Tuesday, 20 December 2016

Sensex, Nifty start off the day in green

The S&P BSE Sensex is trading at 26416, up by 45 points, while NSE Nifty is trading at 8116 up 12 points.

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The S&P BSE Sensex is trading at 26416, up by 45 points, while NSE Nifty is trading at 8116 up 12 points.

Asian indices opened flat as nearness to year end saw volumes dry up as markets await 2017. Strength in US$, rise in bond yields and weakness in emerging markets were the theme of the last 2 months of 2016. Gold prices continued to struggle as coupled with slowdown in India the strength in the US$ is another negative going forward into 2017.

The markets are not moving fast in any direction but India’s economy seems to be well under control to race ahead. For the first time in nearly 150 years, India surpassed Britain as far as the size of the economy is concerned. India is now the fifth largest economy with US $ 2.30 trillion and the ones ahead are USA, China, Japan and Germany. The fall in the pound coupled with Brexit issues enabled India to overtake the UK GDP much earlier. For now, the Indian rupee continues to see weakness. US indices notched up some gains and Asian markets are mixed.

Commodity market tips


Tata group stocks will remain in focus after Cyrus Mistry announced his resignation from the boards of Tata Motors, Indian Hotels and four other companies.

Bank of Japan, on expected lines, has kept policy rates unchanged; says economy will witness moderate growth and will persist with asset purchasing till Japan reaches 2 pc inflation.

When the Asian indices opened today, the markets were volatile as Bank of Japan was yet to announce the monetary policy details. Japan's Nikkei 225 opened at 19,367, Singapore's Straits Times opened at 2,917, China's Shanghai Composite started at 3,115 and Hong Kong's Hang Seng opened at 21,767. At the time of filing this report, all indices were trading in red except for Straits Times.

Benchmark indices of the US ended on a higher side on Monday although the volumes involved were low, also the market investors bought into underperfoming sectors. With the ongoing political tensions between the US and China, the markets were not heavily impacted as the indices ended the trading day close to their respective all-time highs. However, during the early trading hours, the US indices were influenced and were under pressure post the assassination of the Russian ambassador to Turkey. Post Russian officials terming it as a terrorist attack, crude oil prices reversed earlier losses and ended higher. Bank stocks were the key gainers here. Nasdaq Composite ended at 5457 up 0.37%, S&P 500 ended at 2262 up 0.20% and Dow Jones Industrial Average closed at 19883 up 0.20%.

Foreign institutional investors (FIIs) net bought index futures worth Rs 3.27 billion and index options worth Rs 1.15 billion on the NSE. FIIs net sold stock futures worth Rs 6.63 billion. FIIs net sold Indian shares worth Rs 5.36 billion on the BSE, NSE, and the Metropolitan Stock Exchange combined. Domestic institutional investors (DIIs) net bought shares worth Rs 5.56 billion.

In respect to the performance of Indian American Deposit Receipts (ADRs), it was again a non-performing day for most of the Indian ADRs.  Wipro was the only ADR which ended on a postive note up 0.2%, while HDFC Bank, Vedanta were the worst hit down over 1%, and others including Dr Reddy's, ICICI Bank, Infosys, Sify, Tata Motors also ended on a low note.

SGX Nifty 50 December futures was down tracking weak Asian markets, it was at 8125, down 25 points from Monday.

Buzzing Stocks:

Lupin announced the launch of a generic version of its voriconazole tablets and oral suspension used for the treatment of fungal infections in children.

Zee Learn states charges of Tree House seem malicious, motivated and baseless.

Gujarat Industries Power signs PPA for 25 yrs with GUVNL for 26 MW wind farm cap.

Borosil Glass gets Rs 92 crore compensation for handing over vacant land.

Cipla has received final approval from the US health regulator for lipid regulating Fenofibrate tablets.

Steel Authority of India Ltd (SAIL) is in talks with Japan's Nippon Steel and Sumitomo MetalCorp and Kobe Steel Ltd for potential technical agreements to help the firm expand its global footprint.

Sun Pharma asks USFDA to withdraw approval for 28 ANDAs of company.

Raymond, Aditya Birla, Reliance Retail plan khadi foray after Arvind.

The Board of Directors of Pennar Industries Ltd is evaluating the merger of its subsidiary Pennar Enviro Ltd into Pennar Industries.

IL&FS Transport achieves financial tie ups of Rs 188 crore for 8 railway overbridges.

Stung by fluctuation in price of coking coal, Steel Authority of India Limited (SAIL) is desperately seeking an alternative solution to reduce its dependence on imports.

Supreme Infra: ICICI Bank acquires 19.6 lakh shares by invoking pledge.

Opto Circuits gets orders worth Rs 91 crore from Philips Health Care.

The government over the next few days will examine the status of 72 coal blocks allocated either through allotment or auction route to companies like NTPC, JSW Steel, Hindalco and SAIL.

Visa Steel resumes ops of DRI plant to make sponge iron after state clearance.

Jindal Steel and Power Ltd (JSPL) has lined up Rs 80 bn additional investment for its Odisha operations. The money will be spent on the addition of a blast furnace to take its Angul steel plant capacity to 6mt, setting up of a cement plant, laying of the slurry pipeline to carry iron ore from mines to the steel plant and setting up of a pellet plant.

ONGC suspends Singapore's Swiber from execution of 3 projects under existing pact.

Divi's Laboratories Limited has chalked out alternate plans to keep the capacity expansion going after the Rs 5 bn greenfield project near Kakinada ran into rough weather, first by the local protests and later by an interim order issued by Hyderabad high court pertaining to the project land.

Granules OmniChem facility completed 1st inspection by USFDA with 7 observations.

Tata Coffee to set up greenfield instant coffee plant in Vietnam for $ 50 mn.

Glenmark is developing specialty respiratory and dermatology products as a part of its long-term growth strategy.

KEI Industries extends technical collaboration with Brugg Kabel AG.

UK MHRA approval status of L-1 unit at Chikalthana continues for Wockhardt.

Bombay HC okays merger scheme of  Balkrishna Synthetics with Siyaram Silk.




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