Gap up opening expected on D-Street; SGX Nifty up 20 pts;
Indian Indices:
Indian benchmark indices are likely to begin week on a positive note, tracking firm cues from Nifty futures on the Singapore Stock Exchange and mixed trend across global peers. Markets across Asia were trading on mixed note as investors shrugged-off the passage of a tax-code revision over the weekend.
SGX Nifty is trading is up 20 Points
Indian Stock market fell for a fourth consecutive session on Friday, posting its biggest weekly drop since mid-August, as concerns about the country`s widening fiscal deficit and rising crude prices spooked investors
Global Market:
· US Markets futures rallied after U.S. Senate narrowly approved tax reform in early hours Saturday. The dollar recovered some of Friday’s losses. Key data in US – Factory Orders.
· Asian Markets didn't react much to the U.S. Senate's passing of a sweeping tax-code revision, though the special counsel's probe of President Donald Trump's campaign loomed over market moves
Major Headlines of the day:
· Biocon and Mylan Inc receive USFDA approval for Ogivir (Trastuzumab - biosimilar to Herceptin), used for treating breast cancer and metastatic stomach cancer. The approval puts Biocon into league of global biosimilar players; Herceptin had US sales of $ 2 billion.
· Tata Motors sales grew strongly 47.5% yoy to 57,391 units (better than estimates) led by a strong 72% growth in CV sales due to market share gains and preponement ahead of implementation of AC/Ventilation systems.
· DLF to raise Rs11,250 crore from promoters and a further Rs3,500 crore, in one or more tranches, by way of a public issue, a private placement or a QIP. The entire funds will be primarily used to reduce DLF’s debt.
· JSW Energy has secured power purchase pacts aggregating to 208 MW, taking the long-term PPA proportion of the company on a consolidated basis to 69.3 per cent from 64.6 per cent.
· Interglobe Aviation (Indigo): Jet Fuel Prices Hiked For Fifth Straight Month by 5.8 %. Fuel contributes about a third of airlines’ costs.
· Infosys Board appointed Salil Parekh as its new CEO & MD of the company effective January 2, 2018. Also Infosys has won $5.8 Million tax refund in New Jersey.
Trend in FII flows: The FIIs were Net Value of Rs 306.11 the cash segment on Friday while the DIIs were Net Value of Rs 176.19 as per the provisional figures.
Securities in Ban For Trade Date 04-DEC-2017:
NIL.
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