Sensex, Nifty to open on a flat note

Indices will remain in a range. The October factory output data will have some bearing. Auto stocks will swing to the SIAM numbers expected in the morning. Global cues are mixed. Nikkei has lost over a percent.

A bout of short-covering cooled frayed nerves on the street but the pressure remains ahead of the Fed meet next week. Oil prices continue to cool as OPEC monthly report showed that its output had risen to its highest level since 2012, indicating that global supply glut is here to stay. While it may be good news for countries like India, the stock market may not be easily impressed for now.

The outlook is a flat start. Indices will remain in a range. The October factory output data will have some bearing. Auto stocks will swing to the SIAM numbers expected in the morning. Global cues are mixed. Nikkei has lost over a percent.

China's Shanghai Composite is down 0.78% Hong Kong's Hang Seng fell half a percent and South Korea's Kospi has lost quarter percent. US indices managed to end with modest gains. Asian Oilfield Services will consider the proposal of fund raising today while Marsons and Sanwaria Agro Oils will mull fresh issue of shares.

The initial public offerings of drug maker Alkem Laboratories subscribed 44.29 times on last day of bidding, while Dr Lal PathLabs IPO was subscribed 33.41 times. Watch out for Maruti as five top domestic mutual funds have opposed giving permission to Suzuki to build a car plant in Gujarat, according to reports.

The Reserve Bank of India has issued guidelines for introduction of cross currency futures and exchange traded cross currency option contracts in the currency pairs of Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD- Japanese Yen (JPY). Further, exchange traded option contracts in the currency pairs of EUR-Indian Rupee (INR), GBP-INR and JPY-INR have also been introduced in addition to the existing USD-INR pair.

The US-based Acorda Therapeutics, Inc has entered into a settlement agreement with Aurobindo Pharma Ltd to resolve pending patent litigation brought by the company against Aurobindo involving Ampyra (dalfampridine) Extended-Release Tablets, according to a filing submitted by the company with the Securities Exchange Commission.

Cipla Ltd has announced that the Board of Directors of Cipla Limited approved the transfer of the consumer healthcare business of the Company to Cipla Health Limited (“Cipla Health”) on a going concern basis by way of a slump sale for a lumpsum consideration of Rs. 16 crore.

Infosys announced that it has won a contract to transform the application landscape of DNB Bank of Norway. Applying its AiKiDo framework,

Bank of England maintains bank rate at 0.5% and the size of the Asset Purchase Programme at £375 bn.

Havells India rallied 8% to Rs. 305.35 on BSE. The divestment proposed by Havells Holdings Limited (HHL), a 100% subsidiary of the Company, for the sale of its stake up to 100% in Havells Malta Limited (excluding its subsidiaries based in United States, Brazil, Chile and Thailand) to Shanghai Feilo Acoustics Co. Ltd. (FEILO) or its Affiliates on such terms and conditions as contained in the proposed Share Purchase Agreement (SPA) and the Share Holders Agreement (SHA) signed interalia between the buyer (FEILO) and seller (HHL).

Venkys (India) Ltd gained 10.2% to Rs.482 on BSE. The company has fixed December 22, 2015 as the Record Date for the purpose of to ascertain the shareholders who are eligible to receive bonus shares in the proportion of 1 (one) equity share for every 2 (two) existing equity share held by the members.

Shares of Future Consumer Enterprise closed higher by 8.4% at Rs. 22.70 on NSE. Around 6 lakh shares were traded in a multiple block at Rs. 18.90-21.20 on the NSE.

Shipping companies are trading higher on BSE. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal for introducing measures to encourage shipbuilding and ship repair industry in India under the ‘Make in India’ initiative. Global Offshore climbed 6% to Rs.361. Mercator soared 5.7% to Rs.26.20. ABG Shipyard jumped 8.2% to Rs.68.05. Shreyas Shipping & Logistics gained 5% to Rs.452. The company has signed an MoU with Suzue Corporation of Japan for a Joint Venture. Essar Shipping advanced 4.9% to Rs.21 on BSE.

Man Industries (India) rose 2.7% to Rs.91.90 on BSE. The company announced the 1st Phase of commercial production at its Pithampur Plant in M.P. w.e.f. 9th December, 2015. The company has recently upgraded the HSAW PIPE manufacturing facility at Pithampur to manufacture 135 " dia pipes to cater water transport segment.

Reliance Industries Ltd closed higher 3.7% at Rs. 950 on BSE. Moody's Investors Service has affirmed RIL Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. As per media reports, Reliance Jio Infocomm, a unit of Reliance Industries Ltd, may look to acquire smaller telecom companies to gain market share and compete with incumbents.

Tata is the most valued brand in India, followed by Reliance Industries, Airtel, Life Insurance Corp. (LIC) and State Bank of India (SBI), according to an annual survey by Interbrand India.

Honda reportedly said it will recall 90,210 diesel vehicles in India to replace their fuel return pipe.

The Government has collected Rs. 21,054 crore through cess imposed on petrol and diesel in the financial year ended March 2015, Minister of State for Road Transport P. Radhakrishnan told the Lok Sabha on Thursday.