Monday, 19 December 2016

Opening Bell - Sensex, Nifty open on a weaker note

The S&P BSE Sensex is trading at 26406, down by 83 points, while NSE Nifty is trading at 8114 down by 25 points.

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The S&P BSE Sensex is trading at 26406, down by 83 points, while NSE Nifty is trading at 8114 down by 25 points.

Asian markets opened weak as overnight US markets again saw huge profit booking emerge closer to 20000 as most people doubled the speed of the rally. The US$ also saw profit booking in Asian trade as energy stocks saw profit booking after a steady rally. Expect choppiness on thin volumes as FPIs would be on vacation mood and unwilling to commit fresh capital immediately. The rupee and crude price movements will be closely watched even as a host of macro data from the US is on tap this week.

Commodity market tips

US Benchmark indices ended on the lower side of Friday. Dow Jones Industrial Average index has been hovering close to critical 20000 mark, also ended on the weak note after it managed to gain for 6 continuous weeks. Nasdaq Composite ended at 5437 down 0.36%, S&P 500 closed at 2258 down 0.18% while Dow Jones Industrial Average ended at 19843 down 0.04%.

Key Asian indices were trading in red. This week the outcome of Bank of Japan's monetary policy meeting is scheduled. Also, a relief is the fact that China has agreed to return a drone it had seized, providing breather to the rising diplomatic tensions between the world the US and China. China's Shanghai Composite opened at 3,120, Singapore's Strait Times started at 2,930, Hong Kong's Hang Seng opened at 21,945 and Japan's Nikkei 225 opened at 19,345.

The Indian American Depository Receipts (ADRs) also ended on a weak note, however, in the list Tata Motors and Infosys were on the gaining side. While, Vedanta, ICICI Bank, HDFC Bank, Sify, Dr Reddy's and Wipro were on the losing side.

With regards to December futures of SGX Nifty 50 were marginally down on weak cues from global markets. At the time of filing this report, SGX Nifty was at 8,125 down 21.50 points.

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