Wednesday, 14 December 2016

Nifty breaches 8200, Sensex in red; Coal India drags, Axis gains

Axis Bank, HUL, Maruti, Lupin and Sun Pharma are top gainers while Coal India, Tata Motors, HDFC, ONGC and ICICI Bank are losers in the Sensex. 

9:55 am Market check: The Sensex is down 63.54 points or 0.2 percent at 26634.28, and the Nifty down 26.25 points or 0.3 percent at 8195.55. 

About 888 shares have advanced, 753 shares declined, and 86 shares are unchanged. 

Asian Paints, Reliance, NTPC, Axis Bank, NTPC and Wipro are top gainers while Coal India, HDFC, Bharti Airtel, Tata Motors and Bajaj Auto are losers in the Sensex. 

9:45 am Oil update: State-owned Qatar Petroleum, one of the largest oil companies in the world, announced that it will reduce production levels from the beginning of next year. 

The reduction -- beginning on January 1 -- comes following the recent decisions by OPEC and non-OPEC oil-producing countries to cap output. 

"We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations," said a statements from Saad Sherida Al-Kaabi, president and chief executive of state-owned Qatar Petroleum. 

9:30 am FII view: Michael Gavin of Barclays says the macro backdrop is now one of mildly improved growth, firmer inflation, and a shift to fiscal stimulus in major economies. 

However, the prospect of higher policy volatility in the US means the range of potential outcomes for financial markets is unusually large entering 2017, he feels. 

Gavin says investors should look for value in emerging markets credit, instead of avoiding all emerging markets assets. 


The market has opened flat as investors are cautiously waiting for Federal Reserve decision on interest rates. The Sensex is up 5.43 points at 26703.25 and the Nifty is down 8.25 points at 8213.55. About 445 shares have advanced, 227 shares declined, and 34 shares are unchanged. 

Axis Bank, HUL, Maruti, Lupin and Sun Pharma are top gainers while Coal India, Tata Motors, HDFC, ONGC and ICICI Bank are losers in the Sensex. 

The Indian rupee opened flat at 67.54 per dollar versus previous close 67.54. 

NS Venkatesh of Lakshmi Vilas Bank said, "The cautious investors are expected to stay on the sidelines ahead of the FOMC meeting outcome." 

The US dollar held steady against a basket of major currencies on uncertainty over whether the Fed would signal a slow or fast pace of interest rate increases at the end of a closely-watched policy meeting. 

Asia shares crept cautiously higher while a hush settled on the US dollar as investors felt certain the Federal Reserve would raise rates for the first time in a year, but were less sure what it might herald for 2017. 

Australia led the early going with gains of 0.7 percent and MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.2 percent. Japan's Nikkei went the other way, easing 0.1 percent with moves across the region modest at best. 

US stocks racked up new all-time highs on Tuesday and the Dow Jones industrial average ended fewer than 100 points away from the 20,000 mark as a post-election rally showed no signs of fatigue. 

All three major indexes established record highs. The Dow has climbed about 9 percent since the Nov. 8 election, with gains fuelled by expectations that President-elect Donald Trump will reduce taxes and regulation and stimulate the economy. 


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