Tuesday, December 1, 2015



WORLD MARKETS                             

US indices, weighed down by retail stocks, fell around 0.4% yesterday.

The November Chicago PMI came in at 48.7, in contraction territory and down from October's 56.2 print. The pending home sales for October rose by just 0.2%, ending two straight months of declines but far below expectations for a 1% rebound.

Nymex oil gave up intraday gains of more than 1.5% to settle down 6 cents or 0.1% at $41.65 a barrel. Gold rose $10 to $1066 an ounce.

European markets, except a 0.3% lower FTSE, gained 0.6%-0.8%.

International Monetary Fund yesterday confirmed it will include China's yuan, or renminbi, in an exclusive group of currencies that make up the basket of the IMF's Special Drawing Rights (SDR). The change, which was widely expected, is set to take effect next October


Benchmark indices ended little changes after a rangebound but choppy trade. Sensex settled at 26146, up 17 points while Nifty lost 7 points to end at 7935. BSE mid-cap and small-cap indices gained 0.1% and 0.8% respectively. BSE IT and Consumer Durable indices gained the most among the sectoral indices, rising 1% each while Telecom and FMCG indices lost 1.7% and 0.6% respectively, becoming top losers.

FIIs net sold stocks and stock futures worth Rs 1044 cr and 262 cr respectively but net bought index futures worth Rs 757 cr. DIIs were net buyers to the tune of Rs 602 cr.

Rupee appreciated 9 paise to end at 66.67/$.

India's second quarter GDP grew 7.4%, compared to 7% in the first quarter. Agriculture grew at 2.2%, compared to 1.9%. Manufacturing growth stood at 9.3%, compared to 7.9%. The gross value added (GVA), comprising agriculture, industry and services, increased to 7.4% against 7.1%.

April-October fiscal deficit stood at Rs. 4.11 lac crore, which is 74% of the full-year target.

Core sector growth in October was flat at 3.2%.


China's November Caixin final manufacturing PMI has come in at 48.6, an improvement over October's 48.3 reading.

Except a modestly lower Shanghai, other Asian markets are trading with gains of upto a percent and SGX Nifty is suggesting about 20 points higher opening for our market.

Ever since Nifty crossed immediate hurdle of 7860, we have been advising holding on to trading longs with a trailing stop loss for the target of 34-DMA, which is now placed around 8020.

Yesterday, the benchmark, after touching a high of 7966, slipped to end at 7935 but is set to open higher today.

Immediate support on the hourly chart has moved up to 7870, with the stop loss of which trading longs should be held on to.

RBI, in its monetary policy review today, is expected to leave key rates unchanged. The tone of the policy is likely to be accommodative.

Auto companies will report November sales figures today.

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