What not to miss today

Here are the important news to watch out for today.

Dec 07, 2018 07:12 IST India Infoline News Service

-Markets to open gap up; Nifty support @10588, resistance 10750. Further, fall in oil should see auto, paints & OMCs outperform today with financials also seeing value buying. 

-FII purchased 72cr (cash), sold 1722cr in Index Futures. In the Stock futures segment, FIIs sold 1047 crores worth of stock futures and bought 17 crores stock options.

-Rupee depreciated 44 paisa to 70.90/$. The fall was on the back of a strong dollar and sharp decline in the domestic equity market.

-US, Asian markets up on reports that Fed may pause rate hikes. US stocks stage smart comeback with Dow Jones closing down 79 points after being falling nearly 800 points. Nasdaq closed in the green as institutional buying witnessed stocks recover form 2 day slide. Asian indices traded in the green after seeing 2 days of huge correction as the US markets recover. 

-Brent oil tanked ~4% as OPEC delays decision on output cuts. OPEC talks ended in Vienna with the group failing to reach a consensus on an oil production deal, with the size of Russia’s contribution remaining a bone of contention. The talks will continue with non-OPEC allies on Friday. Read more

-Cabinet clears agriculture export policy to double exports to $60bn by 2022. Cabinet, in its meeting held on December 06, 2018, approved agriculture export policy with an aim to double farmers’ income. This policy is with a focus to benefit the farmers by providing export opportunities through a stable trade policy regime. Read more

-HUDCO Board mulls raising up to Rs1,000cr via bonds.

-Govt cuts stake in Coal India by 2.2% to 72.9%. The stake has been sold to the CPSE ETF, which is managed by Reliance Nippon Life Asset Management Ltd.

-Cabinet approves sale of the government’s entire 52.6% stake in REC to PFC for Rs15,000cr. The government is expected to complete the deal by the end of the current financial year. Further, the modalities of the deal will be worked out by a committee comprising finance minister Arun Jaitley, secretaries of the departments involved, and Infrastructure Minister Nitin Gadkari.

-Over Dec 4-5, Dabur India promoter acquired 30,000 shares.

-Over 3-5, Axis Bank promoter United India Assurance sold 56,000 shares.

-Over Dec 4-5, Alembic promoter group Nirayu acquired 1.67 lakh shares.

-On Dec 5, Man Infra promoter & director Parag Shah acquired 44,500 shares.

-CLSA cut TP to Rs770 on Sun TV.

-CLSA cut TP to Rs420 on GAIL India.

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