Nifty to open on a flat note
The outlook is a flat start. It could take another three months to get
over the negative shock of demonetisation but this could get compensated
by a positive impact in FY18, says a senior adviser to PM Modi.
The finance ministry is bracing up for a heated discussion today as the Parliamentary Standing Committee on
Finance will face a volley of questions regarding the ill-preparedness
of the demonetization drive. RBI Governor will be called at a later date
by the committee.
Meanwhile, RBI’s Monetary Policy Committee minutes suggest Q3 assessment
is likely to be clouded by withdrawal of bank notes; GVA growth has
been revised from 7.6% to 7.1%.
The demonetisation impact on growth will be ‘transient and uncertain’. The rupee saw some relief with the dollar cooling against other emerging currencies.
Gold manage to shine a little after days of dullness. A
dull day is in store for the market. The Dow failed yet again to cross
the psychological 20,000 mark and ended in the red.
Asian indices opened flat to marginally weak as US indices also had a
rather quiet session with the Dow Jones ending marginally in the red.
Pullback in oil prices & yields edging lower were the theme for the
day as US$ also saw profit booking. Emerging markets continue to be the
favorite punching bag on both currency & equity front as investors
exit seeking better opportunities in US equity & bonds.
Nifty gave up all gains in last half hour & drifted towards 8050 as
renewed bout of foreign selling emerged. Banks, IT & Fmcg saw huge
profit booking with commodities & auto's seeing buying. For today
weak sentiment could see 8000 being tested as year end repatriation by
select foreign investors could continue this week.
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