Indices snap 7-day losing streak... Sensex ends 61 points higher

The key benchmark indices snapped a seventh-day losing streak on Friday and ended on a positive note. The Nifty50 closed slightly up at 7,985, after briefly recapturing the 8,000 level. The NSE Nifty opened at 7,973 hitting a high of 8,023 and low of 7,942.

The BSE Sensex ended with a gain of 61 points at 26,041. The BSE Sensex opened at 25,960 touched an intra-day high of 26,143 and low of 25,872.

After opening on a negative note indices remained under pressure and slipped lower in the first half. However, as the day progressed, late bout of buying in the capital goods, consumer durables, oil & gas, auto, finance and utilities stocks lifted the benchmarks. On the other hand, IT, realty, FMCG, technology and pharma stocks were under pressure.

The equity benchmarks erased some gains in afternoon trade due to lack of domestic as well as global cues ahead of Christmas holiday.

Among the 50-stocks of Nifty, Cipla, Bosch, Maruti Suzuki, Sun Pharmaceuticals, Bajaj Auto and L&T were among the gainers on NSE, whereas Axis Bank, HCL Tech, Eicher Motors, Aurobindo Pharma, Tech Mahindra, Hindalco and UltraTech Cement were among the losers today.

The India VIX (Volatility) index was down 2.73% at 15.12. Out of 1,414 stocks traded on the NSE, 727 declined and 631 advanced today. The BSE Midcap and Smallcap indices ended lower.

The rupee was trading up 21 paise at 67.78 per US dollar. Gold was trading at Rs 26,936 per 10 gms and silver was trading at Rs 38,891 per kg.

On the global front, Asian stocks closed on mixed note. The Shanghai Composite index dropped 1%, Hong Kong’s Hang Seng and Nikkei 225 index closed marginally lower.

In Europe, the FTSE 100 was trading marginally lower. DAX and the CAC 40 were trading in green.

Today the following stocks broke the barrier and went below 200-DMA: Tata Motors, Eicher Motors, Taj GVK Hotels, Muthoot Capital, HDFC, Union Bank of India, Dewan Housing Finance, Reliance Capital.

Sensex above 26K; Nifty above 7,950 mark

The Indian equity market opened lower on Friday weighed by weak global cues ahead of Christmas holiday.

At 12:08 PM, the S&P BSE Sensex is trading at 26,016 up 37 points, while NSE Nifty is trading at 7,987 up mere seven points. The BSE Mid-cap Index is trading up 0.33% at 11,848, whereas BSE Small-cap Index is trading up 0.26% at 11,832.

Sun Pharma, Bajaj Auto, L&T, Grasim and HUL are among the gainers, whereas Eicher Motors, Tata Power, HCL Tech and Tech Mahindra are losing sheen on NSE.

A total of three stocks registered a fresh 52-week high in trade today, while 29 stocks touched a new 52-week low on the NSE.

Out of 1,887 stocks traded on the NSE, 631 declined, 886 advanced and 370 remained unchanged today.

Some buying is observed in Pharma, Banking and Financial sectors, while FMCG, Telecom, Information Technology, Capital Goods and Metal are showing weakness on NSE.

The INDIA VIX is down 0.69% at 15.4450.

SUN PHARMACEUTICAL INDUSTRIES  rallied 2.6% after the company has informed BSE that one of the wholly owned subsidiaries of the company has acquired 13,000,000 Series B Preferred Stock of scPharmaceuticals Inc. (equivalent to 14.58% fully diluted equity stake on conversion) by way of allotment.

WIPRO dipped 1%. The company announced that it has reached an agreement with the U.S. Securities and Exchange Commission (SEC) to formally  resolve the previously disclosed six-year-old investigation.

RELIANCE DEFENSE AND ENGINEERING LTD rose 3.6% to Rs 55 after huge block deal. Around 12.3 million shares or 1.7% stake of the company changed hands in a single block deal. 

WELSPUN ENTERPRISES plunged 4%. Welspun Enterprises a part of $2.3 billion Welspun Group, on Thursday announced plans to buy back up to 25% of its share capital at a price of Rs 62 per equity share.

DEEPAK NITRITE tanked 3.7% to Rs 85.80 after huge block deal. Around 3 million shares of the company changed hands in two block deal

JK PAPER rose 2%.  JK Paper Ltd has now informed BSE that the Company has decided at its meeting of Committee of Directors held on December 22, 2016, to sell 20 per cent shareholding of OJPPL to OHC, one of the joint venture parties.

SUZLON ENERGY rose 0.29% after the company announced a joint venture with AMP Solar for the development and construction of a 15 MW solar PV project located at Achampet, Mahaboobnagar District, Telangana.

TATA MOTORS dropped 1.6%. The sentiments that prevailed at the Tata Motors extraordinary general meeting mirrored the EGMs at the storied group's other companies, with a majority of shareholders speaking in favour of Tata Sons' interim chairman Ratan Tata.


HINDUJA VENTURES gained 3% after the Board of Directors at its meeting held December 22, 2016, has approved the disinvestment of 4,36,47,056 equity shares of Rs. 10 each held by the Company in Hinduja Energy (India) Limited.

YES BANK is trading marginally down at Rs 1,126. The bank has announced that it has received ratings for an additional amount of Rs 1500 crore of Basel III Compliant AT1 (Additional Tier-1) Bonds. This takes the quantum of rated Basel - III Compliant AT1 bonds to Rs 3600 crore.

GOODLUCK INDIA  rallied 7.6%. The company announced that a meeting of the Board of Directors of the Company is scheduled to be held on 27 December 2016, inter alia, to issue and allot warrants convertible into equal number of equity shares to promoters on preferential basis

JBM AUTO inched up 1%.JBM Auto Ltd informed BSE that a meeting of Board of Directors is scheduled to be held on December 29, 2016, to re-consider the proposal for various fund raising options including through Qualified Institutions Placement subject to taking of shareholders' approval.

IGARASHI MOTORS INDIA slipped 1.7% after the company informed BSE that the meeting of the Board of Directors of the Company is scheduled on December 26, 2016, to discuss and consider business re-organization, including amalgamation of group Company(ies), to achieve synergies in business operation.

CENTRUM  CAPITAL zoomed 6% to Rs 31.25 on the BSE. The promoters of Centrum Capital have increased their stake in the merchant banking firm through open market purchases, taking their total stake to 37.25 per cent in a Rs 51 crore deal. 

The Indian rupee opened higher by six paise at 67.93 per dollar versus previous close of 67.98.

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. 

Sensex, Nifty to open on a flat note

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.