Trends on SGX Nifty indicate a positive opening for the index in India with an 13-point gain.
Indian markets could open flat despite mildly higher Asian markets today and despite mildly negative US markets on Thursday, said Deepak Jasani, Head-Retail, HDFC Securities.
Mohit Nigam, Head - PMS, Hem Securities said, "Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. Nifty is managing to sustain above 17,200 levels from past few sessions which would ultimately lead the index to 17500 levels in near term. Immediate support and resistance in Nifty 50 are 17,000 and 17,400 respectively. Bank Nifty immediate support and resistance are 34,500 and 35,500 respectively."
Nifty ended almost flat on December 30 after a range bound F&O expiry day. At close, Nifty was down 0.06 percent or 9.6 points at 17,204. In the process Nifty closed within a 20 point range over the past three sessions.
Nifty seems to have run into a resistance over the last two days after the recent run up. Advance decline ratio ended marginally in the negative. Nifty continues to remain in the 17,286-17,112 band with a mildly upward bias, Jasani said.
Stocks to watch out for
Some stock specific actions can be witnessed in stocks such as Route Mobile (Wholly owned subsidiaries Start Corp India and Send Private have merged), SBI (Buys 9.95 percent stake in India International Exchange (IFSC) Ltd), PB Fintech (approved an investment of Rs 700 crore in wholly owned subsidiary Policybazaar Insurance Brokers Pvt. Ltd. and Rs 300 crore in Paisabazaar Marketing and Consulting Pvt. Ltd.)
Asian stocks up
Asia-Pacific stocks were mostly up on Friday morning, potentially boosted by better-than-expected Chinese data and a rally in US-listed Chinese equities. However a majority of markets were shut due to the New Year holidays.
Japanese shares, in their last trading day of the year, slipped 0.4 percent for a 4.9 percent annual gain but short of a three-decade top reached in September, Reuters said.
Chinese Index was trading up +0.5 percent and Hang Seng trading up +2 percent. Japanese and Korean markets are closed today.
US stocks close lower
US stock indexes closed lower Thursday, halting a multi-session win streak for the S&P 500 and the Dow industrials, which both touched intraday records before a drift higher faded in the second-to-last session of 2021.
On Wall Street, the Dow Jones Industrial Average rose 0.1 percent while the S&P 500 gained 0.15 percent, Reuters said. The Nasdaq Composite added 0.53%
The Dow finished lower for the first time in seven sessions, halting its longest streak of gains in 11 months, as bullishness on Wall Street took a pause, despite a report showing that labor shortages and demand for workers are overshadowing concerns about omicron at the moment.
New jobless claims in US at 52-year low
US Labor Department data show that 198,000 applied for unemployment benefits during the week ended December 25, leaving new jobless claims around a 52-year low amid the spread of omicron. A recent uptick of Omicron COVID-19 variant-related infections has not yet led to a surge in layoffs; this is a positive sign for the economy.
Chicago PMI rose to 63.1 in December up from 61.8 last month.
China PMI up in December
China's factory activity unexpectedly accelerated in December, but only by a small margin, amid disruptions from COVID outbreaks and as the broader economy loses momentum in the fourth quarter. The official manufacturing Purchasing Manager's Index (PMI) rose to 50.3 from 50.1 in November.
Activity in China's overall services sector grew at a slightly faster pace in December, rising to 52.7 from November's 52.3. China's official composite PMI, which includes both manufacturing and services activity, stood at 52.2, unchanged from November.
CMS Info Systems to list on bourses
Cash management company CMS Info Systems Limiteds Rs 1,100-crore public issue by promoter Sion Investment Holdings Pte Limited, an affiliate of Baring Private Equity Asia will make it market debut today.
Oil prices trade mixed
Oil prices have traded mixed, even amid demand growth concerns and news that China had cut its first batch of 2022 crude oil import quotas by 11 percent in a sign it would act against small inefficient refineries, Reuters said.
US crude recently rose 0.47 percent to $76.92 per barrel. Brent, which has climbed more than 50 percent this year, recently traded at $79.17, down 0.08 percent on the day.
Petrol, diesel prices unchanged
Petrol, diesel prices continue to remain unchanged on Friday across the country. Earlier, the Delhi government had reduced the value-added tax on petrol from 30 per cent to 19.40 per cent. As a result, petrol prices in the national capital were slashed by Rs 8.56 per litre.
Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre on Friday, respectively.
In Mumbai, petrol is retailed at Rs 109.98 per litre, while diesel is being sold at Rs 94.14 per litre. Among the metro cities, fuel rates are still the highest in the financial capital.
Diesel and petrol prices also remained static in Kolkata at Rs 89.79 and Rs 104.67. In Chennai too, they remained unchanged at Rs 91.43 and Rs 101.40.
RBL Bank sets up panel to hunt for MD & CEO
RBL Bank has tasked a search panel, comprising two board members, chairman of its nomination and remuneration committee and an external expert, to find a suitable candidate for the lender's MD and CEO post, according to a regulatory filinng. The board had decided to appoint a reputed recruitment firm for the purpose, the bank said.
RBL Bank shares plunged 10 percent on December 30 to hit a fresh 52-week low after reports that the bank wrote-off loans worth Rs 300 crore within seven months of the loans being sanctioned.
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