Indian equities are expected to open flat on the last day of the year amid lack of concrete cues from the global markets. Also, markets would most likely turn volatile during the day ahead of the expiry of December F&O contracts today.
At 8:14 am, the early indicator SGX Nifty is trading flat with 0.05% gains. On Wednesday, the S&P BSE Sensex ended down 119 points at 25,960 and Nifty50 ended down 33 points at 7,896.
From the commodity space, crude oil prices retreated by 3% as data showed that US crude stockpiles increased last week.
Also, gold lost its shine on weak crude prices and a stronger dollar.
Among the Asian equities, Nikkei, Kospi are closed today on account of New Year’s Eve. Shanghai Composite and HangSeng are showing divergent trends with Shanghai declining 0.1% while HangSeng gaining 0.1%.
Overnight, the Wall Street closed lower as energy and oil stocks weighed on the markets. The persistent decline in the oil prices has recently weighed on the European and US markets.
STOCKS IN FOCUS
Essar Oil: The Essar group on Wednesday became one of the largest privately-owned Indian business entities, with annual revenues of $35 billion after completing the delisting of Essar Oil.
Reliance Communications: The three-way merger between Reliance Communications (RCom), Aircel and MTS (brand of Sistema Shyam) is on course to create a formidable company, with best-in-class spectrum and reasonably strong financials.
Union Bank of India: The Competition Commission has approved the state-run Union Bank of India's proposed acquisition of 49 per cent stake in Union KBC Asset Management Company (AMC).