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Major headlines

·         India’s petroleum products consumption growth strong

·         S&P advocates fiscal consolidation ahead of budget

·         India signs oil reserves pact with UAE

Indian Indices: Indian bourses extended early gains in late afternoon session as most of the sectoral indices rose amid higher opening in European counter parts. The Sensex rose by more than 189 points to trade above 27,500 mark, while the Nifty 50 reclaimed its crucial 8,550 level. The broader indices, BSE Mid cap and Small cap also traded with more than half a percent gains. 

Sentiments remained optimistic with report that Donald Trump and NarendraModi have discussed opportunities to strengthen the partnership between the United States and India in broad areas such as the economy and defense. Some support also came with report that Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 93.95 crore, while Domestic Institutional Investors (DIIs) also bought shares worth a net Rs 533.49 crore, on January 24, 2017.To boost digital payments, panel has suggested to provideAadhaar-enabled micro ATM infrastructure for 1.54 lakh post offices and 50 per cent subsidy on Aadhaar Pay, Biometric (FP & Iris) sensors should be given to all merchant points.

The BSE Sensex is currently closed at 27708.14, up by 332.56 points or 1.21% after trading in a range of 27439.68 and 27715.59. There were 21 stocks advancing against 9 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.64%, while Small cap index was up by 0.72%.

The CNX Nifty is currently shut up at 8602.75, up by 126.95 points or 1.50% after trading in a range of 8493.95 and 8607.00. There were 37 stocks advancing against 14 stocks declining on the index.

Crporate Front:  India's demonetization drive is "a big failure" and has put the Indian economy back by at least a decade, an influential Chinese daily said on Wednesday. Prime Minister NarendraModi's November 8 announcement to scrap Rs 1,000 and Rs 500 notes was akin to "promising homeless people houses on Mars in one month's time.

Market Sentiment:

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

Macroeconomic front:

Disruptions caused by demonetisation and the general caution on the part of buyers will hit property sales in India by at least 20-30 per cent in 2017, Fitch Ratings said in its latest report.

"We expect home prices also to decline this year because demand for residential property has weakened significantly in the fourth quarter of 2016, following the demonetisation of large denomination notes in November last year.

On the global front:

On the global front, European markets were trading in green as Santander's fourth-quarter profit beat estimates and investors resumed bets that Donald Trump's polices will help fuel economic growth in the United States over the next two years. Asian markets were trading in green. Back home, in scrip specific development, Indian Bank jumped after it reported around eight-fold jump in its net profit at Rs 373.48 crore for the quarter ended December 31, 2016, as compared to Rs 48.48 crore for the quarter ended December 31, 2015.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Consumer Durables up by 1.61%, Bankex up by 1.45%, Realty up by 1.41%, Capital Goods up by 1.10% and Oil & Gas up by 0.93%, while TECK down by 0.01% and IT down by 0.01% were the few losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Kotak Mahindra Bank up by 5.47%, Zee Entertainment up by 4.11%, Bosch up by 4.03%, HDFC up by 3.41% and Yes Bank up by 2.88%. On the flip side, BhartiAirtel down by 2.59%, Wipro down by 1.41%, Tech Mahindra down by 0.78%, GAIL India down by 0.74% and Reliance Industries down by 0.71% were the top losers.

Global Signals:

All Asian markets were trading in green; KOSPI Index increased 1.18 points or 0.06% to 2,066.94, FTSE Bursa Malaysia KLCI increased 2.08 points or 0.12% to 1,682.77, Shanghai Composite increased 7 points or 0.22% to 3,149.55, Jakarta Composite increased 10.04 points or 0.19% to 5,302.13, Hang Seng increased 99.26 points or 0.43% to 23,049.12 and Nikkei 225 increased 269.51 points or 1.43% to 19,057.50. Taiwan Stock Exchange was closed on account of ‘Non Trading Day’.

All European markets were trading in green; France’s CAC increased 31.32 points or 0.65% to 4,861.35, UK’s FTSE 100 increased 33.5 points or 0.47% to 7,183.84 and Germany’s DAX increased 83.7 points or 0.72% to 11,678.64.