Sensex up 400 pts, Nifty Bank at new high on Moody’s India sovereign upgrade

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Nifty Bank hit a fresh record high as Moody’s Investors Service has today upgraded the Government of India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

HDFC Standard Life Insurance Company has settled at Rs 310 on the National Stock Exchange in pre-opening trade, higher by 6.89 percent over the issue price of Rs 290 per share.

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Luxembourg-based multinational steel firm ArcelorMittal and domestic industry major Tata Steel have evinced interest in Bhushan Steel which is undergoing insolvency proceedings.

The development has come at a time when the debt-laden firm, which was referred to NCLT by the RBI under the Insolvency and Bankruptcy Code, has reported narrowing down of its standalone net loss to Rs 467.37 crore during the September quarter from Rs 980.22 crore in the same period a year ago.

Bargain hunting lifts Sensex 346 pts after 3-day loss; RIL, Infosys, PSU Banks lead

Closing Bell: Sensex rallies 346 pts to end above 33K; Midcap, Nifty gain 1%

Weak global cues, trade deficit drag Sensex 181 pts; metals, pharma stocks dip.

During the July-September 2017, the total income of Bhushan Steel rose 43 percent to Rs 4,325.60 crore from Rs 3,025.79 crore during the same period a year ago, the company said in a BSE filing.

Commercial vehicle maker Ashok Leyland has inked a pact with Ever in Holdings to buy an additional 5 percent stake in Hinduja Leyland Finance Limited (HLFL) for Rs 225.42 crore. The company has entered into a share purchase and shareholder agreement with Ever in Holdings, a shareholder of HLFL, for the acquisition of 2,04,92,676 shares of Rs 10 each constituting 4.68 percent share capital of HLFL at a price of Rs 110 per share, Ashok Leyland said in a regulatory filing.

“Consequent to the above, the company’s shareholding in HLFL will increase from 57.22 percent to 61.9 percent,” it added.


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17th November 2017-OPENING BELL >> US House Passes Trump Tax Reform

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The House of Representatives of United States has finally passed President Donald Trump’s tax reform bill. This is a first major victory of Donald Trump as a president followed previous failures.

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The House voted 227-205 along party lines to approve a $1.5 trillion. This legislation would boost business in the US and lower down the burden of tax on a commoner.

Details of the tax reform are , Reduce corporate tax from 35 to 20 percent, Reduce levies on millions of partnerships and certain corporations, Halt tax cuts for individuals in 2026, Collapse the seven personal income tax brackets into four, Dispose of tax reductions on alimony, Abolish the “Obamacare” requirement that people buy health coverage or pay tax penalties, Repeal the alternative minimum tax paid by higher-earning people, Reduce and ultimately repeal tax paid on the largest inheritances, Reduce or eliminate various credits on personal income tax.

All major emerging market indices have recovered from their recent lows. Morgan Stanley emerging market composite Index recovered 22 points from its recent low of 1111 and is currently trading at 1133.

Nifty Future is opening gap up by 81 points against yesterday close of 10264 as indicated by SGX Nifty which is currently trading at 10345.


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In the Current Expiry, FII and PRO combined have sold 317000 contracts in Index Options.

FII and DII activity in Cash Segment

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In last 10 days, FII and DII in combined have sold stocks worth Rs.7859.52 Crore in Cash Segment.


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Overseas investment dips 58% to $ 1.35 bn in Oct: RBI data

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As per the RBI data, overseas investments by Indian firms dropped about 58 percent in October to USD 1.35 billion on annual basis. As per reports, outward foreign direct investment by Indian companies had totaled USD 3.2 billion in October last year. These investments were lower on a sequential basis as well, down from USD 2.65 billion in September this year.

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Commenting on the issue, an RBI Official told the media, “Prominent investors included Ceres Estate, CERES ESTATE LTD, CG Power and Industrial Solutions, Indian Designs Exports, OIL India, ONGC Videsh, Gail (India), Cipla, Cadila Pharmaceuticals, Ramco Systems, Wipro Enterprises and Piramal Enterprises.

“The Reserve Bank of India’s data on the country’s international trade in services showed that exports remained flat at $13.73 billion in September, year-on-year, while imports picked up slightly to USD 8.45 billion. In September 2016, India had exported services worth USD13.77 billion. Imports were at USD 8.30 billion,” he added.


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Infosys to train employees in self-driving car engineering

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IT major Infosys on Thursday announced a plan to train its employees in self-driving car engineering a technology in partnership with online learning company Udacity.

The programme, known as Udacity Connect, a combined in-person and online training offering, will give Infosys employees the skills needed as the company continues to focus on autonomous technology across a range of industries, including automotive, manufacturing and mining, the IT major said in a statement.

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The 20-week curriculum will train Infosys employees on engineering technologies for self-driving vehicles, including advanced courses in deep learning and machine learning.

“The goal of this programme is to train 500 engineers by the end of 2018,” Infosys said.

“Infosys is committed to re-skilling and training its employees in groundbreaking technologies such as artificial intelligence, machine learning, and autonomous technologies,” said Ravi Kumar S., President and Deputy Chief Operating Officer at Infosys.

“We are proud to expand our partnership with Udacity with the launch of the in-person and online Self-Driving Car Engineer Nanodegree programme as we accelerate the pace of skill adoption and ensure our clients continue to be at the forefront of innovation,” he added.


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Sensex extends rally, inching towards 33K; RIL, Tata Motors lead

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Religare Enterprises added another 10 percent today, on top of 10 percent rally seen in the previous session.

After receiving a good subscription to the public the issue, HDFC Standard Life Insurance Company is set to debut on exchanges on November 17.

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The subsidiary of housing finance major HDFC has fixed issue price at higher end of price band of Rs 275-290 per share.

This would be third life insurance company getting a listing on exchanges, after ICICI Prudential Life and SBI Life.

The Rs 8,695-crore initial public offer (IPO) was subscribed 4.90 times during November 7-9, 2017.

The category reserved for qualified institutional buyers (QIBs) was subscribed 16.60 times, non-institutional investors 2.29 times and retail investors 94 percent.


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Asia shares cautious as mood turns skittish

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MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent in early trade, while Australian stocks were a fraction weaker. Japan’s Nikkei dithered either side of flat, while Emini futures for the S&P 500 eased 0.03 percent.

Asian shares got off to a cautious start on Thursday after Wall Street stumbled despite upbeat US economic news and the Treasury yield curve hit its flattest in a decade as investors priced in more US rate hikes.

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Concerns over the prospects for a massive US tax cut also showed no sign of abating as two Republican lawmakers on Wednesday criticised the Senate’s latest proposal.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent in early trade, while Australian stocks were a fraction weaker.

Japan’s Nikkei dithered either side of flat, while Emini futures for the S&P 500 eased 0.03 percent.

Wall Street had been weighed by a retreat in the S&P 500 energy sector which suffered a four-day decline of 4 percent, its weakest such period in 14 months.

The Dow fell 0.59 percent, while the S&P 500 lost 0.55 percent and the Nasdaq 0.47 percent.

The decline came despite mostly upbeat economic news with core U.S. inflation edging higher and retail sales beating forecasts in a positive sign for growth.

Yet that strength also added to risks that the Federal Reserve would not only hike in December, which is now almost fully priced but several times next year as well.

That outlook promises to push short-term Treasury yields up further from the current nine-year peaks.

Investors also suspect this tightening will slow the economy and stop inflation ever getting to the Fed’s 2 percent target, pulling down longer-term yields.

As a result, the gap between two- and 10-year yield has shrunk to 64 basis points, down from 98 basis points four months ago and the thinnest premium since late 2007.

Whether it is the flattest yield curve in a decade, and what that has historically signaled for future growth, the recent troubles in high-yielding credit or lingering geopolitical tensions, it is not entirely clear what has markets spooked.

“But it is a reminder that even though the global economy is experiencing its most broad-based upswing in years, there are enough issues out there to keep investors on their toes.”

The upswell of risk aversion benefited the Japanese yen as a traditional safe haven. The Dollar was stuck at 112.81 Yen having sunk as deep as 112.47 overnight.

Against a basket of currencies, the dollar was up 0.04 percent at 93.848. The euro was down 0.08 percent at USD 1.1784, after touching a one-month top of USD 1.1860 on Wednesday.

Doubts that the latest round of talks to overhaul the North American Free Trade Agreement would make much headway in the face of tough US demands saw Mexico’s peso sink to an eight-month low.

In commodity markets, gold followed the US Dollar too and for and was last up 0.01 percent at $1,278.87. It reached $1,289.09 overnight, the highest since Oct. 20.

Oil prices were under pressure after the US government reported an unexpected increase in crude and gasoline stockpiles.

They had already lost ground to this week’s International Energy Agency (IEA) outlook for slower growth in global crude demand.

US crude dipped 4 cents in early Asia to USD 55.29 a barrel. Brent crude futures had settled off 34 cents at USD 61.87.


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Indian ADRs: HDFC Bank, Dr. Reddy’s Lab, ICICI Bank down

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Indian ADRs ended mostly lower on Monday. ICICI Bank fell 1.56 percent and Wipro added 1.09 percent.

Indian ADRs ended mostly lower on Monday. In the IT space, Infosys was unchanged at USD 14.64 and Wipro added 1.09 percent at USD 5.09.

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In the banking space, ICICI Bank fell 1.56 percent at USD 9.46 and HDFC Bank shed 0.44 percent at USD 93.61.

In the other sectors, Tata Motors was unchanged at USD 33.09 and Dr. Reddy’s Laboratories was down 0.28 percent at USD 35.51.


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Wall Street falls with energy shares; tax angst weighs

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The Dow Jones Industrial Average fell 138.19 points, or 0.59 percent, to close at 23,271.28 and the Nasdaq Composite dropped 31.66 points, or 0.47 percent, to 6,706.21.


US stocks fell on Wednesday as energy sector shares dropped for a fourth straight session, tracking crude prices, while a late run-up was thwarted by concerns over the passage of a tax revamp after Republican senators were critical of the proposal.

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Oil prices fell for a fourth session after data showed an unexpected increase in crude and gasoline stockpiles. The S&P 500 energy sector notched a four-day decline of 4 percent, its weakest such period in 14 months.

“Oil coming off recent highs and as crude prices move so (do) the big energy stocks,” said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

Exxon fell 1.3 percent to $81.21 and Schlumberger dropped 2.0 percent to $61.55 after touching $61.11, its lowest since January 2016.

Brent and US crude both fell after touching last week their highest in almost 2-1/2 years.

Republican US Senator Ron Johnson said he opposes his party’s Senate tax revamp proposal, the Wall Street Journal reported, while Senator Susan Collins, also a Republican, warned that some middle-income taxpayers could see tax cuts wiped out by higher health insurance premiums if the repeal of the Affordable Care Act’s mandate goes through with the tax bill.

Their comments leave the passage of the tax plan in limbo as the GOP cannot afford to lose more than two votes. Analysts have said the slashing of the corporate tax to 20 percent from its current 35 percent would likely be a boon for the stock market.

The S&P 500, down 0.3 percent before Johnson’s remarks, ended the day down 0.55 percent at 2,564.62.

The Dow Jones Industrial Average fell 138.19 points, or 0.59 percent, to close at 23,271.28 and the Nasdaq Composite dropped 31.66 points, or 0.47 percent, to 6,706.21.

The S&P percentage decline was the largest for any session since Sept. 5.

S&P Dow Jones Indices and MSCI said after the market close they would combine telecommunication, media, and entertainment company shares into a single sector in an overhaul of their stock market indexes, including the benchmark S&P 500.

The new sector schematic will take effect in late September 2018. Although the index providers did not disclose names of the companies that will change the classification, companies in the affected sectors and subsectors include Facebook, Amazon, Netflix and Google’s parent Alphabet – the high-performing FANG stocks.

The CBOE Volatility index, a widely followed measure of market anxiety, hit a more than 2-month high at 14.51 and ended up 1.5 points at 13.13.

A rise in both inflation and retail sales sent a signal to the Federal Reserve, which had been concerned about a recent disinflationary trend, setting the U.S. central bank on a path to raise benchmark interest rates in December.

Among the few Wall Street gainers on Wednesday were financial stocks, which rose on prospects of further rate hikes. The S&P 500 bank index added 0.61 percent.

Target shares tumbled 9.9 percent to $54.16 after the retailer issued a disappointing profit forecast for the key holiday quarter.

After the closing bell, Cisco shares rose 5.2 percent after the company reported a 3.1 percent rise in quarterly profit driven by growth in its newer business areas.

Mattel Inc shares fell 1.6 percent in thin after-hours trading after the toy maker has rebuffed Hasbro Inc’s HAS.O latest takeover approach, citing people familiar with the matter.

Procter & Gamble rose more than 2 percent in late trading after activist hedge fund manager Nelson Peltz claimed victory in his fight to win a seat on P&G’s board after a preliminary tally of votes was released on Wednesday, but P&G refused to concede.

Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.60-to-1 ratio favored decliners.

The S&P 500 posted 35 new 52-week highs and 19 new lows; the Nasdaq Composite recorded 45 new highs and 84 new lows.

About 6.63 billion shares changed hands in US exchanges, compared with the 6.79 billion daily average over the last 20 sessions.


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16th November 2017- OPENING BELL- FII And PRO Have Sold 368954 Contracts In Index Options In Current Expiry, Nifty Is Expected To Continue Its Fall

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In the Current Expiry, FII and PRO in combined have sold 368954 contracts in Index Options. Yesterday also, they have created a short position of 69507 contracts, where the daily average is 43000 contracts. Nifty corrected 81 points from day’s high of 10175 and made a low of 10094 and finally closed at 10118. Nifty has fallen 396 points from its recent high of 10490 which it has made on 6th Nov 17. The short-term trend for markets is expected to remain sell and Nifty is expected to meet its target of 9956 which is 5 week low of the Index.

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Yesterday shot-term Market Benchmark Index Small Cap also witnessed a big sell of 201 points from its high of 8448 and made a low of 8247 and finally closed at 8288.

Nifty Future is opening gap-up by 12 points against yesterday close of 10154 as indicated by SGX Nifty which is currently trading at 10166.

 
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In the Current Expiry, FII and PRO combined have sold 368954 contracts in Index Options.

 

FII and DII activity in Cash Segment

 

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In last 10 days, FII and DII in combined have sold stocks worth Rs.7683.18 Crore in Cash Segment.


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Indian Rupee opens lower at 65.28 per Dollar

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We expect the USD-INR to trade in a range of 65.20-65.50 for the day, says Mohan Shenoi of Kotak Mahindra Bank.


The Indian Rupee opened lower at 65.28 per Dollar on Thursday against previous close 65.21.

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Delays in US tax reforms has reversed earlier Dollar gains against major currencies. The Rupee has recovered from weakness caused by weaker domestic stock and bond markets. Expect the USD-INR to trade in a range of 65.20-65.50 for the day.

Higher than expected CPI and WPI has turned domestic bond market bearish. However, drop in crude prices and US 10-year treasury yields has provided some respite to the rising bond yields.

Expect the 10-year benchmark bond yield to trade in a range of 7.01-7.04 percent for the day.

The Dollar trimmed losses against a basket of major currencies after data showed a surprise rise in retail sales last month as well as an uptick in underlying inflation, raising expectations for an interest rate hike in December.


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