Indian Indices:
Nifty now finds support around 8050 with 8150 acting as resistance. Bank Nifty finds support around 18000 while 18500 acts as resistance.
Asian indices opened flat as nearness to year end saw volumes dry up as markets await 2017. Strength in US$, rise in bond yields & weakness in emerging markets were the theme of the last 2 months of 2016. Gold prices continued to struggle as coupled with slowdown in India the strength in the US$ is another negative going forward into 2017.
The markets are not moving fast in any direction but India’s economy seems to be well under control to race ahead. For the first time in nearly 150 years, India surpassed Britain as far as the size of the economy is concerned. India is now the fifth largest economy with US$2.30 trillion and the ones ahead are USA, China, Japan and Germany. The fall in the pound coupled with Brexit issues enabled India to overtake the UK GDP much earlier. For now, the Indian rupee continues to see weakness. The outlook is a tame start.
Global Market:
Asian indices opened today, the markets were volatile as Bank of Japan was yet to announce the monetary policy details.
US indices notched up some gains and Asian markets are mixed.
European stocks mixed with banks under pressure; Dax trades flat.
Major Headlines of the day:
• Zee Learn states charges of Tree House seem malicious, motivated and baseless.
• Borosil Glass gets Rs 92 crore compensation for handing over vacant land.
• Cipla has received final approval from the US health regulator for lipid regulating Fenofibrate tablets.
Trend in FII flows: The FIIs were net buyers of Rs -535.77 Cr in the cash segment on Monday while the DIIs were net sellers of Rs 556.36 Cr, as per the provisional figures.
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