Friday, 16 December 2016

Opening Bell - Nifty, Sensex open in green

The S&P BSE Sensex is trading at 26594, up 75 points, while NSE Nifty is trading at 8171 up 18 points.

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The S&P BSE Sensex is trading at 26594, up 75 points, while NSE Nifty is trading at 8171 up 18 points.

On the last day of trading there is enough to ponder, the dollar has been on a roll hitting a 14-year high.  The Fed rate hike is being interpreted as a vote of confidence in the US economy. The Economic Report of the US President for 2017 says India remains one of the fastest-growing countries in the world. While the Fed outlook could bring about volatility in capital flows, Chief economic Advisor Arvind Subramanian says India is very well cushioned to absorb the impact.  The country’s strong macro-economic fundamentals makes the situation less anxious than other markets, he said. US indices are hovering around their highs and Asian indices including India seem to be struggling for direction.
Commodity market tips

Asian indices opened flat to positive as most currencies adjusted to the renewed bout of strength in the US$. The US$ now looks very heavily overbought as consensus bullishness makes the gains a one way street which could cap the upside in the near term. Oil rallied marginally as US equities flirted with 19500 before profit booking trimmed the gains. Gold continues to test bear market territory & could well be the casualty asset class for 2017.

Asian indices were trading on mixed note. China's Shanghai Composite opened at 3,111.51, Hong Kong's Hang Seng opened at 21,996.38, Singapore's Straits Times started at 2,934.29 while Japan's Nikkei 225 opened at 19,438.39. At the time of filing this report, all these indices were trading in green and up 0.25% on average.

The US benchmark indices ended on a positive note with key indices gaining more than 0.30%. Following the rate hike announced by the US Federal Reserve's Monetary Policy Commttee, the shares of financial companies gained wherein banks' shares rose the most as they see maximum benefit from a rise in interest rates in the US. S&P 500 ended at 2262 up 0.39%, Nasdaq Composite closed at 5456 up 0.37% and Dow Jones Industrial Average ended the day at 19852 up 0.30%.

The December futures of Nifty 50 ended at a premium of 19.45 points to the spot index, and open interest in the contract fell 6.0% to 15.58 mn. Post rate hike by the US Fed, it seems interest rates rising by 75 basis points in 2017 as compared with 50 basis points earlier, which is set to raise the cost of funds for foreign funds who invest in emerging markets like India.

Foreign institutional investors (FII) net sold futures worth Rs 7.83 billion on the NSE. Further, FIIs net bought index options worth Rs 9.1 billion, while FIIs net sold Indian shares worth Rs 6.1 billion on the BSE, NSE, and Metropolitan Stock Exchange combined. Domestic institutional investors (DII) net sold shares worth Rs1.7 billion.

Indian ADRs ended on a mixed note yesterday primarily due to weak performance of the local shares listed in India. The gainers list include Wipro and Vedanta which gained 1.9% and 1.5% respectively, while HDFC Bank, ICICI Bank and Dr Reddy's were the worst performers, where these ADRs were nearly 1% each.

Buzzing Stock:

Bajaj Auto launched its latest sports bike Dominar 400 priced up to Rs 1.5 lakh (ex-showroom Delhi) as it looks to challenge segment leader Royal Enfield in the Rs 1-2 lakh category.

GE Shipping takes delivery of secondhand Supermax dry bulk carrier.

Cipla subsidiary in the Netherlands will pump in up to euro 16.8 million to form a joint venture with its Iranian distributor Ahran Tejarat Company. The JV proposes to undertake manufacturing and marketing of pharmaceutical products in Iran.

Dilip Buildcon wins new project from  Andhra Pradesh worth Rs 260 crore.

Claris Lifesciences has agreed to sell its global generics injectables business to Baxter International for a total consideration of US $ 625 million. The Boards of both companies have approved the deal, which is expected to close in the second half of 2017, a note from Baxter said.

Sical Logistics informed that its logistics operations at Chennai, Kamarajar port interrupted due the cyclone.

Welspun India is investing Rs 600 crore for setting up a facility for manufacturing carpets, area rugs and carpet tiles here, marking the leading global home textile firm's foray into flooring solutions segment.

Phoenix Mills acquires additional 3.75% stake in subsidiary, Alliance Spaces.

Persistent's promoter Deshpande to donate 4.99% stake to philanthropic foundation.

IL&FS Transport to acquire 4 Indian investments by Elsamex for Rs 141 crore.

Saksoft acquires majority stake in Dreamorbit to strengthen IoT.

Axis Bank dismisses 24 staffers, suspends 50 accounts after IT raids.

Sanofi said to be in advanced talks to buy drugmaker Actelion.

Merck wins $2.54 bn in Hepatitis C drug trial against Gilead.

Goldman Sach's case against Gati fast-tracked in test for courts

Telenor looks to sell its India unit to Idea Cellular.

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