INDIAN BENCHMARKS are likely to open on a flat note as the global cues look muted with SGX Nifty trading unchanged. The key domestic equity benchmarks are set to witness a flat opening, with a negative bias on Wednesday as investors and speculators resort to a cautious approach tracking a mostly weak trend in Asia amidst ongoing worries surrounding China. The CNX Nifty Index futures for January delivery fell 0.03 per cent or 2 points at 7,779 at 10:27 am Singapore time, signaling that the Sensex may open tad lower today.
Headlines for the day:
• Aurobindo receives tentative approval for prasugrel
• India Index Services launches Private Sector Bank Index
• Jaguar Land Rover December 2015 US Retail volumes up 29.6%
Global Indices:
• Asian stocks were trading mostly lower as a slowdown in China’s services activity raised concerns over the world’s second biggest economy while the country set a weaker fix for the yuan, signaling pressure on policymakers to devalue the currency to support the economy. The People’s Bank of China cut the yuan reference rate by 0.22 per cent, the most since November 3, to 6.5314 per dollar.
• Shanghai Composite bounced back after a severe two-day rout, but Hang Seng fell as the China services index declined to 50.2 in December from 51.2 in November. Japan’s Nikkei 225 fell as a stronger yen curbed the lure for exporter stocks. Wall Street closed little changed on Tuesday as traders weighed China’s move to stabilize the country’s stock markets while December auto sales from top US automakers disappointed.
• The Dow Jones Industrial Average climbed 0.06 per cent; the Nasdaq Composite dropped 0.24 per cent while S&P 500 advanced 0.20 per cent.
Trend in FII flows: The FIIs were net sellers of Rs -352.42 Cr in the cash segment on Tuesday while the DIIs were net buyers of Rs 13.19 Cr, as per the provisional figures released by the NSE.
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