Sensex, Nifty to open on a weak note

Global cues are mixed. Though US indices were flat, Asian markets are all in the green. However, the SGX Nifty seems to be subdued for now.

Even as global cues were healthy on Wednesday, the Indian market seemed to be genuinely concerned about realities on the ground especially with reference to the Bihar elections. The mud-slinging campaigns have kept political observers and market nervous. The fifth and final round of voting for 57 seats across nine districts in the Bihar Assembly poll takes place today. As a result, indices which got off to a smart start pared all gains and continued with its losing ways. Globally, attention was drawn to Fed chair Janet Yellen’s testimony where said an improving economy has set the stage for a December interest-rate increase.  In testimony before the House Financial Services Committee in Washington, Yellen said, “At this point, I see the US economy as performing well. Domestic spending has been growing at a solid pace. If data continues to point to growth and firmer prices, a December rate hike would be a live possibility.”

The outlook is a flat to weak start. Global cues are mixed. Though US indices were flat, Asian markets are all in the green. However, the SGX Nifty seems to be subdued for now.

Among the results to watch out for include Tata Steel, Cipla, Bajaj Electricals, Allcargo Logistics,  Aarti Industries, Kalpataru Power, Arvind and Future Retail. 

Foreign portfolio investors pulled out some $2.5 billion from domestic equities during the September quarter of FY16, yet their ownership of BSE500 stocks reached a peak of 23.44 per cent during this period after dropping to 23.37 per cent in June quarter, says  a report in ET.

Mahanagar Gas, jointly owned by state-owned GAIL and British Gas, is planning to list on the domestic bourses. The natural gas distribution company may file a draft prospectus with the Securities and Exchange Board of India this month seeking approval for promoters to sell 25% stake in the firm through an initial public offering (IPO), says a report. 

India and the United States on Wednesday discussed potential policy measures that could deepen the former's capital markets and drive greater investment by domestic and foreign investors in Asia's third largest economy.

Finance Minister Arun Jaitley said introduction of the goods and services tax (GST), which will replace more than a dozen state levies, is only "a question of time" as obstruction to the reform measure will not stand parliamentary vote.

Reliance Communications and its subsidiary Global Cloud Xchange is planning to invest USD 80 mn (around Rs 500 crore) to set up four data centres in India over the next 12 months, says report.

DLF's net debt has increased by Rs. 922 crore during the quarter ended September to Rs 22,520 crore, says report.