Indian Indices:
Indian equity benchmark indices are likely to witness a higher opening today tracking firm Nifty futures on the Singapore Stock Exchange and positive cues from global peers.
Bullish trend in the SGX Nifty Index Futures for January delivery, which were trading at 10,487, up by 18 points or 0.17%, at 11:26 AM Singapore time, also signaled a positive opening for the domestic equity bourses. The movement of Indian rupee will be closely watched by the market participants after the Indian currency hit its highest level against the dollar in about two¬and¬a-half years amid weakness in the US dollar, and indications of strength in emerging economies
On the stock front
♦ Shares of Punjab National Bank will remain in focus after the state-run lender sold its entire stake in a mutual fund joint venture
to partner Principal Financial Group
♦ Shares of Reliance Industries will remain on investors’ radar as the company said it successfully commissioned and achieved design throughput of the world's first ever and largest Refinery Off-Gas Cracker (ROGC) complex of 1.5 MMTPA capacity along with downstream plants and utilities.
WALL STREET UPDATE
♦ Wall Street started New Year on strong note as it closed higher on Tuesday, led by gains in technology stocks such as Apple, Facebook, Alphabet and Microsoft.
PREVIOUS DAY ROUNDUP (DOMESTIC)
♦ Indian benchmark indices closed rangebound session on a flat note on Tuesday despite positive global cues as caution prevailed ahead of corporate results due later this month, while oil retailers such as Hindustan Petroleum Corp fell after crude prices strengthened.
Global Market:
• Asian markets were trading higher in early trade on Wednesday as sentiments boosted tracking positive closing on Wall Street overnight and upbeat manufacturing survey data which indicated growth in global economies.
• US markets: US stocks kicked off 2018 on a positive note. The S&P 500 and Nasdaq ended at record closing highs with
Nasdaq ending above 7,000 for the first time. The Dow Jones Industrial Average rose 0.4%, to 24,824. The S&P 500 rose 0.8%to 2,696 while the Nasdaq Composite Index closed at 7,007 up 1.5%. Energy and technology stocks were the major outperformers.
• European markets closed in the red yesterday with FTSE down 0.52%, CAX down 0.45% and DAX down 0.36%.
Major Headlines of the day:
• Rural development bank Nabard and State Bank of India signed an MoU with five NGOs of the state for promoting 2,500 Joint Liability Groups (JLGs)
• The US-based Principal Financial Group today said it has proposed to pick up PNB's stake in Principal¬PNB Asset Management Company and Principal Trustee Company in India
Trend in FII flows: The FIIs were Net Value of Rs 522.74 the cash segment on Tuesday while the DIIs were Net Value of Rs 64.70 as per the provisional figures.
Securities in Ban For Trade Date 03-JAN-2017:
1.GMRINFRA
2.HDIL
3.IFCI
4.JPASSOCIAT
5.RCOM
6.RPOWER
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