The indices are set to open on a flat note ahead of the expiry of December F&O contracts. Global cues are not encouraging any celebration on the bourses. With most markets shut or closing early, the Sensex and Nifty will swing to the F&O adjustments. China's Shanghai is flat while Hong Kong's Hang Seng has risen marginally.
As investors wrap up their tasks for the day and year, the market has a choppy F&O expiry to deal with. Nifty is hovering around the 7900 mark and on the upside major resistance is seen at 7980. A breach above the mentioned hurdle would mean a reversal of the bearish head and shoulder pattern which in turn would trigger fresh buying momentum. At the same time, the Nifty Bank looks fragile and any downfall from here would be led by the banking space.
The indices are set to open on a flat note ahead of the expiry of December F&O contracts. Global cues are not encouraging any celebration on the bourses. With most markets shut or closing early, the Sensex and Nifty will swing to the F&O adjustments.China's Shanghai is flat while Hong Kong's Hang Seng has risen marginally. Taiwan's TWSE is in the red. A fall in crude prices dragged energy shares bringing the US indices lower. Dow dropped 0.66% while S&P 500 lost 0.72%. Nasdaq lost 0.82%.
The prime minister is today expected to lay foundation stones for Delhi-Meerut Expressway and for upgradation of National Highway 24.
Oil Minister is expected to address the media a little before lunch.
Among the data to watch out for would be core sector growth for November, government finances and CPI for industrial workers.
Advanta will be in focus as it mulls allotment of equity shares.
Gulshan Polyols will consider allotment of equity shares.
Unity Infraprojects will consider allotment of equity shares
Sequent Scientific Ltd has announced that it is seeking shareholders nod for stock split in ratio of 1:5.
The Cabinet has given the nod for the formation of Joint Venture Companies with various State Governments to mobilize resources for undertaking various rail infrastructure projects in the States.
Finance Minister Arun Jaitley reportedly said that India needs to grow by additional 1-1.5% so that it can sustain wage hike."Our GDP growth of 7.5% is at a time when the world is experiencing global slowdown," FM was quoted as saying.
The Union Cabinet also approved the signing and ratification of an Agreement for the exchange of information between India and Maldives with respect to taxes.
Petron Engineering Construction soared 14% to close at Rs253 on BSE. The company received Letter of Intent from JSW Cement Limited (JSWCL) for Civil and Structural Work for 2 x 1.2 MTPA GGBS Grinding Unit at JSWCL, Salboni, West Bengal for a total contract price of Rs. 75 Crores.
Shares of Kirloskar Electric company ended over 17% higher at Rs. 46.55 following a block deal earlier in the day. Around 5 million shares were traded in a single block on the BSE.
United Spirits slipped 2% to Rs.2,920 on BSE. The company plans to seek shareholders approval to report sick to the BIFR or Board of Industrial and Financial Reconstruction.
JMC Projects (India) Ltd slipped 1.5% at Rs. 246. The company has received Sebi's nod to raise up to Rs. 150 crore through a rights issue, according to reports.
Among the stocks to watch today:
Wipro: Wipro is in the final stages of acquiring Drivestream, a management and IT consulting firm, according to reports.
Amtek Auto: The promoters of JMT Auto Ltd, part of the troubled Amtek Group have pledged 71.73% of the company’s shares to IL&FS Trust Co. Ltd, according to reports.
GIC Housing Finance: GIC Housing Finance will acquire up to 16 per cent stake in LIC Nomura Mutual Fund Asset Management Company for Rs 22.68 crore, as per media reports.
SpiceJet: The airline company has announced 4-day ticket sale, offering one-way base fares starting at Rs.716 (excluding taxes). The sale will be open till midnight, December 31, 2015.
Aurobindo Pharma: The pharma company has received USFDA approval for generic Angiomax, as per media reports.
Monnet Ispat & Energy Ltd: The company has announced that a meeting of Allotment Committee is proposed to be held on December 31, 2015 to consider and approve the Conversion of loan into Equity shares pursuant to invocation of SDR scheme by Joint Lenders Forum and Conversion of loan into Equity shares in terms of decision of Joint Lenders Forum as a part of Corrective Action plan.
Lanco Infrastructure Ltd: The company has announced that its Board has approved issuance of CCDs worth Rs. 350 Cr on Preferential basis to IDFC Bank.
Prakash Steelage: Prakash Steelage said Spain's Tubacex SA has completed acquisition of a majority 67.5 per cent stake in its seamless stainless steel tubes division.
State Bank of Travancore: The bank has approved the raising of up to Rs. 1,250 Crores by way of issue of Basel III compliant Tier II Bonds.
Photoquip India: The company board approved sale of the general lighting division of the company under the brand name Corvi to Corvi Led Pvt Ltd.
Dr Reddy’s Lab: The pharma company announced the relaunch of Esomeprazole Magnesium capsules in US.
Srei Infrastructure Finance Ltd: The company offloaded 57.38 lakh shares in Pipavav Defence and Offshore Eng Ltd for Rs 51.34 crore through an open market transaction.
Gulf Oil Lubricants: The company has launched new entry level synthetic engine oil in the passenger car segment, Gulf Ultrasynth X.
Steel Strips Wheels Ltd: Steel Strips Wheels has commissioned a State of the Art wider Hot Rolled Coils Slitting Line covering all the grades of Mild Steel and High Tensile Steel with a maximum width of 1650 mm and thickness in the range of 2mm to 8 mm.
Global Data: Private Sector Credit (MoM) (Oct) AUD,Private Sector Credit (YoY) (Oct) AUD, Infrastructure Output (YoY) (Nov) INR, 10-y Bond Auction EUR, 5-y Bond Auction EUR, Retail Sales (YoY) (Oct) EUR, Federal Fiscal Deficit, INR (Nov) INR, ECB Monetary Policy Meeting Accounts EUR, Initial Jobless Claims (Dec 25)USD, Continuing Jobless Claims (Dec 18) USD, Chicago Purchasing Managers' Index (Dec) USD, EIA Natural Gas Storage change (Dec 25) USD, Bank Holiday JPY
Trends in FII flows: The FIIs were net buyers of Rs. 1.52 bn in the cash segment on Wednesday. The domestic institutional investors (DIIs) were net sellers of Rs. 744.1 mn as per the provisional figures released by the NSE.
Other news in the media:
Reliance is in talks with various BPO companies to outsource call centre and other support work for its Jio operations.
Essar Oil has completed the share buyback for its much-delayed delisting, making way for its planned stake sale to Russian energy major OAO Rosneft.
IDFC Bank plans to convert Rs. 350cr of loan into equity in Lanco Infra.
GIC Housing Finance will acquire up to 16% stake in LIC Nomura Mutual Fund Asset Management Company for Rs. 22.7cr.
RCom and Aircel to pare debt to Rs. 20,000cr ahead of merger.
IFCI sells 0.17% stake in NSE for Rs. 29.6cr.
Government calls off fourth round of coal block auctions, kept aside for auction to the steel, iron and aluminium industries, as it received low bids.
A Finance Ministry official said that fiscal deficit target for FY17 'challenging' as revenue from disinvestment might be well short of target.
To meet its target of scaling up solar power capacity addition, the Cabinet Committee of Economic Affairs (CCEA) has increased the financial assistance for grid-connected rooftop and small solar power plants programme from Rs. 600cr to Rs. 5,000cr.
The Centre has stitched together an Amended Technology Upgradation Fund Scheme (ATUFS) that will give a boost to ‘Make in India’ in the textiles sector by attracting investments of Rs. 1-lakh crore and creating over 30 lakh jobs.
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