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Pre Session: Indices may see pressure amid weak global cues; Aurobindo Pharma, shares in focus

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Dion Global

26 Dec 2018

Indian equities may open lower on Wednesday as trends on SGX Nifty indicate a negative opening for the broader index in India and mixed cues from global peers. Asian equities were shaky on Wednesday following the plunge in Wall Street on Christmas eve in the face of a series of unnerving US political developments, including a US federal government shutdown and President Donald Trump’s increasingly hostile stance toward the Federal Reserve chairman. Back home, bearish trends in the SGX Nifty Index Futures for December delivery, which were trading at 10,588.00, down by 26.50 points or 0.25 per cent, at 11:00 AM, Singapore Time, also indicated a negative start for local bourses. The weakness in the local stock market was preceded by seven consecutive sessions of gains that saw the markets gaining over 4 per cent, aided by lower oil prices, government’s recapitalisation measure for public sector banks, Reserve Bank of India’s liquidity boosting measures and appointment of new governor at the Indian central bank.

On the government front, DIPP is working on a cabinet note to revive limits on royalty payments after a gap of more than eight years. The payout for intellectual property is equivalent to 20 per cent of foreign direct investment (FDI) into the country. The NCLT has helped resolve insolvency and bankruptcy proceedings involving over Rs 80,000 crore in 2018 and the kitty is expected to swell beyond ?1 lakh crore in 2019. On the corporate front, Coal India has managed to command an average premium of one and half times the floor price for 5.99 million tonnes. Foreign portfolio investors (FPIs) sold Rs 577.10 crore worth of domestic stocks on Monday, data available with BSE suggested. On the corporate front, Aurobindo Pharma, National Fertilizers, Adani Transmission, Tata Coffee, Autoline Industries, Sharda Cropchem, Camlin Fine Sciences, Nagarjuna Fertilizers and Chemicals and J K Cement stocks would be in focus. The Indian benchmark indices ended lower on Monday losing for the third consecutive session, ending the Christmas-eve by falling nearly 1 per cent on Monday dragged down by metal and automobile stocks. Asian stocks were subdued on Monday as investors fretted that political instability in the United States was leaving the country rudderless at a time when the global economy was showing signs of faltering. The broader market indices, too, fell in line with their benchmark peers. Besides the IT index, all sectoral indices ended in the red, with auto, banks, consumption, energy and metals have closed lower. Wipro and TCS were the top gainers, while Hero MotoCorp, Bajaj Auto, and JSW Steel lost the most.

Top traded Volumes on NSE Nifty – YES Bank Ltd. 32861722.00, Indian Oil Corporation Ltd. 14877792.00, State Bank of India 12048877.00, Tata Motors Ltd. 11374468.00, Vedanta Ltd. 9951166.00.

On NSE, total number of shares traded was 118.98 Crore and total turnover stood at Rs. 24197.87 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 434361 with a total turnover of Rs. 31471.43 Crore. Along with this total number of contracts traded in stock futures were 1839967 with a total turnover of Rs. 106806.98 Crore. Total numbers of contracts for index options were 11852158 with a total turnover of Rs. 748995.09 Crore. and total numbers of contracts for stock options were 858023 with a total turnover of Rs. 51162.25 Crore.

As on December 24, 2018, the FIIs stood as net seller in both equity and debt markets. Gross equity purchased stood at Rs. 6483.30 Crore and gross debt purchased stood at Rs. 1859.49 Crore, while the gross equity sold stood at Rs. 6476.04 Crore and gross debt sold stood at Rs. 1181.13 Crore. Therefore, the net investment of equity and debt reported were Rs. 7.26 Crore and Rs. 678.36.