The Indian markets despite a good turnaround, closed marginally in red in last session. Today, the expiry day of the F&O November series is likely to be in green tailing global cues. Though, volatility too cannot be ruled out owing to series expiry and the traders will now be concentrating on the Q2 GDP numbers to be announced tomorrow, there is general belief that after a sluggish first quarter, India's economy may have expanded by about 4.5 percent in the July-September period. There will be some buzz in the pharma sector due to conflicting views of ministries, while on one hand the industry ministry is all set to propose a new policy on foreign direct investment in the pharma sector, reducing the cap on FDI in brownfield pharma projects to 49 percent in critical areas, the finance ministry continues to remain against FDI cap on critical pharma projects. There will be some action in banking licence aspirants too, as the Tata Group has decided to withdraw its application for a bank. There will be some buzz in the telecom sector as well, as telecom regulator Trai has come out with guidelines and tariff on unstructured supplementary service data (USSD)-based mobile banking services in order to promote use of mobile banking services across the country.
The US markets bounced back and ended higher on Wednesday, reacting to a batch of largely upbeat economic data. There was unexpected decrease in initial jobless claims, while consumer sentiment in the month of November improved. The Asian markets have made positive start following the gains in US markets and the Nikkei has surged as yen plunged to its month low against dollar.
Back home, Wednesday turned out to be a lacklustre session for Indian equity markets as investors remained on sidelines on the penultimate day of F&O expiry. Benchmark indices moved in a narrow range for the major part of the day with bouts of volatility witnessed during the trade. Sentiments also remained dampened on report that foreign institutional investors (FIIs) sold shares worth a net Rs 339.16 crore on November 26, 2013, as per provisional data from the stock exchanges. However, the losses remained capped with some respite coming in from currency front where Indian rupee traded higher on corporate dollar inflows. Positive opening in European counters helped domestic markets to regain their green terrain in last leg of trade. Recovery in Asian markets too supported the domestic markets and most of the Asian equity benchmarks ended in the positive trajectory. Back home, some support also came in after planning panel Deputy Chairman Montek Singh Ahluwalia, exuded confidence that economy will be back on high growth trajectory and said that GDP will expand by over 6 percent next fiscal and performance will be better in second half of this fiscal. Sugar stocks too remained jubilant with scrips like Balrampur Chini, Shree Renuka Sugar, Bajaj Hindusthan, Triveni Engineering etc edging higher on report that the Food Ministry will soon seek Cabinet nod for providing interest-free loans to cash-starved sugar mills to help them meet working capital requirements. Meanwhile, shares of public sector oil marketing companies (PSU OMCs) viz BPCL and HPCL too remained on buyers’ radar after oil secretary Vivek Rae said that a delegation from India will shortly visit Iran to discuss the oil payment mechanism. However, profit booking was witnessed in dying hour of trade which dragged the frontline gauges in the red, largely due to selling in software and technology counters, led by software services exporters Infosys and TCS which hit by a strengthening rupee, with sentiment also remaining weak due to recent selling by foreign investors. Finally, the BSE Sensex declined by 4.76 points or 0.02%, to settle at 20420.26, while the CNX Nifty lost 2.00 points or 0.03% to settle at 6,057.10.
The US markets bounced back and ended higher on Wednesday, reacting to a batch of largely upbeat economic data. There was unexpected decrease in initial jobless claims, while consumer sentiment in the month of November improved. The Asian markets have made positive start following the gains in US markets and the Nikkei has surged as yen plunged to its month low against dollar.
Back home, Wednesday turned out to be a lacklustre session for Indian equity markets as investors remained on sidelines on the penultimate day of F&O expiry. Benchmark indices moved in a narrow range for the major part of the day with bouts of volatility witnessed during the trade. Sentiments also remained dampened on report that foreign institutional investors (FIIs) sold shares worth a net Rs 339.16 crore on November 26, 2013, as per provisional data from the stock exchanges. However, the losses remained capped with some respite coming in from currency front where Indian rupee traded higher on corporate dollar inflows. Positive opening in European counters helped domestic markets to regain their green terrain in last leg of trade. Recovery in Asian markets too supported the domestic markets and most of the Asian equity benchmarks ended in the positive trajectory. Back home, some support also came in after planning panel Deputy Chairman Montek Singh Ahluwalia, exuded confidence that economy will be back on high growth trajectory and said that GDP will expand by over 6 percent next fiscal and performance will be better in second half of this fiscal. Sugar stocks too remained jubilant with scrips like Balrampur Chini, Shree Renuka Sugar, Bajaj Hindusthan, Triveni Engineering etc edging higher on report that the Food Ministry will soon seek Cabinet nod for providing interest-free loans to cash-starved sugar mills to help them meet working capital requirements. Meanwhile, shares of public sector oil marketing companies (PSU OMCs) viz BPCL and HPCL too remained on buyers’ radar after oil secretary Vivek Rae said that a delegation from India will shortly visit Iran to discuss the oil payment mechanism. However, profit booking was witnessed in dying hour of trade which dragged the frontline gauges in the red, largely due to selling in software and technology counters, led by software services exporters Infosys and TCS which hit by a strengthening rupee, with sentiment also remaining weak due to recent selling by foreign investors. Finally, the BSE Sensex declined by 4.76 points or 0.02%, to settle at 20420.26, while the CNX Nifty lost 2.00 points or 0.03% to settle at 6,057.10.
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