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11/12/2015
The key Indian equity benchmarks are poised to open on a flat note, with a negative bias on Friday, as traders stay on the sidelines ahead of the October IIP data to be released after-market hours, and which will offer cues over the health of Asia’s third biggest economy. India’s industrial output probably surged 7.6 per cent, year on year in October 2015, the fastest pace of expansion since January 2013, following an annual advance of 3.6 per cent in September 2015, analysts estimates showed. Further, the country’s trade deficit numbers for the month of November are also due today, with India’s trade gap likely to have widened to USD 10.1 billion from USD 9.77 billion in October. Caution ahead of the US Federal Reserve’s two-day monetary policy meet next week in which the world’s top central bank is almost certain to raise interest rates for the first time since 2006, may also weigh on sentiment at Dalal Street. Amidst bearish cues from most Asian stocks, coupled with slight weakness in the CNX Nifty Index futures for December delivery which fell 0.03 per cent or 2.50 points at 7,696.5 at 10:44 am Singapore time, Sensex is tipped to witness a lacklustre opening on Friday. Snapping a six-day losing streak, the 30-share Sensex on Thursday rebounded from the lowest level in three months as the sharp losses in recent sessions owing to worries over the roadblocks surrounding the passage of the GST bill amidst continued disruption of Parliamentary proceedings, offered Dalal Street investors, a good bargain buying opportunity, in stocks, at existing levels. The Sensex advanced 216.27 points or by 0.86 per cent to end at 25,252.32.
Asian stocks were trading mostly bearish as traders were cautious ahead of key Chinese economic data to be released on Saturday, which will offer further cues over the health of the world’s second biggest economy. China’s Shanghai Composite and Hang Seng succumbed to significant losses ahead of China’s industrial output, retail sales and fixed-asset investment numbers for the month of November. However, Japan’s Nikkei 225 advanced in sync with an overnight rally at Wall Street which snapped a three-day run of losses on Thursday as traders awaited US retail sales and producer prices data which may show a strengthening recovery in the world’s biggest economy.
