Key indices may open flat to slightly lower as trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could fall 2.50 points at the opening bell. The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month December 2015 series to January 2016 series. The near month December 2015 derivatives contracts expire on Thursday, 31 December 2015.
In overseas markets, Asian stocks were mixed. US stocks closed slightly lower in extremely light trading on Thursday, 24 December 2015, as investors remained on the sidelines ahead of Christmas. US and European markets remained closed on Friday, 25 December 2015, in observance of Christmas.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 112.03 crore on Thursday, 24 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 8.05 crore on Thursday, 24 December 2015, as per provisional data.
Among corporate news, Reliance Infrastructure will be watched. Reliance Defence, a wholly owned subsidiary of Reliance Infrastructure, and Russia's leading developer and manufacturer of air defence missile systems AlmazAntey, have decided to work jointly on the entire range of AD missile and radar systems that are required for Indian defence forces.
Both the firms identified the air defence missile systems including the TOR-1M missile program, radars and automated control systems as areas of partnership under the 'Make in India' as well as offset policies of the Indian Ministry of Defence. The two firms also discussed the joint implementation of modernization, repair and deep overhauls of AlmazAntey systems already in service with the Indian armed forces. They also discussed R&D cooperation for developing new products in the defence sector. The announcement was made after market hours on Thursday, 24 December 2015.
Maruti Suzuki India (MSIL) announced on Saturday, 26 December 2015, that it will contribute Rs 2 crore to the Prime Minister's National Relief Fund. The contribution is to strengthen the relief and rebuilding efforts of the Government for victims of the recent floods in Tamil Nadu. Alongside, MSIL has taken several customer care initiatives for vehicles impacted by the floods. Around 6500 flood impacted Maruti Suzuki vehicles have reported to Maruti Suzuki dealer workshops, in the past weeks. Of this around 1000 vehicles have been repaired and put back on road, till date.
To cater to this increased workload, the company has temporarily transferred around 200 expert technicians from its national service network to Chennai to speed-up repair and restoration of the damaged vehicles. These technicians will join hands with the 500 technicians currently working in the Maruti Suzuki network workshops in the State. The company has pressed into service 31 Maruti Mobile Vans to supplement the workshops. Maruti Suzuki has rushed spare parts to Tamil Nadu, and has made special arrangements with the insurance companies to speed up survey and approval process.
To support customers in this time of hardship, for the flood affected vehicles repaired under insurance, 50% of the depreciation amount will be borne by Maruti Suzuki. Normally, the total depreciation amount is payable by the customer. Additionally the company is offering 50% waiver on cleaning and polishing charges. The company and its dealers have created special helplines and dedicated cells to assist customers to tow vehicles to the workshops. To cater to the increased vehicle load, the dealers have created additional parking yards for the flood affected vehicles.
Meanwhile, key benchmark indices registered minuscule losses in a lackluster session of trade on Thursday, 24 December 2015. The Sensex fell 11.59 points or 0.04% to settle at 25,838.71, its lowest closing level since 22 December 2015. India's stock market remained closed on Friday, 25 December 2015, on account of Christmas.
Powered by Capital Market - Live News
