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Podcast: Indices may look for global cues, oil prices ahead of F&O expiry

The domestic markets are likely to take cues from their Asian peers which have risen following an overnight rise in the Wall Street.

BS Web Team  |  New Delhi 

The domestic are likely to take cues from their Asian peers which have risen following an overnight rise in the Wall Street. That apart, market participants are expected to square off their positions ahead of the expiry of December-series futures and options (F&O) contracts.

SGX Nifty

The Nifty futures on the Singapore Exchange (SGX) were trading at 10,789.50, up 28 points or 0.3 per cent in the early trade.

Japan's Nikkei 225 surged 3.53 per cent in early trade while the Topix jumped 3.76 per cent as the two indices climbed for the second-straight day after their Christmas Day tumble. In Australia, the ASX 200 rose around 1.45 per cent in morning trade, with most sectors seeing gains.

On the Wall Street, the Dow Jones Industrial Average rose 1,086.25 points, or 4.98 per cent, to 22,878.45, the S&P 500 gained 116.6 points, or 4.96 per cent, to 2,467.7, and the Nasdaq Composite added 361.44 points, or 5.84 per cent, to 6,554.36.

On the domestic front, shares of Tata Global Beverages will be in focus after CARE reaffirmed its A1+ rating in respect of company's securities and borrowings for commercial papers of Rs 7.15 billion.

Rupee

The trimmed its early sharp gains to settle 8 paise higher at 70.06 against the US currency mainly due to dollar buying by importers in the last hour of trade.

Oil Prices

US oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains.

US West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.56 per cent, at $46.48 per barrel. They jumped 8.7 per cent to $46.22 per barrel in the previous session. Brent futures had yet to trade. They rose 8 per cent to $54.47 a barrel the day before.



Hindustan Unilever plans legal battle against anti-profiteering authority


The fight between the National Anti-profiteering Authority (NAA) and the largest fast-moving consumer goods firm is set to get uglier. After one and a half years of the goods and services tax (GST) coming into effect, Hindustan Unilever (HUL) is planning to take the NAA to court after the authority sent it a fresh order seeking Rs 2.23 billion.

This could be the first instance when a consumer goods company would move court against the NAA.


In a filing to the Securities and Exchange Board of India (Sebi) on Wednesday, the FMCG company said it would “consider legal options available to it, given there is divergence on some basic issues” in determining the quantum of benefits to be passed on to consumers post-GST.


Bimal Jalan-led six-member panel to decide on RBI reserves transfer


The Reserve Bank of India (RBI) on Wednesday constituted an expert committee headed by former governor Bimal Jalan to review its economic capital framework, and whether the central bank needs to hold as much reserves as it currently does.

Former deputy governor Rakesh Mohan will be vice-chairman of the six-member committee, which also includes RBI central board directors Bharat Doshi and Sudhir Mankad, Economic Affairs Secretary Subhash Chandra Garg and RBI deputy governor N S Vishwanathan.


It was decided in the November 19 board meeting of the RBI that an expert committee would be formed to examine if the central bank’s reserves were adequate, going by the global standards, and if in excess, how much money could be transferred to the government.

First Published: Thu, December 27 2018. 07:45 IST
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