INDIAN EQUITY MARKET OUTLOOK - 23 DEC 2015

INDIAN BENCHMARKS The key domestic benchmarks are set to open higher on Wednesday tracking a positive trend in fellow Asian markets and a firm finish at Wall Street overnight as growing optimism that the world’s biggest economy will handle policy tightening which began this month, bolstered the lure for risky assets. SGX Nifty is trading 40 points higher. The gains in the Sensex may be curbed by caution ahead of the Christmas holiday on Friday and the expiry of the December futures and options (F&O)

contracts next Thursday.

Indian stocks tiptoed between minor gains and losses on Tuesday, as investors avoided building large positions in a holiday-shortened week and ahead of the expiry  of derivatives contracts next Thursday. The S&P BSE Sensex and CNX Nifty fell 0.56%-0.62% each. On Tuesday (December 22, 2015), 30-share Sensex on Tuesday ended at 25590.65, down by 145.25 points or by 0.56%, while the NSE Nifty settled at 7786.1, down by 48.35 points or by 0.62%.

Markets open higher on firm global cues

The key domestic benchmark indices opened in a positive terrain during the morning trading session on Wednesday amid firm global cues. A positive trend in fellow Asian markets and a firm finish at Wall Street overnight boosted the lure for risky assets. However, the gains in the bourses may be curbed by caution ahead of the Christmas holiday on Friday and the expiry of the December futures and options (F&O) contracts next Thursday. Foreign institutional investors may stay on the sidelines ahead of Christmas and New Year, weighing on trading volume at Dalal Street. At 09:24 am, Sensex was at 25814.92 up by 224.27 points or by 0.84%, while the NSE Nifty was at 7852.75 points, trading higher by 66.65 points or by 0.86%. The top gainers of the BSE Sensex pack were Tata Steel 2.59%, GAIL 1.89%, Sun Pharmaceutical Industries 1.38%, ONGC 1.11%,  RIL 0.91%, among others. Meanwhile, Asian Paints 0.50%, among others was among the top losers on BSE. The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1306 shares traded, 1083 shares advanced, 175 shares declined while 48 were unchanged. Globally, the Asian peers were trading higher today following a positive lead from Wall Street. Meanwhile, US stocks shrugged off soft economic data yesterday scoring gains across the board to finish higher for a second straight session.

Major Headlines of the day:

·       Wipro to acquire Viteos Funds Services for $130 m.

·       Prestige Estate buys out Red Fort’s stake in Exora Biz Park.

·        Lupin Gets US FDA Nod For Potassium Chloride.

Global Markets:

·      Asia shares edged higher on Wednesday following a modest bounce on Wall Street, while the dollar drifted lower and oil found some relief from recent relentless

selling.

·      European stocks ended little changed on Tuesday after a volatile day but energy plays rose as oil prices recovered, while Spanish equities rebounded following a

sell-off in the previous session prompted by concerns over a political stalemate.

·     US Stock shrugged off soft economic data on Tuesday, scoring gains across the board to finish higher for a second straight session.

Trend in FII flows:   The FIIs were net  sellers of  Rs 168.73 Cr in the cash segment on Tuesday while the DIIs were net buyers of  Rs 238.36 Cr, as per the provisional figures released by the NSE.

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