And that's a flat

The markets did virtually nothing in the four trading days that we had last week and closed virtually flat The BSESENSEX lost 1801 points or 007 per cent to close at 2712690 points while NIFTY lost 515 points or 006 per cent to close at 832320 points The broader market saw the BSE100 BSE200 and BSE500 gain 003 per cent 0095 and 015 per cent respectively BSEMIDCAP gained 019 per cent while BSESMALLCAP gained 077 per cent The top sectoral gainer was BSEHEACAR up 247 per cent followed by BSEREALTY 152 per cent and BSEMETAL 091 per cent The losers were led by BSETECK down 160 per cent followed by BSEIT 141 per cent and BSEFMCG 076 per centSailors get ready around an FA18E Super Hornet on the US Navyrsquos super carrier USS Dwight D Eisenhower in the Mediterranean Sea The aircraft carrier is deployed in support of Operation Inherent Resolve conducting strikes against terrorist group ISIL in Libya Iraq and Syria Increasing terror attacks are denting confidence in the markets PicAFPIn individual stocks the top gainer was Vedanta at 581 per cent followed by Lupin 575 per cent and BHEL 451 per cent Other gainers included Punjab National Bank up 1173 per cent and REC 944 per cent The losers were led by GAIL down 501 per cent and followed by Idea Cellular 391 per cent and Bharti Tele 373 per centShare fareDow Jones gained 19737 points or 110 per cent to close at 1814674 points The Rupee lost 4 paisa or 006 per cent to close at Rs 6736In the primary market the issue from LampT Infotech which is offering for sale 175 crore shares in a price band of Rs 705710 opens for subscription today and closes on Wednesday July 13 There is a discount of Rs 10 per share for retail investors The price earnings multiple on a consolidated and fully diluted basis on which shares are being offered is 126 The multiple looks decent offering scope for appreciation There is a caveat to this that there was a large other income component on account of forex in the year ended March 2016 at R 27956 crore compared to R 6678 crore in the previous year Operating margins are hovering in the 216 per cent to 22 per cent range The issue would receive decent response but not overwhelming as in the recently listed MGL and to list Quess Corp but still make it attractive for retail where chances of allotment would be betterGold foldMarkets are looking tired but are refusing to correct because the possibility of GST being passed looms large The monsoon session of Parliament begins on July 18 and is likely to be amongst the earlier set of legislation to be taken up With the event so close the market would like to be up even at the prospect of being stretched It is up to an individual to decide the stance to be taken in the market It makes sense to take some money off the table and look for opportunities when they ariseBrexit is more confusing than when UK decided on the referendum The modalities of quitting the EU are not as simple and would entail a number of procedures More importantly one needs time and sacrifice on the part of EU and UK No one seems to have started the process as yet and time is counting An increasing number of terrorist attacks is not helping anyone in particular confidence in the markets This is causing damage to markets worldwide and the rise in fear is causing gold prices to riseNew paradigmThere are no clear drivers for the market as of today The expectancy of business being transacted in the monsoon session would be the underlying expectation but once the GST bill is passed there would be new concerns on modalities and beneficiaries of the same While the debate is on who would benefit and who lose two things are clear Software companies would benefit as new or modified software would be needed to incorporate changes of GST Secondly there would be need of professionals like lawyers and others for the implementation and guidance required for the companies to go about the same It would therefore be advisable to reduce positions and be on the sidelines waiting for opportunitiesDisclaimer No financial information whatsoever published anywhere in this newspaper should be construed as an offer to buy or sell securities or as advice to do so in any way whatsoever All matter published here is for educational and information purposes only and under no circumstances should be used for actual trading or making investment decisions Readers must consult a qualified financial advisor prior to making any actual investment or trading decisions based on information published here Any reader taking decisions based on any information published here does so entirely at his or her risk