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Major headlines

·         Indian equites trade flat on profit booking, global cues

·         We want discussion on Agusta Westland deal

·         SC bans sale of liquor near all highways

Indian Indices: Altering between positive and negative territory, Indian equity benchmarks are now trading with small gains in late noon session led by upmove in frontline blue chip stocks such as TCS, Wipro and Axis Bank among others. Some support came with private report stating that the Reserve Bank is expected to meet its inflation target 'comfortably' as CPI inflation is likely to remain well below 5 per cent over the first half of 2017. On the global front, European Markets were trading mixed and Asian markets were trading mostly in red after the U.S. Federal Reserve announced a 25 basis point rate increase and opened the door to three hikes next year. Back home, stocks related to the IT sector were trading firm on the back of weakness in rupee. The rupee weakened to 67.77 against the U.S. dollar, down 33 paise from its previous close. Shares of ports, shipping and logistics companies were trading higher on the bourses after the Cabinet approved a Major Port Trust Authorities Bill to replace the Major Port Trusts Act of 1963.

The BSE Sensex is currently trading at 26655.16, up by 52.32 points or 0.20% after trading in a range of 26407.58 and 26737.86. There were 18 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index gained 0.32%, while Small cap index was up by 0.45%.

The CNX Nifty is currently trading at 8193.75, up by 11.30 points or 0.14% after trading in a range of 8121.95 and 8225.90. There were 27 stocks advancing against 24 stocks declining on the index.

Market Sentiment:  

The market breadth on BSE was positive in the ratio of 1190: 1397, while 159 scrips remained unchanged.

Crporate Front:

The Lok Sabha lost the second last day of the winter session on Thursday to disruptions, with the opposition benches demanding a debate on demonetisation while the treasury benches demanded a discussion on the AgustaWestland helicopter deal.

Macroeconomic front:

Union Minister M. Venkaiah Naidu on Thursday said that the government wants to discuss the Agusta Westland VVIP chopper deal in Parliament over the allegations of the kickbacks paid to political leaders and officers.

On the global front:

On the global front, The Chinese diplomat said that mutual cooperation between the two countries has resulted in a win-win situation for both and would help increase profitability in the coming years. Co-chairman of CII Task Force on Ease of Doing Business and CMD Chemtrols Industries K. Nandakumar said that India is at the same position where China was 10 years ago and hence there is a huge potential here considering its present demographics.

Commodity Updates:

Top Sectoral & Stock Screening:    The top gainers on the Sensex were TCS up by 2.63%, Axis Bank up by 1.96%, Power Grid Corpn. up by 1.68%, Adani Ports &Special up by 1.30% and Wipro up by 1.18%. On the flip side, Sun Pharma  down by 2.44%, Tata Motors down by 1.46%, NTPC down by 1.22%, ITC down by 1.01% and Lupin down by 0.84% were the top losers.

Top Nifty Movers:     The top gainers on Nifty were TCS up by 2.58%, Axis Bank up by 2.20%, HCL Tech. up by 1.69%, Power Grid Corpn. up by 1.57% and Adani Ports &Special up by 1.20%. On the flip side, Sun Pharma Inds. down by 2.37%, Grasim Industries down by 1.69%, Tata Motors down by 1.44%, NTPC down by 1.22% and Tata Motors - DVR down by 1.10% were the top losers.

Global Signals:

The Asian markets were trading mostly in red; Hang Seng decreased 397.22 points or 1.77% to 22,059.40 , Shanghai Composite decreased 22.85 points or 0.73% to 3,117.68 , Taiwan Weighted decreased 8.17 points or 0.09% to 9,360.35 , Jakarta Composite decreased 5.67 points or 0.11% to 5,257.15, FTSE Bursa Malaysia KLCI decreased 5.35 points or 0.33% to 1,637.94 and KOSPI Index decreased 0.22 points or 0.01% to 2,036.6. On the flip side, Nikkei 225 increased 20.18 points or 0.1% to 19,273.79. 

European Markets were trading mixed; France’s CAC increased 18.14 points or 0.38% to 4,787.38 and Germany’s DAX increased 40.8 points or 0.36% to 11,285. On the flip side, UK’s FTSE 100 decreased 9.07 points or 0.13% to 6,940.12.