INDIAN EQUITY MARKET OUTLOOK - 23 DEC 2016

Market to lower on weak global cues;

Indian Indices:

The Indian equity market opened lower on Friday weighed by weak global cues ahead of Christmas holiday.

Equity benchmarks started off Friday's trade on a negative note amid consolidation and low volumes, weighed by weak global cues ahead of Christmas holiday.

The BSE Mid-cap Index is trading down 0.05% at 11,803, whereas BSE Small-cap Index is trading down 0.15% at 11,784.

The 30-share BSE Sensex fell 30.86 points to 25948.74 and the 50-share NSE Nifty declined 8.35 points to 7970.75.

Global Market:

Asian shares were in the red today with little Christmas cheer expected in thin holiday trade after the Dow Jones index again fell short of the 20,000 mark. Asian indices opened in the red with week end blues seeing caution ahead of the holiday shortened next week.

Euro zone inflation could exceed 1 pc; the highest level since 2013, according to The European Central Bank.

US indices drifted lower as the 20000 mark still seems within reach even as US GDP growth recorded strong growth coming @ 3.5%.

Major Headlines of the day:

·1.3 crore series B preffered stock of US-based company SC Pharmaceuticals.

·Wipro Reaches an agreement with US Securities & Exchange Commission to resolve 6-year old investigation.

· Tata Motors EGM results Shareholders vote to remove Nusli Wadia as director of the company -71.2 percent of total number of votes cast.

 Trend in FII flows: The FIIs were net buyers of Rs -614.40 Cr in the cash segment on Thursday  while the DIIs were net sellers of Rs 319.79 Cr, as per the provisional figures.

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