16 Dec -Start of Day Equity Commentary :: HDFC Securities

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Indian Markets

The 30-share Sensex ended 31 points lower at 27,320 and the 50-share Nifty dipped 5 points to end at 8,220. The broader markets underperformed the benchmark indices- BSE Midcap and Smallcap indices were down between 0.5-1%.

The market breadth in BSE ended negative with 1,719 shares declining and 1,179 shares advancing. NSE cash turnover was at Rs. 14007.

BSE IT and Realty indices slumped by 2% followed by counters like Consumer Durables, TECk, Power and FMCG, all falling down between 1-1.5%. However, BSE Bankex gained by 0.4%. The top losers on the Sensex were TCS, Sesa Sterlite, Axis Bank, Cipla, Tata Motors, HUL, L&T and GAIL, all declining between 1-4%.MMTC surged nearly 13%.

As per the provisional figures on Monday, FIIs were net sellers of Rs. 456 cr in the cash market, while they were net sellers of Rs. 1743 cr in the F&O markets. DIIs were net buyers of Rs. 136 cr in the cash market. 

US and European Markets

The U.S. stock market ended Monday?s volatile session lower, as an unabated fall in oil prices continued to erode investor confidence. Dow Jones jumped more than 100 points shortly after the market open but ended 100 points, or 0.6%, lower at 17,180.84. The S&P 500?s SPX traded in a 29 point range, but ended 12.60 points, or 0.6% lower at 1,989.63. The tech-heavy Nasdaq fell sharply, led by a big slide in biotech.

European markets ended sharply lower. The FTSE 100 ended lower by 1.9%, while CAC 40 & DAX fell by 2.5% & 2.7% respectively.

Most of the Indian ADRs ended negative. Among the banking stocks, ICICI Bank was down 2.2% while HDFC Bank was down 1.3%. IT majors, Infosys was down 1.3% while Wipro was up 0.9%. Dr Reddys was down 3.2% while Tata Motors was down 3%

Latin American Markets

Among the Latin American markets, the Mexican markets were down by 3.3%, while the Brazilian index ended was down by 2.1%.

Asian Markets

Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.87% while the Hang Seng is down 0.83%. The Nikkei 225 is not trading.

As of IST 8.40 am SGX Nifty is trading lower by 53.5 points. 

Currencies

The Indian rupee on Monday closed at an 11-month low at 62.95 a dollar as foreign investors started liquidating their emerging markets portfolio at the end of the calendar year, putting pressure on emerging markets currencies.

The euro slid against the dollar on Monday on fears political instability growing in Greece may water down the broader European economy. In U.S. trading, EUR/USD was down 0.10% at 1.2450, up from a session low of 1.2414 and off a high of 1.2478.

Commodities

Oil for Jan 2015 contract fell by 3.3% at $55.9/barrel.

Gold for Feb 2015 delivery fell by 1.2% at $1207.7/troy ounce.

Key Events for Today

Japan - Manufacturing PMI
China - HSBC Manufacturing PMI
EU, Germany - Manufacturing & Services PMI
EU - Trade Balance
India - Exports, Imports, Trade Balance
UK - CPI, PPI
US - Building Permits, Housing Starts, Manufacturing PMI

Outlook

Indian markets could open negative and be volatile during the day. Immediate support for Nifty is at 8150 level, while immediate resistance is at 8250 level. Among the Sectoral indices Oil & Gas, Capital Goods, Auto, Banks, Power may relatively underperform.