The outlook is a tentative start as F&O expiry gets underway. Asian markets opened in the red except the Japanese 'Nikkei" which continues to be in a new bull market orbit. With the US markets closed on Friday for an extended weekend expect profit booking as globally markets digest the gains of last fortnight. Gold prices weaken & bond yields fell as the US $ & indices hit new highs.
The US indices saw their third day of gain ahead of the Thanksgiving Day holiday. The dollar has been on a one way street strengthened by expectations of higher interest rates from the Fed sooner than later. The languishing rupee is down nearly 3pc in November giving heart-aches to importers and some comfort to export-oriented companies.
Foreign investors have offloaded nearly Rs 12,000 crore net in equities and almost similar amount in bonds during November. The usual volatility may set in towards the close of trading. Signals are mixed from Asia even as the Japanese stocks continue to appreciate. The rollovers have been the lowest in half a year, especially the Bank Nifty. Few notable sectors seeing better rolls include pharma, auto, metals and real estate.
Nifty sees expiry of derivative contracts today for the November series with 8000 being the key fulcrum. Expect bulls & bears to exert pressure on the 8000 levels as most call & put writing around these levels indicates a good probability of expiry @ 8000.Foreign selling, rupee weakness & fall in bond yields continues to be the story for November which has seen high volatility as near term pain for longer term gain continues to be the theme for 2017.
On the economy front, Securities houses and rating agencies have cut their estimates of India’s GDP growth in anticipation of temporary headwinds from the 8 November demonetisation of high-value currency notes.
Among other stocks in focus:
State Bank of India: SBI on Wednesday slashed bulk deposit rates by up to 1.9%, taking advantage of the surge in deposits following demonetisation.
NBCC: NBCC has entered into MoU with Rosinformexport LLC, a subsidiary of RT-Business Development an investment company of Rostec State Corporation, a 100% state owned company of Russia, having expertise in ICT/ digital products. NBCC and Rosinformexport shall collaborate to jointly participate in the Smart City projects in India.
Tata Motors: Tata Motors has called an extraordinary general meeting on December 22 to seek shareholders' approval for removing Cyrus Mistry and Nusli Wadia as directors of the company.
PC Jeweller: The company posted a net profit of Rs 1,06.9 crore for the quarter ended September 30, 2016 as compared to Rs. 92 crore in the corresponding quarter last year.
HPL Electric: The company on Wednesday after market hours informed bourses that it has received revision in ratings for various facilities from India Rating & Research.
Pratibha Industries: The company announced that Tamil Nadu Water Supply and Drainage Board has awarded a contract to the Company for providing combined water supply scheme to 293 rural habitations in Musiri, Thathyanagarpettai, Thuraiyur and Uppiliyapuram unions in Trichy District including paid maintenance for five years. The total value of the contract is Rs 92.22 crore.
Sun Pharma: The pharma company has entered into an agreement to acquire 85.1% of JSC Biosintez, that makes and markets pharmaceutical products in Russia and the CIS region.
Cipla Ltd: The company is divesting its minority 16.7% stake in Chase Pharmaceuticals Corporation, to a subsidiary of Allergan Plc.
Wockhardt Ltd: The company said that the USFDA has issued a warning letter to C P Pharmaceuticals Ltd, Wrexham, United Kingdom, a stepdown subsidiary of the company.
Rallis India: Rallis India announced that it has signed an agreement for increasing its stake in its subsidiary, Zero Waste Agro - Organics (ZWAOL) from 73.63% to 100%. Consequently, ZWAOL will become a wholly owned subsidiary of Rallis India, on completion of the acquisition of the balance shares in ZWAOL.
Ultra Tech Cement: The cement major has announced that the company has proposed to issue unsecured redeemable non-convertible debentures amounting to Rs 400 crore on private placement basis.
Zee Entertainment: ZEEL has acquired the general entertainment broadcasting business of Reliance Big Broadcasting Private Limited, Big Magic Limited & Azalia Broadcast Private Limited, all part of Anil Ambani led Reliance Group Entities.
Infosys: The IT company has put in Rs 316 mn in Stellaris Venture Partners, founded by former Helion Advisors partners, the second such move in a venture capital firm through its USD500 mn Innovation fund.
Bannari Amman: The company on Wednesday announced nearly 12-fold rise in net profit at Rs 45 crore for the quarter ended September 30, 2016 against Rs 4 crore in the corresponding quarter last year.
Tata Steel: Tata Steel is set to commission its 55,000 tpa ferrochrome plant at Gopalpur in south Odisha on November 30.
Indian Oil Corp: IOC unit plans to invest USD5.5bn to gradually raise the capacity of its smallest refinery co-owned by Iran to 300,000 barrels/d (bpd), to help meet a surge in demand for refined products in the world's fastest growing major economy.
Oil India: Oil India informed bourses that the board would also consider ‘Issue of Bonus Shares’ in the board meeting scheduled to be held on November 28, 2016.
Jindal Stainless: The company reported a net loss of Rs 65 crore against net loss of Rs 122.87 crore in the corresponding quarter last year.
Aditya Birla Fashion: The company will announce its Q2 numbers today.
Results Today: Aditya Birla Fashion ,Suven Life Sciences, Jindal Poly Films, Manpasand Beverages, Opto Circuits India, Advanced Micronic Devices, Escorts Finance,Flex Foods, Karuturi Global.
The US indices saw their third day of gain ahead of the Thanksgiving Day holiday. The dollar has been on a one way street strengthened by expectations of higher interest rates from the Fed sooner than later. The languishing rupee is down nearly 3pc in November giving heart-aches to importers and some comfort to export-oriented companies.
Foreign investors have offloaded nearly Rs 12,000 crore net in equities and almost similar amount in bonds during November. The usual volatility may set in towards the close of trading. Signals are mixed from Asia even as the Japanese stocks continue to appreciate. The rollovers have been the lowest in half a year, especially the Bank Nifty. Few notable sectors seeing better rolls include pharma, auto, metals and real estate.
Nifty sees expiry of derivative contracts today for the November series with 8000 being the key fulcrum. Expect bulls & bears to exert pressure on the 8000 levels as most call & put writing around these levels indicates a good probability of expiry @ 8000.Foreign selling, rupee weakness & fall in bond yields continues to be the story for November which has seen high volatility as near term pain for longer term gain continues to be the theme for 2017.
On the economy front, Securities houses and rating agencies have cut their estimates of India’s GDP growth in anticipation of temporary headwinds from the 8 November demonetisation of high-value currency notes.
Among other stocks in focus:
State Bank of India: SBI on Wednesday slashed bulk deposit rates by up to 1.9%, taking advantage of the surge in deposits following demonetisation.
NBCC: NBCC has entered into MoU with Rosinformexport LLC, a subsidiary of RT-Business Development an investment company of Rostec State Corporation, a 100% state owned company of Russia, having expertise in ICT/ digital products. NBCC and Rosinformexport shall collaborate to jointly participate in the Smart City projects in India.
Tata Motors: Tata Motors has called an extraordinary general meeting on December 22 to seek shareholders' approval for removing Cyrus Mistry and Nusli Wadia as directors of the company.
PC Jeweller: The company posted a net profit of Rs 1,06.9 crore for the quarter ended September 30, 2016 as compared to Rs. 92 crore in the corresponding quarter last year.
HPL Electric: The company on Wednesday after market hours informed bourses that it has received revision in ratings for various facilities from India Rating & Research.
Pratibha Industries: The company announced that Tamil Nadu Water Supply and Drainage Board has awarded a contract to the Company for providing combined water supply scheme to 293 rural habitations in Musiri, Thathyanagarpettai, Thuraiyur and Uppiliyapuram unions in Trichy District including paid maintenance for five years. The total value of the contract is Rs 92.22 crore.
Sun Pharma: The pharma company has entered into an agreement to acquire 85.1% of JSC Biosintez, that makes and markets pharmaceutical products in Russia and the CIS region.
Cipla Ltd: The company is divesting its minority 16.7% stake in Chase Pharmaceuticals Corporation, to a subsidiary of Allergan Plc.
Wockhardt Ltd: The company said that the USFDA has issued a warning letter to C P Pharmaceuticals Ltd, Wrexham, United Kingdom, a stepdown subsidiary of the company.
Rallis India: Rallis India announced that it has signed an agreement for increasing its stake in its subsidiary, Zero Waste Agro - Organics (ZWAOL) from 73.63% to 100%. Consequently, ZWAOL will become a wholly owned subsidiary of Rallis India, on completion of the acquisition of the balance shares in ZWAOL.
Ultra Tech Cement: The cement major has announced that the company has proposed to issue unsecured redeemable non-convertible debentures amounting to Rs 400 crore on private placement basis.
Zee Entertainment: ZEEL has acquired the general entertainment broadcasting business of Reliance Big Broadcasting Private Limited, Big Magic Limited & Azalia Broadcast Private Limited, all part of Anil Ambani led Reliance Group Entities.
Infosys: The IT company has put in Rs 316 mn in Stellaris Venture Partners, founded by former Helion Advisors partners, the second such move in a venture capital firm through its USD500 mn Innovation fund.
Bannari Amman: The company on Wednesday announced nearly 12-fold rise in net profit at Rs 45 crore for the quarter ended September 30, 2016 against Rs 4 crore in the corresponding quarter last year.
Tata Steel: Tata Steel is set to commission its 55,000 tpa ferrochrome plant at Gopalpur in south Odisha on November 30.
Indian Oil Corp: IOC unit plans to invest USD5.5bn to gradually raise the capacity of its smallest refinery co-owned by Iran to 300,000 barrels/d (bpd), to help meet a surge in demand for refined products in the world's fastest growing major economy.
Oil India: Oil India informed bourses that the board would also consider ‘Issue of Bonus Shares’ in the board meeting scheduled to be held on November 28, 2016.
Jindal Stainless: The company reported a net loss of Rs 65 crore against net loss of Rs 122.87 crore in the corresponding quarter last year.
Aditya Birla Fashion: The company will announce its Q2 numbers today.
Results Today: Aditya Birla Fashion ,Suven Life Sciences, Jindal Poly Films, Manpasand Beverages, Opto Circuits India, Advanced Micronic Devices, Escorts Finance,Flex Foods, Karuturi Global.
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