Expectations are running high that the election of Trump as President will boost business conditions and the job market. Japan, however, continues to struggle with core inflation falling for the ninth month in a row in November.
Oversold Nifty saw a strong rally gaining over 125 points as valus buying coupled with short covering drove stocks higher. With expiry on Thursday expect higher volatility as foreign investors kept open huge short hedge positions for the January series. Nifty seems to have made a nice base around 7900 which is the 50% retracement of the entire rally from 6825 to 8968.
On the economy front, Prime Minister Narendra Modi told economists that advancing the date of presentation of the Union budget by a month to 1 February will help speed up investment expenditure in the productive pre-monsoon months, as per media report.
Among other stocks in focus:
Tata Consultancy Services: The IT Company announced that VersaCold Logistics Services, Canada’s largest end-to-end supply chain solutions company for temperature-sensitive products, has selected TAP, TCS’ procure to pay cloud solution, to manage their operating cost with greater efficiency.
Religare Enterprises: Diversified group Religare Enterprises has given its go-ahead to the merger of several of its entities with itself for better synergy and simplifying corporate structuring.
IMP Powers: For the quarter ended September 30, 2016, IMP Powers reported a consolidated net profit of Rs 12.65 lakh against Rs 58.08 lakh in the corresponding quarter last year.
L&T: L&T Metro Rail Hyderabad Limited has thus far incurred a cumulative expenditure of Rs 141.72 bn on the elevated rail project.
Sunil Hitech: The company informed bourses that it has bagged an order worth Rs 434 crore in the state of Arunachal Pradesh for National Highways & Indrastructure Development Corporation LtdBSE 0.79 % on Engineering, Procurement & Construction (EPC) Mode.
Asian Oilfield Services: The company announced that the Company propose to convene a meeting of the Board of Directors on 30 December 2016, inter alia, to consider and approve the allotment of warrants, subject to receipt of application money from the proposed allottee.
Jagran Prakashan: Scheme of arrangement of Suvi Info-Management (Indore) with the company has been approved by Allahabad high court and Bombay high court.
Akzo Nobel India: The company has inaugurated the first-of-its-kind speciality coatings production facility and colour laboratory in Noida.
Bharat Financial: Morgan Stanley Asia (Singapore), Morgan Stanley Mauritius increased their stake in the company by 1.0996% to 7.8603% on Dec 23.
Glenmark Pharmaceuticals: The pharma company has received final approval from the US health regulator USFDA for the sale of Tretinoin capsules, used in the treatment of leukemia.
JSW Energy: JSW Energy said its board has given nod to raise funds up to Rs7.50 bn through issuance of redeemable non-convertible debentures by way of private placement.
ITC Ltd: The company has raised the prices of two of its bestselling brands -- Gold Flake and Navy Cut.
Biocon: Biocon and Mylan said that the results of the HERITAGE study have been published in the Journal of the American Medical Association (JAMA).
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