Indian Indices:
Indian equity benchmarks may see gap up opening on Thursday, tracking firm cues from Asian peers. SGX Nifty is trading 24.00 points higher.
Sensex, Nifty to open on a positive note. The indices to open on a positive note. The landmark decision by the Organization of the Petroleum Exporting Countries to cut production has fueled a sharp rally in oil prices, which rose almost 10% to skyrocket near the $50 a barrel mark.
Banking stocks are regaining momentum. At the macro level, the second quarter of this fiscal year saw GDP growth at 7.3% (yoy), higher than the reading of 7.1% during the prior quarter. Lower interest rates are yet to translate into any meaningful shift in the private investment cycle.
Indian shares dropped on Thursday, as a fall in the rupee to a near record low dented sentiment at a time when investors are already worried about how demonetization will affect economic growth. The S&P BSE Sensex and CNX Nifty fell 0.74%-0.84%.
Nifty powers its way above 8,200 with ease as value buying coupled with short covering drove stocks higher. The pessimism of the last 10 days has given way to expectations of faster resolution of cash disruption with near term weakness being an opportunity to buy. Banks led the way as lower bond yields indicated a rate cut by the central bank on the cards next week. For today expect energy, metals & IT stocks to rally even as banks, Pharma & FMCG see profit booking.
Global Market:
Asian markets opened in the green with the Japanese 'Nikkei" leading from the front as US/Yen hit 114.5 the highest in the last 10 months. This saw Japanese exporters lead gains along with commodity stocks from other Asian indices. The Dow Jones hit new intra session highs but gave up gains on profit booking near the close.
U.S. stocks were mixed after the close on Wednesday, as gains in the Oil & Gas, Basic Materials and Financials sectors led shares higher while losses in the Utilities, Telecoms and Consumer Goods sectors led shares lower.
Major Headlines of the day:
SBI: Competition Commission has approved the merger of Bharatiya Mahila Bank with the State Bank of India.
Delhi HC refuses to stay connectivity fund levy on airlines and to hear airlines body plea on fund levy on Dec 21.
RBL Bank launches Aadhaar-based disbursement of micro loans also RBL Bank gets in-principle nod to start ops from GIFT City.
Punjab National Bank: Punjab National Bank has cut the marginal cost of funds based lending rate (MCLR) by 0.05-0.10 percentage points for December across maturities of various tenors.
Trend in FII flows:The FIIs were net buyers of Rs -434.42 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs 676.68 Cr, as per the provisional figures.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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