complicate RCom’s debt restructuring process as other lenders may take similar steps.

Shares in RCom were trading down 4.5 percent in mid-morning trade after having fallen as much as 9.4 percent earlier.

With a net of debt of 443 billion Rupees as of end-March, RCom is the most leveraged listed Indian telecoms company, and along with its rivals have been hit badly by a price war with upstart rival Reliance Jio, which is controlled by India’s richest man, Mukesh Ambani.

RCom, controlled by Ambani’s younger brother, Anil, is attempting to convert roughly 70 billion rupees of its debt to equity via a strategic debt restructuring plan.

As part of the plan, the company is at a debt standstill and hence there are no payments of interest or principal being made to RCom lenders or bondholders.

The local arm of Sweden’s Ericsson is already trying to drag RCom to bankruptcy court and is seeking a total of 11.55 billion Rupees from the Indian company and two of its subsidiaries. The Ericsson lawsuit, however, has yet to be admitted by the court.


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Government wants RBI rate cut before March

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Impatient for faster economic growth, India’s government is lobbying for a reduction in official interest rates in coming months as it expects inflation to stay close to a 4 percent target, finance ministry officials said.

 

At its last meeting in October, the Monetary Policy Committee (MPC) left the repo rate at 6.0 percent, near a seven-year low, and economists expected the rate to stay there through to the second quarter of next year.

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The finance ministry, according to officials, wants a rate cut sooner than that, putting a focus on the MPC meeting on Dec. 5-6, or when it next convenes in February.

The expected RBI is to cut policy rates, if not in December then in its next policy review,” one ministry official told on condition of anonymity. After that, he said, higher oil prices could fuel inflation, making it more difficult to cut rates.

At its Oct. 4 meeting, the MPC voted 5-1 to keep rates unchanged, and minutes released on Oct. 18 showed RBI Governor Urjit Patel flagging risks to the inflation outlook, and the need for more evidence to show whether headwinds holding back economic growth was “transient or sustained”.

On Thursday, India will release GDP data for the July-September quarter, has seen economic growth slow to a three year low of 5.7 percent in the previous three months.

The weak growth means 3-1/2 years into his 5-year term, Prime Minister Narendra Modi is falling a long way short of his promise of a dynamic economy to create jobs for the millions of young Indians joining the labor force each year.

His government can’t afford to boost public investment without endangering the commitment to fiscal consolidation that helped persuade Moody’s Investors Service this month to award India its first sovereign credit rating upgrade in nearly 14 years.

That leaves most of the pressure on the RBI to loosen monetary policy in order to revive currently anemic private investment.

A finance ministry spokesman declined to comment on its discussions with the RBI. The central bank also did not comment.

“BEHIND ITS OWN CURVE”

Since last year, India’s policy rate has been set by a committee that includes non-central bankers, instead of leaving it entirely to the RBI. But the finance ministry doesn’t have a representative on the six-member MPC.

The panel is composed of the RBI governor, who has the casting vote in the event of a tie, two senior officials from the central bank’s monetary policy department and three economists from the academic world.

The MPC’s mandate is to set interest rates to achieve a targeted 4 percent inflation with plus-minus 2 percent on either side and maintain price stability while keeping in mind the objective of economic growth.

As a result of the new Goods and Services Tax harmonizing central and state levies, the finance ministry expects lower prices for some 200 goods to subdue retail inflation, which had struck a seven-month high of 3.58 percent in October.


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Market Live: Sensex lower, Nifty Midcap hits record high; Glenmark loses 3%

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Reliance Communications plunged 8 percent. Reliance Capital, Reliance Naval and Reliance Infrastructure fall 1 percent each.

TVS Motor Company has confirmed the launch of its most powerful motorcycle scheduled for December 6 in Chennai. Powered by a 310cc engine the Apache RR 310 (codenamed Akula) will finally make its debut after a delay of more than a year.

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Developed alongside partner BMW the Apache 310RR will catapult the Chennai-headquartered company into the league of performance motorcycle segment presently dominated by Japanese brands.

The Apache RR 310 will have more than half a dozen competitors, all falling in the 300-400cc engine range having to price between Rs 1.44 lakh-3.5 lakh. The market is expecting TVS to price its new bike between Rs 1.5-1.6 lakh (ex-showroom, Delhi).

Ambit AMC said on trailing basis, market valuations are at a historic high. “In terms of earnings growth, we are near the bottom. We have seen the worst.”

The market might see few months of consolidation before moving upward.

Activity in China’s manufacturing sector likely grew at a slightly slower pace in November, as export orders softened and tough pollution measures forced many northern steel mills and factories to curb production.

But expansion is forecast to have remained solid amid still-strong demand for steel and other construction materials, and as mills in southern provinces with less stringent smog restrictions cranked up production to gain market share.

China’s war on air pollution is clouding the outlook for the world’s second-largest economy at the same time that global markets are fretting over Beijing’s campaign to curb excesses in the financial sector and a rapid build-up in debt.


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Asian Shares ease from Decade peak, China Markets in Focus

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MSCI’s broadest index of Asia-Pacific shares outside Japan eased from a decade peak, although it was on track to end November in the black.

Asian shares stepped back from decade highs on Tuesday on worries about another sharp sell-off in Chinese stock markets, while the US Dollar trod water ahead of a crucial vote for a tax reform in the world’s largest economy.

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Investor confidence in China has been dented by rising bond yields as Beijing steps up its crackdown on shadow banking and other riskier forms of financing. Higher borrowing costs threaten to squeeze corporate profits.

Mainland stocks have jumped 24 percent in 2017, with the gains concentrated in a handful of large index-weighted stocks.

“The aspect of poor breadth and participation was actually the point for Chinese authorities who have been concerned with the equity market continually heading higher on very low participation,” said Chris Weston, Melbourne-based chief strategist at IG Markets.

“The question is whether further downside in Chinese mainland equities continues in the session ahead and will there be a spillover into Hong Kong and potentially even Japan, Korea, and Australia.”

MSCI’s broadest index of Asia-Pacific shares outside Japan eased from a decade peak, although it was on track to end November in the black.

The index has been on an uptrend most of this year, posting a monthly loss only once in 2017.

Australian shares rose 0.2 percent while Japan’s Nikkei slipped 0.3 percent.

Wall Street had been mixed on Monday, with the S&P 500 off a touch, the Nasdaq losing 0.1 percent and the Dow up 0.1 percent.

Flat curve

The Dollar was a touch softer on the yen at 110.96, and within spitting distance of a recent 2-1/2-month low, as bulls fret about potential delays in US tax cuts.

The Euro was steady at USD 1.1906, within striking distance of a two-month high.

The Dollar got a brief boost overnight after President Donald Trump tweeted that the tax cut bill was ‘coming along very well.’

The tweet came after a meeting with Senate Republican tax-writers on Monday ahead of a crucial vote on the Senate floor that could come as early as Thursday.

Separately, the US Senate Banking Committee holds a hearing on Tuesday to confirm the nomination of Jerome Powell at the helm of the Federal Reserve. If confirmed, Powell will have to balance tightening policy against still sluggish wages and inflation.

The bond market is concerned the Fed will hike rates too far, keeping inflation too low and ultimately slowing the economy.

That has been a major force in the remarkable pace of curve flattening in recent weeks. The 2s/10s yield curve is only 58 basis points from inverting – a classic signal that recession is just around the corner.

In commodity markets, US light crude was off 26 cents at USD 57.85, having fallen more than a dollar overnight. Brent crude held at USD 63.84, not far from a nearly 2-1/2 year peak of USD 64.65 touched earlier this month.

Spot gold inched higher to USD 1,296.12.


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