The outlook is a flat start as the December series begins with a heavy build-up of short positions. Asian markets opened in the green with commodities leading the charge as the yen hits 113 to the US$. The Japanese Nikkei stock index has entered a new bull market as exporters benefit from the falling yen. The Nikkei has risen from levels of sub 15000 on Brexit day to over 18000 today, which is further seeing flows unabated as investors chase higher returns in developed markets.
The demonetization drive is coming under severe criticism from the Opposition parties with former Prime Minister Manmohan Singh terming it as a ‘monumental failure’ in its implementation.
Foreign investors are net short 3,086 contracts in the index futures. The rollovers were better than anticipated at 61 pc but much lower than the three-month average of 75 pc. A strong earthquake rattled Central America raising concerns of tsunami waves. Oil prices moved higher ahead of next week’s crucial OPEC meet.
Nifty saw sub 8000 expiry as foreign selling kept the pressure on financial stocks even as metals outperformed. With the worst November series since 2013 we now head into the last series of 2016 with pessimism more out of shock & perception rather than actual. Domestic flows continue to be strong with retail & institutions buying aggressively. For today expect pull back in auto, banks & IT while profit booking in Metals & Pharma may be on the cards.
Among the stocks to watch are:
Sun Pharma: The US drug regulator has found seven breaches of manufacturing standards at Sun Pharmaceutical Industries Ltd’s formulations plant in Mohali, Punjab, following a recent inspection.
SpiceJet: SpiceJet will announce its Q2 numbers today.
Vardhman Textiles: The board of the company has approved buyback proposal for up to Rs 720 crore.
Suven Life Sciences: The company on Thursday reported a net profit of Rs 26.6 crore against Rs 25 crore in the corresponding quarter last year.
Aurobindo Pharma Ltd: Aurobindo Pharma is scouting for acquisitions in Europe to gain a foothold in the market, as per media reports.
Reliance Industries: A flash fire broke out at Reliance Industries’ Ltd refinery complex at Moti Khavdi near Jamnagar on Thursday in which some contract workers were injured, the company said.
Wipro: The company has informed bourses that it has granted 5,000 Restricted Stock Units under Restricted Stock Unit Plan 2007 effective November 1, 2016 to its identified employee.
Khaitan (India): The company has infomed bourses that it has submitted an application for reference to the Board for Industrial and Financial Reconstruction (BIFR) as it has become a sick industrial company pursuant to the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).
Jindal Poly Films: Jindal Poly Films reported a consolidated net profit of Rs 77 crore for the September quarter, lower than the Rs 99.9 crore in the year-ago period.
Talwalkars Better Value Fitness: The management has decided to demerge gym business, thereby transferring gym business of TBVFL to TLL, in the interest of maximising overall shareholder value.
TCS: Tata Consultancy Services is rethinking how it appraises its over 3,70,000 employees after scrapping the Bell Curve model.
Sterlite Technologies: Sterlite Technologies on Thursday informed bourses that CrisilBSE -1.33 % has upgraded the Long term credit rating to 'CRISIL AA-/Stable' from 'CRISIL A+/Watch Developing' and Short term credit rating have been upgraded to ‘CRISIL A1+’ from 'CRISIL A1 /Watch Developing’.
LT Foods: The company has inked a 51:49 joint venture with Kameda Seika, to sell rice-based snacks in India.
Natco Pharma: Natco Pharma has received final approval from the US health regulator for generic version of Budesonide capsules used for treatment of active Crohn's disease for the American market.
YES Bank: The bank announced a partnership with Gujarat State Road Transport Corporation (GSRTC) to digitise payment of bus tickets for its customers.
Results Today: BEML, SpiceJet, Bata India, Indo Count Industries, Hathway Cable & Datacom, Navkar Corp,Balaji Telefilms, Shilpa Medicare, Tide Water Oil India, Uflex, Borosil Glass Works, Godawari Power And Ispat, RCL Foods.
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