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Major headlines

·         NatcoPharma gets USFDA approval for leukemia drug

·         Suzlon bags 105 MW order from Axis Energy Group

·         China nibbles at Samsung share to take 50 percent of India’s smartphone market.

Indian Indices: The key Indian equity indices continued their lackluster trade in late afternoon session as a slump in IT shares on worries over H-1B visas. Sentiments remained downbeat on account of selling in Realty, TECK and FMCG counters. Selling pressure increased after European stocks opened lower. Sentiments were also hit after President Pranab Mukherjee cautioned that the government's demonetisation decision could likely lead to a temporary slowdown in the economy and hurt the poor. Sentiments also remained dampened with a private report highlighted that India’s GDP is likely to have grown at a much slower-than-expected pace of 5 percent in the October-December period and may see a 6 percent growth in the following quarter due to a slowdown in manufacturing and services sectors post demonetization. Meanwhile, for the first time since demonetisation of high-value currency notes, President Pranab Mukherjee has cautioned that the government's demonetisation decision could likely lead to a temporary slowdown in the economy and hurt the poor. Addressing to Governors and Lieutenant Governors, President has said that demonetization.

The BSE Sensex is closed at 26,759.23, down by 119.01 points or 0.44% after trading in a range of 26822.52 and 27009.61. There were 20 stocks advancing against 10 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was up by 0.13%, while Small cap index was down by 0.05%.The CNX Nifty is shut down at 8243.80, down by 30.00 points or 0.36% after trading in a range of 8257.75 and 8306.85. There were 31 stocks advancing against 19 stocks declining on the index, while 1 stock remained unchanged.

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

Crporate Front:

Japan has decided to assist India in the development of three cities namely - Chennai, Ahmedabad and Varanasi as smart cities, as per the government release. The Ministry of Urban Development said in a release that this was on Thursday conveyed by Japan’s Ambassador to India Kenji Hiramatsu during his meeting with Minister of M. Venkaiah Naidu.

Macroeconomic front: Union Finance Minister ArunJaitley has said that the government's initiatives, including demonetisation, to eliminate the shadow economy and tax evasion will positively impact the GDP and fiscal consolidation of the country in the long term. Commenting on the issue, Finance Minister ArunJaitley told the media.

On the global front: On the global front, European markets were trading in red as investors keep a close eye on commodity prices and currency movements. Asian markets were trading mixed, Chinese and Japanese shares ended in the red, tracking exchange rate fluctuations ahead of the closely-watched U.S. jobs report due tonight. While China's yuan gave up some gains after a two-day surge, the Japanese yen strengthened further against the dollar on expectations of slow pace of rate hikes in the U.S.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Bankex up by 1.07%, Metal up by 0.69%, PSU up by 0.56%, Power up by 0.33% and Oil & Gas up by 0.29%, while IT down by 2.38%, TECK down by 1.91%, FMCG down by 0.73%, Realty down by 0.49%, and Capital Goods down by 0.07% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Yes Bank up by 2.96%, ONGC up by 2.88%, Bank of Baroda up by 1.95%, Kotak Mahindra Bank up by 1.78% and BhartiInfratel up by 1.76%. On the flip side, HCL Tech. down by 3.50%, Tech Mahindra down by 3.17%, Idea Cellular down by 2.74%, TCS down by 2.33% and Infosys down by 2.29% were the top losers.

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 7.17 points or 0.35% to 2,049.12, FTSE Bursa Malaysia KLCI increased 11.87 points or 0.72% to 1,671.69, Taiwan Weighted increased 14.08 points or 0.15% to 9,372.22, Jakarta Composite increased 21.02 points or 0.39% to 5,346.53 and Hang Seng increased 46.32 points or 0.21% to 22,503.01. On the flip side, Nikkei 225 decreased 66.36 points or 0.34% to 19,454.33 and Shanghai Composite decreased 11.09 points or 0.35% to 3,154.32.

All European markets were trading in red; Germany’s DAX decreased 19.18 points or 0.17% to 11,565.76, France’s CAC decreased 18.79 points or 0.38% to 4,881.85 and UK’s FTSE 100 decreased 9.61 points or 0.13% to 7,185.70.