Monday, 2 January 2017

Market Commentary >> Pre Session : 02 Jan 2017

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 10.50 points at the opening bell.




Overseas, Asian stocks were shut for a public holiday. US stocks fell on Friday, 30 December 2016, as investors took profits on some of 2016`s high-flying sectors, although major indexes posted strong annual gains and the Dow closed out its best year since 2013.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 585.64 crore on Friday, 30 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 725.26 crore on Friday, 30 December 2016, as per provisional data.
Among the corporate news, shares of public sector oil marketing companies (PSU OMCs), automobiles firms and aviation firms will be watched. Petrol price was hiked by Rs 1.29 a liter and the diesel rate by Rs 0.97 a liter on Sunday, 1 January 2017. The increase in petrol and diesel rates is excluding State levies and the actual hike will be higher. Further, aviation turbine fuel (ATF) price was hiked by a steep 8.6%. ATF price hike is applicable from midnight of 31 December 2016. Meanwhile, subsidized LPG rate was raised by Rs 2 per cylinder.
PSU OMCs review oil prices at the middle of the month and at the month-end every month based on the trend in the international oil market. PSU OMCs revise jet fuel prices on the last day of every month. Aviation turbine fuel or jet fuel constitutes more than 50% of operating cost for airlines. Prices of jet fuel are directly linked to crude oil prices.
Key benchmark indices registered modest gains on Friday, 30 December 2016, on steady buying in index pivotal. The barometer index, the S&P BSE Sensex, gained 260.31 points or 0.99% to settle at 26,626.46. The Nifty 50 index gained 82.20 points or 1.01% to settle at 8,185.80. Both the Sensex and the Nifty settled at over two-week high. Steady buying by domestic institutional investors boosted sentiment on the domestic bourses.

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