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INDIAN BENCHMARKS: Markets may open lower; SGX Nifty down 30 pts

Benchmark indices are likely to open lower on Tuesday, tracking weak cues from Nifty futures on the Singapore Stock Exchange and mixed trend across global peers. Markets across Asia were subdued, weighed down by selloff in technology shares tracking weakness in US tech companies.

SGX Nifty is currently trading @ 10124 down by 30 points .The market ended range bound session with mild gains on Monday as investors await the mid-term review of foreign trade policy tomorrow and RBI policy decision on Wednesday.

Global Market:

The S&P closed at a record high and the Dow Jones Industrial Average broke above the 24,000 mark for the first time on Thursday as investors gained confidence that the Republican party’s push for a US tax overhaul would succeed

Asian shares were subdued on Tuesday as investors’ rotation out of technology shares took the toll on some of the region’s tech heavyweights although hopes of a major tax cut in the United States underpinned risk sentiment

Major Headlines of the Day:

  • Bharat Forge North America Class 8 trucks sales in November rose 68% year-on-year at 32,387 units
  • Eros International Media’s parent Eros International Plc Announces $100 Million equity-linked financing
  • Balaji Amines’ expansion project at Solapur conferred ‘Mega Project’ status
  • Laurus Labs is ready to flood the US with cheap HIV drugs
  • US patents on key components for some important HIV drugs are poised to expire starting in December and Laurus Labs is gearing up to cash in
  • Indian Oil Corporation IOC has said that the impact of the goods and services tax (GST) would be nearly Rs 4,200 cr as it would not be able to claim input tax credit (ITC) for automotive fuels that fall outside GST.
  • Biocon gets EU regulator nod for trastuzumab biosimilar.
  • Piramal Enterprises acquires Digeplex from Shreya Lifesciences.
  • Reddy’s gets USFDA nod for Impoyz cream.

Next trading session nifty futures have resistance 10225. After crossing this level it can reach up to the level of 10255. In the downside nifty futures has support near 10085.After breaking this support it can slip till level of 10025.

Bank nifty futures have resistance 25375 after crossing this level it can reach up to the level of 25525. In the downside nifty futures has support near 24975 after breaking this support it can slip till level of 24825.

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