ISSUE: 067

14TH DECEMBER, 2019

RULE THE MARKET

From The Desk Of Research Head

Disclaimer: Karvy Stock Broking Limited [KSBL] is registered as a research analyst with SEBI (Registration No INZ000172733). KSBL is also a SEBI registered Stock Broker, Depository Participant, Portfolio Manager and also distributes financial products. The subsidiaries and group companies including associates of KSBL provide services as Registrars and Share Transfer Agents, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, financial consultancy and advisory services, realty services, data management, data analytics, market research, solar power, film distribution and production, profiling and related services. Therefore associates of KSBL are likely to have business relations with most of the companies whose securities are traded on the exchange platform. The information and views presented in this report are prepared by Karvy Stock Broking Limited and are subject to change without any notice. This report is based on information obtained from public sources, the respective corporate under coverage and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KSBL. While we would endeavor to update the information herein on a reasonable basis, KSBL is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent KSBL from doing so. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KSBL will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither KSBL nor any associate companies of KSBL accepts any liability arising from the use of information and views mentioned in this report. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. Actual results may differ materially from those set forth in projections. Associates of KSBL might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. Associates of KSBL might have received compensation from the subject company mentioned in the report during the period preceding twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company in the past twelve months or for services rendered as Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data processing, profiling and related services or in any other capacity.KSBL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. Compensation of KSBL’s Research Analyst(s) is not based on any specific merchant banking, investment banking or brokerage service transactions. KSBL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.KSBL or its associates collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. KSBL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report and have no financial interest in the subject company mentioned in this report. Accordingly, neither KSBL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that KSBL and Research Analysts, primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. It is confirmed that Research Analyst did not serve as an officer, director or employee of the companies mentioned in the report. KSBL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor KSBL have been engaged in market making activity for the companies mentioned in the report. We submit that no material disciplinary action has been taken on KSBL by any Regulatory Authority impacting Equity Research Analyst activities.

Debt servicing ability of the companies may need a better process to evaluate

Apart from the slowdown in the economy, we have seen a series of incidents of companies with corporate governance issues. During slowdowns, it’s usual that the demand wanes which may result in difficulty to the companies to repay their debt with ease. These are the conditions when credit rating agencies (CRAs) may need to play a crucial role. The CRAs may need to inform the external credit stakeholders regarding the actual state of affairs that are going in the company. The rating agencies may also need to give early hints of probable decline in debt servicing capability. Recently officers of a few CRAs exiting the companies, after a probe is ordered by SEBI on IL&FS, implies that there are more things which are not right in the structural functioning of the rating companies. This hints that the current governing regulations on CRAs may need to be relooked.

Since there is a steep decline in consumption and capital expenditure in the first half of 2019 it may turn difficult for Indian Inc in the coming days ahead as they excessively relied on debt to fund the growth. A report states that the percentage of companies whose interest coverage ratio is less than 1.5 stands at 43% in 2017 which is the highest among the emerging markets. Since the economy now witnessing a slowdown, there is a high chance that the coverage might have further reduced increasing the chance of creative accounting. Reverting to the main point, CRAs were found to be deficient in identifying misrepresentation in cases like IL&FS issue. Following the same, SEBI has proposed changes to the existing regulations governing CRAs. These changes include asking the CRAs about the probability of default within one year and seeking them to grade the liquidity position of the financial instrument issuer. As a second layer of prudence, the regulator has also asked for an independent audit of these processes and the data used in such default analysis. Apart from these, SEBI also has laid rules for the CRA that they could get the information about the issuer directly from Financial Institutions. However, these actions may not be sufficient in the current existing scenario after having a look at the past.

The main issue is of how the CRAs income is generated. In the current scenario, as the issuer is paying the rating agencies, obviously there would be questions about the independence of the rating process. Hence it would be good if the subscriber or the investor pays for the rating agencies from the proceeds of the issue. Some other measures may include are going for an auction for the selection of rating agency, supervision of a statutory organisation, capping the number of assignments taken up by a rating agency may prove fruitful in furthering the transparency relation between the issuer and rating agencies. Apart from the above-mentioned criterion, it would be good if the rating committee reports to the Board of Directors than the CEO which might make the rating process more rationalized without any preoccupied persuasion. The regulator may also mull for a rotation of rating agencies after working as a CRA for the company for a reasonable amount of time.

CONTENTSEquity 1-5

Commodity 6-8

Currency 9-12

TeamDr. Ravi Singh

Syed Hasan Jafar

Srinivas Krishnan Bobba

Osho Krishan

Sundeep Sarda

Vivek Ranjan Misra

Thomas V Abraham

Sarat Kumar Jutur

Sourabh Gilda

Veeresh Hiremath

Siddhesh Ghare

Ramesh Chenchala

Rahul Chander

Kushal Asthana

Bharat Kumar Sunnam

Arpit Chadna

Amit Kumar

Ravikanth Pedapati

Ramchandra Varadkar

Karvy Head Office

Karvy Stock Broking Limited, Plot No.31/P, Karvy Millennium Towers, Nanakramguda, Financial District, Gachibowli, Hyderabad, Telangana-500032, India.

For More updates & Stock ResearchVisit: www.karvyonline.com

Toll free: 1800 419 8283

Email: research@karvy.com

Analyst CertificationThe following Karvy Research Desk, who is (are) primarily responsible for this report and whose name(s) is/ are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

- DR. RAVI SINGHHead-Technical & Derivatives Research

EQUITY

Economy• The Rajya Sabha passed the International Financial Services Centres (IFSCs) Authority Bill by a

voice vote on Thursday after a brief debate, paving the way for setting up a unified regulator for the IIFCs. As per the bill, the authority will consist of nine members, appointed by the central government. Besides the chairperson, it will have a member each to be nominated by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (Sebi), the Insurance Regulatory and Development Authority of India (Irdai), and the Pension Fund Regulatory and Development Authority (PFRDA).

• To augment port connectivity, the government has undertaken 70 road and railway projects worth Rs 48,782 crore, Parliament was informed on Dec 12 2019. Out of 70 projects, 55 are rail connectivity projects said Minister of State for Shipping Mansukh Lal Mandaviya.

Agriculture• IBM has launched a global high-resolution atmospheric forecasting system, IBM GRAF, saying

more accurate weather forecasting can help governments and companies greatly improve their operations. IBM said GRAF can help bridge the gap between Indian forecasting system and global models.

• As many as 50 trucks laden with onion crossed over to India across Attari check post and 55 trucks had brought the tuber on Monday this week. The landed cost of onion from Afghanistan is Rs 40-55 per kg while the local crop is priced at Rs 65- 75 per kg and retail prices are hovering over Rs 100 per kg.

• Insurance firms are likely to make heavy crop damage payouts. Payment for damaged rice, cotton, oilseeds, pulses, sugarcane and horticulture crops will be paid under the Pradhan Mantri Fasal Bima Yojana in which a farmer contributes only 1.5% to 2% of the insurance cost and the balance is shared by the Centre and states. Officials have estimated payout of Rs 4,000 crore in MP, and Rs 1,000 crore to Rs 1,200 crore each in Karnataka and Andhra Pradesh.

Banking & Finance• Our focus through this initiative is the MSME sector as demand from the corporate sector is not

high,” state-run Bank of India executive director CG Chaitanya told reporters. “Each zone has been given a disbursement target of Rs 200 crore during this initiative. We are aiming to disburse anything between Rs 7,500 and Rs 10,000 crore,” he added.

• A group of Indian public sector banks sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a High Court hearing in London. Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya’s now-defunct Kingfisher Airlines.

• Axis Bank managing director and chief executive Amitabh Chaudhry said the bank has studied the market but has not found a perfect match yet. “We are evaluating opportunities all the time,” he said, adding that the microfinance firms, which are doing well and can be a good fit, are mostly overvalued. “Nothing is on the cards at present.”

Auto • According to FADA, passenger vehicles (PV) sales stood at 2,55,535 units in November 2018.

Two-wheeler sales increased 3% to 17,05,495 units last month as compared to 16,60,082 units in the year-ago period. Commercial vehicle sales, however, declined 8% to 77,394 units as compared to 84,040 units in November last year.

• Anand Mahindra, the chairman of the homegrown auto group Mahindra & Mahindra, on Wednesday predicted a recovery in the auto sector. “Auto sector is hoping a fruitful year after April 2020, when new emission norms will come into play,” said the industry stalwart. Mahindra said the smiles have returned to the faces of automakers and sales should pick up by April. He said that October’s retail sales look extremely positive for Motown, demand is expected to rise for tractors after March.

• Nissam rolls out ‘Red Weekends’ program. During the ‘Red Weekends’, customers can avail total benefits of up to Rs 1.15 lakh including attractive cash discounts upto Rs 40,000, exchange bonus upto Rs 40,000 and corporate discounts up to Rs 10,000.

• US fnes HSBC’s private Swiss arm USD 192.4 Mn over tax dodging. Federal prosecutors say that for a decade starting in 2000, the Geneva-based HSBC Private Bank helped American customers hide offshore assets from US authorities, using code named and numbered accounts, hold-mail agreements and shell corporations in tax havens like Panama. US authorities have aggressively pursued Swiss banks for enabling tax evasion.

Power & Oil• Following successive months of slowdown, Coal India has managed to raise average daily

production from 1.27 million tonnes in October to 1.8 million tonnes now. This increased stocks at power plants by 64% since October to 28 million tonnes—enough for 17 days. It is almost double last year’s stock position.

• Government plans Ordinance to ensure power pacts are honoured. The planned ordinance would also deal with crucial issues of independence of electricity regulators and quick finalisation of tariffs based on costs – measures that were originally planned as amendments to the Electricity Act of 2003. States have been opposing these amendments for the past 3-4 years.

• SFIO begins probe against CG Power and Industrial Solutions, 15 group firms. The company had in August said that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by “identified company personnel, both current and past, including certain non-executive directors.

Steel• A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya also asked the

ED to clarify about its role after the attachment of assets of Bhushan Power and Steel Ltd (BPSL). The NCLAT has directed to list the matter on December 12 for the next hearing.

NEWS

INTERNATIONAL NEWS

• The three-day Central Economic Work Conference headed by President Xi, which took place under shadow of the ongoing trade war with the US, concluded here on December 12. The conference discussed economic targets for 2020, including gross domestic product (GDP) growth and inflation ahead of China’s annual legislative session to be held in March.

• Tesla’s German factory to produce 50000 cars a year. The carmaker will employ about 10,000 people at the site, which will occupy an area equivalent to 420 soccer fields, the newspaper said, citing initial plans for the factory, which shows a complete production line as well as testing facilities. Construction is set to start in 2020.

• US negotiators have offered to reduce tariffs on about $375 Bn in Chinese goods by 50% across the board, two people familiar with the negotiations said on Dec 12, and suspend tariffs on $160 Bn in goods scheduled for December 15.

• Airline net profits are now expected to fall to $25.9 Bn from $27.3 Bn last year, before recovering to $29.3 Bn in 2020, the International Air Transport Association said. In June it had forecast $28 Bn in profit for 2019.

TRENDSHEETSYMBOL CMP S2 S1 R1 R2 TREND

SENSEX 41009.71 39813 40411 41332 41654 Up

NIFTY 12086.70 11739 11913 12180 12273 Up

NIFTYBANK 32014.25 30597 31305 32414 32814 Up

YESBANK 46.70 31 39 57 67 Down

SBIN 333.00 299 316 342 350 Up

TCS 2070.00 1917 1993 2137 2205 Down

RELIANCE 1584.05 1530 1557 1601 1617 Up

TATAMOTORS 176.90 146 162 188 199 Up

ICICIBANK 537.15 513 525 546 555 Up

MARUTI 7235.55 6786 7011 7355 7474 Up

HDFCBANK 1263.05 1223 1243 1278 1292 Up

AXISBANK 752.25 693 723 768 785 Up

HDFC 2351.20 2220 2286 2391 2432 Up

FORTHCOMING EVENTSCOMPANY NAME EVENT EX-DATE

Indian Economy WPI Inflation for November 2019 16 Dec 2019

Borosil Glass Works Ltd Dividend – Rs. 0.65 18 Dec 2019

Indiabulls Ventures Ltd Buyback of shares 18 Dec 2019

Bharti Infratel Ltd Interim Dividend – Rs. 2.75 19 Dec 2019

Reserve Bank of India RBI Monetary policy Meeting Minutes 19 Dec 2019

ABB India Ltd Spin off 20 Dec 2019

KSTREET - 14TH DECEMBER, 2019 1

INDIAN INDICES (% CHANGE)

GLOBAL INDICES (% CHANGE)

NIFTY MIDCAP100TOP GAINERS & LOSERS (1W)

SECTORAL INDICES (% CHANGE)

FII/FPI & DII TRADING (IN RS. CRORES)

NSE NIFTY TOP GAINERS & LOSERS (1W)

EQUITY

Source: Bloomberg

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Nifty Sensex BSE Midcap

BSE Smallcap

Nifty Next 50

Nifty Midcap

100

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Nift

y A

uto

Nift

y Ba

nk

Nift

y Se

rvic

es S

ecto

r

Nift

y Ph

arm

a

Nift

y IT

Nift

y M

etal

Nift

y En

ergy

Nift

y In

dia

Con

sum

ptio

n

Nift

y Re

alty

Nift

y FM

CG

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Nas

daq

Dow

Jo

nes

S&P

500

Nik

kei

Han

g Se

ng

Shan

ghai

C

omp

FTSE

100

CA

C 4

0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

IDBI

BA

NK

LTD

MA

NA

PPU

RAM

FIN

AN

CE

LTD

CA

NA

RA B

AN

K

UN

ION

BA

NK

OF

IND

IA

INFO

ED

GE

IND

IA L

TD

APO

LLO

TYR

ES L

TD

OBE

ROI

REA

LTY

LTD

APO

LLO

HO

SPIT

ALS

EN

TERP

RISE

PNB

HO

USI

NG

FIN

AN

CE

LTD

ALL

AH

ABA

D B

AN

K

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

TATA

MO

TORS

LTD

TATA

STE

EL L

TD

EIC

HER

MO

TORS

LTD

VED

AN

TA L

TD

HIN

DA

LCO

IN

DU

STRI

ES L

TD

ZEE

ENTE

RTA

INM

ENT

ENTE

RPRI

SE

BHA

RTI I

NFR

ATE

L LT

D

HC

L TE

CH

NO

LOG

IES

LTD

BHA

RTI A

IRTE

L LT

D

YES

BAN

K L

TD

-800

-600

-400

-200

0

200

400

600

800

1000

09-12-19 10-12-19 11-12-19 12-12-19 13-12-19

FII/FPI DII

KSTREET - 14TH DECEMBER, 2019 2

RELATIVE PERFORMANCE

% OF SHAREHOLDING

in Rs.Mn ACTUAL ESTIMATE

YE Mar FY 19 FY 20 FY 21

REVENUE 8568 13788 13422

EBITDA 3780 5753 5868

EBITDA(%) 44.1% 41.7% 43.7%

PAT 2402 3993 4121

EPS (Rs.) 16.4 27.3 28.2

RoE (%) 8.5% 12.4% 11.4%

PE (x) 28.8 17.3 16.8

BEAT THE STREET - FUNDAMENTAL ANALYSIS

Sunteck Realty Ltd CMP Rs.404Target Price Rs.501Upside 24%

VALUE PARAMETERSFace Value (Rs.) 1.0

52 Week High/Low (Rs.) 533/319

M.Cap (Rs. Bn/US $mn) 59.1 /834

EPS (Rs.) 12.17

P/E Ratio (times) (FY20E) 34

Dividend Yield (%) 0.38

Stock Exchange BSE, NSE

EQUITY

Investment Rationale

• Having successfully established its presence across all the segments from

ultra Uber luxury to aspirational luxury residential segment at Bandra Kurla

Complex(BKC), Oshiwara District Centre(ODC) and Naigaon, Sunteck is

now focussing on building a premium commercial and retail portfolio of 3

mn sq ft (approx.) in ODC,1.5 to 2 mn sq ft (approx.) in and around BKC,

and 1 mn sq ft(approx.) in Naigaon. Thus a total of over 6 mn sq ft(approx.).

Additionally, it has also entered into JV agreement to develop mixed use

project at Lokhandwala.

• In FY19, the company achieved a pre-sales of Rs 12 Bn which is an increase

of over 105% as compared to last year. It achieved a pre-sales volume of

1.4 msf (430% increase YoY). 78% of pre-sales volume was contributed by

Naigaon project.

• The company has already sold ~1800 units worth more than Rs 600 cr (out

of 2476 units) units since the launch of the project in September last year.

• Post the NBFC crisis, management expects a lot of distressed properties

to hit the market and the company is in advance stage of closing few

transactions.

Valuation

The company has presence across entire product spectrum in

the residential space. Also, the expanding annuity portfolio will

provide stable cash flows. Given the company’s strong balance

sheet, we believe the company will be a key beneficiary of current

environment wherein organized players are expected to gain

market share. Improved sales and launch of subsequent phases at

ODC and Naigaon will be key triggers for the company over next

12 months. We value the company at par to its NAV of Rs. 501 and

assign BUY rating on the stock.

80

90

100

110

120

130

140

150

4344

743

462

4347

643

490

4350

443

518

4353

543

550

4356

443

580

4359

843

612

4362

743

641

4365

543

669

4368

343

699

4371

443

731

4374

743

762

4377

643

791

4380

5

SRIN Sensex

KSTREET - 14TH DECEMBER, 2019 3

EQUITY

BEAT THE STREET - TECHNICAL ANALYSIS

Aurobindo Pharma Ltd

AUROPHARMA is trading near its support of 440 levels which also ended short-term downtrend in the stock from the six month high of 650 indicating reversal on weekly charts. The stock is making higher highs on weekly timeframe indicating reversal in medium term. We expect the stock to continue its sharp reversal from the recent lows in the coming weeks and move much higher towards 500-520 levels. On daily charts, price has moved above its 9 day EMA and 21 day EMA, indicating positive bias in near term. The stock is making double bottom formation on daily charts and a breakout above its neckline around 490 levels will open much higher targets of 550-600 levels. On daily charts, the stock has broken out of it falling wedge pattern around 440-445 levels indicating that the downtrend has reversed in short term. RSI (14) on weekly charts is forming higher highs and higher lows and is showing divergence with price and it has also moved above 30 levels, indicating reversal from its downward trend.

Bank of Baroda Ltd

BANKBARODA has bounced well after making low of around 94.20 levels. Prior to that, the stock has seen forming bottom around 85.65 made on 10th January 2019, the stock rallied towards 103.95 levels in the month of November 2019, and corrected lower towards 90.65 levels on 14th November 2019. In this process, the stock has made an inverted head and shoulders pattern which has bullish implications on the break of the neckline placed around 103-104 levels and the breakout of the same was witnessed in recent past which was supported with the volumes and the stock has closed above the same on consistent basis for few days. On monthly charts, the stock has seen consistent selling from the highs of 224.78 levels to the low of 84.65 levels where it found support around the sub 85 levels and reversed its downtrend with the formation of bullish reversal pattern. On daily charts, the stock is trading above most of its major moving averages namely 21/50 –DEMA while it is just around its 200 days exponential moving average, indicating that after a short breather the stock may again resume its medium term trend and scale higher towards 115- 118 levels in the coming days.

STOCK AUROPHARMA

CMP 449.35

ENTRY 442

AVERAGE 425

STOP LOSS 400

TARGET 1 500

TARGET 2 520

TIME FRAME 1-2 MONTHS

STOCK BANKBARODA

CMP 101.75

ENTRY 100

AVERAGE 98

STOP LOSS 94

TARGET 1 115

TARGET 2 118

TIME FRAME 1-2 MONTHS

KSTREET - 14TH DECEMBER, 2019 4

EQUITY

SECTORAL SNIPPETS

NIFTY AUTO has outperformed the Nifty 50 index on week to week basis and ended the week on a positive note of around 3.50%. After taking a breather from its continuous fall the stock again witnessed a sharp rally in the last week and the surge was being supported by increase in average traded volumes indicating strength in the overall counter. Consolidation and rise in major heavyweights contributed to the bounce for the previous week. On weekly chart, the index has bounced from the retracement of 31.80% from the swing low of 6744 to the highs of 8500 levels and has headed towards its 50% retracement. On charts, the immediate support for the index is pegged around 7850-7860 level breaching, below which the next support could be seen around 7750-7760 levels. While on the contrary, the resistance is pegged around 8150-8200 levels which is the recent swing high, followed by 8350-8400 zone which is the next crucial resistance levels for the index. On oscillator front, the index has witnessed sharp bounce from the lower band of the Bollinger (20, 2) to the mean and is currently hovering near the same, at the same time the band is getting narrower indicating a higher probability of index to continue the consolidation movement in near future, this is further being supported by the 14 period RSI which is placed around 52-54 levels and closed above the signal line on weekly chart suggesting inherent strength at lower levels in the counter. Going forward for the coming week, it is advisable to trade cautiously in the counter as stock specific action could be seen ahead of monthly sales data.

NIFTY IT has underperformed the broader index of Nifty 50 and settled the last week on a negative note and lost over 0.50% during the same period. On the broader time frame, the index is struggling in the range of 14500 to 16000 over last two months and now the index is on its journey to test the lower end of the said range. The index is trading well below its major gap down zone created last week which indicates weakness in the index. Range bound moves in major stocks has helped the index to stay on neutral zone over last few trading sessions. Technically, the index has now formed lower highs & lower lows for last few sessions which indicate lack of interest on the sector. The index is hovering near the cluster of its major moving averages which adds the subdued view. Among the gainers Midcap IT stocks have managed to outperform the index while index majors have slipped during the same period. Technically, the index has witnessed sharp fall from the mean of the Bollinger (20, 2) to the lower band and currently bounced from the same towards the mean, at the same time the band is witnessing contraction indicating a higher probability of index to continue the consolidation movement in near future, this is further being supported by the 14 period RSI which is placed around 45-46 levels and bounced from the signal line on weekly chart suggesting further consolidation in the index. For now, supports may be assumed at 15000 and below at 14800 while resistance may be at assumed at 15500 and above it at 15600 levels.

NIFTY BANK outperformed the Nifty with a gain of 2.15% during the week passed by while the broader index Nifty gained marginally by 1.39%. During the last week, the index moved with a renewed buying and bounced off the 30996 levels. Technically, the index is trading with a bullish bias forming higher highs and higher lows as seen on the daily charts. However, the index currently may witness resistance around its previous swing resistance around 32160 levels above which it may navigate towards all-time high levels. On the flip side, the index may trade with a bearish bias if it breaches 30996 levels. Ujjivan Small Finance Bank made a bumper debut on the stock market on Thursday. The IPO was subscribed 170 times on the final day of the share sale, making it one of the most subscribed public offers in the last few years. The bank’s move to float an IPO was primarily to comply with the RBI’s norms, mandating small finance banks (SFBs) to list within three years of receiving the banking licence. Yes Bank CEO Ravneet Gill has cleared the air on the issue of potential investors in the private lender, saying major European financial institutions who are well-regulated, have shown interest in buying a stake and that it would reveal their names soon. On the stock specific front, PNB and BANKBARODA closed in green with gains of 7.14% and 5.05% respectively during the week while YESBANK lost by 16.61%. As indicated by the derivatives data, BankNifty may face resistance at 32500 levels followed by 33000 levels. For the week ahead, support for the index can be pegged at 32000 levels followed by 31500 levels.

NIFTY FMCG has closed the week on a negative note and underperformed Nifty significantly which has closed with gain of around 1.42% in the past week. The Index has bounced well after making swing low of around 29985 levels. Prior to that the index has been trading under pressure and made low of 29985 levels. Thereafter, index has bounced and bounce in the index has seen supportive volume formation on daily and weekly charts. The price action on said swing low levels has formed Harami candle stick pattern which indicated reversal in the index. On the momentum oscillator front, the 14-period RSI is above the 9-period signal line on the daily chart, indicating comfortable trade in the Index. Going ahead, the index is expected to find support around 29980 levels and below that is 29750 levels. Whereas, immediate resistance is placed at 30700 levels and above that is 30850 levels. The index is expected to maintain it’s up move in near term as short term bottom is placed and looking attractive at these levels for the market participants. Hence, the range for the Index is placed for the week at 29750- 30850 levels. We hold our bullish view for the Index for near term.

WEEKLY VIEW OF THE MARKET

NIFTY (12086.7): Indian equity benchmark index Nifty 50 closed higher by 1.39% during the week and the index moved with a renewed buying and bounced off the 11832 levels. Technically, the index is trading with a bullish bias forming higher highs and higher lows as seen on the daily charts. However, the index currently may witness resistance around its previous swing resistance around 12160 levels above which it may navigate towards all-time high levels. On the flip side, the index may trade with a bearish bias if it breaches 11830 levels. Indian equities during the week joined the global rally on renewed optimism over a trade deal between US and China. The sentiment also got a boost as Boris Johnson and his Conservative Party look set for a big victory in the UK elections, paving the way out of a Brexit deadlock. On the macro front, market participants may lay their focus WPI Inflation (YoY) (Nov) releasing on December 16th. On the derivatives front, open interest data suggests that the index may find its supports around 12000 followed by 11900 levels while on the higher side, 12100 and 12200 may act as strong resistance.

KSTREET - 14TH DECEMBER, 2019 5

COMMODITIES

GOLDThe global precious metals market had witnessed a positive trend during the week ended on 13th December 2019 tracking weakness in the dollar index. During the week, major event for the market was last meeting of the US Federal Reserve for the year 2019. During its two-days monetary policy meeting, the US central bank maintained status quo on its interest rate and kept the federal fund rates in the range of 1.75% - 2.00%. Better than expected non-farm payroll data released in first week of December prompted the fed to adopt wait and watch mode. Further, another important event during the week was possible trade deal between US and China. Though the US President said that he was not having any deadline for the trade deal, the efforts were in progress by both the sides. The deadline for imposition of fresh tariffs on USD 160 billion of Chinese goods is approaching i.e., 15th December 2019. Towards end of the week, there was progress in trade deal wherein US agreed not to impose fresh tariffs and reduce on certain goods provided China buys farm products in 2020. Among major economic release during the week was CPI, which came at 0.3% in November against 0.4% in the previous month.

BASE METALSMetal prices apprehended during the week at global markets after dollar got weak over the unchanged stance of Fed for the rate cut decision in future. The US Federal Reserve on Wednesday held interest rates steady and signaled borrowing costs will not change anytime soon, with moderate economic growth and historically low unemployment expected to persist through the 2020 presidential election. The policy decision left the Fed’s benchmark lending rate in its current target range between 1.50% and 1.75%, three-quarters of a percentage point below where it started the year. US gross domestic product at the median is projected to grow 2% next year and 1.9% in 2021, which is far short of the 3% annual growth Trump promised to deliver. Unemployment is seen remaining at 3.5% through next year, rising to 3.6% in 2021. In a demonstration of disconnect between that low level of unemployment and inflation, the pace of price increase is expected to rise only to 1.9% next year. On the economic front, Chinese PPI YoY was released on Tuesday showing a negative figure of -1.4% which is better than prior October month figure of -1.6%. As per the data from Aluminum Association, Total aluminum consumption in the US this year is estimated at more than 10 million tonnes, nearly 15% of the global total at 67 million tonnes. During the first 11 months of 2019, China’s heavy truck sales amounted to 1.07 million units, which was up 1% from the same period a year earlier. US aluminum use in passenger cars and light trucks climbed 23% to 6,080 million lbs between 2007 and 2017.

ENERGYCrude oil prices rose to the highest levels in three months after US signed a partial deal with China easing off the worries regarding the slowdown in global oil demand due to US-China trade war. US said on Thursday that Washington has set its terms for a trade deal with Beijing, offering to suspend some tariffs on goods and cut others in exchange for Chinese purchases of more American farm goods. Crude oil prices are witnessing modest gains of

around 7% on the weekly basis as OPEC and its allies had also announced the production cut. OPEC in monthly report indicates that the oil market in 2020 may see a small supply deficit, although the International Energy Agency believes global inventories rising despite the further step by OPEC and allies. Separately, IEA in its December report said that global fuel oil demand will average 6.148 million b/d in 2020, a 4.6% drop from 6.440 million b/d in 2019. IEA said global oil inventories could rise sharply through March despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the US and other non-OPEC nations. In natural gas, US EIA said utilities pulled 73 billion cubic feet (bcf) of gas from storage during the week ended December 6. The decrease for the week ended December 6 cut stockpiles to 3.518 trillion cubic feet (tcf), 0.4% below the five-year average of 3.532 tcf for this time of year.

SOYBEANSoybean futures on Indian bourses advanced the gains for fourth consecutive week in the week ended on 13th December 2019 on strong buying support backed by supply constraint. There was increased demand from the processors for crushing to meeting the meal and oil demand. Fall in production estimates for major producing countries has been supporting the prices rally. The supplies across major trading centre were thin during the week against the demand. Price rally in the edible oils led by soy oil and CPO had supported the rally in the seed prices. On global front, CBOT soybean futures also staged a strong rally reacting to the positive developments on trade deal between US and China. Refined soy oil futures had witnessed an unprecedented rally during the week tracking strength in the palm oil market. Supply bottleneck, lower ending stocks and increased usage of palm oil into bio-diesel had resulted into an unprecedented surge in the edible oil market. Mustard seed futures also followed suit supported by production concerns due to unfavorable weather condition.

COTTONIt was choppy trading week for the Indian cotton futures market wherein MCX cotton futures for December delivery traded in a thin range of Rs 19000 – 19500 per bale in absence of major triggers in the market. The spot markets had witnessed lacklustre trading with buyers postponing their bulk purchases in anticipation of fall in the prices. The arrivals across spot markets were limited. Similarly, ICE cotton futures also rallied reacting to release of positive USDA report. In its monthly World Agriculture Supply Demand Estimates report, the US Department of Agriculture lowered the US cotton crop production estimates by 2.93% to 20.21 million bales of 480 lbs each. These production numbers were lowered because of decline in yield level, which was lowered by 3% to 775 pounds per acre. Lower production estimates has resulted into drop in ending stocks by 9.84% to 5.5 million bales of 480 lbs each. The Cotton Association of India has released its November cotton crop estimate for the year 2019-20 that started from 1st October 2019. It has estimated production numbers for 2019-20 at 354.50 lakh bales of 170 kg each, which is same as that of previous estimates.

TRENDSHEET

Commodities 6-Dec 13-Dec % Change 52 Week High% Change from 52

Week High52 Week Low

% Change from 52 Week Low

MCX Gold (Rs/10 gms) 37699.00 37610.00 -0.2% 39885.00 -5.7% 31002.00 21.3%

MCX Silver (Rs/Kg) 43545.00 44120.00 1.3% 50672.00 -12.9% 35826.00 23.2%

MCX Crude Oil (Rs/bbl) 4206.00 4230.00 0.6% 4692.00 -9.8% 2993.00 41.3%

MCX Natural Gas (Rs/mmBtu) 168.00 162.10 -3.5% 308.00 -47.4% 144.60 12.1%

MCX Copper (Rs/kg) 438.10 444.95 1.6% 468.65 -5.1% 397.40 12.0%

MCX Lead (Rs/kg) 152.45 153.75 0.9% 169.90 -9.5% 123.80 24.2%

MCX Zinc (Rs/kg) 183.10 184.15 0.6% 233.65 -21.2% 167.20 10.1%

MCX Nickel (Rs/kg) 997.40 1030.20 3.3% 1314.80 -21.6% 735.00 40.2%

MCX Aluminium (Rs/kg) 133.25 134.00 0.6% 158.25 -15.3% 124.75 7.4%

NCDEX Soybean (Rs/Quintal) 4114.00 4198.00 2.0% 4296.00 -2.3% 3312.00 26.8%

NCDEX Refined Soy Oil (Rs/10 kg) 853.20 859.60 0.8% 872.40 -1.5% 715.55 20.1%

NCDEX RM Seed (Rs/Quintal) 4389.00 4461.00 1.6% 4482.00 -0.5% 3711.00 20.2%

MCX CPO (Rs/10 kg) 709.40 720.40 1.6% 737.20 -2.3% 491.30 46.6%

NCDEX Castor Seed (Rs/Quintal) 4168.00 4226.00 1.4% 6102.00 -30.7% 3956.00 6.8%

NCDEX Turmeric (Rs/Quintal) 5678.00 6172.00 8.7% 7360.00 -16.1% 5556.00 11.1%

NCDEX Jeera (Rs/Quintal) 16235.00 15900.00 -2.1% 18455.00 -13.8% 15140.00 5.0%

NCDEX Dhaniya (Rs/Quintal) 6722.00 7024.00 4.5% 7688.00 -8.6% 5267.00 33.4%

MCX Cardamom (Rs/kg) 3080.20 3051.10 -0.9% 4265.30 -28.5% 1441.00 111.7%

NCDEX Wheat (Rs/Quintal) 2129.00 2153.00 1.1% 2190.00 -1.7% 1770.00 21.6%

NCDEX Guar Seed (Rs/Quintal) 4050.00 3912.00 -3.4% 4508.00 -13.2% 3731.00 4.9%

NCDEX Guar Gum (Rs/Quintal) 7335.00 7095.00 -3.3% 9138.00 -22.4% 7002.00 1.3%

MCX Cotton (Rs/Bale) 19140.00 19290.00 0.8% 22540.00 -14.4% 18460.00 4.5%

NCDEX Cocud (Rs/Quintal) 1964.00 2058.00 4.8% 3698.00 -44.3% 1807.00 13.9%

MCX Mentha Oil (Rs/kg) 1291.00 1306.30 1.2% 1748.00 -25.27% 1176.00 11.1%

6KSTREET - 14TH DECEMBER, 2019

COMMODITIES

MCX CRUDE- PRICE, VOLUME & OPEN INTEREST MCX NATURAL GAS – PRICE, VOLUME & OPEN INTEREST

CALENDAR SPREAD NYMEX - CRUDE OIL CALENDAR SPREAD NYMEX – NATURAL GAS

NEWS DIGEST

• Gold steadied on Friday as a weaker US dollar helped offset pressure from increased appetite for riskier assets following reports of a breakthrough in US-China trade negotiations, while palladium scaled a fresh peak.

• China Metallurgical Industry Planning and Research Institute President Mr Li Xinchuang, also vice chairman of the China Iron & Steel Association, at a press conference said that Chinese steel production is expected to increase by 6.5% to hit 988 million tonnes in 2019 and 981 million tonnes in 2020 as demand is expected to rise on the back of increased domestic infrastructure investment and other factors.

• India’s fuel demand grew by 10.5% in November from a year earlier, its fastest pace since January 2018, driven by higher consumption of transport fuels gasoil and gasoline, and cooking gas. Consumption of refined fuels, a proxy for oil demand in Asia’s third largest economy, totalled 18.77 million tonnes in the month, preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed on Wednesday.

• Britain’s Prime Minister Boris Johnson won a resounding election victory on Friday that will allow him to take his country out of the European Union by the end of January.

• USDA in its monthly World Agriculture Supply Demand Estimates report has lowered the US cotton crop production estimates by 2.93% to 20.21 million bales of 480 lbs each. These production numbers were lowered because of decline in yield level, which was lowered by 3% to 775 pounds per acre. Lower production estimates has resulted in drop in ending stocks by 9.84% to 5.5 million bales of 480 lbs each.

-0.16

-0.14

-0.12

-0.1

-0.08

-0.06

-0.04

-0.02

0

22-Nov 24-Nov 26-Nov 28-Nov 30-Nov 2-Dec 4-Dec 6-Dec 8-Dec 10-Dec 12-Dec

$/B

BL

-0.05

-0.04

-0.03

-0.02

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

22-Nov 24-Nov 26-Nov 28-Nov 30-Nov 2-Dec 4-Dec 6-Dec 8-Dec 10-Dec 12-Dec

$/M

MB

tu

145

150

155

160

165

170

175

180

185

0

20000

40000

60000

80000

100000

120000

140000

160000

3-Dec 5-Dec 9-Dec 11-Dec

Open Interest Volume Price (INR/MMBTU)

3500

3600

3700

3800

3900

4000

4100

4200

4300

0

50000

100000

150000

200000

250000

300000

350000

400000

3-Dec 4-Dec 5-Dec 6-Dec 9-Dec 10-Dec 11-Dec 12-Dec

Volume Open Interest Price (INR/Bbl)

7KSTREET - 14TH DECEMBER, 2019

COMMODITIES

INDIAN COTTON BALANCE SHEET FOR THE SEASON 2018-19 AND 2019-20

Details2019-20 2018-19

(in lakh b/s) (in’000 Tons) (in lakh b/s) (in’000 Tons)

SUPPLY

Opening Stock 23.50 399.50 33.00 561.00

Crop 354.50 6026.50 312.00 5304.00

Imports 25.00 425.00 32.00 544.00

Total Supply 403.00 6851.00 377.00 6409.00

DEMAND

Mill Consumption 288.00 4896.00 274.50 4666.50

Consumption by SSI Units 25.00 425.00 25.00 425.00

Non- Mill Consumption 18.00 306.00 12.00 204.00

Total Domestic Demand 331.00 5627.00 311.50 5295.50

Available Surplus 72.00 1224.00 65.50 1113.50

Exports 42.00 714.00 42.00 714.00

Closing Stock 30.00 510.00 23.50 399.50

FUTURE PRICES (% CHANGE)

LME WAREHOUSE STOCKS (IN TONS)

Commodity Previous week This week Change % Change

Copper 190825 171800 -19025 -9.97%

Zinc 58150 56075 -2075 -3.57%

Aluminium 1288150 1375675 87525 6.79%

Lead 67125 67325 200 0.30%

Nickel 69276 123228 53952 77.88%

SHANGHAI WAREHOUSE STOCKS (IN TONS)*

Commodity Previous week This week Change % Change

Copper 112667 117245 4578 4.06%

Zinc 37118 33844 -3274 -8.82%

Aluminium 233896 218367 -15529 -6.64%

*Until Wednesday, (Chinese market was closed last week)

GLOBAL STOCK POSITION (IN TONS)

COMEX WAREHOUSE STOCKS (IN TONS)

Commodity Previous week This week Change % Change

Copper 40186 40111 -75 -0.19%

PRICES OF METALS IN LME/ COMEX/ NYMEX (IN US $)

Commodity Exchange Contract 06-Dec 13-Dec % change

Aluminium LME 3M 1762.50 1771.50 0.51%

Copper LME 3M 6025.00 6161.50 2.27%

Lead LME 3M 1889.00 1928.00 2.06%

Nickel LME 3M 13490.00 14010.00 3.85%

Zinc LME 3M 2239.00 2260.00 0.94%

Gold CME Dec 1458.40 1468.50 0.69%

Silver CME Dec 16.49 16.88 2.37%

WTI Crude oil CME Dec 59.07 59.22 0.25%

Natural Gas CME Dec 2.35 2.34 -0.47%

INTERNATIONAL COMMODITY PRICES

Commodity Exchange Contract 06-Dec 13-Dec % change

Soybean CBOT Dec 917.75 925.50 0.84%

Soy oil CBOT Dec 30.94 31.95 3.26%

CPO BMD Jan 2855.00 2853.00 -0.07%

Cotton ICE Dec 64.06 64.06 0.00%

-3.5%

-3.4%

-3.3%

-2.1%

-0.9%

-0.2%

-0.1%

0.6%

0.6%

0.6%

0.8%

0.8%

0.9%

1.1%

1.2%

1.3%

1.4%

1.6%

1.6%

1.6%

2.0%

3.3%

4.5%

4.8%

8.7%

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

Natural Gas

Guar Seed

Guar Gum

Jeera

Cardamom

Gold

Barley

Aluminum

Crude Oil

Zinc

Soy Oil

Cotton

Lead

Wheat

Mentha Oil

Silver

Castor Seed

CPO

Copper

RM Seed

Soybean

Nickel

Dhaniya

Cotton Seed Oil Cake

Turmeric

8KSTREET - 14TH DECEMBER, 2019

USD/INR

USDINR traded weaker during the week, it made a high of 71.29 and low of 70.52. The RSI is at 50.08. Moving average of 50 is at 67.88. The trend is looking sideways for the week. Hence, we recommend buying at 70.60 TP 71.40 SL 70.30.

EUR/INR

EURINR traded positive during the week, it made a high of 79.24 and low of 78.41. The RSI is trading at 53.75. Moving average of 50 is at 77.60. The trend is looking positive for the week. Hence, we recommend buying at 78.20 TP 79.70 SL 77.60.

GBP/INR

GBPINR traded positive during the week, it made a high of 95.37 and low of 92.88. The RSI is trading at 70.02. Moving average of 50 is at 89.74. The trend is looking positive for the week. Hence, we recommend buying at 94.00 TP 97.00 SL 92.50.

JPY/INR

JPYINR traded negative during the week, it made a high of 65.64 and low of 64.34. The RSI is at 45.17. Moving average of 50 is at 61.42. The trend is looking negative for the week. Hence, we recommend Selling at 65.00 TP 64.00 SL 65.50.

TECHNICAL RECOMMENDATIONMARKET STANCE

USD/INR ended at 70.82 after hitting weekly high of 70.30 and low of 70.52. Rupee gained about 2% this week. Sensex was up 428 points at 41009 while Nifty was up 114 points at 12086. Hope of a trade deal between the US and China is keeping the market in the positive terrain. As per reports, the US has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs as part of a ‘phase one’ deal. India’s economy is expected to grow at 4.3% in December quarter this year amid concerns over crisis in the NBFC sector, as per Nomura. India’s retail inflation in November increased to 40-month high of 5.54%, from 4.62% in the previous month due to consistent rise in food prices. Breached the 4% mark in October for the first time since July 2018. But core inflation (excluding food and oil) remained unchanged at 3.5%.

On the global front, a decisive victory of Britain’s Conservative Party in the UK elections has strengthened the prospects of a smooth Brexit. US nonfarm payrolls increased by 266,000 jobs last month, the biggest gain in 10 months. This week, FX volatility remained high on FOMC, ECB policy statement. Dollar fell to its steepest losses in weeks after the US Federal Reserve’s benign inflation outlook brought down expectations for a rate hike any time soon. Fed Chairman Jerome Powell said the economic outlook for the US was favorable as the central bank announced its decision to hold rates steady. Signs of a breakthrough in China-US trade negotiations pushed the Chinese Yuan to a four-month high. Yen fell sharply after reports that US President Donald Trump signed off on a trade deal with China. China’s exports shrank for the fourth consecutive month in November on persistent pressures on manufacturers from the China-US trade war. ZEW Indicator of economic sentiment for Germany has again risen sharply in December 2019, now being valued at 10.7 points. ECB maintained the status quo at its meeting yesterday.USD/INR likely to find support at 70.50 and resistance at 71.00 in the near term.

NEWS FLOWS OF LAST WEEK

• Hope of a trade deal between the US and China is keeping the market in the positive terrain.

• As per reports the United States has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs as part of a ‘phase one’ deal.

• India’s economy is expected to grow at 4.3 percent in December quarter this year amid concerns over crisis in the NBFC sector, as per Nomura.

• India’s retail inflation in November increased to 40-month high of 5.54 percent, from 4.62 percent in the previous month

• A decisive victory of Britain’s Conservative Party in the UK elections has strengthened the prospects of a smooth Brexit.

• US nonfarm payrolls increased by 266,000 jobs last month, the biggest gain in 10 months.

• Dollar fell to its steepest losses in weeks after the US Federal Reserve’s benign inflation outlook brought down expectations for a rate hike any time soon.

• China’s exports shrank for the fourth consecutive month in November on persistent pressures on manufacturers from the China-US trade war.

• ZEW Indicator of economic sentiment for Germany has again risen sharply in December 2019, now being valued at 10.7 points. ECB maintained the status quo at its meeting yesterday.

CURRENCY

CURRENCY TABLE

Currency Pair Open High Low Close

USDINR 71.28 71.30 70.52 70.82

EURINR 78.80 79.24 78.37 79.12

GBPINR 93.64 95.40 92.12 94.82

JPYINR 65.64 65.66 64.36 64.55

9KSTREET - 14TH DECEMBER, 2019

ECONOMIC GAUGE FOR THE NEXT WEEK

Date Time (IST) Country Indicator Name Period Reuters Poll Unit Prior

10 Dec 2019 7:30 China (Mainland) Total Social Financing Nov 1,500.00B CNY 618.90B

13 Dec 2019 17:00 India Trade Balance-RBI Q3 USD -46.2B

13 Dec 2019 17:00 India C/A Bal. $ Q3 USD -14.3B

13 Dec 2019 17:00 India Balance Payments $ Q3 USD 14.0B

13 Dec 2019 17:00 India Current Account/GDP (Q) Q3 Percent -2.0%

10 Dec 2019 China (Mainland) M2 Money Supply YY Nov 8.4% Percent 8.4%

10 Dec 2019 China (Mainland) New Yuan Loans Nov 1,200.0B CNY 661.3B

10 Dec 2019 China (Mainland) Outstanding Loan Growth Nov 12.3% Percent 12.4%

10 Dec 2019 China (Mainland) FDI (YTD) Nov Percent 6.60%

10 Dec 2019 India Exports - USD Nov USD 26.38B

16 Dec 2019 7:00 China (Mainland) China House Prices YY Nov Percent 7.8%

10 Dec 2019 India Trade Deficit Govt -USD Nov 12.30B USD 11.01B

10 Dec 2019 India Imports - USD Nov USD 37.39B

16 Dec 2019 7:30 China (Mainland) Urban Investment (YTD)YY Nov 5.2% Percent 5.2%

16 Dec 2019 7:30 China (Mainland) Industrial Output YY Nov 5.0% Percent 4.7%

16 Dec 2019 7:30 China (Mainland) Retail Sales YY Nov 7.6% Percent 7.2%

16 Dec 2019 7:30 China (Mainland) Industrial Production YTD YY Nov Percent 5.6%

16 Dec 2019 7:30 China (Mainland) Retail Sales YTD YY Nov Percent 8.05%

16 Dec 2019 12:00 India WPI Inflation YY Nov 0.74% Percent 0.16%

16 Dec 2019 12:00 India WPI Food Index Nov Percent 7.65%

16 Dec 2019 12:00 India WPI Food Articles YY Nov Percent 9.80%

16 Dec 2019 12:00 India WPI Fuel YY Nov Percent -8.27%

16 Dec 2019 12:00 India WPI Mfg Inflation Nov Percent -0.84%

16 Dec 2019 14:30 Euro Zone Markit Mfg Flash PMI Dec 47.3 Index (diffusion) 46.9

16 Dec 2019 14:30 Euro Zone Markit Serv Flash PMI Dec 52.0 Index (diffusion) 51.9

16 Dec 2019 14:30 Euro Zone Markit Comp Flash PMI Dec 50.7 Index (diffusion) 50.6

16 Dec 2019 15:30 Euro Zone Labour Costs YY Q3 Percent 2.7%

16 Dec 2019 15:30 Euro Zone Wages In Euro Zone Q3 Percent 2.7%

16 Dec 2019 16:30 Euro Zone Reserve Assets Total Nov EUR 816.49B

16 Dec 2019 19:00 United States NY Fed Manufacturing Dec 3.50 Index 2.90

16 Dec 2019 20:15 United States Markit Comp Flash PMI Dec Index (diffusion) 52.0

16 Dec 2019 20:15 United States Markit Mfg PMI Flash Dec 52.5 Index (diffusion) 52.6

16 Dec 2019 20:15 United States Markit Svcs PMI Flash Dec 51.8 Index (diffusion) 51.6

16 Dec 2019 20:30 United States NAHB Housing Market Indx Dec 70 Index 70

17 Dec 2019 2:30 United States Net L-T Flows,Exswaps Oct USD 49.5B

17 Dec 2019 2:30 United States Foreign Buying, T-Bonds Oct USD -34.3B

17 Dec 2019 2:30 United States Overall Net Capital Flows Oct USD -37.6B

17 Dec 2019 2:30 United States Net L-T Flows,Incl.Swaps Oct USD 22.1B

17 Dec 2019 15:30 Euro Zone Eurostat Trade NSA, Eur Oct EUR 18.7B

17 Dec 2019 15:30 Euro Zone Total Trade Balance SA Oct EUR 18.30B

17 Dec 2019 19:00 United States Building Permits: Number Nov 1.400M Number of 1.461M

17 Dec 2019 19:00 United States Build Permits: Change MM Nov Percent 5.0%

17 Dec 2019 19:00 United States Housing Starts Number Nov 1.344M Number of 1.314M

17 Dec 2019 19:00 United States House Starts MM: Change Nov Percent 3.8%

17 Dec 2019 19:25 United States Redbook MM 14 Dec, w/e Percent -3.6%

17 Dec 2019 19:25 United States Redbook YY 14 Dec, w/e Percent 5.0%

17 Dec 2019 19:45 United States Industrial Production MM Nov 0.8% Percent -0.8%

17 Dec 2019 19:45 United States Capacity Utilization SA Nov 77.2% Percent 76.7%

17 Dec 2019 19:45 United States Manuf Output MM Nov 0.7% Percent -0.6%

17 Dec 2019 19:45 United States Industrial Production YoY Nov Percent -1.13%

17 Dec 2019 20:30 United States JOLTS Job Openings Oct Person 7.024M

18 Dec 2019 3:00 United States API weekly crude stocks 9 Dec, w/e #N/P Number of #N/P

CURRENCY

10KSTREET - 14TH DECEMBER, 2019

18 Dec 2019 3:00 United States API weekly gasoline stk 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 3:00 United States API weekly dist. stocks 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 3:00 United States API weekly heating oil 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 3:00 United States API weekly crude imports 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 3:00 United States API weekly product imports 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 3:00 United States API weekly crude runs 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 3:00 United States API Cushing number 9 Dec, w/e #N/P Number of #N/P

18 Dec 2019 15:30 Euro Zone Construction Output MM Oct Percent 0.74%

18 Dec 2019 15:30 Euro Zone HICP Final MM Nov -0.3% Percent 0.1%

18 Dec 2019 15:30 Euro Zone HICP Final YY Nov 1.0% Percent 1.0%

18 Dec 2019 15:30 Euro Zone HICP-X F&E MM Nov Percent 0.1%

18 Dec 2019 15:30 Euro Zone HICP-X F&E Final YY Nov 1.5% Percent 1.5%

18 Dec 2019 15:30 Euro Zone HICP-X Tobacco MM Nov Percent 0.1%

18 Dec 2019 15:30 Euro Zone HICP-X tobacco YY Nov Percent 0.6%

18 Dec 2019 15:30 Euro Zone HICP-X F, E, A, T Final MM Nov -0.5% Percent -0.5%

18 Dec 2019 15:30 Euro Zone HICP-X F,E,A&T Final YY Nov 1.3% Percent 1.3%

18 Dec 2019 15:30 Euro Zone HICP Ex-Tobacco Revised Nov Index 105.16

18 Dec 2019 15:30 Euro Zone HICP Excl Tobacco Unrevised Nov Index 105.16

18 Dec 2019 17:00 India M3 Money Supply 6 Dec, w/e Percent 9.8%

18 Dec 2019 17:30 United States MBA Mortgage Applications 13 Dec, w/e Percent 3.8%

18 Dec 2019 17:30 United States Mortgage Market Index 13 Dec, w/e Index 532.1

18 Dec 2019 17:30 United States MBA Purchase Index 13 Dec, w/e Index 268.3

18 Dec 2019 17:30 United States Mortgage Refinance Index 13 Dec, w/e Index 2,094.1

18 Dec 2019 17:30 United States MBA 30-Yr Mortgage Rate 13 Dec, w/e Percent 3.98%

18 Dec 2019 21:00 United States EIA Weekly Crude Stocks 13 Dec, w/e Barrel 0.822M

18 Dec 2019 21:00 United States EIA Weekly Dist. Stocks 13 Dec, w/e Barrel 4.118M

18 Dec 2019 21:00 United States EIA Weekly Gasoline Stk 13 Dec, w/e Barrel 5.405M

18 Dec 2019 21:00 United States EIA Weekly Crude Imports 13 Dec, w/e Barrel 0.633M

18 Dec 2019 21:00 United States EIA Weekly Rfg Stocks 13 Dec, w/e Barrel 0.013M

18 Dec 2019 21:00 United States EIA Weekly Heatoil Stock 13 Dec, w/e Barrel -0.462M

18 Dec 2019 21:00 United States EIA Weekly Prods Imports 13 Dec, w/e Barrel/Day -0.164M

18 Dec 2019 21:00 United States EIA Weekly Dist Output 13 Dec, w/e Barrel/Day -0.035M

18 Dec 2019 21:00 United States EIA Weekly Crude Runs 13 Dec, w/e Barrel/Day -0.201M

18 Dec 2019 21:00 United States EIA Weekly Refining Util 13 Dec, w/e Percent -1.3%

18 Dec 2019 21:00 United States EIA Wkly Crude Cushing 13 Dec, w/e Barrel -3.393M

18 Dec 2019 21:00 United States EIA Weekly Gasoline O/P 13 Dec, w/e Barrel/Day -0.188M

19 Dec 2019 0:00 United States EIA Ethanol Ref Stk 13 Dec, w/e Barrel 21,815k

19 Dec 2019 0:00 United States EIA Ethanol Fuel Total 13 Dec, w/e Barrel/Day 1,072k

19 Dec 2019 19:00 United States Current Account Q3 -122.8B USD -128.2B

19 Dec 2019 19:00 United States Initial Jobless Claims 14 Dec, w/e Person 252k

19 Dec 2019 19:00 United States Jobless Claims 4-Wk Avg 14 Dec, w/e Person 224.00k

19 Dec 2019 19:00 United States Continued Jobless Claims 7 Dec, w/e Person 1.667M

19 Dec 2019 19:00 United States Philly Fed Business Indx Dec 8.5 Index 10.4

19 Dec 2019 19:00 United States Philly Fed 6M Index Dec Index 35.80

19 Dec 2019 19:00 United States Philly Fed Capex Index Dec Index 19.40

19 Dec 2019 19:00 United States Philly Fed Employment Dec Index 21.50

19 Dec 2019 19:00 United States Philly Fed Prices Paid Dec Index 7.80

19 Dec 2019 19:00 United States Philly Fed New Orders Dec Index 8.40

19 Dec 2019 20:30 United States Existing Home Sales Nov 5.45M Number of 5.46M

19 Dec 2019 20:30 United States Exist. Home Sales % Chg Nov 0.0% Percent 1.9%

19 Dec 2019 20:30 United States Leading Index Chg MM Nov 0.1% Percent -0.1%

19 Dec 2019 21:00 United States EIA- Nat Gas, Change Bcf 9 Dec, w/e Cubic foot -73B

19 Dec 2019 21:00 United States Nat Gas-EIA Implied Flow 9 Dec, w/e Cubic foot -73B

20 Dec 2019 7:00 China (Mainland) Loan Prime Rate 1Y Dec Percent 4.15%

CURRENCY

11KSTREET - 14TH DECEMBER, 2019

20 Dec 2019 7:00 China (Mainland) Loan Prime Rate 5Y Dec Percent 4.80%

20 Dec 2019 14:30 Euro Zone Current Account NSA,EUR Oct EUR 35.8B

20 Dec 2019 14:30 Euro Zone Current Account SA, EUR Oct EUR 28.150B

20 Dec 2019 17:00 India Bank Loan Growth 2 Dec, w/e Percent

20 Dec 2019 17:00 India Deposit Growth 2 Dec, w/e Percent

20 Dec 2019 17:00 India FX Reserves, USD 9 Dec, w/e USD 453.42B

20 Dec 2019 19:00 United States Corporate Profits Revised Q3 Percent 1.3%

20 Dec 2019 19:00 United States GDP Final Q3 2.1% Percent 2.1%

20 Dec 2019 19:00 United States GDP Sales Final Q3 Percent 2.0%

20 Dec 2019 19:00 United States GDP Cons Spending Final Q3 Percent 2.9%

20 Dec 2019 19:00 United States GDP Deflator Final Q3 1.8% Percent 1.7%

20 Dec 2019 19:00 United States Core PCE Prices Fnal Q3 2.1% Percent 2.1%

20 Dec 2019 19:00 United States PCE Prices Final Q3 Percent 1.5%

20 Dec 2019 20:30 United States Personal Income MM Nov 0.3% Percent 0.0%

20 Dec 2019 20:30 United States Personal Consump Real MM Nov Percent 0.1%

20 Dec 2019 20:30 United States Consumption, Adjusted MM Nov 0.4% Percent 0.3%

20 Dec 2019 20:30 United States Core PCE Price Index MM Nov 0.1% Percent 0.1%

20 Dec 2019 20:30 United States Core PCE Price Index YY Nov 1.6% Percent 1.6%

20 Dec 2019 20:30 United States PCE Price Index MM Nov Percent 0.2%

20 Dec 2019 20:30 United States PCE Price Index YY Nov Percent 1.3%

20 Dec 2019 20:30 United States U Mich Sentiment Final Dec 99.2 Index 99.2

20 Dec 2019 20:30 United States U Mich Conditions Final Dec Index 115.2

20 Dec 2019 20:30 United States U Mich Expectations Final Dec Index 88.9

20 Dec 2019 20:30 United States U Mich 1Yr Inf Final Dec Percent 2.4%

20 Dec 2019 20:30 United States U Mich 5-Yr Inf Final Dec Percent 2.3%

20 Dec 2019 20:30 Euro Zone Consumer Confid. Flash Dec -7.0 Net balance -7.2

20 Dec 2019 21:30 United States KC Fed Manufacturing Dec Index -5

20 Dec 2019 21:30 United States KC Fed Composite Index Dec Index (diffusion) -3

20 Dec 2019 22:30 United States Dallas Fed PCE Nov Percent 1.6%

CURRENCY

12KSTREET - 14TH DECEMBER, 2019