US indices closed mixed with Dow hitting a new high and Nasdaq falling due to deep cuts in semiconductor and biotechnology shares. Uncertainty in EMs is likely to continue in the near term given the possible Fed rate hike anticipated this month. The Indian market's focus will be on the RBI move next week where a rate cut is on the anvil given the slowdown in the economy. The Italian referendum on Sunday will keep global markets anxious.
The Indian equity market was one of the worst performing ones among the emerging markets in November shedding 4.6pc in a month, which saw a sudden demonetisation move of high value currency.
The first impact numbers were reflected in Nikkei India Manufacturing Purchasing Managers' Index (PMI), which dropped to 52.3 in Nov from a 22-month high of 54.4 in Oct. Shortages of currency notes hampered growth of new work, buying activity and production. Auto numbers were a mixed bag with Maruti Suzuki and Toyota clocking double digit growth, while Mahindra’s sales saw a drop.
Gold prices also hit near 6 month lows as asset class rotation after the Trump victory has seen the highest volatiltiy in the last decade.
Nifty flattered to deceive & edged below 8200 as sharp rise in oil prices dampened sentiment. Financial services, banks & metals saw unwinding while energy, Pharma & FMCG saw defensive buying. For today expect sentiment to remain weak initially with weekly closing above 8150 being the key watch point.
Among the stocks to watch are:
Tata Motors: The company on Thursday reported sales of 38,900 units in November compared to 38,918 units in the same month last year.
TVS Motor Company: TVS Motors sales growth at 2,24,971 units in November compared with 2,25,401 units in the same month last year.
Vedanta: Vedanta is planning to invest Rs 15,000 to 20,000 crore over three years to expand its alumina and aluminium producing capacity.
United Bank of India: The bank has revised the rate of interest on deposits above Rs 1 crore.
AstraZeneca Pharma India: The company has got an extension from its parent firm AstraZeneca UK to sell anti-bacterial drug Meronem in India for the next six months.
Wipro: The company announced that it has been awarded a three-year IT infrastructure services and digital transformation contract by Woodside, an Australian oil and gas company with a global presence.
Ujjivan Financial Services: The company on Thursday informed bourses that it has submitted an application on Thursday to the Reserve Bank of India, Regional Office, Bangalore for the registration of the company as core investment company.
Shilpa Medicare: The company announced that the board has approved the raising of funds of up to Rs 175 crore by issuing equity shares on preferential basis to TA FII investors Ltd, Mauritius.
Coal India: Coal India reported that its coal production grew by 5% to 50 million tonnes (mt) in November as compared to 47.47 mt of coal produced in the corresponding month last fiscal.
Clariant Chemicals: The company reported 86 per cent drop in net profit at Rs 3.5 crore for the quarter ended September 30, 2016 against Rs 25 crore in the corresponding quarter last year.
AXISCADES: Airbus has signed a strategic agreement with QuEST Global and AXISCADES to provide a range of critical engineering services for all Airbus aircraft programmes as tier-1 suppliers.
Steel Strips Wheels: Passenger car segment grew 22% in November 2016 YoY. The company saw a turnover growth of 22% for the month of November led by a strong performance in the tractor and the commercial vehicle segment.
Atul Auto: Atul Auto total sales for the April-November 2016 stood at 27,854 units, declined by 5% as compared to 29,367 units in the same period last year.
SML Isuzu:The company has sold 639 vehicles during November 2016 against 683 vehicles sold in November 2015.
Gillette India: Gillette India posted a 7% yoy growth in revenue with growth in grooming business. EBITDA grew 11% yoy to Rs 81 Cr Net profit grew 77% yoy to Rs 55 Cr.
Graphite India: Graphite India Ltd reported its standalone net profit declined by 53% yoy to Rs 16 cr.
Mahindra Tractors: Domestic sales in November 2016 were at 15,918 units, as against 20,819 units during November 2015. Total tractor sales (domestic+ exports) during November 2016 were at 17,262 units, as against 21,717 units for the same period last year. Exports for the month stood at 1,344 units.
Results Today: IL&FS Transportation Networks, Ashoka Buildcon, Parsvnath Developers, BGR Energy, Dredging Corporation, Endurance Technologies, Nagarjuna Fertilizers, TV Today Network, GE Power India, Gokak Textiles, Hathway Bhawani Cabletel & Datacom, India Glycols, Power Mech Projects.
Trends in FII flows: The FIIs were net sellers of Rs 4.02 bn in the cash segment on Thursday. The domestic institutional investors (DIIs) were net buyers of Rs 2.37 bn as per the provisional figures released by the NSE.