Tuesday, 13 December 2016

Opening Bell – Indices open on a mixed note

The S&P BSE Sensex is trading at 26,520, up by 5 points, while NSE Nifty is trading at 8,170 down by 0.75 points.

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The S&P BSE Sensex is trading at 26,520, up by 5 points, while NSE Nifty is trading at 8,170 down by 0.75 points.

The bright spot status of India seems to be suffering a temporary setback. The recent macro numbers have been disappointing, crude has been on a boil and nature continues to play havoc with Cyclone Vardah disrupting life in and around Chennai on Monday. India managed a cool ride on the back of falling crude prices but over the weekend sentiment has changed and crude has leapt to US$54 a barrel after non-OPEC members too agreed on a cut in output.  Today’s CPI numbers will be keenly watched but the rising crude prices could spike inflation and prevent RBI from effecting a rate cut. Meanwhile, the Fed meet gets underway today and so far expectations are of a rate hike. The outcome will be known on Wednesday.

The outlook is a flat start. Indices will swing more to global beats as the day progresses. Tata Motors will be in focus as large number of shares may change hands today. TCS shareholder meet will also keep the focus on Tatas.

Commodity market tips

 Asian markets opened flat after a weak start to the week saw most indices close in the red on Monday. The sharp rally in crude combined with US 10 year bond yields crossing 2.5% saw weakness again creep up in the emerging markets basket. The Dow Jones continues its unprecedented rally as money chases US stocks, ETF's & bonds.

Asian indices were mixed tracking weak cues from the US, and as investors chose to await the outcome of the US Federal Reserve's monetary policy statement as gains led by rise in oil prices petered out. China's Shanghai Composite was trading at 3138.53, Singapore's Straits Times was trading at 2948.51, Japan's Nikkei 225 was at 19139.27 while the only market trading in green was Hong Kong's Hang Seng at 22431.18.  Japanese shares declined as investors took profits after a recent rally that had taken shares to their highest level in a year. Focus will also on China as the numerous data is going to be released including Chinese industrial output, retail sales and fixed asset formation numbers. This will determine the next moves to be made by the investors who will evaluate the stability of the country and its economy.

Benchmark indices in the US ended mixed on Monday ahead of the US Federal Reserve's policy statement, scheduled to be released later today, as traders chose to take profits after six sessions of gains. Industry is expecting a 25 bps hike in interest rates by the Central Bank, however, the outlook on future rate hikes will be under bird's eye view when announced. S&P 500 closed at 2256 down 0.11% and Nasdaq Composite ended at 5412 down 0.59% while Dow Jones Industrial Average ended at 19796 up by 0.20%.

The American Depository Receipts (ADR) of Indian companies ended mixed on Friday. The leading gainer was Tata Motors by 3%, Vedanta was up by 1.2% and Wipro went marginally up by 0.1%. However, ICICI Bank slipped by 1.5%, HDFC Bank, Infosys, and Dr. Reddy's were on the losing side.

Foreign institutional investors (FII) net sold index futures worth Rs 9 billion on the NSE. FIIs net sold index options worth Rs 2.1 billion, while FIIs net sold Indian shares worth Rs 944.5 million on the BSE, NSE, and Metropolitan Stock Exchange combined, while domestic institutional investors net sold shares worth Rs 2.6 billion.

Stock to watch out:

Jai Corp share up 2.4% as Q2FY17 loss narrows.

Indian Terrain shares up 3% as Reliance Mutual Fund by 2.4% stake in the company.

Fortis Health stocks up 3% as promoters decide to sell minority stake.

Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Fin (CBHFL).

After agreeing to a deal to sell 3.9% stake in SBI Life Insurance, its joint venture with BNP Cardiff, State Bank of India will begin the process for re-valuation of the arm, for a plan to sell a further 10% stake to the partner.

Tata Motors said it will hike the prices of its passenger vehicles by up to Rs 25,000 from next month in order to offset the increased input costs.

Natco Pharma has launched generic Tamiflu capsules, used for the treatment of influenza, in the American market after the final nod from the US health regulator in Aug 2016.

Alkem Laboratories said the US health regulator has issued three observations after inspection of the company’s API facility at Ankleshwar in Gujarat.

Axis Bank slammed a regional newspaper report stating authorities were preparing to revoke the bank's license as "false and malafide", saying it had strong systems and controls in place as per central bank rules.

Sun Pharma and Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.

Glenmark's US business has received a boost with the launch of generic version of cholesterol drug Zetia in that market.

Morgan Stanley will buy 50mn shares (1.73% stake) in Tata Motors on behalf of an undisclosed client. The shares will be bought at an upper cap of Rs 499.8, nearly 10% premium to last closing price of Rs 454.55. At the top end, the deal size translates into Rs 25 bn.

Petroleum and Natural Gas Regulatory Board (PNGRB) last week gave GAIL four more years till February 2019 to complete the 1104 km Kochi-Koottanad-Bengaluru-Mangaluru natural gas pipeline. The Rs 44.93 bn project was originally to be completed in March 2013.

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