Domestic Indices to open on a flat to positive note
Asian markets opened flat as the overnight cues continued to be bullish
with the Dow Jones nearing 20000. The strength in bonds, US$ and strong
ETF flows are seeing huge inflows into the US which is heralding a
period of growth with capex expansion and strong infrastructure
spending. Emerging markets are also facing the brunt of redemptions as
short term money chases faster returns in the US.
After rallying yesterday and closing on slightly weaker note, Asian
indices today opened on a mixed note, the primary factor is that the
investors are taking a cautious route ahead of the outcome of the US
monetary policy meet that will be conducted later today. When the market
opened, Japan's Nikkei 225 opened at 19,270, Hong Kong's Hang Seng
started at 22,596, China's Shanghai Composite opened at 3,149, and
Singapore's Straits Times opened at 2,963.
Dow closes at record high for seventh session. Furthermore, other
indices in the US ended higher on Tuesday ahead of the outcome of the US
Federal Reserve's monetary policy meet where the central bank is
expected to raise interest rate by 25 bps. Benchmark indices have
rallied close to 8% on the expectation that the government will embark
on an infrastructure spending spree. When the market closed on Tuesday,
Nasdaq Composite ended at 5436, S&P 500 ended at 2271, and Dow Jones
Industrial Average closed at 19911, where the indices gained more than
0.50%.
The SGX Nifty 50 December futures were up today after the positive
Consumer Price Inflation data for November which may strengthen a case
for a cut in interest rates by the Reserve Bank of India. However,
sentiment will be in check as investors focus on the outcome of the US
Central Bank announcement that is scheduled to occur later in the day.
Foreign institutional investors net bought index futures worth Rs 2.35
billion, but sold stock futures worth Rs 4.77 billion on the NSE.
Furthermore, FIIs net sold index options worth Rs1.34 billion while FIIs
net sold Indian shares worth Rs 21.8 billion on the BSE, NSE, and
Metropolitan Stock Exchange combined. Domestic institutional investors
(DII) net bought shares worth Rs 1.8 billion.
Nifty also saw a smart comeback recouping 8200 with ease. The pessimism
over the Federal Reserve rate hike will last till tomorrow & with
the event over we could see another bout of value buying coupled with
short covering to drive the Nifty above 8300.For today expect IT stocks
to bounce back after positive guidance by Mindtree saw huge short
covering in the previous session.
Nifty found strong support @ 8150, while 8260-8280 will act as strong
resistance. Bank Nifty also bounced back from 18300 levels which will
act as support while 18700 will act as resistance.
Buzzing Stocks:
An exhaustive inspection of drug maker Sun Pharma’s
manufacturing facility at Halol by the US FDA pointed to inadequately
designed testing programs to assess the stability characteristics of
drugs besides faulting accuracy of test methods used at the site.
Malvinder and Shivinder Singh are in active discussions with private
equity group TPG Capital to sell a significant minority stake in Fortis Healthcare.
NTPC has partnered with Inox Wind for a 50MW wind project to be deployed in Gujarat.
Advertisement regulator ASCI has pulled up Hindustan Unilever over its 'misleading' TV commercial for dish washer brand Vim in which it claimed rival Jyothy Laboratories Exo as "sadharan" (ordinary) bar.
Jubilant FoodWorks, which operates Domino's Pizza
outlets in India, said it will offer cashless payment option to all its
customers on home deliveries.
Taking a cue from the success of Baba Ramdev’s Patanjali brand, Tata Global Beverages is to tap into the ‘goodness of ayurveda’ with its own offering.
Wockhardt said the UK health regulator has confirmed
that its Daman-based manufacturing facility complies with good
manufacturing practices (GMP).
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