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Market likely to see a positive start
30-Dec-16   08:11 Hrs IST

The market is likely to open higher on the last trading day of calendar year 2016. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell. The government will release data for several economic indicators today, 30 December 2016 including fiscal deficit, foreign exchange reserves, foreign debt and trade figures.

Overseas, Asian stocks were trading higher. US stocks closed fractionally lower yesterday, 29 December 2016 as investors remained reluctant to make big bets in a thinly-traded session ahead of long holiday weekend.

On the US data front, jobless claims declined by 10,000 to 265,000 for the week ending 24 December 2016, according to Labor Department report. This marks the 95th straight week that claims were below 300,000, a threshold associated with a healthy labor market. Meanwhile, the country's trade deficit in goods grew last month, according to a report released by the Commerce Department on Thursday. The initial estimate, which does not include trade in services, showed that the country exported $1.2 billion less in November than in October. Imports rose by $2.2 billion during the month.

Back home, key benchmark indices logged modest gains yesterday, 29 December 2016 led by rise in index heavyweights HDFC and Reliance Industries (RIL) amid expiry of December 2016 derivatives contracts and lacklustre global cues. The Sensex rose 155.47 points or 0.59% to settle at 26,366.15, its highest closing level since 19 December 2016.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 662.29 crore yesterday, 29 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 957.83 crore yesterday, 29 December 2016, as per provisional data.

Among corporate news, Sun Pharmaceutical Industries (Sun Pharma) clarified after market hours yesterday, 29 December 2016, that with respect to news suggesting blast at Sun Pharma unit that on 28 December 2016, a fire broke out at its Ahmednagar factory during excavation work, causing burn injuries to four workmen at the excavation site. All the four injured workmen were immediately rushed to a nearby hospital.

Two of the injured workmen succumbed to burn injuries and other two are being treated at the hospital. According to preliminary updates, both of them are responding well to treatment. The company is currently investigating the matter with the help of local law enforcement. There is no loss of production at Ahmednagar factory on account of this incident. This is not a material event nor would have any bearing on the operations/performance of the company, Sun Pharma added.

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