Daily Market Reports From CapitalHeight


Market commentary
Today Nifty 50 fell by losing 67.75 points and ended at 10732.05 while the BSE Sensex fell by 311.72 points and ended at 35432.39. The tensions between the US and China trade continued which created pressure in the market. The Nifty midcap index fell by 100 points. Balrampur Chini, Dhampur Sugar, Union Bank, Indian Bank, PNB, Avanti Feeds, Strides Shasun, NCC, Just Dial, Indiabulls Real Estate, Adani Power, IDBI Bank, Equitas Holdings, Bata and Escorts were major loosers while VIP Industries, InterGlobe Aviation, Firstsource and Mphasis were top gainers.

                 The Nifty is moving within the range from 10408.55 to 10873.5 so it is consolidating within this range. On Friday the nifty index may be negative bias in next trading session and bank nifty give the fresh downward breakout.
                                    Nifty Daily Chart
capitalheight

Nifty
R2
R1
Pivot
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10864
10798
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Market Highlights
·  Shares of Wheels India gained around 10 percent in the morning trade on Wednesday as investors cheered the news of bonus issue in the offing. The company, in a filing to the exchanges, said that a Board meeting is scheduled for Friday, June 22, 2018.The Company was in the news recently after it registered a 12.7 percent rise in the fourth quarter net profits ending March 31, 2018 to Rs 19.5 crore. The city-based TVS Group company recorded net profits of Rs 17.3 crore in the corresponding quarter last year. Net profits for FY17-18 went up to Rs 71.8 crore, up by 23 percent from Rs 58.4 crore registered a year ago.

·       Chief Economic Adviser Arvind Subramanian is on his way out, Arun Jaitley has written a thank you note to Subramanian. The post said that Subramanian wants to go back to the United States due to family commitments. There are no details though as to when he will be leaving or who will succeed.Arvind’s interaction with the Government in the Ministry of Finance, Prime Minister’s Office and with other Departments was both formal and informal. His instantaneous communications with his interlocutors had increased his effectiveness. The Chief Economic Advisor’s job had multi-facets to it. He is not a spokesman of the Government.

·   Fine Organic Industries is the leading manufacturer of plastic and food additives. The end markets for the company are consumer businesses. Strong growth outlook of end markets and growing emphasis on environmental friendly ingredients that the company manufactures make it a worthy bet. While the company offers a high earnings visibility, the pricing of the initial public offering (IPO) is at a premium and hence suitable only for those with a long term investment horizon. The company enjoys a strong moat governed by technical know-how and quality control, helping it meet its regulatory needs and client product requirements.