CS OPENING BELL: 30, May 2017

CS OPENING BELL:

NIFTY SPOT UP 14@9618

SENSEX UP 60 @31167

BANK NIFTY FUTURES UP 40@23245

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Reliance Communications Shares Plunge To Record Low On Debt Concerns -29 May, 2017

The launch last year of rival Reliance Industries' new Jio 4G service with free voice and data services has forced other networks to come up with cheaper plans of their own.

Reliance Communications shares fell as much as 20 per cent to an all-time low on Monday, after it reported a Rs. 966 crore fourth-quarter loss and worries about its heavy debt load resurfaced. The company, controlled by billionaire Anil Ambani, over the weekend posted its second straight quarterly loss, dragged down by a price war in what is the world's second-biggest mobile market by number of users. The Economic Times newspaper on Monday reported that the company had delayed repayment of loans to more than 10 banks. Reliance Communications declined to comment on the Economic Times report.

The launch last year of rival Reliance Industries' new Jio 4G service with free voice and data services has forced other networks to come up with cheaper plans of their own, squeezing margins and in some cases dragging down sales, with bigger rivals Bharti Airtel, Idea Cellular and Vodafone India also suffering from the cut-price competition.

In its quarterly results statement, however, Reliance Communications said that "pending formal confirmation by the lenders for waiver of certain loan covenants", some loan amounts would continue to be classified as non-current liabilities. The company plans to repay Rs. 25,000 crore worth of loans to its lenders with proceeds from its deals with Aircel and Canada's Brookfield Infrastructure, the newspaper cited a company spokesperson as saying.   

Reliance Communications is merging its wireless business with rival Aircel, and is also selling a 51 per cent stake in its tower business to Canada's Brookfield Infrastructure Group for Rs. 10,000 crore.  Following a sell-off last week due to debt concerns, shares in Reliance Communications plunged further on Monday, falling to their maximum daily limit and hitting a record low of Rs. 20.60. They were down 13 per cent in early noon trade.  A sell-off in its 2020 bonds also resumed on Monday with yields spiking to 17.2 percent after ending at 12.3 percent last week.

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Indian ADRs – Tata Motors closed higher by 1.39% -27 May, 2017

Indian ADRs closed with missed sentiments in the trading session of May 26.

In the IT sector, Infosys closed higher by 0.13% at USD 15.53; and Wipro closed marginally lower by 0.09% at USD 10.86.

In the Banking sector, ICICI Bank closed higher by 0.41% at USD 9.72; and HDFC Bank closed lower by 0.17% at USD 86.54.

In the other sectors, Tata Motors closed higher by 1.39% at USD 37.07; and Dr Reddy’s Laboratories closed lower by 0.69% at USD 37.28.

The S&P 500 index rose marginally by 0.75 points to finish at 2415.82. The Nasdaq Composite index advanced 4.94 points to end at 6,210.19. The Dow Jones Industrial Average declined by 2.67 points to close at 21,080.

On Friday, Nifty closed higher by 85.35 points at 9595 levels and Sensex closed higher by 278.18 points at 31028 level.

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CS OPENING BELL: 26, May 2017

CS OPENING BELL:

NIFTY SPOT DOWN 2 @9512

SENSEX UP 35@30795

BANK NIFTY FUTURES UP 5 @23040

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CS OPENING BELL: 25, May 2017

CS OPENING BELL:

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SENSEX UP 115 @30425

BANK NIFTY FUTURES UP87 @22625

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CS OPENING BELL: 24, May 2017

CS OPENING BELL:

NIFTY SPOT UP 2 @9388

SENSEX UP 35 @30405

BANK NIFTY FUTURES UP 18 @22592 

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TREND BULLISH

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TREND BULLISH

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SUP2: 22410

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CS OPENING BELL: 23, May 2017

CS OPENING BELL:

CS OPENING BELL:
NIFTY SPOT DOWN 32 @9402
SENSEX DOWN 92 @30477
BANK NIFTY FUTURES DOWN 120 @22557
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CS NIFTY FUTURES (MAY) OVERVIEW

TREND BEARISH
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CS BANK NIFTY FUTURES (MAY) OVERVIEW

TREND BULLISH
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