Shares may extend yesterday's gains on positive Asian cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 21.50 points at the opening bell, tracking strength in other Asian stocks.

Overseas, Asian stocks were trading higher today, 6 January 2017. In US, the tech-heavy Nasdaq closed at a record yesterday, 5 January 2017, as the broader stock market finished lower, dragged down by a steep slide in the financial sector and major retailers. Mixed data on jobs also raised concerns a day before the closely watched December employment report due today, 6 January 2017.

In US, the private sector added 153,000 jobs in December, according to ADP, a rate that was below forecasts, while first-time jobless claims fell 28,000 in the latest week, dropping to a nearly 43-year low. Separately, a reading on the US services sector held steady at a 12-month high in December, suggesting growth in non-manufacturing activity, mainly the service sector, remains strong.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 86.88 crore yesterday, 5 January 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 449.07 crore yesterday, 5 January 2017, as per provisional data.

Among corporate news, Piramal Enterprises said that the company's wholly owned subsidiary, Piramal Finance (PFL) is in the business of providing financial services. In line with the company's growth plans, PFL will now be making an application to the National Housing Bank (NHB) for incorporating a housing finance company (HFC) as its subsidiary. This has been approved by the company's board of directors at its meeting yesterday, 5 January 2017. The announcement was made after market hours yesterday, 5 January 2017.

Wockhardt said that competent authority, Berlin, Germany has since issued EU GMP Certificate confirming that company's manufacturing facility at 138, GIDC Estate, Ankaleshwar, Gujarat, complies with the principles and guidelines of Good Manufacturing Practices. The certificate issued in this regard is valid for 3 years. The announcement was made after market hours yesterday, 5 January 2017.

A broad-based rally in metal, auto and bank stocks helped the key benchmark indices score modest gains on the penultimate trading day of the week yesterday, 5 January 2017. The barometer index, the S&P BSE Sensex, gained 245.11 points or 0.92% to settle at 26,878.24. The Nifty 50 index rose 83.30 points or 1.02% to settle at 8,273.80. The broad market depicted strength. The Sensex hit 8-week closing high. The Nifty also hit its highest closing level in eight weeks.

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