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Major headlines

·         India rubber prices jump to 2-1/2 year high:Tyre makers fall

·         8 NBFCs surrender their certificate of registration to RBI

·         India, US ink agreement on cyber security cooperation

Indian Indices: Indian benchmark indices continued to trade in tight band with a gain of over quarter a percent in late afternoon session, led by IT stocks on hopes that U.S. President-elect Donald Trump may not proceed with stringent visa rules. Sentiments remained upbeat with Finance Minister ArunJaitley’s statement that the implementation of the Goods and Services Tax (GST), coupled with a digitised economy ushered in by demonetisation, will make India’s economy look much cleaner and bigger. On sectoral front, pharma sector stocks came under pressure with U.S. President Trump’s statement that the pharmaceutical companies are getting away with murder in what they charge the government for medicines, and promised that would change in his first presser.

On the global front, European markets were trading in red as U.S. President-elect Donald Trump's first press conference since winning the election proved to be a dampener for investors looking for clues on his tax and international trade policies. Asian markets were trading mostly in green.

The BSE Sensex is currently shut up at 27247.16, up by 106.75 points or 0.39% after trading in a range of 27166.69 and 27278.93. There were 16 stocks advancing against 14 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was up by 0.05%, while Small cap index was down by 0.14%.

The CNX Nifty is currently closed at 8407.20, up by 26.55 points or 0.32% after trading in a range of 8382.30 and 8417.20. There were 23 stocks advancing against 28 stocks declining on the index.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Crporate Front:

Eight NBFCs have surrendered the certificate of registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

Macroeconomic front:

The Ministry of Labour and Employment has extended the deadline by three months for companies and other commercial establishments to get registered with the Employees Provident Fund Organisation, reported PTI.

On the global front:

On the global front, European markets were trading in red as market participants waiting for clues on U.S. President-elect Donald Trump's tax policies and spending plans in the first news conference since winning office, to be held later today. Asian markets were trading mostly in green. Back home, in scrip specific development, IPCA Laboratories edged higher on the buzz of completing redemption of 2 formulation plants and SpiceJet gained after company clocked the highest industry OTP (On-time performance) at Delhi airport for December 2016.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Power up by 3.08%, IT up by 1.45%, Capital Goods up by 1.38%, TECK up by 1.13% and PSU up by 1.08%, while FMCG down by 0.73%, Auto down by 0.34%, Metal down by 0.17% and Consumer Durables down by 0.02% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were NTPC up by 5.35%, Power Grid up by 4.16%, Tata Power up by 3.12%, Larsen & Toubro up by 2.66% and Infosys up by 2.21%. On the flip side, Idea Cellular down by 3.55%, Lupin down by 1.88%, AurobindoPharma down by 1.82%, Dr. Reddys Lab down by 1.54% and Coal India down by 1.53% were the top losers.

Global Signals:

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 4.27 points or 0.25% to 1,679.48, Jakarta Composite increased 6.62 points or 0.12% to 5,307.85, KOSPI Index increased 11.97 points or 0.58% to 2,087.14, Taiwan Weighted increased 16.82 points or 0.18% to 9,392.68 and Nikkei 225 increased 230.9 points or 1.23% to 18,996.37. On the flip side, Hang Seng decreased 106.33 points or 0.46% to 22,829.02 and Shanghai Composite decreased 17.46 points or 0.56% to 3,119.29.

All European markets were trading in red; Germany’s DAX decreased 70.13 points or 0.6% to 11,576.04, France’s CAC decreased 29.64 points or 0.61% to 4,859.07 and UK’s FTSE 100 decreased 23.96 points or 0.33% to 7,266.53.