Asian markets opened mixed as oil weakness saw exporters fall while importers saw rise in indices. Overnight the US indices rallied with the tech heavy Nasdaq hitting fresh 52 week highs as risk on trade returns with any fall being an opportunity to buy.
A boost in prices could resurrect not just energy stocks but many other asset classes. US GDP numbers came in at 3.2pc in the September quarter raising hopes of a rate hike next month.
In India, September quarter domestic GDP growth will be in focus; the impact of demonetisation will be known only next quarter. The fiscal deficit numbers and infrastructure output data are also on tap today. Fitch Ratings has cut the GDP growth forecast for FY17 to 6.9 pc from 7.4 pc, citing the demonetisation effect.
Nifty gave away most gains after a steady first half after profit booking by local players. Auto's, Industrials & Pharma were leaders while banks bore the selling with PSU leading the fall. Nifty is consolidating around the 200 dma(day moving average) placed @ 8157 & needs to spend few more days to crossover. For today expect IT, Pharma & FMCG to see buying while profit booking could emerge in Banks & Auto's.
Among the stocks to watch are:
Idea Cellular: Axiata is looking to sell its 20% stake in Idea Cellular as the Malaysian company believes the Indian telecom provider's valuation will remain subdued for at least the next three years given the likelihood of a pricing onslaught stemming from the entry of Reliance Jio Infocomm, as per media report.
Tata Power: Tata Power posted a consolidated net profit of Rs 336 crore for the quarter ended on September 30, 2016. It had posted a consolidated net loss of Rs 96 crore in the corresponding quarter last year.
National Fertilizers: The company reported an 11% decline in net profit at Rs 46.5 crore for the quarter ended September 30. Its net profit had stood at Rs 52 crore in the year-ago period.
HCC: Hindustan Construction Company said its board would consider issuance of equity shares as well as optionally convertible debentures to lenders under the scheme for sustainable structuring of stressed assets.
Lupin: The pharma company has received approval from the US health regulator to market its Armodafinil tablets, indicated to improve wakefulness, in the American market.
Vivimed Labs: Vivimed Labs on Wednesday said the US health regulator has completed the inspection of its manufacturing facility in Alathur. The company's 'Finished Dosage Form' manufacturing facility has had a favourable outcome post its US Food and Drug Administration (USFDA) inspection.
Quess Corp Ltd: Quess Corp is acquiring the facility management and catering businesses of Manipal Integrated Services. The purchase will help strengthen its market position in integrated facility management, the company said.
SAIL: Government will hold auction to identify strategic buyers for SAIL subsidiaries -- Bhadrawati, Salem and Durgapur. SAIL, the state-owned steel giant, said the government has in-principle approved strategic disinvestment of Bhadrawati, Salem and Durgapur (alloy steel plants).
UCO Bank: The bank has raised Rs 270.59 crore by issuing over 7 crore shares to LIC on preferential basis. “Bank has issued and allotted 7,17,00,000 shares of Rs 10 each to LIC at an issue price of Rs 37.74 per share, including a premium of Rs 27.74 on preferential basis," it said in a regulatory filing.
JSW Steel Ltd: The company has joined one of two investor groups vying to take over Italy's loss-making Ilva steel plant.
Punj Lloyd: The company will announce its Q2 numbers today.
Results Today: GVK Power, Punj Lloyd, Balkrishna Industries, Gujarat State Petronet, Man Infraconstruction, Ratnamani Metals & Tubes, Tentiwala Metal Products.