It’s the season to be jolly for now. Don’t bother about reasons or try to correlate events. The sentiment has suddenly turned positive after a Fed meet and the world and all its market seem to be headed for better days in the near future. The Fed has kind of assured it will be patient about rates and investors remain impatient in lapping up shares that come their way. So strong is the sentiment that even the fundamentally weak ones may ride the rally. It’s time to be cautious about what you pick up during these euphoric days.
The outlook is a positive start as the market will look at taking off from where it left yesterday. The global cues will propel a gap-up opening again. IT stocks have reason to cheer with Accenture raising guidance. What happens in Parliament will be secondary for the time being. With the Winter Session coming to an end in two days, the Centre has reportedly indicated that it may take the ordinance route to hike the FDI limit in the insurance sector to 49%.
The US markets saw a terrific run with Dow and S&P 500 rising 2.43%. The Nasdaq Composite too gained over 2.24%. Asian indices are also up with Japan's Nikkei and Hong Kong's Hang Seng trading ~1.5% each. China's Shanghai index has gained around half a percent.
The Reserve Bank of India may go for rate cut early next year, former chairman of Prime Minister's Economic Advisory Council, C Rangarajan reportedly said. Report said that C Rangarajan cautioned that volatility in the currency markets should also be taken into consideration before going for any policy decision.
PM Narendra Modi is planning to speed up $300 bn stuck projects, according to a report. Modi has reportedly taken direct control of a project-monitoring body to fast-track investments.
Banking shares mainly public sector undertakings are trading higher between 2-3%, extending their yesterday’s late noon surge on the National Stock Exchange (NSE).
According to Moody's Investors Service, the ability to raise private capital that dilutes the government’s stake is credit positive for undercapitalized public-sector
banks because government resources to recapitalize the banks are limited.
Shares of sugar companies are trading higher after the media report stated that the government cleared incentives for marketing for raw sugar output. The report also
added that the production of Sugar rose by 47 per cent to 42.25 lakh tonnes till December 15 of this marketing year.
Shares of L&T surged 2% at Rs. 1,492 after company have entered into definitive investment agreement with Canada Pension Plan Investment Board.
Shares of NIIT Technologies was up 3.18% at Rs. 354 after the company has partnered with Air Tahiti Nui.
Shares of R P P Infra Projects Ltd has hit 5% upper circuit at Rs124 after the company has bagged new order worth Rs. 495.46 million from Tamilnadu Water Supply & Drainage Board for Providing Combined Water Supply Scheme to 158 Rural habitations in Gudimangalam and Udumalaipettai Unions in Tiruppur District, Tamilnadu.
Shares of GAIL India Ltd was up 4% at Rs435 after report said that the company moved Supreme Court against PNGRB order on ship-or-pay charges.
Shares of Bharti Airtel Ltd was flat at Rs348 after report said that the company has moved to Supreme Court for extension of 6 telecom license
Shares of Polaris Consulting and Services Ltd surged 15% upper circuit at Rs189 after Intellect Design Arena listed on the country's premier National Stock
Exchange (NSE), and Bombay Stock Exchange (BSE).
IVRCL Limited entered into a binding agreement to sell its equity stake in Chennai Water Desalination Limited with a total Project Cost of Rs550 Crores to Utico
FZC.The stock spurts 14% at Rs15.
Real estate stocks gained after the Cabinet deferred a decision on setting up a regulator for the sector. Shares of D B Realty jumped 5% at Rs59 per cent, while HDIL surged 11% at Rs67 on the BSE. While Unitech was up 4% at Rs15, while DLF was up 2% at Rs135.
ISRO has agreed to purchase equipment worth about Rs30 crore for use by Walchandnagar Industries Ltd, for making rocket components. Walchandnagar Industries has been a supplier or rocket components to ISRO for over two decades. For the GSLV Mk III, it supplied motorcases, tankages and end rings, says a report.
President Vladimir Putin said on Thursday that Russia's economy would rebound after the rouble's collapse against the dollar but warned that it could take two years for the country to emerge from crisis.
After underperforming the Sensex since 2008, foreign brokerages believe that Reliance is poised to perform better on the bourses next year as the stock is cheap after the recent correction, says a report. Reliance shares have risen about 3% so far in 2014 against the Sensex's advance of 32% in the period. From their 52-week high in May, the stock is down almost 23% and is trading near the 2012 share buyback price of Rs 870. The stock closed at Rs 880 on Thursday, the report adds.
