 "Markets end flat amid volatility; mid, small-caps shine")
After the sharp fall in the previous session, markets ended flat amid volatile trades as profit taking emerged at higher levels. Although metal and oil stocks witnessed some buying the health of the Chinese economy continued to weigh on investor sentiment.
The S&P BSE Sensex ended down by 43 points at 25,580 and the Nifty50, after opening above its crucial level of 7,800, found resistance at that level and settled at 7,782, down by 9 points.
However, broader markets flexed some muscles today with BSE Midcap and Smallcap indices ended up between 0.6-0.7% each.
He further said, "With crucial US non farm payroll figures scheduled for release on Friday, and with minutes of latest FOMC meeting also scheduled for 7th this week, rate rhetoric are back to influencing markets, atleast until next week when Q3 results would start pouring in."
Overseas, after a plunge of nearly 7% and a day of suspension, the Chinese stock markets resumed trading with intraday gains. However, they couldn’t sustain their gains and the Shanghai Composite closed down 0.3%. Its peers, Nikkei and Hang Seng also finished lower between 0.4-0.6% each
After a sharp fall in the previous session post the crash in China, European markets resumed trading with gains. However, selling at higher levels pared most the gains and were now trading lower with CAC, DAX and FTSE down 0.1%-1% each.
Back home, in a setback to the automobile manufacturers, the Supreme Court of India upheld the ban on diesel vehicles in Delhi. The automobile manufacturers had moved the Supreme Court seeking modification of the court’s December order banning registration of diesel vehicles in the capital.
CRUDE OIL
Oil prices rebounded as geopolitical tensions between Saudi Arabia and Iran deepened, but supply glut and economic weakness in China are keeping the prices in check.
US benchmark West Texas Intermediate for delivery in February was up 25 cents at $37.01 and Brent crude was trading 24 cents higher at $37.46.
KEY STOCKS
Metal pack rallied in a flat market after China returned to stability in today’s trade. Tata Steel emerged as the highest gainer with 6% gains while Vedanta, Jindal Steel, NMDC, all gained between 2-5% each.
Shares of JSW Steel jumped nearly 3.4% on the BSE after the company announced that the Karnataka High Court on December 3 gave the steel maker a partial relief in the Forest Development Tax case.
L&T finished flat after its subsidiary L&T Infotech has received clearance from Sebi for the proposed Rs 2,000 crore IPO.
Oil and Gas stocks also registered gains after crude prices advance for the second day. GAIL (India), ONGC, CAIRN India, and RIL have all escalated between 1-3% each.
On the flip side, Coal India finished 1.6% lower as offtake for December 2015 was lower at 48.16 mt against a target of 49.46 mt.
Among other shares, shares of the companies engaged in hotel business are in focus and have rallied on the bourses after Goldman Sachs has bought minority stake in Indian hotel investment and development firm SAMHI Hotels. Jindal Hotels, Kamat Hotels, Royal Orchid Hotels, Advani Hotels, Hotel Leela Venture, TAJGVK Hotels & Resorts and Viceroy Hotels gained between 5%-20% each.
Shares of IFCI have jumped 8% on the BSE after the company's board at its meeting held on January 04, 2016 has approved divesting stakes in two companies.
Shares of State Bank of Travancore fell by 1.2% on the BSE after the Reserve Bank of India (RBI) slapped a penalty of Rs 1 crore on the bank for violation of some of its instructions.
Shares of Gravita India surged 9% after the company announced its entry into plastic recycling business.
The S&P BSE Sensex ended down by 43 points at 25,580 and the Nifty50, after opening above its crucial level of 7,800, found resistance at that level and settled at 7,782, down by 9 points.
However, broader markets flexed some muscles today with BSE Midcap and Smallcap indices ended up between 0.6-0.7% each.
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According to Anand James, Co Head Technical Research, Geojit BNP Paribas Financial Services," After US markets fell yesterday, following Chinese equities’ crash, Indian markets too opened on a weak note. However, the falls were deemed overdone, attracting value buying in the forenoon. Data released yesterday showing that US ISM manufacturing contracted, gave hope that the next FOMC rate hike may be delayed."
He further said, "With crucial US non farm payroll figures scheduled for release on Friday, and with minutes of latest FOMC meeting also scheduled for 7th this week, rate rhetoric are back to influencing markets, atleast until next week when Q3 results would start pouring in."
Overseas, after a plunge of nearly 7% and a day of suspension, the Chinese stock markets resumed trading with intraday gains. However, they couldn’t sustain their gains and the Shanghai Composite closed down 0.3%. Its peers, Nikkei and Hang Seng also finished lower between 0.4-0.6% each
After a sharp fall in the previous session post the crash in China, European markets resumed trading with gains. However, selling at higher levels pared most the gains and were now trading lower with CAC, DAX and FTSE down 0.1%-1% each.
Back home, in a setback to the automobile manufacturers, the Supreme Court of India upheld the ban on diesel vehicles in Delhi. The automobile manufacturers had moved the Supreme Court seeking modification of the court’s December order banning registration of diesel vehicles in the capital.
CRUDE OIL
Oil prices rebounded as geopolitical tensions between Saudi Arabia and Iran deepened, but supply glut and economic weakness in China are keeping the prices in check.
US benchmark West Texas Intermediate for delivery in February was up 25 cents at $37.01 and Brent crude was trading 24 cents higher at $37.46.
KEY STOCKS
Metal pack rallied in a flat market after China returned to stability in today’s trade. Tata Steel emerged as the highest gainer with 6% gains while Vedanta, Jindal Steel, NMDC, all gained between 2-5% each.
Shares of JSW Steel jumped nearly 3.4% on the BSE after the company announced that the Karnataka High Court on December 3 gave the steel maker a partial relief in the Forest Development Tax case.
L&T finished flat after its subsidiary L&T Infotech has received clearance from Sebi for the proposed Rs 2,000 crore IPO.
Oil and Gas stocks also registered gains after crude prices advance for the second day. GAIL (India), ONGC, CAIRN India, and RIL have all escalated between 1-3% each.
On the flip side, Coal India finished 1.6% lower as offtake for December 2015 was lower at 48.16 mt against a target of 49.46 mt.
Among other shares, shares of the companies engaged in hotel business are in focus and have rallied on the bourses after Goldman Sachs has bought minority stake in Indian hotel investment and development firm SAMHI Hotels. Jindal Hotels, Kamat Hotels, Royal Orchid Hotels, Advani Hotels, Hotel Leela Venture, TAJGVK Hotels & Resorts and Viceroy Hotels gained between 5%-20% each.
Shares of IFCI have jumped 8% on the BSE after the company's board at its meeting held on January 04, 2016 has approved divesting stakes in two companies.
Shares of State Bank of Travancore fell by 1.2% on the BSE after the Reserve Bank of India (RBI) slapped a penalty of Rs 1 crore on the bank for violation of some of its instructions.
Shares of Gravita India surged 9% after the company announced its entry into plastic recycling business.