The Nifty is expected to open flat on December 23 following muted trend seen in other Asian markets, but back home all eyes will be on Jharkhand Assembly election results which could influence movements in the Indian equity market during the truncated week.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 7.5 points gain. Nifty futures were trading around 12,300-levels on the Singaporean Exchange.
The bond market is geared up for ‘Operation Twist’ by the Reserve Bank of India (RBI) scheduled for December 23. Bond yields softened in response to the central bank’s announcement that it will simultaneously buy and sell bonds worth Rs 10,000 crore this week. The move is likely to bring down long-term bond yields that have remained sticky despite rate cuts.
On the global front, China will lower import tariffs on over 850 products from January 1, including frozen pork and frozen avocado, reports Reuters.
The rupee fell 9 paise to settle at 71.12 against the dollar on December 20 amid a steady rise in crude oil prices and strengthening of the greenback overseas.
Foreign institutional investors (FIIs) bought shares worth Rs 338.86 crore, while domestic institutional investors (DIIs) sold shares worth Rs 285.41 crore in the Indian equity market on December 20, provisional data available on the NSE showed.
Stocks in news:
LIC-controlled IDBI Bank expected to come out of the Prompt Corrective Action (PCA) framework in the last quarter of the current fiscal with the support of capital infusion and recovery from large IBC cases.
The Department of Telecommunications has sought Rs 1.72 lakh crore in past statutory dues from state-owned gas utility GAIL India Ltd following the Supreme Court’s ruling on revenues that need to be taken into consideration for payment of government dues.
KEC International, the flagship company of the RPG Group, on Saturday said it has bagged orders worth Rs 1,520 crore across various business verticals.
We spoke to CapitalVia Global Research and here’s what they have to recommend:
CESC: Target: Rs 800| Stop Loss: Rs 700
Hero MotoCorp: Buy| Target: Rs 2,500| Stop Loss: Rs 2,300
Ashok Leyland: Buy| Target: Rs 86| Stop Loss: Rs 78
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