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Wednesday 28 February 2018

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Capitalstars - PNB stock cracks 6% to hit to 20-month low

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Shares of Punjab National Bankslumped over 6 per cent and fell to a 20-month low on the bourses after Nirav Modi's Firestar Diamond filed a bankruptcy plea in the US and a local court in Mumbai issued summons to the accused diamantaire.
Meanwhile, media reports have surfaced that Nirav Modi is not coming back to India anytime soon. Reacting to the developments, the stock today fell to an intra-day low of Rs 92, down 6.45 per cent over its previous closing price on BSE.
The stock has fallen to a level last seen on June 20, 2016. Since February 14, when the scam broke, the stock has fallen as much as 37 per cent on BSE.
On the NSE as well, the stock touched fresh 52-week low of Rs 92. Modi's international jewellery business Firestar Diamond filed a bankruptcy plea in the US.
Furthermore, a local court in Mumbai has issued summons to the diamantaire in connection with an income tax evasion probe against him and his companies. PNB has said that the alleged fraud perpetrated by jewellers Modi and Mehul Choksi may be around USD 2 billion, over USD 204 million more than previously estimated.
Shares of Gitanjali Gems continued to lose ground and fell 5 per cent to its 52-week low level yet again on BSE and NSE.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Tuesday 27 February 2018

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CAPITALSTARS - Indices trade flat, Nifty tests 10,600 level

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The benchmark indices were trading flat taking cues from its Asian counterparts.

Back home, market participants will look forward to key economic data such as  Nikkei Markit Manufacturing Purchasing Managers Index (PMI), Fiscal Deficit and Gross Domestic Product (GDP) to be released on Wednesday.

In the global markets, Asian shares extended their recovery on Tuesday, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, building on its bounce from a two-month low touched on Feb 9.


Japan's Nikkei rose 1.0 per cent to three-week highs.


On Wall Street, the S&P 500 advanced 1.18 per cent on Monday helped by fall in US bond yields.



Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Monday 26 February 2018

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MARKETS LIVE: Nifty trades above 10,500; auto stocks gain; OBC tanks 11%

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The domestic indices were trading higher on Monday taking cues from its Asian counterparts.

Later this week, the market participants will look forward to key economic data such as Nikkei Markit Manufacturing Purchasing Managers Index (PMI), Fiscal Deficit and Gross Domestic Product (GDP).

In the global markets, Asian markets were in a guardedly upbeat mood on Monday, heading into an event-packed week headlined by US inflation data and the first House testimony by the new head of the Federal Reserve.

A modest improvement in risk appetite saw the safe-haven yen lost ground, while MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.3 per cent.

Japan’s Nikkei climbed 1.4 per cent and E-Mini futures for the S&P 500 rose 0.1 per cent.

The gains followed Wall Street, where the Dow ended Friday up by 1.39 per cent, while the S&P 500 gained 1.60 per cent and the Nasdaq 1.77 per cent.



Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

Saturday 24 February 2018

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CAPITALSTARS - Expiry Week: Market seen consolidation; FII sells Rs 5781.98cr equity, IT index up over 3%

Indian indices seen a consolidation for the week ended February 23 amid no major cues from domestic as well as international markets.
Equity benchmarks have been oscillating within last two weeks’ broad range of 10600-10300, indicating consolidation after the recent sharp decline of 8%.
The index rebounded from the oversold territory and is under the process of forming base near the lower band of broader consolidation range around 10300.
Going forward, we expect the market to consolidate and form a good base in the range of 10300–10600. However, we believe this consolidation will make markets healthier and offer an incremental buying opportunity, said Dharmesh Shah of ICICIDirect.com Research.
On the F&O expiry day, both the indices closed with a marginal loss. However, on Friday the indices closed with 1 percent gain.
In the last week, Nifty50 gained 38.75 points, closed at 10,491.05 and Sensex was up 131 points, closed at 34,142.10.
The foreign investors sold equities worth Rs 5781.98 crore. However, domestic institutions bought Rs 5972.69 crore worth of equities in last week.
India's volatility index (India VIX) shed 13.3 percent last week. S&P BSE Midcap index was down 0.24 percent, S&P BSE Smallcap index was down 0.22 percent, while S&P BSE largecap index was up 0.29 percent.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 

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