today may be sensex, Nifty to open on a flat note
Asian indices opened positive as the 1st day of New Year trade saw
optimism across the board as strong data overnight from Europe saw
indices hit new highs. With most Asian indices ex Japan under performing
in the last 2 months the pull back could be sharper than expected.
The market started the year on a cautious note. After gaining around 400
points in two sessions, the Sensex got off to a listless start for the
year ending marginally lower. The weakness was initiated by a lower
manufacturing PMI reading, which fell for the first time in 2016 to 49.6
in December from 52.3 in the previous month. The cash crunch due to
demonetization was cited as one of the reasons.
Meanwhile, India’s core infrastructure sectors during grew 4.9% (yoy)
in November, which again was slower than the 6.6% in the previous month.
The lower base effect, improvement in coal output and rise in
electricity generation kept the numbers healthy for now. On the bourses,
the banking index fell over a percent on concerns that a cut in lending
rates would hurt their bottom lines. Auto stocks swung to their
December sales beat with Bajaj Auto falling and Maruti and M&M
rising on better numbers.
Crude has clocked in some gains. The rupee may remain under pressure.
Bitcoin rose above $1,000 for the first time in three years.
Asian indices opened positive as the 1st day of New Year trade saw
optimism across the board as strong data overnight from Europe saw
indices hit new highs. With most Asian indices ex Japan under performing
in the last 2 months the pull back could be sharper than expected. Bond
yields softened while both oil & US$ rose indicating the risk on
trade is back.
Nifty saw profit booking emerge around 8200 even as the broader market
rose over 1%.The pessimism on the slowdown may seem overdone as data
from auto sales belied expectations & came stronger than expected.
Cement, auto & metals lead the rally which may continue today as
more participation could see volumes & price action surge.
Among other stocks in focus:
Hero MotoCorp: The company reported 34% dip in its total sales in
December 2016 at 3,30,202 units as against 4,99,665 units in the same
month previous year. The company said its three manufacturing facilities
at Gurgaon, Neemrana and Haridwar were closed from December 26-31, 2016
on account of annual maintenance.
State Bank of India: SBI chairperson Arundhati Bhattacharya hinted that
the mega merger of its five associate banks and Bharatiya Mahila Bank
(BMB) could be pushed to the next financial year as it is still awaiting
the government notification on the move.
Tata Motors: The auto company reported a 2% increase in total sales at
40,944 units in December as against 39,973 units sold in the year ago
period.
Hathway Cable & Datacom Ltd: Cable TV and broadband Internet
services provider Hathway Cable & Datacom Ltd said its subsidiary
GTPL Hathway Pvt. Ltd has filed its initial public offering (IPO)
prospectus with the capital market regulator, in an intimation to stock
exchanges. Read more.
HPCL: HPCL plans to invest Rs 1,200 crore in city gas distribution
(CGD) to expand network and build infrastructure, a company official
said.
Exide Industries Ltd: The company will invest Rs 300 crore to expand
its capacity for advanced motorcycle batteries over a period of 18
months starting April.
The Great Eastern Shipping Co: The company signs contracts to buy two
Suezmax Crude Carriers of about 1,57,000 deadweight tonnage each.
Dhanuka Agritech: Dhanuka Agritech shareholders approve buyback of
equity shares. Can offer maximum of Rs 850 per share in the buy back.
Andhra Bank: Andhra Bank reduces marginal cost of funds based lending rate by 80 basis points across maturities.
Aban Offshore: Aban Offshore completes sale of 59% of equity shares in
two of its units - Aban Green Power and Rashapuram Pvt Ltd and also
completes 49% acquisition in Aban Drilling Service Pvt Ltd.
OBC, Andhra Bank: Oriental Bank of Commerce slashed the one-year MCLR
rate by 0.8% to 8.60% while Andhra Bank has brought it down by similar
percentage point to 8.65%.
Power Grid: The company has transferred 3.06 crore shares in Power System to government.
Titan Company: Titan Company said its jewellery sales have reached "pre
demonetisation" level in December but sales of watches through
multi-brand outlets are yet to recover. The retail growth for Tanishq in
Q3 FY 17 is around 15 per cent.
TVS Motor: TVS Motor Company reported 8.5% decline in total sales at
1,84,901 units in December. The Chennai-based company had sold 2,02,021
units in December 2015.
SML Isuzu: Commercial vehicles maker SML Isuzu reported 16.4% increase
in sales at 1,021 units in December 2016. It had sold 877 units in the
same month of 2015, SML Isuzu said in a BSE filing.
Welspun Enterprises: The company seeks shareholder nod for buying back
up to 25% of its share capital for an aggregate consideration of up to
Rs 270 crore.
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