Nifty opens above 8550, Sensex Firm

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The market has opened higher supported by firm global cues.

The Sensex is up 60.51 points or 0.2 percent at 27976.40, and

the Nifty up 16.85 points or 0.2 percent at 8582.70.

About 308 shares have advanced, 98 shares declined, and 34 shares are unchanged. Cipla, ITC, Bajaj Auto, Hero MotoCorp and ONGC are gainers while Dr Reddy’s Labs, Infosys, TCS, BHEL and M&M are losers in the Sensex.

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एक्सिस बैंक ने 0.10% घटाईं ब्याज दरें

देश के तीसरे सबसे बड़े प्राइवेट बैंक एक्सिस बैंक ने ब्याज दरों में कटौती कर दी है। बैंक ने अपना बेस रेट 0.10 फीसदी यानी दस बेसिस प्वाइंट घटा दिया है। बेस रेट वो दर होती है जिसके आधार पर बैंक अपने फिक्स्ड या फ्लोटिंग लोन की दरें तय करते हैं। इस कटौती के बाद बैंक का बेस रेट घटकर 9.35 फीसदी हो गया है। एक्सिस बैंक के बेस रेट में ये कटौती 27 जुलाई बुधवार से लागू होगी।

6AXISBANK
हालांकि इस कटौती के बावजूद एक्सिस बैंक की ब्याज दरें कम से कम चार बैंकों के मुकाबले ज्यादा हैं। सबसे कम बेस रेट है एचडीएफसी बैंक का जो 9.10 फीसदी है। इसके बाद है एसबीआई जिसका बेस रेट 9.15 फीसदी है। देश के सबसे बड़े प्राइवेट बैंक आईसीआईसीआई बैंक का बेस रेट है 9.20 फीसदी और आईडीबीआई बैंक का बेस रेट है 9.30 फीसदी।

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Asia Mostly Higher; Nikkei up 1.2%, ASX up 0.8%, Kospi Flat

U.S.-Stock-Markets

Asia markets mostly climbed at the open on Thursday, with Japanese shares leading regional peers as local media reports suggested a sizable stimulus package from the Abe government was forthcoming. In Japan, the benchmark Nikkei 225 rallied 1.18 percent, with stocks receiving a boost from a relatively weaker yen.

“All eyes [will be] on Japan this morning, with talk of a 20 trillion yen stimulus package through a supplementary budget,” said Chris Weston, chief market strategist at brokerage firm IG. “Although most economists would still stress that genuine reform still needs to be addressed to really put Japan on the right path.”

Japan’s Kyodo News reported that the Japanese government was arranging to compile a stimulus package of at least 20 trillion yen (USD 188 billion) to help the domestic economy emerge from deflation, and to fend off possible adverse effects of Brexit. The report cited sources close to the matter. Previously, the stimulus package was expected to be a little more than 10 trillion yen, but the size was now likely to double, said Kyodo News. In South Korea, the Kospi gained 0.02 percent.

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Reliance Industries to Pump in Rs 15,000 cr in Jio Through rights Issue

Reliance Industries will infuse another Rs 15,000 crore in its telecom arm Jio through a rights issue, reported PTI. “We wish to inform you that the Board of Directors of the company at their meeting held on July 14 approved further issue of 1,500 crore equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing equity shareholders of the company on rights basis,” the company said in a regulatory filing.

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The issue is expected to be completed in the next three months. The rights issue, which follows a similar size issue in January this year, will increase the equity of Reliance Jio to Rs 60,000 crore from Rs 45,000 crore, making it one of the most capitalised telecom companies in India.

Billionaire Mukesh Ambani-led Reliance Industries is said to have invested about Rs 1,30,000 crore in its telecom arm including the investment on spectrum or airwaves; and the total investment may top Rs 1,50,000 crore.

The company is slated to launch the much-talked about high-speed broadband and 4G telecom services in coming weeks. It is already offering services for a limited number of users on a trial basis, integrating spectrum and testing the network.

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L&T Infotech to make Stock Market Debut on July 21

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L&T Infotech, which recently concluded its Rs 1,243-crore IPO, will make its stock market debut on July 21. The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers. The company’s shares will list on leading stock exchanges NSE and BSE.

The company’s IPO had attracted more than one million applications, the highest for any share sale offer in at least five years. From 2011 till date, L&T Infotech is the first one to attract million applications.

L&T Infotech had fixed a price band of Rs 705-710 per share for the offering. Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were the managers of the issue.In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period.

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GOLD MARKET NEWS UPDATE

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Gold saw its biggest one-day fall in three weeks on Tuesday as global equities rallied on easing political uncertainty in Britain and hopes for more economic stimulus, which in turn curbed demand for assets perceived as safe havens.

Spot gold fell as much as 1.9 % to $1,329.75 an ounce and was down 1.6 pct at $1,332.86 by 2:20 p.m. EDT (1820 GMT).

The most active U.S. gold futures for August delivery settled down 1.6 % at $1,335.30 per ounce.

Gold has gained about $100 an ounce since Britain voted recently to leave the European Union, with worried investors piling their cash into safe-haven assets.

At the MCX, gold futures for August 2016 contract is trading at Rs 31,177 per 10 grams, up by 0.44 %, after opening at Rs 31,100, against a previous close of Rs 31,039. It touched the intra-day high of Rs 31,199.

PSU Bank Employees to go on Strike

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Banking operations could be hit for two days this week as a section of public sector bank employees have threatened to go on a nationwide strike beginning July 12 to protest against the proposed merger of SBI associates and privatisation of IDBI Bank, PTI reported. “As the conciliation meeting with the Chief Labour Commissioner failed, we would continue with our strike call,” All India Bank Employees’ Association General Secretary C H Venkatachalam told PTI.

All India Bank Officers’ Association and State Sector Bank Employees’ Association will also participate in the strike. The strike would be observed by five SBI associate banks on July 12, followed by other public sector banks next day on July 13.

Many banks including Bank of Baroda, State Bank of Bikaner and Jaipur and State Bank of Mysore have already informed that if strike materialised it could lead to inconvenience to their customers. In the event of the strike taking place, the normal banking operations may get affected on July 12 and July 13, State Bank of Mysore said in a statement.

MORNING TREND UPDATE

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GOLD
SUPPORT: 31350/31500
RESISTANCE: 32000/32100
TREND: SIDEWAYS

SILVER
SUPPORT: 46700/47000
RESISTANCE: 47800/48100
TREND: SIDEWAYS

CRUDE OIL
SUPPORT: 2950/3010
RESISTANCE: 3100/3150
TREND: DOWN

COPPER
SUPPORT: 311/315
RESISTANCE: 321/324
TREND: DOWN

Oil Near Two-Month Low

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Crude prices edged down in early Asian trade on Monday to hold near two-month lows on seasonally weak consumption, despite comments from the Saudi Arabian oil minister that the oil market was becoming more balanced.

London Brent crude for September delivery was down 22 cents at USD46.54 a barrel by 2247 GMT on Sunday. It settled up 36 cents on Friday after the US economy posted the largest job gains in eight months in June and on worries about fresh militant attacks on Nigerian oil infrastructure.

NYMEX crude for August delivery was down 27 cents at USD45.14 a barrel, after closing up 27 cents on Friday.

Oil’s big rebound in the first half of the year was a squandered opportunity for most hedge funds with positions in crude, and a surge in volatility is likely to make it harder for them to call the market in the second half.

Money managers cut their net long US crude futures and options positions to the smallest levels since March in the week to July 5, the US Commodity Futures Trading Commission (CFTC) said on Friday.