Sensex, Nifty to open on a positive note

US indices ignored soft economic data as the Dow gained close to a percent. The S&P 500 was up 0.88% while Nasdaq closed 0.65% higher. Asian indices are flat. Attention will be on the new debutants to the stock market which are Dr Lal PathLabs and Alkem Laboratories.

The holiday season market seems to be going nowhere so far with bouts of gain and pain. After a good run from last week’s low of 7551, the Nifty failed to sustain at upper levels. Profit booking was seen in Metals and FMCG stocks on Tuesday and some kind of year-end fatigue seems to be setting in as action shifts to side counters. The winter session of Parliament will see a close and Prime Minister Narendra Modi will commence his visit to Russia to participate in the annual India-Russia summit.

The outlook is a positive start as Indian indices try to mimic global cues. US indices ignored soft economic data as the Dow gained close to a percent. The S&P 500 was up 0.88% while Nasdaq closed 0.65% higher.  Asian indices are flat. Attention will be on the new debutants to the stock market which are Dr Lal PathLabs and Alkem Laboratories.

The “Financial Stability Report December -2015 along with Report on Trend and Progress of India” is scheduled for release today by the RBI.

India’s current account deficit (CAD) stood at US$ 8.2 billion (1.6 per cent of GDP) in Q2 of 2015-16, which was lower than US$ 10.9 billion (2.2 per cent of GDP) in Q2 of 2014-15 but increased from US$ 6.1 billion (1.2 per cent of GDP) in the preceding quarter, according to RBI. The central bank said the contraction in CAD was primarily on account of lower trade deficit (US$ 37.4 billion) as compared with US$ 39.7 billion in Q2 of last year though it was higher than the level in the preceding quarter (US$ 34.2 billion).

The Reserve Bank of India has clarified that entities that have been granted in-principle approval by it for setting up Payments Banks and Small Finance Banks can apply to the Reserve Bank for membership of any centralised/decentralised payment systems, including Bharat Bill Payment System (BBPS), after receiving the licence for commencement of business under Banking Regulation Act, 1949.

Oil and Natural Gas Corp. Ltd. (ONGC) and Indian Oil Corporation Ltd. (IOC) are looking for more projects in Colombia, reports a financial newspaper.

Welspun Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on December 22, 2015, has approved the amendment to the Scheme of Amalgamation and Arrangement between Welspun Enterprises Ltd and Welspun Infratech Ltd and Welspun Plastics Pvt. Ltd and Welspun Infra Projects Pvt. Ltd with Welspun Projects Ltd (now renamed as 'Welspun Enterprises Ltd')(" the Scheme").

Uttam Galva Metallics has signed an agreement with South Korea's Posco to use its steel making technology at the upcoming 1.5 million tonnes plant at Wardha in Maharashtra.
Steel Authority of India Ltd. (SAIL) will soon launch a Rs. 400-crore voluntary retirement scheme (VRS) after a gap of nearly 10 years, as it looks to reduce its workforce by 1,500 from the current level of 91,000, reports a financial newspaper.

Piramal Enterprises Ltd. has announced the acquisition of five brands from MSD for Rs. 92 crore.

Mahindra & Mahindra (M&M) has sought a reduction in the 30 per cent excise duty on its popular utility vehicle (UV) Bolero from the Uttarakhand government, reports a business daily.

Tata Steel UK Limited (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), today announced the signing of a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business.

Delhi High Court gave a temporary relief to telecom operators at the hearing of call drops case today. The Telecom Regulatory Authority of India (TRAI) said that it will not take any coercive action on call drops till the next hearing on January 6, after the Delhi HC asked the regulator to do so.

As many as 10 insurance companies have applied for regulatory clearances to bring in foreign investment of Rs. 6,192 crore, the government reportedly said.

Matrimony.com and Quick Heal Technologies  received SEBI approval to launch initial public offers and may raise around Rs. 1,000 crore, according to reports.