TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Nifty futures/Bank Nifty futures market closed on 10189 /24123 According to
technical analysis if Nifty futures and Bank Nifty future moves up-word in tomorrow treading session
then 10244 will be small resistance for Nifty futures and at the same time 24310 will be small
Resistance for Bank Nifty futures, if it break this level then then Nifty futures can touch 10300 level
and Bank Nifty futures can touch 25600 level in next few days. It will be hard resistance for Nifty
futures and Bank Nifty futures. Meanwhile in reveres there is small support on 10208 for Nifty
futures and 24170 is for Bank Nifty futures after breaking this support with volume there is big
support for Nifty futures on 10200 and 24170 for Bank Nifty futures.

Tuesday, 24 Oct 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
10468 10202 10155 10050 9841

WEEKLY R2 R1 PP S1 S2
10876 10376 10127 9877 9377

MONTHLY R2 R1 PP S1 S2
11376 10388 9894 9400 8413

BANK NIFTY

DAILY R2 R1 PP S1 S2
25361 24494 24059 23625 22757

WEEKLY R2 R1 PP S1 S2
26890 25304 24511 23719 22132

MONTHLY R2 R1 PP S1 S2
27748 25756 24260 22765 19772

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 10018 9982 9881 9439

BANK NIFTY 24250 24375 24141 22570

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9767 8922 7558

BANK NIFTY 23732 20628 15834

PATTERN FORMATION ( NIFTY )

Detail of Chart -Nifty future moves in upward direction. next resistance level for nifty is 10245
above the level of 10245 it can move further in upward direction.
PATTERN FORMATION ( BANK NIFTY )

Detail of Chart - Bank nifty open at 21126 and made high of 24306.95 it shows upward
movement next resistance level of bank nifty is 24310 above the level of 24310 it can move
further in upward direction
 NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1818 1802 1773 1757 1728
ALBK EQ 67 66 65 64 63
AMBUJACEM EQ 289 286 280 277 271
ASIAN PAINT EQ 1207 1189 1174 1157 1141
AXISBANK EQ 466 458 452 444 439
BAJAJ-AUTO EQ 3270 3140 3199 3169 3128
BANKBARODA EQ 142 140 137 135 131
BANKINDIA EQ 136 135 134 133 132
BHEL EQ 92 89 86 84 81
BHARTIARTL EQ 517 507 491 480 464
CIPLA EQ 630 611 600 581 570
COALINDIA EQ 294 292 289 287 284
DLF EQ 185 181 178 174 171
DRREDDY EQ 2460 2403 2377 2325 2297
GAIL EQ 445 440 436 431 427
GRASIM EQ 1229 1206 1165 1143 1102
HCLTECH EQ 957 948 935 926 913
HDFC EQ 1768 1746 1729 1707 1690
HDFCBANK EQ 1890 1879 1857 1844 1823
HEROMOTOCO EQ 3836 3814 3792 3770 3748
HINDALCO EQ 282 277 273 268 264
HINDUNILVR EQ 1295 1274 1256 1235 1217
ICICIBANK EQ 269 265 261 257 253
ITC EQ 275 271 268 264 261
INDUSIND BANK EQ 1721 1709 1695 1684 1670
INFY EQ 950 945 937 932 923
JINDALSTEL EQ 167 162 157 152 146
KOTAKBANK EQ 1095 1082 1070 1057 1045
LT EQ 1165 1150 1136 1121 1108
M&M EQ 1415 1388 1368 1341 1320
MRF EQ 64376 63963 63186 62773 61996
MARUTI EQ 7957 7908 7811 7762 7665
ONGC EQ 174 173 172 171 170
ORIENTBANK EQ 115 114 113 112 111
RCOM EQ 19 18 17 16 15
RELCAPITAL EQ 5836 575 561 553 538
RELIANCE EQ 966 953 931 918 896
RELINFRA EQ 486 478 465 456 443
RPOWER EQ 40 39 38 37 36
SBIN EQ 249 247 245 243 240
VEDL EQ 334 332 329 326 323
SUNPHARMA EQ 548 543 538 533 528
TATAMOTORS EQ 434 428 424 418 414
TATAPOWER EQ 85 84 83 82 81
TATASTEEL EQ 719 715 710 707 702
UNIONBANK EQ 128 127 126 125 124
 TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CMP % CHANGE PREV

SR.NO SCRIPT NAME CMP % CHANGE
CLOSE CLOSE

1 MOIL LTD 207.30 259.35 +25.11 1 AXIS BANK 520.35 451.75 -13.18

2 PIRAMAL PHUTOCARE 42.05 51.305 +21.40 2 HEG LTD 1328.25 1183.60 -10.89

3 BHUSAHAN STEEL 57.85 69.70 +20.48 3 DENA BANK 30.25 27.70 -8.43

4 EON 111.80 134.45 +20.26 4 PC JEWELLER 374.80 348.10 -7.12

5 IDEA 83.10 97.85 +17.75 5 GITANJALI GEMS 70.20 65.75 -6.34

6 GOA CARBONS 699.520 768.90 +9.97 6 ZEEL 514.45 485.50 -5.63

7 BHARTI AIRTEL 453.30 497 +9.64 7 VISAKA INDUS 721.15 681.60 -5.348

8 VAKRANGEE 501.85 542.95 +8.19 8 DCB BANK 190.25 180.65 -5.05

9 JINDAL STEEL 198.95 215.05 +8.09 9 UPL 812.35 773.10 -4.83

10 TORRENT PHARAM 1286.50 1385.90 +7.73 10 DISH TV 72.15 68.90 -4.50

11 LAKSHMIVILAS BANK 143.55 154.30 -7.49 11 BHARTI INFRA TEL 471.50 450.55 -4.44

12 ADANI ENTER 117.40 125.80 +7.14 12 TITAN 627.45 600.50 -4.30

13 FUTURE LIFE STYLE 334.55 357.50 +6.86 13 ICICI BANK 274.25 262.75 -4.19

14 POWER FIN COR 123.25 131.30 +6.53 14 YES BANK 367.70 352.75 -4.07

15 TORRENT POWER 234.75 249.90 +6.45 15 TECH MAHINDRA 473.80 454.70 -4.03
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE CASH
NSE CASH : BUY HBLPOWER CASH ABOVE 61 TGT 65 SL 58
NSE CASH : BUY CHAMBALFERTILIZER CASH ABOVE 152 TGT 158 SL 147

NSE FUTURE
NSE FUTURE : BUY HDFC BANK FUTURE ABOVE 1870 TGT 1900 SL 1860
NSE FUTURE : BUY VOLTAS FUTURE ABOVE 544 TGT 560 SL 541
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

LIVE STOCK MARKET UPDATES - SENSEX, NIFTY END FLAT; BANKING STOCKS
DRAG - Indices ended lower on last day of Samvat 2073, dragged by banks after disappointing
numbers from Axis Bank, the S&P BSE Sensex is ended at 32,584, down by 25 points, while NSE
Nifty is closed at 10,211 down by 24 points. Axis Bank contributed to most of the losses on the
NSE index, and also led the losers on the NSE Bank index, which shed about 1.4%. The BSE Mid-
cap Index is trading up by 0.25% at 16,155 whereas BSE Small-cap Index is trading up by 0.23%
at 17,105. Indiabulls housing finance, RIL, Kotak Mahindra Bank, Power Grid and ONGC are
among the gainers, whereas Axis Bank, Infratel, Yes Bank, ICICI Bank and Tech Mahindra are
losing steam on NSE. Some buying seen in Energy, Utilities, and Power sectors, while Finance,
Tech and Bank show weakness on the BSE. The INDIA VIX is down by 0.86% at 11.51.
Out of 1,972 stocks traded on the NSE, 792 advanced, 829 declined, and 351 remained unchanged.
A total of 75 stocks registered a fresh 52-week high in trade, while 24 stocks touched a new 52-week
low on the NSE.
RIL crosses Rs 900 level. Stock trades at all time high, stock up 4.5% and hits 52-week high.
BSE Oil & Gas Index gains over 1%.

LIVE STOCK MARKET UPDATES - NIFTY, SENSEX CHOPPY; AIRTEL GAINS OVER 5%
Indices make a rebound after brief period of trading in red. Telecom, Metals, and Reality stocks spike
with Airtel gaining over 5%, driving the Telecom sector upwards. Ambuja Cement, ICICI Bank, Ultra
Cement, Bharti Airtel, and Reliance are among the gainers, whereas Axis Bank, Infratel, UPL, Cipla,
and HDFC are losing steam on NSE. Some buying seen in Basic Materials, Tech, Telecom, and
Reality while FMCG, finance, healthcare, industrials show weakness on the BSE. The INDIA VIX is
down by 1.02%. Nifty Pharma Index dips 1%.Cipla (-3%), Lupin (-2%), Glenmark and Aurobindo (-
1%). A2Z Infra stock soars 3% on approving one-time settlement with SICOM. BSE Telecom Index
up over 2.5%. Idea (+8%), RCom (+7%), Airtel, TTML (+5%), Tata Comm (+3%).
SENSEX, NIFTY RISE; JIO TARIFF HIKE BOOSTS TELECOM STOCKS - Indian shares rose
on Monday as telecom stocks gained after Reliance Industries Ltds unit Jio raised data tariffs last
week, signalling more pricing discipline in the sector, while strong global markets also boosted
sentiment. Japanese shares jumped on a weaker yen as an election win for Shinzo Abes ruling bloc
gave a green light for more policy stimulus. Indian markets hit fresh highs last week and analysts
think upcoming corporate earnings will have an impact on the short-term trend. Infosys Ltd and
Hindustan Unilever Ltd will report results on Tuesday and Wednesday, respectively.
Reliance Industries rose as much as 2.28 percent to a record high.
Bharti Airtel Ltd gained as much as 3.4 percent to its highest level in over eight years.
Idea Cellular Ltd and Reliance Communications Ltd gained over four percent each.
Financial stocks capped the gains on indexes after a rise in bad loans at Axis Bank Ltd last week
sparked concerns over recovery of stressed assets. Axis Bank was down 1.8 percent and Housing
Development Finance Corporation Ltd was trading 1.2 percent lower.

INDIA'S RELIANCE INDUSTRIES HITS RECORD HIGH; LEADS GAINS ON NSE INDEX
- Shares of oil-to-retail conglomerate Reliance Industries Ltd rose as much as 5 percent to a record
high of 917.9 rupees on Wednesday. Stock posts biggest intraday pct gain since March 31, leads gains
on the NSE benchmark index and the Nifty energy index. Reliances telecoms unit Jio is expected to
announce a new attractive data plan when its current unlimited data for 399 rupees for prime members
expires later in the day, according to traders. Separately, Economic Times reported Reliance and
partner BP Plc will invest about $1.5 bln to develop satellite gas fields in the KG-D6 block
BHUSHAN STEEL STOCK RISES 20% AFTER ARCELORMITTAL EVINCES INTEREST
TO BUY FIRM - The Bhushan Steel stock hit its upper limit on Monday after a report said global
steel giant ArcelorMittal has expressed interest to buy Bhushan Steel.
According to an Report, the LN Mittal-led firm has submitted an expression of interest for Bhushan
Steel., the stock was trading 19.93 percent higher at 69.80 level on the BSE. The stock opened at Rs
65 level today. The stock touched a fresh 52-week high of Rs 102.80 on May 18, 2017 and a 52-week
low of Rs 38 on November 17, 2016. Bhushan Steel has a debt of Rs 44,478 crore.
The firm has taken loan from at least 20 lenders. Earlier, lenders led by State Bank of India (SBI)
have taken Bhushan Steel to the National Company Law Tribunal for recovery under the Insolvency
and Bankruptcy Code. Bhushan Steel is among the 12 accounts identified by the Reserve Bank for
immediate reference to NCLT. These 12 accounts alone constitute a quarter of the over Rs 8 trillion of
non-performing assets.

GST WILL TAKE A YEAR TO STABILISE, SOME MORE REJIG REQUIRED IN TAX
STRUCTURE - Some rejig in GST rate structure is required to reduce the burden on small and
medium businesses, Revenue Secretary Hasmukh Adhia has said. The Goods and Services Tax, which
amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will
take about a year to stabilise, he told PTI. "There is need for some rejig in rates. it is possible that
some items in the same chapter are divided. There is a need for harmonisation of items chapter wise
and wherever we find there is a big burden on small and medium businesses and on common man, if
we bring them down, there will be a better compliance," Adhia said. Nearly four months since its
introduction, the new indirect tax threw up teething troubles and compliance issues, which the GST
Council -- the highest decision-making body of the new regime -- has addressed through several
rounds of changes. To ease hassles facing medium and small businesses in paying taxes and filing
GST returns, it has tweaked various aspects of the new indirect tax regime to make it industry
friendly. Also, the GST Council has rationalised rates on over 100 commodities and made refund
process easier for exporters. Adhia, however, said the rejig would require some calculations by the
fitment committee, which will decide which items need a rationalisation of rate under the GST regime
which kicked in from July 1. The GST Council has already cleared an approach paper for items to be
considered for rationalisation but it is not binding and the council can always make deviations from
the approach paper. "We are very keen to do it as early as possible, it depends on how much time the
fitment committee takes to work on it. They need data, calculate revenue loss.
They need various comparisons. But harmonisation has to be done," he said. The 23rd meeting of the
GST Council, chaired by Union Finance Minister Arun Jaitley and comprising representatives of all
states, will be held in Guwahati on November 10. The GST Council has reworked various provisions
of the new indirect tax regime which was introduced from July 1 so as to make it more industry
friendly.
The turnover threshold for composition scheme, under which businesses can pay taxes at a nominal
rate, has been hiked to Rs 1 crore from Rs 75 lakh earlier. Also, small businesses with up to Rs 1.50
crore turnover have been allowed to file returns and pay taxes quarterly, as against monthly earlier.
When asked how much time will it take to stabilise the GST system, Adhia said: "It will take one year.
Because it is a new system for everybody...

There has been a complete overhauling of tax system in GST, so one year is needed." "If you see the
experience of VAT, there was opposition for one year. People were on streets because nobody knew
what VAT is, the last fellow was only paying sales tax. It was more opposition that time than this," he
said. Introduced in 2005, VAT replaced the earlier sales tax systems. VAT was a tax on sale or
purchase of goods within a state and was levied by state governments. The GST has subsumed over a
dozen taxes and transformed India into a single market for seamless movement of goods and services.

NEW INDIA ASSURANCE'S RS 10,000-CRORE IPO TO HIT MARKET IN FIRST WEEK

OF NOVEMBER - New India Assurance, the largest general insurance company in the country, is set
to hit the capital markets with around Rs10,000 crore initial public offering in the first week of
November. The offer comes soon after the Rs11,370 crore IPO of General Insurance Corp. of India
Ltd, which will be listed on 25 October. It has already been oversubscribed by over 1.35 times. The
street has seen a couple of more IPOs in last one and half months, which include ICICI Lombard and
SBI Life. The IPO of the insurance multinational having operations in 28 countries will be completed
in the first week of November, government officials told PTI. The exact amount and pricing for the
IPO will be announced by the company early this week. Recently, the company's top management had
completed the overseas road shows and had seen robust response for the issue. Earlier, the company
had appointed five merchant bankers - Kotak, Axis Bank, Nomura, IDFC and Yes Bank for the IPO.
The company,
which is targeting Rs26,000 crore premium in the current fiscal, is the largest general insurer in terms
of premium, profits, market share and distribution network. New India Assurance has assets of over
Rs69,000 crore and solvency of 2.27 despite growing at compounded annual growth rate of over 15%
for last five years. NIA's networth, including fair value of investments, increased to over Rs38,100
crore as of June-end. Its market value of investments stood at Rs63,100 crore at the end of June
quarter of the current fiscal.
The company, which will be celebrating its 'centenary year' in one year, has a rich legacy and
sustained its market leadership despite 31 players being there in the industry. In fact, New India's
market share has increased in the last five years and currently hovering around 16%. India's top
business houses are long-time customers of NIA. New India is the country's only direct insurer with
an international 'A' rating and has operations through a desk at Lloyd's, the world's largest specialist
insurer. Some of the other insurers' IPOs, which are likely to hit the street in near future include
HDFC Life, Reliance General and National Insurance Company.

UP GOVT TAKING VARIOUS STEPS TO IMPROVE POWER SITUATION IN STATE - Uttar

Pradesh government is taking slew of measures to improve power supply to the people of the state,
counting on initiatives like trust billing system and e solution app. "While for honest consumer trust
billing system is on the cards, for preventing pilferage, several steps, including on line connection
system would be initiated," Uttar Pradesh Power Minister Shrikant Sharma said. In trust billing
system, consumer would be offered the facility of self billing like filing of income tax return.
However, its misuse would invite punitive action, including heavy penalty, he said. Moreover,
existing meters would be replaced by "smart meters" in order to monitor the power used by consumer,
he disclosed. For ensuring proper roaster and adequate power supply in rural areas, he said,
monitoring of line loss in feeder system would be the priority. He expects encouraging results with the
introduction of e. solution app, facebook, twitter, Whatsapp in his department adding that introduction
of toll free number (1912) would become an added advantage to consumer. He said not only import
capacity of power has been enhanced from 8,100 MW to 10,000 MW but also the capacity of power
been increased from 18,500 MW to 22,000 MW. "
We have set target of 26,000 MW extra power by 2022," Sharma said, adding that the priority of the
department is to prevent pilferage. The capacity of power plants would also be enhanced, he said
adding that like the Ujjwala scheme introduced by Prime Minister Narendra Modi for providing LPG
connection to poor, power department has introduced "Saubhagya" scheme for ensuring light in the
house of poor. He said priority of the government is on recovery of arrears, providing 2.10 crore new
connections, electricity in 75 mazars, ensuring installation of meter in every house, upgrading the
transformers and replacing old line with the new ones.

MARUTI BECOMES NO. 1 EXPORTER OF PERSONAL VEHICLES FROM INDIA,

HYUNDAI 4TH - Maruti Suzuki India has become the largest passenger vehicles exporter from India
in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd which has now been
pushed to fourth spot behind Volkswagen and General Motors. In the April-September period this
fiscal, Maruti Suzuki India exported 57,300 units of passenger vehicles as against 54,008 units in the
year-ago period, up 6 per cent, according to the latest data by Society of Indian Automobile
Manufacturers. The long-running number one exporter, Hyundai Motor India Ltd on the other hand
shipped 44,585 units as against 63,014 units in the year-ago period, a decline of 29.25 per cent. The
company is now behind Volkswagen and General Motors India in terms of export of PVs from India.
During the first half of the fiscal, Volkswagen India exported 50,410 units at a growth of 16.92 per
cent. It is now the second biggest exporter of PVs from India behind MSI.

Last year, it had exported 43,114 units during the same period. Interestingly, General Motors which
had on May 18 this year decided to stop selling its vehicles in India after struggling for over two
decades to make a mark, is now the third biggest exporter of PVs from the country. In the first half of
the fiscal, GM exported 45,222 units as against 30,613 units in the year-ago period, a growth of 47.72
per cent. The company exports vehicles from its manufacturing plant at Talegaon in Maharashtra. It
has sold its first plant at Halol in Gujarat to MG Motor India, an arm of Chinas SAIC. Another US
auto major, Ford also posted impressive growth in exports of PVs from India during the period. The
companys overseas shipments stood at 42,412 units as against 31,467 units in the same period last
fiscal, up 34.78 per cent making it the fifth biggest exporter from India. Nissan Motor India, which
was the third biggest exporter last year saw its overseas shipments during the first half of the fiscal
decline by 37.11 per cent to 30,872 units from 49,091 units in the same period last fiscal. It now
occupies the sixth spot.
BHEL STARTS EXECUTION OF RS20,400 CRORE YADADRI PLANT IN TELANGANA -
State-run power equipment maker Bharat Heavy Electricals Ltd said it has commenced execution of
Rs20,400 crore Yadadri supercritical thermal power project ordered by Telangana State Power
Generation Corporation.
The execution of the 4,000 MW Yadadri Supercritical Thermal Power Project ordered on Bharat
Heavy Electricals Limited by Telangana State Power Generation Corporation Limited has commenced
with the issuance of revised Letter of Intent by TSGENCO, Bhel said in a regulatory filing. Bhel said
that the project, valued at approximately Rs20,400 crore, is the single largest order for the company
so far and is also the highest value order ever placed in the power sector in India. The project has
been accorded environmental clearance and would be compliant with the revised emission norms,
the PSU said. The project is located at Damaracherla in Nalgonda district of Telangana. Bhel said the
Yadadri project will be executed on fast track basis by the company in line with its strategy of
focusing on revival of held up projects and their speedy execution. TSGENCO has earlier awarded
contracts for 800 MW Kothagudem and 1,080 MW Bhadradri power projects to Bhel, which are
under advanced stages of execution. Shares of Bhel were trading 0.83% up at Rs85.50 on BSE.

HSBC APP-will take a three month sabbatical from the beginning of January 2018 and his next role
at HSBC will be announced in due course, the press release stated. Rikhye has worked across various
divisions at HSBC including corporate banking in Taiwan, institutional fund services in Hong Kong
and head of securities services for the Middle East and North Africa, based in the United Arab
Emirates. Rikhyes appointment is subject to regulatory approvals.

INDIAN ENERGY EXCHANGE MAKES TEPID DEBUT - Indian Energy Exchange shares
opened at Rs. 1500, 9% lower than the listing price of Rs. 1650 on NSE. However soon after the
debut, the stock pared some of the losses to trade above Rs. 1,600. The scrip was trading on NSE
at Rs. 1615, 2% lower than the listing price. The scrip hit the listing price of Rs. 1650, albeit briefly in
the early hours. Rs. 1,000 crore IPO gives IEX a valuation of nearly Rs. 5,000 crore. The IPO had
drawn good response from investors, with the issue getting oversubscribed 2.23 times on the last day
of bidding. Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings had managed the
public issue.
IEX is India's first power exchange providing automated trading platform for electricity and
renewable energy certificates.
IEX reported a profit of Rs. 113.6 crore in 2016-17, up 13% from a year ago. Indian Energy
Exchange IPO offers four different products: renewable energy certificates, day ahead market, term
ahead market, Energy savings certificates . The IPO values the exchange at 44 times its last year's
earnings. With more than 90 per cent market share for last five years, Indian Energy Exchange is the
largest power trading exchange in India.

EUROZONE CURRENT ACCOUNT SURPLUS RISES IN AUGUST - Eurozone current account

surplus climbed to EUR 33.3 billion in August from EUR 31.5 billion in July. This was the highest
since May 2016. The surplus on trade in goods increased to EUR 28.2 billion from EUR 26.5 billion
in the previous month. Meanwhile, the surplus on services declined to EUR 7.2 billion from EUR 8.1
billion. Likewise, primary income fell to EUR 10.3 billion from EUR 11.7 billion a month ago. At the
same time, secondary income showed a shortfall of EUR 12.4 billion versus EUR 14.8 billion in the
previous month. On an unadjusted basis, the current account surplus fell to EUR 29.6 billion from
EUR 37.1 billion in July.

UK BUDGET DEFICIT NARROWS IN SEPTEMBER - UK public sector net borrowing,

excluding public sector banks, decreased by GBP 0.7 billion from the previous year to GBP 5.9
billion in September, the Office for National Statistics said Friday. This was the lowest September
net borrowing since 2007. During April to September period, PSNB decreased by GBP 2.5 billion
to GBP 32.5 billion, which was the lowest year-to-date net borrowing since 2007. The Office for
Budget Responsibility forecast that public sector net borrowing will be GBP 58.3 billion during the
financial year ending March 2018. Data showed that public sector net debt totaled GBP 1,785.3
billion the end of September, equivalent to 87.2 percent of gross domestic product.
OINTS JAYANT RIKHYE AS INDIA CEO - Jayant Rikhye has been appointed as the chief
executive of India operations of Hongkong and Shanghai Banking Corp. Ltd (HSBC). He will take
charge from 1 December and will be succeeding Stuart Milne. Rikhye has been with HSBC since
1989 and is currently serving as head of strategy and planning for Asia Pacific. He is also head of
international markets, Asia Pacific and is responsible for 11 markets in the region. Both Milne and
Rikhye are group general managers as well.
Milnes new role is yet to be defined. Mr Milne will take a three month sabbatical from the
beginning of January 2018 and his next role at HSBC will be announced in due course, the press
release stated. Rikhye has worked across various divisions at HSBC including corporate banking in
Taiwan, institutional fund services in Hong Kong and head of securities services for the Middle East
and North Africa, based in the United Arab Emirates. Rikhyes appointment is subject to regulatory
approvals.

INDIAN ENERGY EXCHANGE MAKES TEPID DEBUT - Indian Energy Exchange shares
opened atRs.1500, 9% lower than the listing price of Rs.1650 on NSE. However soon after the debut,
the stock pared some of the losses to trade above Rs. 1,600. The scrip was trading on NSE
at Rs. 1615, 2% lower than the listing price. The scrip hit the listing price of Rs. 1650, albeit briefly in
the early hours. Rs.1,000 crore IPO gives IEX a valuation of nearly Rs. 5,000 crore. The IPO had
drawn good response from investors, with the issue getting oversubscribed 2.23 times on the last day
of bidding. Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings had managed the
public issue.IEX is India's first power exchange providing automated trading platform for electricity
and renewable energy certificates. IEX reported a profit of Rs. 113.6 crore in 2016-17, up 13% from a
year ago. Indian Energy Exchange IPO offers four different products: renewable energy certificates,
day ahead market, term ahead market, Energy savings certificates . The IPO values the exchange at 44
times its last year's earnings. With more than 90 per cent market share for last five years, Indian
Energy Exchange is the largest power trading exchange in India

EUROZONE CURRENT ACCOUNT SURPLUS RISES IN AUGUST - Eurozone current account

surplus climbed to EUR 33.3 billion in August from EUR 31.5 billion in July. This was the highest
since May 2016. The surplus on trade in goods increased to
EUR 28.2 billion from EUR 26.5 billion in the previous month. Meanwhile, the surplus on services
declined to EUR 7.2 billion from EUR 8.1 billion. Likewise, primary income fell to EUR 10.3 billion
from EUR 11.7 billion a month ago. At the same time, secondary income showed a shortfall of EUR
12.4 billion versus EUR 14.8 billion in the previous month. On an unadjusted basis, the current
account surplus fell to EUR 29.6 billion from EUR 37.1 billion in July.

UK BUDGET DEFICIT NARROWS IN SEPTEMBER - UK public sector net borrowing,

excluding public sector banks, decreased by GBP 0.7 billion from the previous year to GBP 5.9
billion in September, the Office for National Statistics said Friday. This was the lowest September net
borrowing since 2007. During April to September period,
PSNB decreased by GBP 2.5 billion to GBP 32.5 billion, which was the lowest year-to-date net
borrowing since 2007. The Office for Budget Responsibility forecast that public sector net borrowing
will be GBP 58.3 billion during the financial year ending March 2018. Data showed that public sector
net debt totaled GBP 1,785.3 billion the end of September, equivalent to 87.2 percent of gross
domestic product.
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acceptance of disclaimer.
DISCLOSURE
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with
companies covered in research report nor is associated in any manner with any issuer of products/
securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance
with the regulatory body, we have resolved that the company and all its representatives will not make
any trades in the market.
Clients are advised to consider information provided in the report as opinion only & make investment
decision of their own. Clients are also advised to read & understand terms & conditions of services
published on website. No litigations have been filed against the company since the incorporation of
the company.

DISCLOSURE APPENDIX:
The reports are prepared by analysts who are employed by High Brow Market Research Investment
Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views
about the subject company or companies & their securities and no part of compensation was, is or will
be directly or indirectly related to the specific recommendations or views contained in this research
report.

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST:

(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the
subject company and the nature of such financial interest;
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial
ownership of one percent or more in the securities of the subject company,
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at
the time of publication of the research report or at the time of public appearance;
DISCLOSURE IN TERMS OF COMPENSATION:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals
reporting to analysts from owning securities of any company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market
Research Pvt. Ltd.

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE:

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from
the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of
distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or
employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the
subject company.