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Major headlines

·         India counts on Japan for ecofriendly cars logistics:

·         RBI imposes Rs 3 cr penalty on Lakshmi Vilas Bank

·         Cisco unveils initiatives to digitally empower girls in Rajasthan

Indian Indices: Indian equity benchmarks continued to trade choppy in late afternoon session, as the quarterly reporting season kicked in, with investors concerned that the government's move to ban high-value notes would hit corporate earnings. Sentiments remained dampened with domestic rating agency, ICRA’s report that the advance estimate of 7.1 per cent GDP released by Central Statistical Organisation (CSO), will have major errors as it does not include the data for the months after demonetization. The agency pegged the expected growth for 2016-17 lower at 6.8 per cent. However, some support came with the Finance Minister ArunJaitley’s statement that the currency squeeze in November and December failed to hit revenue mop up, with direct and indirect tax collection from April to December showing a double-digit increase. For the period April - December 2016, Direct Tax and Indirect tax collection have shown a growth of 12.01% and 25% respectively over the corresponding period last year.

The BSE Sensex is currently shut down at 26726.55, down by -32.68 points or 0.12% after trading in a range of 26701.18 and 26860.88. There were 15 stocks advancing against 15 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.29%, while Small cap index was up by 0.50%.

The CNX Nifty is currently closed at 8236.05, up by -7.75 points or 0.09% after trading in a range of 8227.75 and 8263.00. There were 27 stocks advancing against 24 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:

Regrob, a real estate brokerage company in India, has started a new-initiative where they have turned their employees into leaders by making them CEO for a day. The idea behind the initiative is to create new business leaders from the existing team and motivating them to reach new heights. Regrob aims to tap into the strategic and entrepreneurial ideas of its team members.

Macroeconomic front:

Moody's Investors Service and its Indian affiliate, ICRA, have forecasted that they see subdued prospects for India's banks, with both identifying asset deterioration as a key challenge over the medium term. "Asset quality will remain a negative driver of the credit profiles of most rated Indian banks and the stock of impaired loans.

On the global front:

On the global front, European markets were trading mostly in red, as investors remained on sidelines ahead of fresh data from the euro zone and volatility in oil markets. Asian markets were trading mostly in red. Back home, value buying in Realty, Auto and FMCG stocks also supported the markets.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 0.97%, Auto up by 0.40%, FMCG up by 0.37%, Bankex up by 0.33% and IT up by 0.26%, while Power down by 0.74%, Oil & Gas down by 0.60%, PSU down by 0.29%, Consumer Durables down by 0.20% and Metal down by 0.06% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Tech Mahindra up by 1.28%, Eicher Motors up by 1.24%, Bajaj Auto up by 1.19%, HCL Tech. up by 1.18% and Indusind Bank up by 1.16%. On the flip side, Dr. Reddys Lab down by 3.02%, Coal India down by 1.86%, Asian Paints down by 1.76%, ONGC down by 1.73% and BPCL down by 1.50% were the top losers.

Global Signals:

Asian markets were trading mostly in red; Jakarta Composite decreased 32.53 points or 0.61% to 5,314.50, Taiwan Weighted decreased 29.8 points or 0.32% to 9,342.42, FTSE Bursa Malaysia KLCI decreased 5.43 points or 0.32% to 1,670.06 and KOSPI Index decreased 0.34 points or 0.02% to 2,048.78. On the flip side, Shanghai Composite increased 16.92 points or 0.54% to 3,171.24 and Hang Seng increased 55.68 points or 0.25% to 22,558.69.

European markets were trading mostly in red; Germany’s DAX decreased 24.15 points or 0.21% to 11,574.86 and France’s CAC decreased 11.69 points or 0.24% to 4,898.15. On the flip side, UK’s FTSE 100 increased 17.86 points or 0.25% to 7,227.91.