The indices to open on a flat note. It’s been silent and boring days in the market as range-bound indices struggle to settle in the green. There is lack of confidence in putting money in riskier assets. Investors seem to be on wait and watch mode. Any aggressive buying on the bourses are getting postponed in the hope of acquiring the same at even lower levels.
Different set of global worries coupled with lack of encouraging inflows have kept the Indian market subdued. The rupee remains in a state of weakness with occasional spurts.
Crude is hovering around recent highs. The 20,000 mark remains elusive for the Dow. Italy is back on the radar after Monte dei Paschi di Siena failed to raise the 5 billion euros it badly needed to stay afloat; capital injection from the state is being sought.
Euro zone inflation could exceed 1 pc; the highest level since 2013, according to The European Central Bank.
Asian indices opened in the red with week end blues seeing caution ahead of the holiday shortened next week. Japanese markets will be shut for the Emperor’s birthday, while the Australian Securities Exchange (ASX) and the New Zealand Exchange will close earlier than usual on the last business day before Christmas.
US indices drifted lower as the 20000 mark still seems within reach even as US GDP growth recorded strong growth coming @ 3.5%.The year end blues saw profit booking in oil & US$ as the rally seems to be getting overstretched.
Nifty gave up gains for the year as the last 7 days have seen the slow grind downwards gather momentum with 7916 being the last ray of hopes for the bulls. Bears have taken advantage of weak sentiment coupled with year end foreign selling & have seen the index turn negative for the year 2016.For today expect an attempt @ 7916 which was the 21st November low to be tested & defended as markets in extremely oversold territory & ripe for a sharp pullback.
Among other stocks in focus:
Sun Pharma is acquiring Odomzo, from Novartis for an upfront payment of $ 175 million and additional milestone payments.
Redington incorporates Rajprotim Supply Chain Soln expand supply chain business.
Tata Metaliks completes scheme of amalgamation with Tata Metaliks DI Pipes.
Jet Airways plans to raise $ 100 million, or almost Rs 6.80 billion, in US dollar-denominated debt by March 2017 to refinance rupee-based loans, so that it can almost halve its borrowing rate.
Tata Motors, Tata Motors DVR EGM: Nusli Wadia removed as Director of Company.
Nearly 90% of the shareholders present at the Indian Hotels EGM voted in favour of removing Nusli Wadia as the independent director of the company. Only 9.20% voters backed Wadia.
Sun Pharma Advanced Research Company said the US health regulator has not approved its new drug application for Xelpros, a preservative-free eye drop.
Apar Industries commences production of Conductors at Odisha.
Phoenix Mills subsidiary Island Star Mall Developers (ISML) has entered into a non-binding pact with Canada Pension Plan Investment Board (CPPIB) to acquire up to 49% in ISML over three years.
Suzlon Energy signs pact with AMP Solar, Rudra Solarfarms.
Moody's Investors Service said that Reliance Communications' ratings will "remain on review for downgrade" despite the company signing an agreement with Canada-based Brookfield Infrastructure to sell its tower assets.
Hinduja Ventures Board approves company’s subscription to 16.6 lakh rights shares.
Power Grid Corporation of India, should sell stakes in its projects to unlock capital for future expansion.
Aurionpro Solutions: Goodpack selected company's supply chain management product.
Engineers India Ltd will set up a 1mtpa petrochemical complex near the Kakinada port in Andhra Pradesh.
: Welspun Enterprises announced plans to buy back up to 25% of its share capital at a price of Rs 62/equity share.
Centrum Capital: JBCG Advisory Services buys 1.95 crore shares at Rs 25.08/share.
Global Data: JPY The Emperor's Birthday, EUR Gfk Consumer Confidence Survey (Jan), EUR Consumer Spending (MoM) (Nov), CHF KOF Leading Indicator (Dec), GBP Gross Domestic Product (YoY) (Q3), GBP Gross Domestic Product (QoQ) (Q3), GBP Total Business Investment (QoQ) (Q3), GBP Total Business Investment (YoY) (Q3), GBP Index of Services (3M/3M) (Oct), GBP Current Account (Q3), CAD Gross Domestic Product (MoM) (Oct), USD Michigan Consumer Sentiment Index (Dec), USD New Home Sales (MoM) (Nov), USD New Home Sales Change (MoM) (Nov), USD Baker Hughes US Oil Rig Count, USD CFTC Gold NC net positions, USD CFTC USD NC net positions, USD CFTC Oil NC net positions,GBP CFTC GBP NC net positions, JPY CFTC JPY NC net positions, EUR CFTC EUR NC net positions
Trends in FII flows: The DIIs were net buyers of Rs 3.19 bn in the cash segment on Thursday. The DIIs were net sellers of Rs 6.14 bn as per the provisional figures released by the NSE.
Different set of global worries coupled with lack of encouraging inflows have kept the Indian market subdued. The rupee remains in a state of weakness with occasional spurts.
Crude is hovering around recent highs. The 20,000 mark remains elusive for the Dow. Italy is back on the radar after Monte dei Paschi di Siena failed to raise the 5 billion euros it badly needed to stay afloat; capital injection from the state is being sought.
Euro zone inflation could exceed 1 pc; the highest level since 2013, according to The European Central Bank.
Asian indices opened in the red with week end blues seeing caution ahead of the holiday shortened next week. Japanese markets will be shut for the Emperor’s birthday, while the Australian Securities Exchange (ASX) and the New Zealand Exchange will close earlier than usual on the last business day before Christmas.
US indices drifted lower as the 20000 mark still seems within reach even as US GDP growth recorded strong growth coming @ 3.5%.The year end blues saw profit booking in oil & US$ as the rally seems to be getting overstretched.
Nifty gave up gains for the year as the last 7 days have seen the slow grind downwards gather momentum with 7916 being the last ray of hopes for the bulls. Bears have taken advantage of weak sentiment coupled with year end foreign selling & have seen the index turn negative for the year 2016.For today expect an attempt @ 7916 which was the 21st November low to be tested & defended as markets in extremely oversold territory & ripe for a sharp pullback.
Among other stocks in focus:
Sun Pharma is acquiring Odomzo, from Novartis for an upfront payment of $ 175 million and additional milestone payments.
Redington incorporates Rajprotim Supply Chain Soln expand supply chain business.
Tata Metaliks completes scheme of amalgamation with Tata Metaliks DI Pipes.
Jet Airways plans to raise $ 100 million, or almost Rs 6.80 billion, in US dollar-denominated debt by March 2017 to refinance rupee-based loans, so that it can almost halve its borrowing rate.
Tata Motors, Tata Motors DVR EGM: Nusli Wadia removed as Director of Company.
Nearly 90% of the shareholders present at the Indian Hotels EGM voted in favour of removing Nusli Wadia as the independent director of the company. Only 9.20% voters backed Wadia.
Sun Pharma Advanced Research Company said the US health regulator has not approved its new drug application for Xelpros, a preservative-free eye drop.
Apar Industries commences production of Conductors at Odisha.
Phoenix Mills subsidiary Island Star Mall Developers (ISML) has entered into a non-binding pact with Canada Pension Plan Investment Board (CPPIB) to acquire up to 49% in ISML over three years.
Suzlon Energy signs pact with AMP Solar, Rudra Solarfarms.
Moody's Investors Service said that Reliance Communications' ratings will "remain on review for downgrade" despite the company signing an agreement with Canada-based Brookfield Infrastructure to sell its tower assets.
Hinduja Ventures Board approves company’s subscription to 16.6 lakh rights shares.
Power Grid Corporation of India, should sell stakes in its projects to unlock capital for future expansion.
Aurionpro Solutions: Goodpack selected company's supply chain management product.
Engineers India Ltd will set up a 1mtpa petrochemical complex near the Kakinada port in Andhra Pradesh.
: Welspun Enterprises announced plans to buy back up to 25% of its share capital at a price of Rs 62/equity share.
Centrum Capital: JBCG Advisory Services buys 1.95 crore shares at Rs 25.08/share.
Global Data: JPY The Emperor's Birthday, EUR Gfk Consumer Confidence Survey (Jan), EUR Consumer Spending (MoM) (Nov), CHF KOF Leading Indicator (Dec), GBP Gross Domestic Product (YoY) (Q3), GBP Gross Domestic Product (QoQ) (Q3), GBP Total Business Investment (QoQ) (Q3), GBP Total Business Investment (YoY) (Q3), GBP Index of Services (3M/3M) (Oct), GBP Current Account (Q3), CAD Gross Domestic Product (MoM) (Oct), USD Michigan Consumer Sentiment Index (Dec), USD New Home Sales (MoM) (Nov), USD New Home Sales Change (MoM) (Nov), USD Baker Hughes US Oil Rig Count, USD CFTC Gold NC net positions, USD CFTC USD NC net positions, USD CFTC Oil NC net positions,GBP CFTC GBP NC net positions, JPY CFTC JPY NC net positions, EUR CFTC EUR NC net positions
Trends in FII flows: The DIIs were net buyers of Rs 3.19 bn in the cash segment on Thursday. The DIIs were net sellers of Rs 6.14 bn as per the provisional figures released by the NSE.
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