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Major headlines:

·         Indian equities open in green.

·         Moody’s assigns Baa 3 rating to SBI’s US dollar denominated notes

·         Gold prices rise as Brexit worries stoke safe haven demand

Indian Indices: Asian markets were trading mixed on opening bell with weakness in the Japanese index keeping sentiment weak as weakness in US$ hurt Japanese exporter stocks. Globally the developed markets are seeing bouts of profit booking as US$ extends its decline ahead of the Trump swearing in on the 20th January. Gold prices inched higher for the 8th straight day as defensive buying saw prices react positively.

Nifty saw strong buying emerge in morning weakness with 8374 acting as strong support. With consensus bearishness close to 7900 the Nifty bounce of over 450 points has caught most un aware & hence any decline becomes a buying opportunity. For today expect profit booking to creep into the market in the second half as 8440 which is the 100 DMA may act as strong resistance.

The BSE Sensex is currently trading at 27338.07, up by 49.90 points or 0.18% after trading in a range of 27313.10 and 27381.43. 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 0.57%, while Small cap index was up by 0.72%. The CNX Nifty is currently trading at 8430.85, up by 18.05 points or 0.21% after trading in a range of 8414.35 and 8440.90. There were 32 stocks advancing against 19 stocks declining on the index.

Technical view: Nifty now sees support @ 8300 which is the 200DMA & finds resistance @ 8440 the 200 DMA. Bank Nifty closed over the 100 DMA @ 19056 & may see another 200 points rally till 19350 while any close below 19056 can see strong bout of profit booking set in.

Market Sentiment:

The market breadth indicating the overall health of the market was strong, with 1,309 shares gaining and 567 shares declining, while a total of 89 shares were unchanged.

Trading ideas :REC Ltd (Buy above Rs 144 for target of Rs 151, SL at Rs 140.5): The stock has broken above its previous peak which was placed at Rs140. The price outburst is also accompanied with smart expansion in trading volumes which further accentuates our bullish stance on the stock. Other momentum oscillators are also indicating that the current momentum is here to stay.

MacroeconomicFront: Global credit rating agency Moody's Investors Service and its Indian affiliate ICRA Ltd have said that India will remain one of the fastest growing major economies globally in 2017 and the government will likely achieve its fiscal deficit target of 3.5 per cent of GDP for the current fiscal year ending March 31.

Corporate Snippets:

 Reliance Industries is planning to invest a sum of Rs 300 in to Reliance JIO infocomm to further its development and improve its signal strength.

SPML Infra Ltd has bagged new orders worth Rs 8bn for various projects including developing power substaions.

BHEL has commissioned another 500 MW unit of Sagardighi Thermal Power Station Phase II in West Bengal.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Consumer Durables up by 0.80%, FMCG up by 0.62%, IT up by 0.61%, Realty up by 0.58% and Bankex was up by 0.54%, while Metal down by 0.38% and Oil & Gas was down by 0.13% were the only losing indices on BSE sectoral front.

Nifty Movers:The top gainers on Nifty were Asian Paints up by 1.36%, Hindustan Unilever up by 1.31%, Bank of Baroda up by 1.28%, Zee Entertainment up by 1.26% and Axis Bank was up by 1.16%. On the flip side, Reliance Industries down by 1.94%, Cipla down by 0.99%, ACC down by 0.86%, Adani Ports &Special down by 0.86% and Lupin was down by 0.72% were the top losers.

On the global front: On the global front, the Asian markets were trading mostly in green at this point of time, but gains remained capped as investors turned cautious ahead of U.K. Prime Minister Theresa May's speech on her government's Brexit plans later today. Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 347.25 crore, while Domestic institutional investors (DIIs) bought shares worth a net Rs 203.45 crore, on January 16, 2017.

Global Signals:Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 5.41 points or 0.33% to 1,664.25, Jakarta Composite rose 5.43 points or 0.1% to 5,275.45, KOSPI Index gained 9.72 points or 0.47% to 2,073.89, Taiwan Weighted added 58.01 points or 0.62% to 9,350.34 and Hang Seng was up by 99.27 points or 0.44% to 22,817.42.On the flip side, Nikkei 225 decreased 152.43 points or 0.8% to 18,942.81 and Shanghai Composite was down by 15.52 points or 0.5% to 3,087.91.

Major headlines:

·         Moody’s reaffirms yes bank’s rating at Baa 3/ P-3

·         Oil prices edge up on weaker dollar expected crude output cuts

·         Government may increase FDI limit to 49% in print media sector

Indian Indices: Asian markets opened weak after the UK pound tumbled sharply & hurt sentiment as the UK Prime Minister indicated a 'hard brexit' coming soon. That coupled with the recent rally in equities globally saw profit booking emerge strongly as investors sold stock & raised cash. Gold prices rallied while US bond yields fell along with the US$.

Nifty seems to hit resistance around the 100 DMA placed @ 8441 with profit booking emerging after the stellar rally of last 2 weeks. With expiry due next week expect consolidation this week with 8350-8450 being the range. For today expect profit booking in metals, auto & commodities while banks, financials & materials could head higher.

The BSE Sensex is currently trading at 27275.98, up by 37.92 points or 0.14% after trading in a range of 27172.68 and 27301.38. There were 16 stocks advancing against 14 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.35%, while Small cap index was up by 0.50%.

The CNX Nifty is currently trading at 8403.90, up by 3.55 points or 0.04% after trading in a range of 8374.40 and 8414.95. There were 30 stocks advancing against 21 stocks declining on the index.

Technical view: Nifty finds strong support around 8320 while 8441 continues to act as strong resistance. Bank Nifty has been the steady outperformer with 18441 acting as strong support while 19058 which is the 100 DMA will act as strong resistance.

Market Sentiment:

The market breadth on BSE was negative in the ratio of 920:1230, while 129 scrips remained unchanged.

Trading ideas: ITC (Buy above Rs 251 for target of Rs 246.5, SL at Rs 260): The stock has showing tremendous strength in the past week. ITC has also recovered sharply after finding support around its 100-DMA. If the stock manages to close above Rs251 then we expect a rising wedge pattern breakout which would take the stock higher towards the Rs258-260 mark in short term.

MacroeconomicFront: The Indian Government has said that it is considering a proposal to increase foreign direct investment (FDI) limit in print media sector to 49 per cent from 26 per cent at present. Currently, the FDI policy permits 26 per cent foreign direct investment in the publishing of newspapers and periodicals dealing with news and current affairs through government approval route.

Corporate Snippets:Lupin has launched its generic version of morphine sulfate ER tablets used for the management of servere pain in the US market.

HERO MOTOCORP forayed into the Argetinian market with the global launch of its 125 CC bike new Glamour as part its aggressive global expansion plans.

Tata Steelhas offered to pay hundreds of millions of pounds to its pension scheme to release a guarantee the fund holds over its Dutch assets, as the Indian firm moves closer to merging its European assets with Germany's ThyssenKrupp.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Realty up by 2.25%, Consumer Durables up by 1.30%, Metal up by 1.13%, Bankex up by 0.35% and Capital Goods up by 0.32%, while IT down by 0.75%, TECK down by 0.47%, Oil & Gas down by 0.09% and FMCG down by 0.07% were the losing indices on BSE.

Nifty Movers: The top gainers on Nifty were Adani Ports & Special Economic Zone up by 2.26%, Tata Steel up by 2.23%, Idea Cellular up by 1.53%, Zee Entertainment up by 1.39% and Tata Motors up by 1.20%.  On the flip side, HCL Tech down by 1.83%, Eicher Motors down by 1.67%, Infosys down by 1.64%, Tech Mahindra down by 0.86% and Sun Pharma down by 0.84% were the top losers.

On the global front: On the global front, Asian shares were trading mostly in red, on worries UK Prime Minister Theresa May might signal plans for a ‘hard Brexit’ in her speech on Tuesday. The Bank of Japan raised its economic assessment for three of the country’s nine regions in a quarterly report, saying that most areas were seeing a moderate economic recovery.

Global Signals: The Asian markets were trading mostly in red; Hang Seng decreased 242.75 points or 1.06% to 22,694.63, Nikkei 225 decreased 154.01 points or 0.8% to 19,133.27, Taiwan Weighted decreased 84.65 points or 0.9% to 9,294.18, Shanghai Composite decreased 43.83 points or 1.41% to 3,068.93, KOSPI Index decreased 14.71 points or 0.71% to 2,062.08 and FTSE Bursa Malaysia KLCI decreased 5.72 points or 0.34% to 1,666.78.On the other hand, Jakarta Composite increased 4.47 points or 0.08% to 5,277.45.

Major headlines:

·         Government hopeful of achieving disinvestment target

·         Demonestisation to have positive impact next fiscal

·         Key Indian equity indices open higher

Asian markets traded in the green ex Japan where the 'Nikkei' index was down almost 1% after the yen rallied against the US$. OIl prices saw a sharp pullback with the greenback seeing selling while bond yields also traded flat. President Trump sounded cautious on Pharma& biotech & vowed to bring back jobs to the US which should be ominous warning to global Pharma& IT outsourcing. 

Nifty crossed the 200 DMA in style with 8400 being within reach today. Banks lead the from the front with the Bank Nifty gaining almost 2.25%.Metals were the other big outperformer with the Metal index up over 4%.For today expect consolidation around 8400 on the Nifty while mid caps should see more action & participation.

The BSE Sensex is currently trading at 27239.03, up by 98.62 points or 0.36% after trading in a range of 27166.69 and 27278.93. There were 16 stocks advancing against 14 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.01%, while Small cap index was up by 0.02%. The CNX Nifty is currently trading at 8404.15, up by 23.50 points or 0.28% after trading in a range of 8382.30 and 8417.20. There were 24 stocks advancing against 27 stocks declining on the index.

Technical view: Nifty will now find support around 8289 which is the 200DMA while resistance now comes @ 8446 which is the 100 DMA. Bank Nifty now finds support @ 18258 which isn the 200 DMA while the 100 DMA @ 19068 will act as resistance.

Market Sentiment:

The market breadth on BSE was negative in the ratio of 1052:1152, while 116 scrips remained unchanged.

Trading ideas IBREALEST (Buy above Rs 82.5 for target of Rs 86.5, SL at Rs 80.5): Stock has given a flag breakout on daily charts, after consolidating for the past 4 trading sessions between Rs 78.5 and Rs 81.5. The momentum seen in yesterday's trade along with stock sustaining above its 200-DMA would augur well in near term. On daily chart, stock looks a perfect price volume breakout candidate. We advise to Buy IBREALEST above Rs 82.5, stop loss at Rs 80.5 and Target of Rs 86.5.

MacroeconomicFront: According to sources, the first-ever policy to set the tone for water management in the Indian Railways is likely to be finalised by the end of this month. Commenting on the issue, Additional Member, Mechanical, K Swaminathan told the media, "We are rolling out a water policy by the end of this month which will set the tone for water management in the Indian Railways."

Corporate Snippets:

Lupin has received final approval from the US health regulator to market its Desoximetasone cream, used for treatment of skin disease, in the American market.

MRF Ltd said it will invest around Rs 45 bn in a phased manner over a period of ten years to set up a manufacturing unit in Gujarat.

Royal Orchid Hotels has acquired Amartara Hospitality by buying additional 24.9% stake in it.

NTPC’s board has approved an investment of Rs 10.53 bnDulanga coal mining project with rated production of 7 mtpa.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Power up by 2.09%, IT up by 1.20%, Capital Goods up by 0.98%, PSU up by 0.98% and TECK up by 0.94%, while Metal down by 0.83%, FMCG down by 0.33%, Realty down by 0.18% and Consumer Durables down by 0.06% were the losing indices on BSE.

Nifty Movers:The top gainers on Nifty were Power Grid up by 4.74%, NTPC up by 2.71%, Infosys up by 2.23%, Tata Power up by 2.21% and Tech Mahindra up by 1.96%.  On the flip side, Idea Cellular down by 2.08%, Coal India down by 1.56%, AurobindoPharma down by 1.50%, IndusInd Bank down by 1.44% and BHEL down by 1.20% were the top losers.

On the global front:On the global front, Asian shares were trading mostly in green, with investors eyeing the first full press conference by President-elect Donald Trump since the November election. Trump has vowed to label China a currency manipulator on his first day in office and has threatened to slap huge tariffs on imports from China. Hong Kong shares extended their recent rally into a fifth successive day as investors brushed off another loss on Wall Street.

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 3.52 points or 0.21% to 1,678.73, KOSPI Index increased 3.64 points or 0.18% to 2,078.81, Shanghai Composite increased 3.77 points or 0.12% to 3,140.52, Jakarta Composite increased 11.71 points or 0.22% to 5,312.95 and Taiwan Weighted increased 69.03 points or 0.74% to 9,414.77.On the other hand, Nikkei 225 decreased 188.43 points or 0.97% to 19,176.24 and Hang Seng decreased 90.05 points or 0.39% to 22,845.30.

Major headlines:

·         DoT to meet telcos to discuss call drops:

·         Value buying lifts bourses

·         Full and fitting reply will be given, say sources close to Mistry

Indian Indices:

Asian indices opened flat with further consolidation as US stocks lost ground on fresh brexit worries over UK's trading role with Europe. This saw safe haven buying in US$, gold & bonds while oil prices dropped sharply. With 20000 being the near term target on the Dow Jones profit booking around these pivot levels could see some more consolidation before the Trump swearing in later this month.

Nifty had a very quiet session with only a 40 point intraday move on low volumes. IT stocks rebounded on value buying while Pharma stocks continued to under perform the market with fresh selling seeing stocks lose ground. For today expect energy, financials & industrials to attract buying while Metals & FMCG could see profit booking.

The BSE Sensex is currently trading at 26854.11, up by 127.56 points or 0.48% after trading in a range of 26804.17 and 26902.05. There were 22 stocks advancing against 8 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index was up by 0.62%.The CNX Nifty is currently trading at 8271.95, up by 35.90 points or 0.44% after trading in a range of 8261.00 and 8288.10. There were 34 stocks advancing against 17 stocks declining on the index.

Technical view: Nifty is seeing strong resistance around 8280 while 8180 acts as support, break either side will see further direction. Bank Nifty needs to cross 18300 for further upmove while 18230 which is the 200 DMA will act as strong support.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1354:828, while 98 scrips remained unchanged.

Trading ideas :PHILIPCARB (Buy above Rs 243 for Target of Rs 253, SL at Rs 238): Stock has witnessed a breakout from a base building pattern closing above the crucial resistance zone of Rs 236 and Rs 238. This coincided with a close above the important 50 and 100-DMA. It’s an ideal price volume breakout, with volumes higher than the past 12 trading sessions. We advise to Buy PHILIPCARB above Rs 243, stop loss at Rs 238 and Target of Rs 253.

MacroeconomicFront: Global brokerage Citigroup has said that it has lowered India's growth forecast to 6.8 per cent for this fiscal from 7.2 per cent earlier, as cash crunch has affected pick-up in consumption while uncertainty around demonetisation may further delay any recovery in private investments.

Corporate Snippets:Jaiprakash Power Ventures has sought its shareholders not through postal and electronic ballot, to convert part of its outstanding debt of Rs 30.58 bn into 3.06 bn equity shares.

Divis Lab has filed a detailed response with in the permitted time to the observations made by the US health regulator after inspection of the drug firm’s manufacturing plant at Visakhapatnam in Andhra Pradesh.

Oil and Natural Gas Corporation is close to finalizing ways to complete its USD 800 mn projects stuck midway after the contractor, Singapore’s Swiber Holding Ltd, collapsed last year following an oil slump.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Oil & Gas up by 1.56%, Metal up by 1.19%, PSU up by 0.90%, Auto up by 0.80% and Consumer Durables up by 0.55%, while there were no losers.

Nifty Movers:The top gainers on Nifty were Hindalco up by 4.05%, BPCL up by 3.01%, Tata Motors up by 2.47%, Tata Motors - DVR up by 1.98% and GAIL India up by 1.77%.  On the flip side, Axis Bank down by 0.86%, Ambuja Cement down by 0.76%, ACC down by 0.70%, IndusInd Bank down by 0.63% and Tech Mahindra down by 0.63% were the top losers.

On the global front: On the global front, Asian shares were trading mostly in red, as investor sentiment soured after the Dow retreated further from the 20,000 mark and oil prices plunged as much as 4 percent overnight. Investors are awaiting remarks from key US policymakers this week, including Fed Chair Janet Yellen and President-elect Donald Trump.

Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 132.97 points or 0.68% to 19,321.36, Jakarta Composite decreased 13.59 points or 0.26% to 5,302.78, KOSPI Index decreased 6.08 points or 0.3% to 2,042.70, Shanghai Composite decreased 0.64 points or 0.02% to 3,170.60 and Taiwan Weighted decreased 0.41 points or 0% to 9,342.01.On the other hand, FTSE Bursa Malaysia KLCI increased 2.44 points or 0.15% to 1,670.34 and Hang Seng increased 138.33 points or 0.61% to 22,697.02.

Major headlines:

·         Asset deterioration a challenge for Indian banks.

·         Money has lost secrecy post demonetization

·         Key Indian equity indices open in green

Indian Indices: Asian markets opened flat to positive as US$ volatility versus Chinese yuan saw currency moves dominate recent market behaviour. The US$ is witnessing profit booking at every rally while the Chinese yuan had a very strong rally from oversold levels. The Dow Jones also hit 19999.63 as positive jobs report saw the US$ strengthen with equities jumping.

Nifty failed to cross the 200 DMA @ first attempt & late hour profit booking saw Nifty retreat to close below 8250. Bank Nifty however saw huge short covering & closed above its 200 DMA on value buying. For today expect another day of consolidation even as bulls make another attempt to cross 8280-8300 for Nifty to resume further uptrend. Weakness in IT stocks was the main culprit for Nifty under performance which saw banks being the best performing sector in rotation.

The BSE Sensex is currently trading at 26737.88, down by 21.35 points or 0.08% after trading in a range of 26720.09 and 26860.88. There were 12 stocks advancing against 18 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.43%.The CNX Nifty is currently trading at 8237.15, down by 6.65 points or 0.08% after trading in a range of 8233.45 and 8263.00. There were 23 stocks advancing against 28 stocks declining on the index.

Technical view: Nifty will find support around 8181 which was the low for last 3 days while 8280 will act as first resistance. Bank Nifty now finds strong support @ 18000 while 18350 will act as resistance.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1354:828, while 98 scrips remained unchanged.

Trading ideas :YESBANK (Buy above Rs 1250 for target of Rs 1300, SL at Rs 1224): Stock has witnessed a double bottom breakout on daily charts post the two days smart rally. Near term trend turned positive for the stock on close above both its 50 and 100 DMA in last weeks trade. Price volume breakout would lead to sustained momentum for the stock in coming sessions. We advise to Buy YESBANK above Rs 1250, stop loss at Rs 1224 and Target of Rs 1300.

MacroeconomicFront: Finance Minister ArunJaitley has said that the colour of funds has not changed by merely depositing them in banks as the money has now lost its 'anonymity' and can be identified with the owner. Commenting on the issue, Finance Minister ArunJaitley told the media, "When 86 per cent of a country's currency, constituting 12.2 per cent of its GDP, is squeezed out of the market and sought to be replaced by a new currency.

Corporate Snippets:SpiceJet is expected to order at least 92 Boeing Co 737 jetliners, as it looks to bolster its presence in the world's fastest growing aerospace market.

SBIwill take the lead among state-run lenders to launch branch less banking. The latest launch from the lender - SBI Digi Bank will have a financial superstore, a market place and end to end digitisation for all products and services. 

Pokarna Ltd has announced Pokarna Engineered Stone Ltd, its wholly-owned subsidiary, has partnered Swedish home furnishing products retailer IKEA in India, to serve as its exclusive quartz surfaces supplier and installation partner.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were FMCG up by 0.65%, Realty up by 0.33%, Capital Goods up by 0.22%, Bankex up by 0.21% and Metal up by 0.14%, while Oil & Gas down by 0.52%, Power down by 0.45%, Consumer Durables down by 0.35%, PSU down by 0.19% and Auto down by 0.17% were the losing indices on BSE.

Nifty Movers:The top gainers on Nifty were AurobindoPharma up by 1.65%, HCL Tech up by 1.56%, Eicher Motors up by 1.51%, Idea Cellular up by 1.51% and ITC up by 1.17%. On the flip side, Dr. Reddy’s Lab down by 2.22%, BPCL down by 1.56%, Mahindra & Mahindra down by 1.37%, Coal India down by 1.31% and ACC down by 1.26% were the top losers.

On the global front: On the global front, Asian shares were trading mixed, as investors focused on policymaker remarks later this week for direction. Chinese Vice Finance Minister Zhu Guangyao said that the country is confident to have reached an economic growth of 6.7 percent in 2016, within a targeted range set earlier in the year. China, which had been aiming for a 6.5-7 percent economic growth for 2016, boosted government spending, saw a housing rally and record high levels of bank lending last year.

Global Signals:The Asian markets were trading mixed; KOSPI Index increased 3.22 points or 0.16% to 2,052.34, Shanghai Composite increased 14.96 points or 0.47% to 3,169.28 and Hang Seng increased 39.55 points or 0.18% to 22,542.56. On the other hand, Taiwan Weighted decreased 34.71 points or 0.37% to 9,337.51, Jakarta Composite decreased 22.68 points or 0.42% to 5,324.34 and FTSE Bursa Malaysia KLCI decreased 4.36 points or 0.26% to 1,671.13.

Major headlines:

·         IATA urges government to defer higher air navigation charges

·         Key equity indices trade higher during early session

·         Australia trade surplus breaks long drought as exports boom

Indian Indices:Asian indices ex Japan were all trading in the green as emerging markets are starting the New Year in fine fettle as proxy to weakness to US$ with the Trump rally seeing profit booking. The US$ weakened sharply to near November 8th levels & in tandem we saw bond yields also fall to 2.36% levels last seen around the US election results.

Nifty broke the 200 DMA @ 8271 & will further exhibit strength on the back of stronger Rupee & buying by foreign investors whose selling has halted & net inflows now very much on the cards. For today expect industrials, banks & oil marketing companies to see buying while tech stocks to be under pressure due to Rupee strength. Weekly close today over the 200 DMA will see bears further scramble for cover.

The BSE Sensex is currently trading at 26887.19, up by 8.95 points or 0.03% after trading in a range of 26883.78 and 27009.61. There were 19 stocks advancing against 11 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was up by 0.24%, while Small cap index was down by 0.05%.The CNX Nifty is currently trading at 8270.30, down by 3.50 points or 0.04% after trading in a range of 8270.30 and 8306.85. There were 31 stocks advancing against 20 stocks declining on the index.

Technical view: Nifty broke above the 200 DMA @ 8271 & needs to sustain today with 8230 acting as support while 8330 will act as resistance. Bank Nifty also closed near the day high & will face resistance @ 18202 which is the 200 DMA while 18000 will act as strong support.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1131:1047, while 143 scrips remained unchanged.

Trading ideas: INDUSINDBK (Buy above Rs 1129 for target of Rs 1159, SL at Rs 1115): Stock has witnessed a classic double bottom breakout on the daily charts. The breakout coincides with the stock closing above the crucial 50 and 200-DMA. Volumes in yesterday's trade were stellar, and this makes Indusind Bank a perfect price volume breakout counter. We advise to Buy INDUSINDBK above Rs 1129, Stop loss at Rs 1115 and Target of Rs 1159.

MacroeconomicFront: Terming Banks Board Bureau (BBB) has said that consolidation in public sector banks is a long drawn process and it should gather momentum in 2-3 years. Commenting on the issue, Banks Board Bureau Chief VinodRai told the media, "Finance Minister in his Budget speech talked about consolidation of banks. Prime Minister has made references to the idea that there should be 6 or 8 large banks.

Corporate Snippets: Wockhardtsaid German regulator has issued European Union Good Manufacturing Practice certificate to the company’s Ankaleshwar facility in Gujrat.

Tata Motors and Castrol inked a three year agreement under which the lubricants maker would supply commercial vehicle oils to the home grown auto major in over 50 markets, including SAARC and ASEAN reqion, west Asia Africa Russia and latin America.

As many as 10 international offshore drilling contractors including Transocean Inc have offered best in class deepsea drilling rigs to Oil and Natural Gas Crop for its KG-D5 gas field devlopments.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Bankex up by 0.74%, PSU up by 0.52%, Oil & Gas up by 0.42%, FMCG up by 0.25% and Power up by 0.21%, while IT down by 2.85%, TECK down by 2.30%, Realty down by 0.51% and Metal down by 0.03% were the losing indices on BSE.

Nifty Movers:The top gainers on Nifty were ONGC up by 2.55%, Yes Bank up by 2.36%, Bank of Baroda up by 1.69%, IndusInd Bank up by 1.66% and GAIL India up by 1.19%. On the flip side, HCL Tech down by 4.37%, Tech Mahindra down by 4.13%, TCS down by 3.21%, Infosys down by 2.57% and Wipro down by 2.06% were the top losers.

On the global front: On the global front, Asian shares were trading mostly in green, as a surge in the dollar and its borrowing costs sparked by Donald Trump’s election eased, with the US 10-year yield slipping to one-month lows. In contrast, Japan’s Nikkei, one of the best performers since Republican Trump won the November 8 election, dropped as the yen gained versus the dollar. China raised the exchange rate for the yuan against the US dollar by 0.92 percent from the previous day, the biggest one-day increase in more than 11 years.

Global Signals:The Asian markets were trading mostly in green; Taiwan Weighted increased 4.91 points or 0.05% to 9,363.05, KOSPI Index increased 7.25 points or 0.36% to 2,049.20, FTSE Bursa Malaysia KLCI increased 8.58 points or 0.52% to 1,668.40, Jakarta Composite increased 13.77 points or 0.26% to 5,339.28 and Hang Seng increased 63.78 points or 0.28% to 22,520.47.On the other hand, Nikkei 225 decreased 77.07 points or 0.39% to 19,443.62 and Shanghai Composite decreased 6.2 points or 0.2% to 3,159.21.