Indian markets are likely to see a positive opening. However, the global cues remain mixed. The consistent FPI outflows from Indian equities are keeping the sentiments nervous. Technically, the resistances are placed at 8210 and 8280 and supports are at 8050 and 7950.
India Market News
Agriculture Produce Market Committees (APMCs) in Nashik region including Lasalgaon— the largest wholesale market for onion in the country — have decided to resume onion auctions from Thursday after observing shutdown for more than 10 days following the demonetisation move of the government.
The recent currency ban by the government is getting banks awash with liquidity, which is eventually expected to flow to the government bond market as loan off-take is still depressed. The fixings of overnight Mumbai Interbank Offer Rate (MIBOR) are slipping as Indians begin to deposit cash with banks. MIBOR fell to 6.1% on Wednesday from 6.35% a week before
Ratings agency Moody's has affirmed India's Baa3 rating and maintained the positive outlook on the same, ruling out an upgrade for now. Moody's had assigned a positive outlook to India's Baa3 rating in April 2015.
The spread between the US 10-year treasury yield and the Indian 10-year benchmark yield reached a 5-year low of 417bps on Wednesday after the US benchmark rose by over 40bps since the day after the presidential elections were concluded.
Information technology industry body NASSCOM today cut growth guidance for the industry to 8-10% in constant currency terms from 10-12%. However, there is some relief as NASSCOM expects only deferral of IT deals and not any major cancellations. It also notes that headcount growth for the industry continues and attrition remains low.
Voltas reported 7.2% increase in net profit at INR 721.1mn for Q2 FY17. Total income was down 6.2% to INR 9.8bn during Q2 FY17 as against INR 10.4bn in Q2 FY16 due to lower revenues in international projects.
Engineers India Ltd reported a 21% jump in net profit for Q2 FY17 and declared a 1:1 bonus share. Net profit in rose to INR 937.5mn in Q2 FY17, as compared to INR 772.1mn in Q2 FY16. Turnover decreased to INR 3.9bn for Q2 FY17, from INR 5.1bn in Q2 FY16.
Today's Corporate action
Ex - Dividend: Credit Analysis and Research Limited, Page Industries, Gateway Distriparks Limited, Wockhardt Limited.
Global Markets Review
The USD edged away from a 13-year peak on Thursday, following an easing of the week-long surge in Treasury yields that was fuelled by hopes for the Trump administration's economic policies; Asian stocks are mixed on Wall Street's overnight dip.
Crude oil prices eased as the market gave more weight to a bigger-than-expected US crude inventory build than Russia's comments about a possible meeting with Saudi Arabia that renewed hopes for a production freeze deal. US crude was down c.0.25% at USD45.45 a barrel.
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