Sensex, Nifty to open on a weak note

US markets fell over a percent. Asian markets are mixed. Crude fell below $35 a barrel. Japanese Nikkei has lost half a percent while Hong Kong's Hang Seng is down 0.25%. South Korea's Kospi is flat but China's Shanghai Composite is up over half a percent.

The world and its market seem to have rejoiced after the Fed moved on expected lines. But a day after, concerns have cropped up regarding fall in crude oil prices and impact of Fed hike on fund outflows from emerging markets. FPIs have sold equities worth over Rs 5,500 crore in December alone. It will be interesting to witness the long term repercussions of the rate move on the global markets. Narrowing interest rate differentials between US and emerging markets can lead to hefty capital outflows. Stronger US dollar and ensuing weak commodity prices can pose a danger of rising corporate bond defaults, balance of payment issues for commodity producing nations. Producers will also be compelled to scale down on capital expenditure and in the process drag down the economic growth of respective nations.

The outlook is a weak start even though bulls have raised positions on Nifty options betting on 8000 by Dec-end. Indices will struggle to get into the green as global cues are subdued. US markets fell over a percent. Asian markets are mixed. Crude fell below $35 a barrel. Japanese Nikkei has lost half a percent while Hong Kong's Hang Seng is down 0.25%. South Korea's Kospi is flat but China's Shanghai Composite is up over half a percent.

The Finance ministry will table the Mid-Year Economic Analysis for FY16 in  Parliament. Chief Economic Adviser Subramanian is expected to address the media before lunch. FM’s reply to questions in Lok Sabha will also be in focus even though any development on GST is not expected for now. The rupee may remain in a range for the day after clocking smart gains in recent times.

India with strong GDP growth is "very well-equipped" to deal with any volatility that may arise from a gradual interest rate hike by the US Federal Reserve, Minister of State for Finance Jayant Sinha reportedly said.

The Lok Sabha passed the Arbitration and Reconciliation (Amendment Bill), 2015 by voice vote. The Bill seeks to make the arbitration process more investor-friendly, cost effective and suitable for expeditious disposal of cases. It will also facilitate in making India a hub of international commercial arbitration.

In an interim order passed on Thursday, the Bombay High Court stayed the proposal to hike metro fares in Mumbai. A division bench of justice Abhay Oka and Justice Gautam Patel stayed the proposal by the MMOPL until the final hearing of the plea filed by the MMRDA, which is scheduled for 29th January.

The Government is planning to build eight more express highways in addition to the already announced eight, reports a business daily.

The US Congress has imposed a special fee of up to US$4,500 on the H-1B and L-1 visas to fund a 9/11 healthcare act and biometric tracking system.

With a view to simplify the statutory provisions in the shipping sector, the Centre is in the process of revamping archaic acts and will introduce the same in Parliament in next six months, Mr Rajive Kumar, secretary, shipping ministry said at an ASSOCHAM event held in New Delhi today.

Maruti Suzuki India Ltd. (MSIL) and its dealers could invest up to Rs. 30,000 crore to double distribution infrastructure, including new dealerships, as it aims to sell 3 million cars a year, reports a business daily.

Tata Starbucks CEO Avani Davda has resigned, according to reports.Report says that Sumi Ghosh  has been named the new CEO of Tata Starbucks.

Government has deferred plan to impose 2 per cent levy on air tickets from January 1, according to reports.

Somany Ceramics Ltd has set floor price for QIP at Rs. 357.25/Share.

The oil ministry has appointed Ajit Prakash Shah, former chief justice of the Delhi High Court  to look into the charges of siphoning of Oil by RIL from ONGC’s block in the Krishna-Godavari basin to RIL’s adjoining reservoir.