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Indian Stock Market Live: Nifty extends losses, Sensex falls over 100 pts as Asia slips further

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Investors maintained cautious stance ahead of RBI policy decision.


Retail conglomerate Future Group, which owns fashion chains like Big Bazaar, Brand Factory, and Central, will be among the top 10 global fashion companies selling about 35 crore garments by FY2019, group CEO Kishore Biyani said today.

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The company, which has built an integrated warehouse with a capacity of over 30 crore garments in Nagpur, is betting big on the growing demand from fashion-conscious customers and consumers’ interest for lifestyle and fashion.

Biyani said by next financial year the fashion units alone will clock total revenue of USD 3-3.5 billion (about Rs 20,000 crore). He, however, denied commenting on expected profit.

Oil prices dipped, as refined product inventories in the United States rose in what the market interpreted as a sign of lackluster demand.

Brent crude futures, the international benchmark for oil prices, were down 0.3 percent, at USD 62.67 a barrel.

US West Texas Intermediate (WTI) crude futures were at USD 57.41 a barrel, down 0.36 percent, from their last settlement.


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Asia Stocks Pressured by Wall Street Losses, Dollar Sags

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Australian stocks and South Korea’s KOSPI were down 0.2 percent, respectively. Japan’s Nikkei lost 0.5 percent.

Asian stocks slipped on Wednesday, pressured by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the Dollar sagged on lower long-term US yields.

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MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.2 percent.

Australian stocks and South Korea’s KOSPI were down 0.2 percent, respectively. Japan’s Nikkei lost 0.5 percent.

The S&P 500 information technology index barely rose overnight as it gave up much of the 1.4 percent intraday gains. The year’s top-performing sector was still down nearly 4 percent over the past week, with investors shifting money to banks, retailers and other stocks seen as likely to benefit the most from tax cuts promised by US President Donald Trump.

As a result, the S&P 500 fell for the third straight session overnight. The Dow and Nasdaq also retreated.

“The retreat in US shares coincides with profit-taking by investors before they close their books for the year-end. A lot of such year-end window dressing already appears to have taken place in emerging market equities,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

The main focal point for emerging market equities is how US yields move towards the year-end. The Federal Reserve’s monetary policy stance for next year bears close watching due to its impact on US yields, and in turn the various equity markets.

Fed funds futures prices showed that investors see a rate increase at Federal Reserve’s Dec. 12-13 meeting as a done deal and much of the focus is on the outlook for rates in 2018 and beyond.

The two-year Treasury yield reached a nine-year high overnight as the market increasingly expected the US Congress to pass tax reform legislation and the Fed to tighten policy.

But the 10-year Treasury yield fell overnight, flattening the yield curve further. The curve has flattened as investors see limited room for long-term US inflation.

The Dollar dipped, weighed by sagging long-term US yields. The Dollar index against six major currencies slipped 0.05 percent to 93.337.

The greenback dipped 0.1 percent to 112.470 yen and the Euro was little changed at USD 1.1824 after shedding 0.35 percent the previous day.

The pound extended overnight losses and last stood at USD 1.3412 for a loss of 0.2 percent. Sterling fell to as low as USD 1.3370 on Tuesday on disappointment after British Prime Minister Theresa May failed to clinch a deal to open talks on post-Brexit free trade with the European Union.

In commodities, US crude oil futures were down 0.3 percent at USD 57.44 per barrel after American Petroleum Institute data showed that US gasoline stocks and distillate inventories rose more than expected last week.


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Indian ADRs: Dr. Reddy’s Lab, Tata Motors down; ICICI Bank, Wipro up

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Indian ADRs ended mixed on Tuesday. Infosys rose 1.49 percent and HDFC Bank was down 0.02 percent.

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Indian ADRs ended mixed on Tuesday. In the banking space, ICICI Bank rose 0.96 percent at USD 9.44 and HDFC Bank was down 0.02 percent at USD 94.19.

In the IT space, Infosys rose 1.49 percent at USD 15.69 and Wipro added 1.17 percent at USD 5.18.

In the other sectors, Tata Motors was down 0.06 percent at USD 31.11 and Dr. Reddy’s Laboratories fell 1.09 percent at USD 34.52.


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Tech rally burns out, leaves Wall Street lower

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The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57. The Nasdaq Composite dropped 0.19 percent to 6,762.21.


Wall Street fell on Tuesday as a technology rebound lost steam and Walt Disney Co shares dipped, while investors assessed how a Republican US tax overhaul would impact corporate earnings.

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The S&P 500 fell for a third straight session, a streak not seen since early August, trimming the index’s rally this year to 17 percent.

Buoyed by a 2.53 percent increase in Electronic Arts Inc, the S&P 500 information technology index ended up 0.21 percent but pared earlier gains of as much as 1.39 percent.

The year’s top-performing sector was still down nearly 4 percent over the past week, with investors shifting money to banks, retailers and other stocks seen as likely to benefit the most from tax cuts promised by US President Donald Trump.

The bill passed on Saturday by Republican senators included a last-minute change retaining the corporate alternative minimum tax, or AMT, which had initially been removed.

That put Senate Republicans on a collision course with Republicans in the US House of Representatives, whose own tax bill repealed the corporate AMT and who are already calling for the tax to be eliminated in the final legislation. Including the AMT could negate parts of the bill seen as beneficial to tech companies and other corporations.

Such a tax rate cut could boost S&P 500 earnings next year by an extra 9 percent, Bell said.

All three major indexes moved sharply lower late in the session.

The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57.

The Nasdaq Composite dropped 0.19 percent to 6,762.21.

Ten of the 11 major S&P sectors fell, led by losses in telecom services and utilities.

Shares of Twenty-First Century Fox slipped 0.30 percent after a report that Walt Disney was in the lead to acquire much of Fox’s media empire, though rival suitor Comcast Corp remained in contention.

Disney shares fell 2.72 percent and Comcast slipped 1.98 percent.

McDonald’s rose 1.37 percent, providing the biggest boost to the Dow, after Jefferies upgraded the stock to a “buy” rating.

Toll Brothers Inc fell 7.36 percent after the luxury homebuilder’s profit and revenue missed analysts’ expectations as it sold homes at prices lower than its own estimates.

Declining issues outnumbered advancing ones on the NYSE by a 1.80-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored decliners.

About 6.9 billion shares changed hands on US exchanges, just above the 6.7 billion daily average for the past 20 trading days.


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Indian Rupee Opens lower at 64.45 per Dollar

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The trading range for the spot USD-INR pair will be 64.20-64.80, says Ripples Advisory Private Limited.

The Indian Rupee opened lower at 64.45 per Dollar on Wednesday versus previous close 64.38.

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Rupee will take cues from RBI’s monetary policy decision. Expect stability in the currency.

The trading range for the spot USD-INR pair will be 64.20-64.80.

The Dollar strengthened versus a basket of major currencies as investors track developments in Washington where US lawmakers are attempting to pass a tax reform bill.

According to Dhawal Dalal of Edelweiss AMC, Bond market participants will be eager to know the MPC’s views on the recent increase in oil prices and its likely impact on inflation and CAD.

Market participants would like to hear RBI’s views on banking system liquidity going forward amid reports of improvement in credit offtake.

A hawkish tone by MPC may have the potential to push yields above the crucial 7.10 percent mark for the 10-year bond. That said, market positioning is light at the moment. A tinge of positive outlook may push yields towards 6.90 percent.


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Indian Stock Market Live: Sensex Extends Losses at Open, Nifty Below 10,100; RBI Decision Eyed

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Investors maintained cautious stance ahead of RBI policy decision.


Shares of Tata Communications gained more than 1 percent in early trade after it has been selected as global loT connectivity partner by International fleet management application provider.

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DRVR, the international fleet management application provider, has selected Tata Communications as it global loT (Internet of Things) connectivity partner to help achieve its objective of making Asia’s vehicle fleets the smartest and most cost-efficient in the world.

Vehicles in fleets using DRVR technology have been fitted with Tata Communications’ MOVE-IOT Connect SIM technology.

The Rs 650-crore initial public offer of Future Supply Chain Solutions has opened for subscription today, with a price band of Rs 660-664 per share.


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6th December 2017- OPENING BELL- Today RBI To Announce Its Interest Rate Decision At 2:30 PM, Expected To Keep Rates Unchanged

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Today RBI is set to announce its interest rate decision at 2:30 PM and expected to keep rates unchanged. Repo rate currently stands at 6%, Reverse Repo rate stands at 5.75%, Marginal Standing Facility is at 6.25% and Cash Reserve Ratio stands at 4%. All eyes will be on Repo rate as it directly gives an advantage to the borrower; if RBI reduces Repo Rate market will have a positive impact. However, expectations are that RBI may keep its rates unchanged.

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The NSE Benchmark Index Nifty has corrected more than 300 points from its recent high of 10410 made on 28th Nov and made a low of 10069 in last trading session. The major players, FII and PRO have built a huge short position of 400536 contracts in Index Options in last few days. In yesterday’s trading session, they have made a short position of 12423 contracts.

Yesterday benchmark index opened and closed at 10118 after making a low 10069. The Cash Market Benchmark Index Small Cap also has given a correction of 415 points from its recent high of 8823 made on 1st Dec and made a low of 8408 yesterday. If the Index trades below 8408, then the next level will be its Month 1 low of 8247. Nifty Future is opening gap- down by 44 points against yesterday close of 10146 as indicated by SGX Nifty which is currently trading at 10099.


NIFTY OUTLOOK & OPEN INTEREST IN INDEX OPTION

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FII and PRO in combined have to sell positions of 400536 contracts in Index Options. In last 10 days, they have sold 183845 contracts.

Cash Market Data

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In last 10 days, FII and DII in combined have bought stocks worth Rs. 73.59 Crore in cash segment.


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Sobha Surges 7% on Development Plans, Pares Gains Later

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Shares of Sobha shot up 7 percent in Tuesday’s trade amid a media report suggesting that the company is looking to spend Rs 3,000 crore to build 7-10 million square feet of apartments and villas in the next four to six quarters.

Following the report, the stock rose 7 percent to hit a high of Rs 632 on BSE. However, the stock pared most gains. It was trading 1 percent higher in the afternoon trade.

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The construction will be done in Kochi, Pune, Bengaluru, Chennai, Thrissur Kozhikode and Gurugram, among others, the report suggested.

The stock has been in news ever since the company said it would develop a super luxury waterfront residential project Marina One in co-ownership with Puravankara. This project is planned in an area of 16.7 acres at the Marine Drive, Kochi.

J.C. Sharma, Vice Chairman and Managing Director at Sobha had told ET that the company would launch another project in Kochi soon.

The backward-integrated real estate player currently has projects in Thrissur and Kozhikode.

In last one quarter, the stock has rallied 48 percent, data suggested.


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Sensex, Nifty Trade lower after Fitch cuts FY18 India growth Forecast

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Investors remained cautious ahead of a mid-term review of foreign trade policy due later today and RBI policy a tomorrow.


The Bharat Forge stock has been outperforming off late, spurred by steady rise in North American Class 8 truck orders as well as a steady improvement in the oil & gas segment.

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The first half saw the company posting 30 percent growth in revenue and 40 percent in EBITDA. Baba Kalyani, CMD, Bharat Forge is confident of not only maintaining the growth rate but said they aim to do better than that going forward.

The company also has big expansion plans for the domestic market, said Kalyani, adding that they would spend Rs 500 crore expanding capacity within their facilities outside Pune and also spend Rs 200 crore to set up facility in Andhra Pradesh for light weight components.

He said North a American economy is doing extremely well and so the company is benefiting from that. However, only 12 percent of company’s revenues comes from North American Class 8 Trucks, he specified. So, no longer are highly dependent on that market, although their market share in that market has gone up.


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Wipro Recognized as Market Leader by ISG

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Wipro Limited, a leading global information technology, consulting and business process services company has said that it has been recognized as a market leader in Digital Workplace Services by Information Services Group (ISG), a leading global technology research and advisory firm. According to the ISG Provider Lens™ Digital Workplace Services Quadrant Report, Wipro Limited was among the leading providers in Digital Workplace Consulting, Managed Digital Workplace Services (Large Market), Managed Mobile Services (Midmarket and Large Market) and Workplace-as-a-Service (WaaS).

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Commenting on the development, Kiran Desai, Senior Vice President & Head – Global Infrastructure Services, Wipro Limited, said, “We are excited to be positioned as a ‘Leader’ in ISG’s Provider LensTM Quadrant report, Digital Workplace Services. It is emblematic of our strong workplace portfolio, continuous investment in digital technologies for a superior customer experience and excellent delivery execution.” Meanwhile, shares of the company were trading at Rs 287.50 apiece, down 0.88 percent from the previous close at 09:27 hours on BSE.


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