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The coming session is likely to witness a range of 6110 on advances. Support is likely at the 5975. The bullish pivot for the session is likely at the 6085 levels and the bearish pivot at the 6055 levels.
The bond market is worried about possible monetary policy action as a result of high inflation. Liquidity continues to ease. I expect higher underwriting cut-offs in today's auction and this could raise some concerns amongst market participants. The 10-year yield is seen between 8.15- 8.25%, says Anantha Narayan, Standard Chartered Bank.
The rupee is likely to be muted on the dollar's strength overnight, weak equity market cues and soft precious metal prices. The range for the day is seen between 45.20-45.60/$, says Pramit Brahmbhatt, Alpari India.
Market cues: FIIs net sell USD 20.4 million in cash market on Jan 05.
F&O cues: Total Nifty Futures was up Rs 166 crore and Total Options was up Rs 5213 crore.
Higher rate of inflation in Asia would imply more monetary tightening than currently discounted by markets, says Chris Wood of CLSA.
At 7: 53 am (IST), Asian markets were trading lower. China's Shanghai Composite was flat at 2,821.97. Hong Kong's Hang Seng was down 0.29% or 68.82 points at 23,717.68. Japan's Nikkei was down 0.15% or 15.39 points at 10,514.37. Singapore's Straits Times shed 0.51%or 16.65 points at 3,263.05.
BSE Capital Goods Index was down 2% and Auto Index down 1.5%. Cement stocks traded lower on negative Fitch report. Ambuja Cements ended down 5.4% and ACC was down 4.17%.
Oil prices meanwhile tumbled more than 2% on to below USD 89 a barrel as a stronger dollar and weaker US equities deterred buyers. Currently it is trading at 88.90 per barrel.
Indian ADRs ended mostly in red on Thursday. In the telecom space, Tata Communication was down 1.98% at $ 11.41 while MTNL was unchanged at $ 2.5. In the banking space, HDFC Bank was down 4.07% at $ 156.55 and ICICI Bank was down 2.99% at $ 46.08.
US markets ended mixed as the Dow's rally skidded to a halt as retailers reported weaker-than-expected December sales & uninspiring weekly jobless claims.
The Dow Jones Industrial Average ended down 26 points at 11,697. The Nasdaq Composite rose 8 points at 2710 while the S&P 500 Index fell 3 points at 1274.
SAIL has begun to scout for a technology provider for the production of ‘cold-rolled grain-oriented' steel in India — a kind of steel that is used in electrical transmission and is five times as costly as cold rolled steels.
Indian Telecom Network Grows by 40 Percent in 2010
Facebook has topped the charts this year for being the most visited website, leaving a trail of social networking dust and Google in second place.
The follow-on public offer of Hindustan Copper is unlikely to happen this fiscal year, reports CNBC-TV18 quoting sources from the finance ministry. This information comes at a time when the Empowered Group of Ministers (EGoM) met the finance minister to discuss the issue.
The Aditya Birla Group Company UltraTech’s Cement production for the period April-December 2010 has moved up by 3.75% at 279.88 lac mt as against 269.77 lac mt during April-December 2009.
Apple Inc is launching an applications store for Mac computers, replicating a model that proved wildly popular on its iPhones.
Citi's troubles are mounting as another high net-worth individual (HNI) sends the bank a legal notice asking for a refund.
Unveiling its five-year vision statement, the income-tax department said it would constitute an expert group by March 2011, which would suggest ways to plug tax leakages. This group would include experts and economists, the department stated.
IDBI Bank revises retail term deposits rates by 25-75 basis points
A British family law firm is urging couples to take a "compatibility quiz" before getting married or deciding to live together.
Large swathes of Britain's service sector suffered their first fall in output since April 2009 last month, a survey showed on Thursday, pointing to a sharp slowdown in economic growth at the end of 2010.
Car market leader Maruti Suzuki India Limited sold a total of 99,225 vehicles in December 2010. This includes 9,756 units of exports.
Lupin Ltd. announced today that it has entered into an agreement with Farmanguinhos, Brazil’s largest PSU in Health Care and the Department of Health, Government of Brazil, for the supply of its 4 in 1 combination drug (Rifampicin + Isoniazide + Ethambutol + Pyrazinamide) for tuberculosis.
