Thursday, 17 November 2016

Opening Bell - Sensex, Nifty flat in early trade

The S&P BSE Sensex is trading at 26,322 up 23 points, while NSE Nifty is trading at 8,105 down mere three points.

Share Market Services  | NSE & BSE Market Tips

The S&P BSE Sensex is trading at 26,322 up 23 points, while NSE Nifty is trading at 8,105 down mere three points.

Commodity market tips

Moody's has affirmed India's Baa3 rating and the positive outlook but no upgrade is on the anvil.

Global cues turned weak as profit booking sets in after a week of heady gains both on the indices & bond yields. With US dollar also weakening emerging markets saw a relief rally with Brazilian index up almost 2% even as most European markets ended in the red. We could see some Asian markets also bounce from oversold territory as value buying emerges.

Commodity market tips
In the Indian context the foreign ETF flows continue to sell as weak Rupee combined with expected weakness in consumption spending see funds chase returns in developed markets. SBI has taken the lead & cut deposit rates by 25 basis points indicating that lower costs are here as it gets deposits exceeding Rs 1.25 lac crore in just 10 days of demonetisation. The transition of the cash syndrome could see a pass through effect as credit growth may lag for this quarter in the transition. Expect Energy, FMCG & Auto stocks to see buying today while IT, Metals & Banks could see profit booking. 

On the global front, all eyes will be on Janet Yellen as she speaks before congress today. 

Nasscom cut growth guidance for the industry to 8-10 % in constant currency terms from 10-12%. According to the guidance, India will continue to gain market share of 7% of global software and IT services and 56% of global sourcing.

New Delhi has woken up to tremors as a 4.4 magnitude earthquake struck on the Delhi-Haryana border early morning. The first day of Parliament’s Winter session saw the Opposition launch an attack on the government for the demonetisation of high value currencies.

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