Wednesday, 21 December 2016

Opening Bell - Domestic indices open on a positive note

The S&P BSE Sensex is trading at 26379, up 71 points, while NSE Nifty is trading at 8106 up 24 points.

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The S&P BSE Sensex is trading at 26379, up 71 points, while NSE Nifty is trading at 8106 up 24 points.

Asian indices opened in the green with the Japanese index "Nikkei" gaining for 11 of the last 12 sessions. Overnight Dow Jones closed setting new record highs and closed within 25 points of 20000. Banks led the gains which could spill over to Asian indices also. Strength in the US$, steady flow of ETF money and rise in US bond yields have been the theme after the Trump victory last month.

The inconvenience caused by the demonetization move is slowly tapering and reports suggest that the prime minister will announce a ‘blitzkrieg of initiatives’ in the new year. FM Arun Jaitley indicated that tax incentives could be given for small businesses engaged in cashless transactions. For now, the Indian market remains in a limbo of lost dreams.

Commodity market tips

The rupee breached the 68 mark against the US dollar, and the narrowing yield differentials between US and Indian sovereign bonds is offering no comfort at all. The dollar climbed back towards a 14-year high. The Dow is within striking distance of the magical 20,000 mark and if it happens soon, it would be the fastest 1000 point gain for the index. A peek into the past shows that Dow has often struggled for long around these psychological numbers. Eurekahedge Report shows that almost 13% of bn dollar hedge funds posted double-digit gains in 2016, as against 8% in 2015.

The benchmark indices of the US including Dow Jones and Nasdaq ended at record highs. Dow Jones missed the 20000 mark by a marginal 25 points. The sentiment was high and positive on the hope of increase in spending towards infrastructure and indicated drop in taxes by President-elect Donald Trump. S&P 500 closed at 2270 up 0.36%, Dow Jones Industrial Average ended at 19974 up 0.46% and Nasdaq Composite ended at 5483 up 0.49%.

The major Asian Indices started off on a positive note, which due to positive outlook of the US indices. Trade volumes were low ahead of the year-end and Christmas holidays, but gains in crude oil and the overall resilience to geopolitical tensions helped shares gain. Hong Kong's Hang Seng opened at 21,770, Japan's Nikkei 225 opened at 19,547, China's Shanghai Composite started at 3,107 and Singapore's Straits Times opened at 2,912. In the morning, Hang Seng had gained over 100 points. At time of filing this reports, the mentioned indices were all trading in green.

Foreign institutional investors (FIIs) net sold stock futures worth Rs 9.42 billion and bought index futures worth Rs 1.88 billion on the NSE. They also net sold index options worth Rs 2.75 billion. FIIs net sold Indian shares worth Rs 6.86 billion on the BSE, NSE, and the Metropolitan Stock Exchange combined. Domestic institutional investors (DIIs) net bought shares worth Rs 4.19 billion.

American Depository Receipts (ADRs)of Indian companies ended mixed note yesterday. The gainers included Infosys,, Vedanta and HDFC Bank, while the losers include Dr Reddy's, ICICI Bank, Sify, Tata Motors, and Wipro.

The December futures of SGX Nifty 50 was marginally lower, which points that the Indian indices might have a soft start. SGX Nifty 50 Dec was at 8110 down 21.50 points from Tuesday.

Buzzing Stocks:

IRB Infra unit gets arbitral amount of Rs 20.55 crore from NHAI.

Sun Pharma completes 85.1%  acquisition of Russia's JSC Biosintez.

Bajaj Hindusthan Sugar Ltd plans to sell its co-generation power business to its group company

Lalitpur Power Generation Company Ltd (LPGCL) for about Rs18 billion.

Jyoti Structures wins $15 mn order from South Africa's ESKOM.

Welspun Enterprises Ltd said its board of directors will meet later this week to consider buyback of equity shares.

Seamec in pact for charter hire agreement with National Petroleum Construction Co.

Sun Pharma said one of its subsidiaries has voluntarily requested the US health regulator to withdraw approval for 28 abbreviated new drug applications belonging to Ranbaxy Laboratories.

Oriental Carbon: Commercial prodn of 1st phase at Mundra SEZ ahead of schedule.

Future Enterprises (FEL) will be selling 16% stake in Future Lifestyle for Rs 3.80 billion, a notice to the stock exchanges. FEL owns the physical assets or the store formats and infrastructure assets in the stores of Future Retail and Bharti retail.

NIIT Tech in settlement agreement with Govt firm for contract that was previously on hold.

8K Miles Software Services has announced the acquisition of Cornerstone Advisors Group LLC for $

10.25 million. The acquisition, through its US-subsidiary, is subject to customary closing conditions and is expected to conclude in the quarter ending March 31, 2017.

Tridevi Capital Partners to invest USD20mn in Prabha Energy Private Limited, a subsidiary of Deep Industries Limited. The subsidiary valuation is estimated to be $ 50 million.

Jubilant Life Sciences, a global leader in the pyridine, picolines and nutrition industry, announced a price increase of up to 15% on select products.

Cognizant Technology Solutions has acquired the technology and business process services unit of Frontica Business Solutions AS, helping it gain access to capabilities in the oil and gas sector.

The US Food and Drug Administration (USFDA) has issued Form 483 observations against Unit I of Aurobindo Pharma Limited in Hyderabad.

Oil and Natural Gas Corporation has tied up with Hughes Communications India to revamp and upgrade its existing satellite network across India.

Vedanta Resources has been ordered by London High Court to pay over $ 100 million to a Zambian investment company related to a 2013 copper price agreement.

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