Date: 24 June, 2020

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DOMESTIC INDICES

Close Points % Change

SENSEX 35430 519 1.49

NIFTY 10471 160 1.55

MIDCAP 13283 221 1.69

SMALL CAP 12668 224 1.80

SECTORAL INDICES

Close Points % Change

POWER 1655 67 4.24

CG 13266 518 4.06

REALTY 1711 51 3.05

BANKEX 25329 618 2.50

Finance 5093 104 2.08

METAL 7549 127 1.71

IT 14713 224 1.55

Healthcare 16816 242 1.46

CD 20750 272 1.33

TECK 7556 99 1.33

AUTO 15380 142 0.93

OIL & GAS 13026 21 0.16

BSE 200 GAINERS/LOSERS

GAINERS % LOSERS %

BANDHANBNK 12.75 GLENMARK -6.71

TRENT 12.62 GSPL -2.96

DALBHARAT* 12.07 MUTHOOTFIN -2.62

EMAMILTD* 10.28 RECLTD -1.70

UNIONBANK 9.77 RELIANCE -1.55

ADVANCE/DECLINES

BSE %

ADVANCES 1939 67

DECLINES 777 27

UNCHANGED 160 6

INSTITUTIONAL ACTIVITY

Rs Cr 23/06/20 22/06/20 June Total

FII 169 424 10927 (prov.)

MF 454 -1288 790 (prov.)

Markets could open flat as Asian markets remain mixed in anarrow band …

Indian markets could open flat today following mixed / rangebound Asian markets and despite nominally higher US marketson Tuesday.

U.S. stock indexes closed higher Tuesday, with the NasdaqComposite booking another record close, helped by improvingeconomic data and optimism on Wall Street about the ability ofthe U.S. to respond to rising COVID-19 cases. Technology andconsumer-oriented stocks led the rally, with Apple posting anall-time record close, as investors responded to announcementsfrom the tech giant’s Worldwide Developers Conference.

Meanwhile, the Nasdaq Composite’s advantage over the Dowand S&P 500 is the biggest since 1983, while the divergencebetween the S&P 500 and the Dow is widest since 2002,according to Dow Jones Market Data, highlighting the strengthof a handful of stocks, including Apple, Microsoft, Facebook,Amazon.com and Google parent Alphabet.

In U.S. economic data, IHS Markit’s preliminary, compositepurchasing manager’s index rose to 46.8 in June from 37 inMay, highlighting a nascent economic recovery. The datashowed the services sector index rose to 46.7 in June from 36.9in May, and the manufacturing index recovered to 49.6,compared with 39.8 previously. New U.S. new home sales alsoincreased 16.6% in May to 676,000 annual rate, compared withestimates for a gain 632,000.

The mood may have been dampened a little by a New YorkTimes report that European Union countries were prepared toblock Americans from entering because the United States hasfailed to control the coronavirus pandemic.

The IMF will release their new 2020 growth projections today.With the S&P 500 up more than 21% for the quarter so far,strategists are estimating the likelihood that pensions and otherfunds and investors will sell some of their big stock market gainsand buy bonds in the course of this week.

Stocks in Asia Pacific mostly edged higher Wednesday morningas the coronavirus situation stateside continues to be watched,with White House health advisor Dr. Anthony Fauci warningTuesday that parts of the U.S. are beginning to see a “disturbingsurge” of Covid-19 cases.

India has imposed an anti-dumping duty on flat rolled steelproducts that are plated or coated with alloy of aluminium andzinc originating in, or from China, Vietnam and South Korea. Theduty will be in the range of $13.07-$173.10 per tonne for 5years, according to the statement.

Indian benchmark indices extended their rally for the fourthsession on June 23 supported by the buying seen across thesectors. At close, the Nifty was up 159.80 points or 1.55% at10471.

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GLOBAL INDICESTechnically the Nifty has convincingly broken above the 10329resistance. Now the next resistance will be at 10545-10637. Onfalls it could take support at 10311-10329 band.

Steel industry updateGovernment imposes anti-dumping duty on import of flat rolledproducts of steel, plated or coated with alloy of aluminium andzinc, exported from China, Vietnam and Korea. Duty amountsto $173.1 per MT for five years.

Footwear Industry urges government to impose anti-dumpingduty on Chinese footwearLeather manufacturers and traders have urged the governmentto impose anti-dumping duty on Chinese footwear to guard thedomestic industry from cheap imports. They have also sought ahike in import duty on chemicals like basic chrome sulphate andsodium sulphide, which are imported from China and used fortreating leather. These chemicals attract an import duty of8.2%, which the industry wants to be raised to 35%.

Embassy Office Parks REITBlackstone Sponsor Group to sell 5.59 crore units or a 7.2%stake in the company via secondary placement of units. Sellingprice ranges from Rs 340-350 per unit, implying a discount of6.5-3.7% from Tuesday's closing price. The total sale aggregatesto Rs 1,901.5 - 1,957.5 crore. Blackstone Sponsor Group'sholding to come down to 48.1% from 55.3%. Trade date for theoffer is June 24 while settlement to take place on June 26.

Metropolis Healthcare promoters to sell sharesMetropolis Healthcare promoter group to sell 23.4 lakh sharesor 4.59% stake through secondary placement of shares. Floorprice of Rs 1,300 is a 10.5% discount to Tuesday's closing price.The total issue is worth Rs 304.2 crore with an option to upsize.The trade date for the offer is June 24. Post the sale, promoterstake to reduce to 52.31% from 56.9%.

Adani Power acquires 49% in Odisha Power GenerationAdani Power has entered into an agreement to acquire 49%stake in Odisha Power Generation from AES group for $135million. Balance 51% stake will remain with the Odishagovernment. Odisha Power Generation operates a 1,740 mega-watt thermal plant.

TCS has deployed its terminal operating systemTCS has deployed its terminal operating system 'TCS DynaPORT'at the Mundra CT4 terminal for Adani Ports and SpecialEconomic Zone (APSEZ), India's largest private port operatorand end-to-end logistics provider.

Tech Mahindra tie up updateTech Mahindra will partner cybersecurity firm Lucideus toprovide cybersecurity assessment for clients. Lucideus providesan enterprise cyber risk platform, which it will now market toTech Mahindra customers as part of the partnership.

EXCHANGE RATES

Value % Change

USD/INR 75.5 0.20

EURO/USD 1.132 0.14

USD/GBP 1.253 0.06

USD/JPY 106.5 0.00

COMMODITIES

Value %

Gold ($ / Oz) 1786.3 0.24

Silver ($ / Oz) 18.1 0.18

Crude Oil Futures 40.1 -0.69

Brent Oil ($ / Barrel) 42.4 -0.52

BOND YIELD

Value % Chg bps

IND10 Yr Bond Yield 5.90 +3

ADR

Value $ %

Dr Reddys Labs 54.34 2.07

HDFC Bank 45.43 1.59

ICICI Bank 9.86 2.39

Tata Motors 6.89 1.47

Wipro 3.24 -0.31

Vedanta Ltd 5.80 0.52

INFOSYS 9.42 2.95

Close Points % Chg

DOW JONES 26156 131.14 0.50

S & P 500 3131 13.43 0.43

NASDAQ 10131 74.89 0.74

FTSE 6320 75.50 1.21

CAC 5018 68.98 1.39

DAX 12524 260.79 2.13

NIKKEI 225 22554 4.45 0.02

SHANGHAI COMP. 2975 4.32 0.15

HANG SENG 24918 10.41 0.04

BOVESPA 95975 639.20 0.67

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Wipro won an orderWipro Ltd has been awarded a strategic, multi-year infrastructure modernisation and digital transformation servicesengagement by Germany-based energy company E.ON. The financial details of the deal were not disclosed.

Piramal Enterprises to raise up to Rs 2,590 crore through bondsPiramal Enterprises said its board has approved raising up to Rs 2,590 crore through issuance of secured non-convertiblebonds on a private placement basis.The company, however, did not disclose the purpose of raising the amount.The tenure of the instrument is three-years-and-one day and the interest rate is fixed at 9 percent per annum.

Sudarshan Chemical updateApart from other industries, the Company also serves the essential industries of food packaging and personal care andhence in the first week of April, 2020, it received necessary permission to restart its Roha site and transport material.The pandemic had no material impact to its financial results as at 31st March, 2020.

Asian Paints Q4FY20 result updateThe company reported operating revenues of Rs.4635.6 Cr in Q4, down 7.13% YoY missing estimates. EBITDA of 850.6 Cralso missed estimates and was down 3%. EBITDA margins saw an 80 bps increase which was good sign. The decorativepaints volume saw strong double digit growth in Jan and Feb however was affected in the second half of March andended the quarter with low single digit growth. The International business registered a single digit value growth for theyear.

The slowdown witnessed in the automotive industry and the business impact due to the lockdown adversely impactedthe Automotive Coatings JV (PPG-AP) resulting in reduction in topline in single digits for the year. The company has seenpartial resumption of operations since early May’20 and now most of the markets have opened for business. Goingforward, recovery in demand in the decorative paints and the auto sector will be a key monitorables. The Board ofDirectors have recommended a final dividend of Rs. 1.50 per equity share for the financial year ended 31st March, 2020.

Page Industries Q4FY20 result updateRevenue of the company posted degrowth by 11% y-o-y to Rs.541.26 cr. The net profit of the company has posteddegrowth of 64% y-o-y to Rs.31.02 cr from Rs.87.02 cr in the same quarter previous year.

Johnson Controls - Hitachi Air Conditioning India Ltd. Q4FY20 result updateRevenue of the company posted degrowth by 35% y-o-y to Rs.432.91 cr. The net profit of the company has posteddegrowth of 83% y-o-y to Rs.7.16 cr from Rs.42.3 cr in the same quarter previous year.

Aster DM Healthcare Ltd Q4FY20 result updateThe company has reported net sales of Rs.2327.94 crores during the period ended March 31, 2020 as compared toRs.2208.50 crores during the period ended March 31, 2019, While the net profit was up down by 37% YoY to Rs.131.11crores.

Balrampur Chini Mills Ltd Q4FY20 result updateNet sales of the company came in at Rs.1766.61 crores during the period ended March 31, 2020 as compared toRs.1335.03 crores during the period ended March 31, 2019. Net profit of Rs.241.44 crores was down by 16% YoY. Theboard approves buy back of 1 cr equity shares (4.5% of total paid up equity) at Rs. 180 per share.

Finolex Industries Ltd Q4 FY20 result updateThe company has reported net sales of Rs.767.09 crores in Q4FY20 as compared to Rs.976.49 crores during the periodlast year. Net profit declined by 10% YoY to Rs.58.66 crores.

Bank of Baroda reports Q4 profit at Rs 507 crore, asset quality improvesBank of Baroda has turned into the black in Q4FY20 as it reported a profit of Rs 506.6 crore for the quarter, supportedby lower provisions, higher operating income and tax write-back. It had posted a net loss of Rs 8,875 crore and Rs1,406.95 crore in the quarter ended March and December quarter, respectively. NII during the quarter under reviewincreased 5.02 percent year-on-year to Rs 6,798 crore due to decline in interest expenses. Global net interest marginduring Q4FY20 improved to 2.67 percent from 2.62 percent YoY and domestic NIM increased to 2.78 percent from 2.68percent YoY, the bank said in a BSE filing.

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The management said domestic advances in Q4 increased 4.7 percent to Rs 5,70,341 crore and deposits rose 1.8percent to Rs 8,08,706 crore as compared to the December quarter. Asset quality improved with gross non-performingassets (NPA) falling 103 basis points sequentially to 9.40 percent and net NPA declined 92 bps QoQ to 3.13 percent inQ4FY20.

Indian Bank reports Q4 FY20 loss of Rs. 267.20 croreIndian Bank has slipped into the red in the fourth quarter with Rs 218 crore net loss on account of higher provisions. Ithad made profits in the previous three quarters while suffered Rs 190 crore loss in the year ago period. Its operatingprofit rose 37 per cent at Rs 1,703 crore compared with Rs 1,245 crore in the year ago period. Total income rose 14 percent at Rs 6,334 crore over Rs 5,538 crore with net interest income growing at the same rate at Rs. 2003 crore.

The year-on-year loss widened due to 34 per cent higher provisions and contingencies which was seen at Rs 1,921 crore,the bank said. The bank has shown improvement in asset quality with gross non-performing assets ratio falling to 6.9 percent at the end of March from 7.11 per cent, while the net ratio was at 3.1 per cent from 3.75 per cent.

Union Bank of India net loss narrows to Rs 2,503 crore in March quarterUnion Bank of India reported narrowing of its standalone net loss to Rs 2,503.18 crore in the fourth quarter endedMarch 2020. The bank had posted a net loss of Rs 3,369.23 crore during the same quarter of the previous financial year.Sequentially, there was a net profit of Rs 574.58 crore in the third quarter of 2019-20. Standalone income during theMarch 2020 quarter rose to Rs 11,306.99 crore from Rs 9,621.01 crore a year ago, the bank said in a regulatory filing.

Its provisioning for bad loans and contingencies in April-March 2020 fell to Rs 3,501.69 crore, compared with Rs5,766.15 crore in the year-ago period. On the asset front, the bank witnessed improvement with the gross non-performing assets (NPAs) coming down to 14.15 per cent of the gross advances as on March 31, 2020, from 14.98 percent by the end of March 2019.

For the full financial year 2019-20, Union Bank posted a standalone net loss of Rs 2,897.78 crore, down as comparedwith a loss of Rs 2,947.45 crore a year ago.

Important news/developments to influence markets

Manufacturing activity across Japan continues to suffer at the lowest level seen in 11 years into June on account ofthe coronavirus crisis, even as the services sector shows an uptick in activity. The au Jibun Bank Flash JapanManufacturing PMI has slipped to a seasonally adjusted 37.8 during June from May’s final reading of 38.4 – theweakest reading since match 2009.

Japan’s flash services PMI jumped to 42.3 in June from 26.5 in the previous month - an indication of theimprovement in domestic activity -- but the manufacturing PMI fell to a preliminary score of 37.8 from 38.4 in May -as most international borders remain closed.

Japanese headline CPI inflation remained barely above zero (0.1%) in the year to May while core inflation lingered indeflation (-0.2%) over the same period.

The German manufacturing purchasing managers index (PMI) arrived at 44.6 in June versus 41.5 expected and 36.6previous. Meanwhile, Services PMI rebounded to 45.8 in June as against the previous month’s reading of 32.6 and42.0 anticipated.

Eurozone manufacturing purchasing managers index (PMI) rose further from an all-time low of 13.6 seen back inApril and surged to 47.5 in June from 31.9 in May. Meanwhile, while the Services PMI jumped to a 4-month high levelof 47.3 as compared to 30.5 in May.

The IHS Markit/Cips flash, or interim, UK purchasing managers’ index for services rose to 47 in June from 29 in May.The reading is well above the 40 that was expected by economists polled by Reuters, but still below 50, whichindicates a majority of businesses reporting a contraction in activity compared to the previous month. The servicesPMI also beat expectations, rising to 47.0 in June, up from 29.0 in May, compared to expectations of a rise to 39.1.

UK’s CBI industrial trends survey orders rose to -58.0% in June. In the previous month, the CBI industrial trendssurvey orders had recorded a reading of -62.0%.

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US Redbook (MoM) -6.1%,-2.4% previous, (YoY) -1.4%, -8.3% previous.

US manufacturing sector contracted at a very soft pace in June with the IHS Markit's advanced Manufacturing PMIrecovering to 49.6 from 39.8 in May. The Services PMI rose to 46.7 from 37.5 while the Composite PMI advanced to46.9 from 37.

Sales of new U.S. single-family homes increased more than expected in May, suggesting the housing market was onthe cusp of recovery after being hammered, together with the broader economy, by the COVID-19 pandemic. newhome sales jumped 16.6% to a seasonally adjusted annual rate of 676,000 units last month.

US June Richmond Manufacturing Shipments -1, -26 previous, June Richmond Services Index -28,-48 previous.

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Daily View on Nifty

Nifty Daily Timeframe Nifty Hourly Timeframe

Technical Observations:

• Nifty rose for the fourth straight session to close at 10471, adding gain of 1.55% in the rally

• Nifty has surpassed the previous top resistance of 10328 and closed above the same

• Next Resistance for Nifty is seen at 10550, which happens to be 61.8% retracement of the entire fall seenfrom 12430 to 7511

• Upward sloping trendline, adjoining previous two higher tops also projects the resistance in the vicinity of10530-10550.

• RSI managed to form higher top along with higher tops in Nifty levels, which indicates the recent upswingmay continue its upward momentum

• Short term Support for Nifty has shifted to 10300, followed by 10000

• BankNifty has broken out from bullish “Inverted Head and shoulder” pattern on the daily charts, whichprojects good upside for the Index.

Nifty LTP 2-Day View Reversal level 7-Day View Reversal level

10471 Bullish Move below 10300 Bullish Move Below 10000

Target: 10550Above 10550, Target

10900

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DATA & EVENTS

OPEN SHORT-TERM TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY TEAM ARE ON REAL TIME BASIS. A TRADING RECOMMENDATION SHOULD BECONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAY TRADING. DO NOT WAIT FORTARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THE POSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROMRECOMMENDATIONS.

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET UPSIDE % VALID TILL

1 18-JUN-20 BUY ITC 185.90-180 186 177 197 6 29-JUN-20

2 19-JUN-20 BUY ORIENT ELECTRIC 179-182.20 186.35 177.7 188.2 1 30-JUN-20

3 22-JUN-20 BUY IOC 85.50-87.30 89.5 84.5 92 3 1-JUL-20

4 22-JUN-20 BUY LUX INDS 1130.50-1095 1143 1075 1197 5 1-JUL-20

5 22-JUN-20 BUY BHARTI AIRTEL 579.4 577.4 568 595 3 1-JUL-20

6 22-JUN-20 BUY TECH MAHINDRA 549.65-530 557.5 524 582 4 1-JUL-20

7 23-JUN-20 BUY NIFTY JUNE FUT 10440.8-10370 10480 10349 10600 1 26-JUN-20

8 23-JUN-20 BUY BANK NIFTY JUNE FUT 22290-22100 22359.9 22000 22750 2 25-JUN-20

9 23-JUN-20 BUYNIFTY 10400 JULY CALL

OPTION (02ND JULY EXPIRY)164 211 120 230 9 26-JUN-20

10 23-JUN-20 BUYAPOLLO HOSPITAL 1400 JULY

CALL OPTION105 110.05 70 160 45 26-JUN-20

11 23-JUN-20 BUY MARICO JULY FUT 336.40-331.50 339.85 329 346.4 2 30-JUN-20

12 23-JUN-20 BUY TITAN 989.10-952 99.95 940 1050 951 2-JUL-20

13 23-JUN-20 BUY INDUSIND BANK 500-512 521.9 490 540 3 2-JUL-20

14 23-JUN-20 BUY ADANI PORTS 352-343 355.3 341.5 363 2 26-JUN-20

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1 TARGET 2 TARGET 3 UPSIDE % VALID TILL

1 28-MAY-20 BUY ICICI PRU LIFE* 369.5 427.2 334.0 406.0 442.0 - 3 28-AUG-20

2 29-MAY-20 BUYHINDUSTAN

ZINC**170.0 187.6 163.0 183.0 195.0 200.0 7 29-AUG-20

3 1-JUN-20 BUY AVANTI FEEDS* 442.0 474.2 403.0 481.0 520.0 575.0 21 1-DEC-20

4 8-JUN-20 BUY PNC INFRA* 121.8 138.0 106.0 130.0 142.0 - 3 8-SEP-20

5 9-JUN-20 BUY NATCO PHARMA 629.7 646.9 590.0 675.0 713.0 754.0 17 9-SEP-20

6 17-JUN-20 BUY NIACL 126.2 123.3 115.5 140.0 - - 14 15-SEP-20

7 19-JUN-20 BUYMAHARASHTRA

SEAMLESS229.1 232.6 210.0 255.0 - - 10 17-SEP-20

8 22-JUN-20 BUYMISHRA DHATU

NIGAM220.0 221.0 200.0 245.0 260.0 - 18 20-SEP-20

OPEN CASH POSITIONAL CALLS

*= 1st Target Achieved**= 2nd Target Achieved

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DATA & EVENTS

*= 1st Target Achieved

OPEN DERIVATIVE POSITIONAL CALLS

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SLTARGET

1TARGET 2 TARGET 3 UPSIDE % VALID TILL

1 1-JUN-20 BUY SRF JUNE FUT* 3555.0 3734.0 3380.0 3740.0 3920.0 - 5TILL 25TH

JUNE

2 2-JUN-20 BUYICICI BANK JULY

FUT*345.0 377.1 318.0 370.0 380.0 - 1

TILL 30TH JULY

3 9-JUN-20 BUYDR REDDY LAB JUNE

FUT4056.0 4109.0 3790.0 4325.0 4499.0 9

TILL 25TH JUNE

4 15-JUN-20 SELLTATA COSNUMER

JUNE FUT369.0 388.9 396.0 330.0 - - 15

TILL 25TH JUNE

5 19-JUN-20 BUYL&T FINANCE

HOLDING JULY FUT*

65.0 70.8 61.0 70.0 75.0 - 6TILL 30TH

JULY

6 22-JUN-20 BUY VOLTAS JULY FUT 554.0 549.9 518.0 604.0 - - 10TILL 30TH

JULY

7 22-JUN-20 BUYAPOLLO TYRE JULY

FUT112.8 112.6 104.4 122.0 129.0 - 15

TILL 30TH JULY

OPEN E-MARGIN POSITIONAL CALLS

NO. RECO DT. RECO COMPANY NAME ENTRY CMP SLTARGET

1TARGET 2

TARGET 3

UPSIDE % VALID TILL

1 12-JUN-20 BUYNAGARJUNA

CONSTRUCTION30.0 32.1 27.0 33.5 36.0 - 12 12-SEP-20

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DATA & EVENTS

QUARTERLY RESULTS ANNOUNCED

COMPANY Q4FY20 YoY (%) QoQ (%) Remarks

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Asian Paints 4654 480 -7 -1 -14 -38As Per

Estimates

Balrampur Chini Mills 1740 241 31 -16 46 233As Per

Estimates

Berger Paints 1355 103 -8 -7 -20 -43As Per

Estimates

Finolex Industries 766 59 -21 -40 10 -40Below

Estimates

Johnsons Controls 433 7 -35 -83 -1 -47Below

Estimates

Page Industries 541 31 -11 -64 -32 -59Below

Estimates

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

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