Nirmal Bang Securities Pvt. Ltd. - Daily Report - 161009

equityresearch

Par 100 posts (V.I.P)
U.S. stocks rose as energy shares gained after oil climbed to a oneyear
high, helping the market reverse an early drop triggered by
earnings at Citigroup Inc. and Goldman Sachs Group Inc. that
disappointed some investors. Exxon Mobil Corp. and Chevron Corp.
gained at least 1.5 percent as crude jumped above $77 a barrel
Citigroup tumbled 5 percent and Goldman Sachs fell 1.9
percent.Goldman Sachs dropped 1.9 percent to $188.63. The bank
reported third‐quarter profit that more than tripled to $3.19 billion,
or $5.25 a share, driven by trading and investments with the firm’s
own money. The shares declined as earnings fell short of Goldman
Sachs’s record of $3.44 billion. Citigroup fell 5 percent to $4.75. The
lender that’s 34 percent owned by the U.S. government posted a
$101 million profit, defying expectations for a loss as the company
added the smallest amount to loan‐loss reserves in two years.The
S&P 500, which rebounded 62 percent from a 12‐year low in March,
is trading at more than 20 times the reported operating earnings of
its companies, the highest valuation since 2004. Companies in the
index will report a ninth straight quarter of declining profits, the
longest streak since the Great Depression, before returning to growth
in the final three months of the year, analysts’ estimates compiled by
Bloomberg show. Asian stocks fluctuated, with the MSCI Asia Pacific
Index heading for a second week of gains, as a decline among
financial shares was offset by a weakening yen that boosted the
outlook for Japan’s exporters. The yen depreciated to as low as 90.99
versus the dollar, a level not seen since Sept. 25.The seven‐month
rally has driven valuations of stocks in the MSCI Asia Pacific Index to
23 times estimated earnings, compared with an average of 18 times
during the last three years.The U.S. Treasury Department criticized
China for the “lack of flexibility” of the yuan and a buildup of foreignexchange
reserves while stopping short of branding the nation a
manipulator of its currency. Indian markets are expected to open flat.
In today’s trade Reliance Industries, Neyveli Lignite and Sterlite
Industries Looks good.

http://www.nirmalbang.com/Upload/Daily161009.pdf
 
Top