Indian equities may open higher on soft note on Friday, tracking bullish trends in SGX Nifty Index Futures and muted cues from global peers. Overseas, the Asian stocks were trading mixed amid speculation that the Federal Reserve might be “one-and-done” with US rate hikes helped soothe some wounds after a punishing week. However, Investors also keep an eye on movement in rupee against US dollar ahead of state election results next week. Back home, bearish trends in the SGX Nifty Index Futures for December delivery, which were trading at 10,695.00, up by 71.00 points or 0.67 per cent, at 11:02 AM, Singapore Time, also indicated a positive start for local bourses.
Oil prices stabilised on Friday, buoyed by a fall in US crude oil inventories, but sentiment remained weak as producer group OPEC postponed a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. On the other side, India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, PTI sources in know of the development said.
On the corporate front, shares of IBM will remain in focus as IBM to sell some of its software products to HCL for $1.8 billion. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews. Among others, LIC Housing Finance, the country’s second largest housing finance company, had a muted September quarter (Q2). The financials reveal some areas of concern, such as increasing developer loan exposure and profitability pressures. Notwithstanding these, LIC Housing remains one of the top picks for brokerages, among housing finance companies (HFCs). Despite the not-so-great Q2 show, the stock has been in the green since its results a month ago.
The Indian benchmark extended losses for the third session on Thursday by declining over 572 points on heavy selling in IT and auto stocks amid weak global cues. Sentiments took a hit after broader Asian markets weakened, following a Canadian authority arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers. China on Thursday urged Canada and the United States to “clarify” the reason a senior Huawei executive had been detained in Vancouver.
Top traded Volumes on NSE Nifty – Sun Pharmaceutical Industries Ltd. 56087131.00, YES Bank Ltd. 38867660.00, ICICI Bank Ltd. 17784829.00, Vedanta Ltd. 15693557.00, Tata Motors Ltd. 15428019.00,
On NSE, total number of shares traded was 141.63 Crore and total turnover stood at Rs. 30379.16 Crore.
On NSE Future and Options, total number of contracts traded in index futures was 321096 with a total turnover of Rs. 21219.36 Crore. Along with this total number of contracts traded in stock futures were 854469 with a total turnover of Rs. 47272.01 Crore. Total numbers of contracts for index options were 32864960 with a total turnover of Rs. 1773832.85 Crore. and total numbers of contracts for stock options were 616654 with a total turnover of Rs. 36415.71 Crore.
As on December 06, 2018, the FIIs stood as net buyer in both equity and debt markets. Gross equity purchased stood at Rs. 5065.84 Crore and gross debt purchased stood at Rs. 1589.77 Crore, while the gross equity sold stood at Rs. 5426.67 Crore and gross debt sold stood at Rs. 452.32 Crore. Therefore, the net investment of equity and debt reported were Rs. -360.83 Crore and Rs. 1137.45