Friday, 30 December 2016

Sensex, Nifty to open on a flat note

Most Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices. Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days.

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Most Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices. Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days.

The outlook is a flat opening even though many investors rolled over their positions to the Jan series.Most Asian indices opened flat with the Japanese 'Nikkei" trading in the red for another day aping the decline in US indices.
Intraday Tips

Year end profit booking & subsequent value buying is the order of the past few days & may continue for next few days. Fall in bond yields, weakness in US$ are prompting buying in most emerging markets with Brazil & India seeing relative gains. 

The vagaries of the stock market have given sleepless nights on many occasions during the year. As the year 2016 rolls by, it's evident that we live in a world loaded with new risks emerging at regular intervals. The deadline to exchange old high value currency notes comes to an end today and the attention is on what Prime Minister Narendra Modi will unleash in his much anticipated speech on the eve of New Year. Reports indicate that the inconveniences of the demonetisation may soon be history as the PM is set to announce a host of measures that will propel the economy back on the growth track. The FM sought to assuage any fears by throwing up facts stating that November saw a rise in tax collection; an increase in rabi sowing, higher air traffic and increased insurance premiums.

Nifty managed to close above 8100 with derivative expiry seeing huge short covering in the last hour. With pessimism overdone around 7900 expect Nifty to see another 100 points gain before profit booking reemerges. For today expect window dressing in select sector/stocks as NAV(net asset value) boosting could see metals, banks & select infra stocks gain ground.

The government is proposing a staggered relaxation of existing restrictions on cash withdrawals from banks after 30 December. This is aimed at smoothening the transition as the Reserve Bank of India (RBI) supplies new currency notes.

The banking sector continues to face “significant” levels of stress but the financial system remains stable overall after moves to enhance transparency, Reserve Bank of India (RBI) governor Urjit Patel said in the biannual Financial Stability Report.

Among other stocks in focus:

Tata Power: Mehli Mistry, the promoter of M Pallonji and Co, has acquired 2.57 crore shares of Tata Power, in what's seen as a bid to counter cousin Cyrus Mistry, the ousted chairman of Tata Sons.

Jagran Prakashan: The company on Thursday informed exchanges that the meeting of the board of directors is scheduled to be held on Jan 5, to consider the proposal for buyback of shares.

Lakshmi Vilas Bank: Private sector Lakshmi Vilas Bank has launched Qualified Institutional Placement (QIP) to raise over Rs599.88 crore by issuing 4.25 crore shares in domestic or international markets.

Lupin: Drug firm Lupin Ltd has received tentative approval from the US health regulator to market its Balasalazide Disodium tablets, used for treatment of ulcerative colitis, in the American market.

Tree House Education: The company has informed exchanges that a meeting of the board of director is scheduled to be held on Friday to consider and approve appointment of Suraj Manghnani as an additional independent non-executive director.

RS Software: RS Software has announced that the company has made further investment of Rs 5,90,00,000 in Paypermint Private Limited, its wholly owned subsidiary for allotment of 59,00,000 equity shares of 10 each.

Petronet LNG: Petrobangla on Thursday signed an initial agreement with Petronet to set up an LNG re-gasification terminal on Kutubdia Island and a pipeline at an estimated cost of $950 million. Petrobangla is a government-owned oil company of Bangladesh, as per media reports.

GE Power, BHEL: GE Power India announced that the company has received contracts worth $40 million by Bharat Heavy Electricals to supply components and services for the supercritical steam generator island packages for 2x800 MW coal-based Uppur Thermal Power Project and 1x800MW coal-based North Chennai Supercritical Thermal Power Project Stage-III. Both the thermal power projects are located in the southern state of Tamil Nadu. This is in line with the gover ..

Golden Tobacco: Golden Tobacco Ltd said that it has received notice from consortium of banks led by Canara Bank for one of its property situated at Guntur.

IFCI: Term lender IFCI on Thursday said it has proposed to sell around 0.8% stake in National Stock Exchange (NSE).

India Tourism Development Corporation: Shares of the company will list on the National Stock Exchange (NSE) on Friday.

Rajesh Exports: The company has won a Rs 9.29 bn export order from the United Arab Emirates.

BHEL: Bharat Heavy Electricals Limited has successfully commissioned another 600mw coal-based thermal power plant in Telangana.





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