Epic Research Special Stock Market Report 24 November 2017
Global markets at a glance
The Dow Jones Industrial Average fell 64.65 points, or 0.27 percent, to 3,526.18, the S&P 500 lost 1.95 points, or 0.08 percent, to 2,597.08 and the Nasdaq Composite added 4.88 points, or 0.07 percent, to 6,867.36.The S&P 500 energy index rose 0.4 percent as U.S. crude prices jumped 2.1 percent.Many Federal Reserve policymakers expect interest rates to be raised in the “near term,” according to the minutes of the U.S. central bank’s most recent policy meeting released on Wednesday. Stock investors were not surprised by the
minutes and the market barely moved after their release.
The Nifty50 futures on the Singapore Stock Exchange were trading 1.5 points higher at 10372 indicating a flat opening for the domestic market.
Promoters of stressed companies like Essar Steel,Bhushan Steel and others are mulling taking help of legal experts in an effort to keep their companies under the new ordinance for amending the Insolvency and Bankruptcy Code IBC).The promoters have little time to regain control of their firms as the 180-day deadline for resolution is coming to an end in January.The new Ordinace will now be tabled in the upcoming Winter Session of the Parliament.
STOCKS IN NEWS
SEBI imposes Rs10 lakh fine on Aditya Birla Money.
Biocon unveils new biosimilar bevacizumab — Hindu Business LineSunteck to invest Rs 1500 crore in commercial leasing portfolio.
Gold prices drifted lower in holiday-thinned trade on Thursday, but losses were capped on speculation the Federal Reserve might not tighten U.S. policy as aggressively as previously thought.Comex gold futures were down about $2.00, or around 0.2%, to $1,290.13 a troy ounce by 3:15AM ET (0815GMT).Trade volumes were expected to remain light on Thursday,with Comex floor trading scheduled to remain closed for Thanksgiving. An abbreviated session was slated for Friday.
BUY GOLD DEC ABOVE 29500 TGT 29550 29650 SL BELOW 29400
SELL GOLD DEC BELOW 29300 TGT 29250 29150 SL ABOVE 29400
CURRENCY MARKET UPDATE
The dollar was hovering at one-month lows against other major currencies on Thursday, as the minutes of the Federal Reserve’s most recent policy meeting continued to weigh on the greenback.Trade volumes were expected to remain thin ahead of the U.S. Thanksgiving holiday on Thursday.
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