Markets end lower as IT shares weigh
Ø Benchmark indices ended lower on Tuesday, weighed down by IT stocks as sentiment turned cautious in a holiday-shortened week.
Ø Global risk appetite was firm after tepid recovery in oil prices from multi-year lows amid hopes of a boost in demand as colder winter weather kicks in the northern hemisphere.
Ø India's current account deficit narrowed to 1.6% of GDP at USD 8.2bn in the second quarter ended September, 2015, mainly due to the lower trade deficit.
Ø Four of the five external members of the RBI's Technical Advisory Committee favoured status quo in interest rate while deciding the bi-monthly policy earlier this month.
Global Macro
Ø U.S. GDP grew at an annual rate of 2% in the third quarter of 2015 compared to the previously estimated 2.1% growth.
Ø Japan small business confidence index fell to 48.3 in December, 2015 from 49.9 in November, 2015.
Corporate Buzz
Ø Orchid Pharma entered into a long term financial arrangement to avail up to USD 800mn loan with UK's Line Trust International.
Ø Aurobindo Pharma received approval from the US health regulator for generic Olopatadine Hydrochloride ophthalmic solution used for treatment of seasonal allergic conjunctivitis.
Ø Tata Steel is in talks with Greybull Capital to sell its struggling British-based unit.
Ø GAIL India extended the last date of bidding for its USD 7bn tender for hiring nine newly built ships for ferrying LNG from the US by over two months to allow Indian shipyards to tie up technology for building the specialised vessels.
Ø Bharat Petroleum, Indian Oil and Hindustan Petroleum to set up two common user facilities for storage of oil in Odisha.
Ø Reliance Communications is in talks with shareholders of telecom operator Aircel for a potential merger of the wireless or mobile businesses of the two companies.
Ø Prestige Estates to buy-back the securities held by Red Fort and Varidge Ventures in its project Exora Business Park at Bengaluru for about INR 6bn.
Ø Apollo Hospitals Group and UK-based Health Education England signed an MoU to exchange healthcare professionals and to look at the possibility of establishing a 'global healthcare school'.
Ø Canara Bank to raise INR 24bn from bonds through issue of Basel-III compliant Tier II Bonds by way of private placement to fund business growth.
Ø Yes bank announced three senior level appointments, including a new chief operating officer, to scale up its retail banking operations.
Ø Godrej Industries sold over 2% stake in Godrej Properties in open market for INR 1.32bn.
Ø Jet Airways appointed former Suzlon senior executive Amit Agarwal as its CFO.
Outlook
Ø Markets are likely to open on a flat note with positive bias amidst firm global cues.
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Regards,
CSEC Research
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