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3 Factors Why Asian stocks rise as investors bet on US tax reform- INDIAN STOCK MARKET UPDATES

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Japan’s Nikkei 225 added 1.15 percent early in the session as trading houses and banks rose.


Most major Asian indexes on Monday were given a boost by investor optimism that a plan to reduce corporate taxes would be passed stateside.

Japan’s Nikkei 225 added 1.15 percent early in the session as trading houses and banks rose. Tech and automaker blue-chips also saw gains. Toyota rose 2.37 percent, Sony gained 2.22 percent and SoftBank climbed 1.14 percent.

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Korea’s Kospi came under slight pressure, trading 0.08 percent under the flat line. Steelmakers traded lower, with Posco and Hyundai Steel down 3.6 percent and 4.68 percent, respectively, even though Samsung Electronics inched higher by 0.36 percent.

Shares of automakers underperformed the broader Kospi index, with Hyundai Motor off 0.32 percent. Yonhap news reported last Friday that Hyundai workers at the automaker’s Ulsan factories would be on strike on Monday and Tuesday after the company failed to meet their demands for a raise in wages.

In Sydney, the S&P/ASX 200 gained 0.64 percent as resource stocks gave a boost to the overall index. Rio Tinto climbed 0.98 percent and Fortescue Metals rose 1.75 percent. Banking shares were also higher on Monday, with ANZ rising 1.91 percent after the bank announced it would buy back up to USD 1.5 billion shares on-market.

In the US, Republicans unveiled their final tax plan on Friday as two holdout GOP senators indicated they would support the tax bill after compromises were made. Among the provisions that made the cut was a reduction in the corporate tax rate from the existing 35 percent to 21 percent, with effect from 2018.

Republicans intend to pass the measures by the middle of this week.

US stocks closed at record levels, with the Dow Jones industrial average gaining 0.58 percent, or 143.08 points, to close at 24,651.74.

The Dollar held onto gains made in the last session. The Dollar index, which tracks the greenback against a basket of six currencies, rose as high as 93.997 on Friday. At 8:26 a.m. HK/SIN, the Dollar index stood at 94.010.

Against the Japanese currency, the dollar inched higher to trade at 112.74.

Bitcoin takes its place on a bigger stage

Meanwhile, CME launched its bitcoin futures contract at 6 p.m. ET Sunday, or 7 a.m. HK/SIN, under the ticker “BTC.” The front-month contract traded at USD 19,480 at 8:30 a.m. HK/SIN. Spot prices were down around 1.6 percent on the day at USD 18,781.39, according to the CoinDesk index.

That came on the heels of bitcoin futures beginning trade on the Cboe Futures Exchange earlier this month. Those moves come as investor interest in the cryptocurrency grows following the rapid rise in Bitcoin prices this year.

Corporate news

Shares of Obayashi Corp. were off 0.07 percent following Nikkei headlines that Japanese prosecutors are likely to raid the company’s offices as part of a bid-rigging investigation. Other Japanese construction companies Nikkei said was involved in the probe were also lower on the day: Taisei Corporation was down 1.63 percent, Shimizu Corporation shed 0.49 percent and Kajima Corporation fell 2.51 percent.

Meanwhile, stock exchange operator Hong Kong Exchanges and Clearing announced plans on Friday to loosen existing listing rules in a bid to improve competitiveness. In its proposal are plans to allow the listings of biotechnology issuers in the pre-profit stage and to accept issuers with dual share classes, subject to safeguards.

What’s on tap

Here’s the economic calendar for Monday (all times in HK/SIN):

9:30 a.m.: China house price index12:00 p.m.: Malaysia October unemployment rate


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Indian ADRs: Tata Motors, ICICI Bank, Infosys Down

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Indian ADRs ended mostly lower on Wednesday. HDFC Bank fell 1.30 percent and Tata Motors shed 0.86 percent.


Indian ADRs ended mostly lower on Wednesday. In the banking space, ICICI Bank declined 1.77 percent at USD 9.43 and HDFC Bank fell 1.30 percent at USD 96.14.

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In the IT space, Infosys was down 0.13 percent at USD 15.89 and Wipro rose 0.75 percent at USD 5.34.

In the other sectors, Tata Motors shed 0.86 percent at USD 31.24 and Dr. Reddy’s Laboratories added 2.18 percent at USD 36.07.


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Indian Stock Market Live: Nifty Turns positive, Sensex recovers Over 900 pts as BJP Leads in Gujarat, Himachal

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Out of 30 stocks, only 1 stock is trading in the green, which is Cipla after getting tentative approval from the US Food and Drug Administration for HIV drug, the darunavir hydrate (75-800 mg).

10:01 am Listing: Future Supply Chain Solutions, the logistics arm of the Future Group, lists at a 1.5 percent premium of Rs 674 per share as against its issue price of Rs 664 per share.

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9:59 am Market Update: Equity benchmarks turned positive as the Sensex recovered more than 900 points from opening lows to trade higher. Nifty got back above 10,300 levels.

Market breadth was also positive. All sectoral indices traded in green barring FMCG and IT.

9:50 am Pre-Opening: Future Supply Chain Solutions, the logistics arm of the Future Group, settled at its issue price of Rs 664 per share in pre-opening trade.

9:47 am Market Check: It is almost a ‘U’ turn for equity benchmarks as after falling more than 800 points in the opening, the Sensex is currently trading with around 100 points losses and the Nifty reclaimed its 10,300 level.

In fact, Adani Group stocks also turned positive. Adani Ports, which was down nearly 5 percent in the opening, gained over a percent now.

The 30-share BSE Sensex was down 119.77 points at 33,343.20 and the 50-share NSE Nifty fell 34.40 points to 10,298.90.

The gap between advances and declines narrowed sharply as about 1,103 shares declined against 824 advancing shares on the BSE, versus 1:6 in the opening.

9:45 am Elections Results: Latest polling results indicated that BJP is expected to be a winner in both states (Himachal Pradesh and Gujarat), though it is not a landslide win.

BJP is leading in Gujarat and Himachal Pradesh with 100 seats and 39 seats, followed by Congress with 78 seats and 22 seats, respectively.

9:42 am Buzzing: JMC Projects gained 7.4 percent on winning new orders worth Rs 790 crore.

9:38 am Leaders: Index heavyweight HDFC Bank turned positive, rising 0.2 percent and also helped benchmark indices recover.

Vedanta, Cipla, GAIL, Asian Paints and Hindalco gained 1-2 percent.

9:30 am Market Check: Equity benchmarks trimmed losses in morning trade as latest voting counts indicated that BJP is still leading in Gujarat and Himachal Pradesh but with a small margin.

The 30-share BSE Sensex was down 408.61 points or 1.22 percent to 33,054.36 and the 50-share NSE Nifty fell 128.50 points or 1.24 percent to 10,204.80.

About six shares declined for every share falling in the BSE.

9:27 am: All sectoral indices traded in the red. Nifty Bank, Auto, Metal, Realty, IT and FMCG indices were down 1-3 percent.

9:20 am: Top contributors to Nifty’s losses: Reliance Industries, HDFC Bank, ICICI Bank, HDFC, IOC, ITC, Adani Ports, Tata Motors, Bajaj Finance, Vedanta, and SBI were down 2-5 percent.

9:15 am: Market Check: Equity benchmarks started off the week sharply lower on Monday as latest voting counts indicated that BJP is leading in both states (Gujarat and Himachal Pradesh) but with a small margin.

The 30-share BSE Sensex was down 740.11 points or 2.21 percent at 32,722.86 and the 50-share NSE Nifty fell 208.80 points or 2.02 percent to 10,124.50.

Out of 30 stocks, only 1 stock is trading in the green, which is Cipla after getting tentative approval from the US Food and Drug Administration for HIV drug, Darunavir hydrate (75-800 mg).

About five shares declined for every share rising on the BSE.

The Indian Rupee was sharply lower by 25 paise to 64.29 against the US Dollar in early trade, following weakness in equity markets.

Asian markets were mixed amid optimism that a plan to reduce corporate taxes would be passed in the US.


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Wall Street Closes at Records with Tax Overhaul in Sight

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The Dow Jones Industrial Average rose 143.08 points, or 0.58 percent, to 24,651.74, the S&P 500 gained 23.8 points, or 0.90 percent, to 2,675.81 and the Nasdaq Composite added 80.06 points, or 1.17 percent, to 6,936.58.

Wall Street’s three major indexes climbed to record closing highs on Friday with broad-based gains as a long-awaited bill to cut corporate tax rates looked like it would win enough support from lawmakers to pass.

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US congressional Republicans were expected to release final details of their plan late on Friday, with decisive votes planned for next week after lawmakers who had previously criticized the bill started to voice their support.

Republican Senator Bob Corker joined Senator Marco Rubio in signaling support in the late afternoon. Rubio had criticized the initial proposal, saying it did not give enough tax relief to working families, while Corker, had expressed concerned about the bill’s impact on the federal deficit.

The bill is expected to drop corporate tax rates to 21 percent from 35 percent and some investors are betting that companies will put most of the savings toward a boost in shareholder payouts.

“It’s meaningful in terms of its impact on shareholders. You’re going to see an increase in stock buybacks, maybe some dividend payouts,” said David Joy, chief market strategist at Ameriprise Financial in Boston.

“By and large there’s a high correlation between higher equity prices and consumer confidence and consumer spending. Some translate into rising consumer sentiment and better feelings about job security,” he said.

However, as the tax package has evolved, it has tilted increasingly toward benefiting businesses and the wealthy, a trend that concerned some lawmakers.

The S&P was up 1 percent after Corker announced his support, but couldn’t sustain those levels as investors awaited tax bill details, according to Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

“We don’t know how stimulative it will actually be,” said Battle. “There shouldn’t be any surprises. The stuff they were apart on seems manageable.”

The Dow Jones Industrial Average rose 143.08 points, or 0.58 percent, to 24,651.74, the S&P 500 gained 23.8 points, or 0.90 percent, to 2,675.81 and the Nasdaq Composite added 80.06 points, or 1.17 percent, to 6,936.58.

The S&P 500 and the Dow closed higher for the fourth week in a row, while the Nasdaq saw its first weekly gain out of three.

The S&P’s Energy index was the only one of its 11 majors in the red with a 0.03-percent dip. Technology and Healthcare indexes led the advance with 1.24 and 1.17 percent gains, respectively.

The S&P financial index closed up 1.04 percent, paring earlier gains. Banks are seen as one of the biggest beneficiaries of tax reform.

The S&P consumer staples index rose 1.12 percent. Costco was its biggest percentage gainer, up 3.7 percent, after the retailer reported upbeat results.

CSX tumbled 7.6 percent. The railroad said its Chief Executive Hunter Harrison was taking medical leave amid its controversial turnaround plan.

“Quadruple witching,” the simultaneous expiration of US options and futures contracts for stocks and indexes, boosted volume to 10.7 billion shares, well above the 6.73 billion average over the last 20 trading days, and the highest since a year ago.

Advancing issues outnumbered declining ones on the NYSE by a 2.24-to-1 ratio; on Nasdaq, a 2.32-to-1 ratio favored advancers.

The S&P 500 posted 37 new 52-week highs and 1 new low; the Nasdaq Composite recorded 85 new highs and 54 new lows.


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18th December 2017- OPENING BELL- Market To Take Clear Direction After Gujarat Election Result

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Gujarat people have successfully completed voting in the first phase on December 9, and the second phase on December 14. A total number of contestants in the election was 1828. Gujarat has 26 parliamentary constituencies and 182 assembly constituencies. December 14th exit polls have projected a BJP’s win between 99 and 117 seats and the Congress between 64 and 82.

Last week most the sectors traded in negative, however, FMCG- Food, Textile, and Automobile manage to stay positive in Major Sector. In minor sector Pa, er remain top performing sector which gained 5.03%.

Last week Star Paper rose 17.18%, Tamil Nadu news Print was up by 13.71%, Shreyans Industries moved up by 9.46%. In FMCG Food Prabhat diary moved up by 33.24%, AVT natural Product rose 26.29% and Parag Milk Food zoomed 20.72%. Ucal Fuel was up by 25.70%, Lunaxtech zoomed by 15.95% in Auto sector.

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Nifty Future is opening gap- up by 43 points against the last close of 10359 as indicated by SGX Nifty which is currently trading at 10405.

Nifty Outlook & Open Interest In Index Option

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FII & PRO have a combine short position of 301437 contracts in Index Options. However, in last 10 days, they have bought 86676 contracts.


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Indian Rupee Opens Weak at 64.15 per Dollar

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The trading range for the spot USD-INR pair seen between 63.80-64.20, says Ripples Advisory Private Limited.

The Indian Rupee declined in the early trade on Monday. It has opened lower by 11 paise at 64.15 per Dollar versus 64.04 Friday.

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On a day of election results, the Rupee is expected to remain volatile. However, the bias would be positive in anticipation of a BJP win.

The trading range for the spot USD-INR pair seen between 63.80-64.20.

The Dollar held onto gains having received a lift after US tax reform efforts moved another step closer to ratification over the weekend.

The bond market has managed to recover some of the recent losses towards the end of the previous week via a combination of short covering and value buying. But the confidence to hold on to positions from a medium-term perspective still seems missing and so it is unlikely that the pullback will see sustained momentum.

Gilts are expected to remain stable in the absence of near-term triggers and the 10-year benchmark yield is likely to trade in a range of 7.09-7.15 percent today.


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`Goa Exported 17.64mn Tonnes Iron ore in Two Years`

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While 32.29 million tonnes of iron ore was extracted from the 44 operational mining leases in Goa over the last two years, only 17.64 million was exported during the period, Chief Minister Manohar Parrikar told the state legislative assembly on Friday.

Parrikar, who is also the Goa’s mines minister, said that leases of several mines were not being operated by their respective lessees due to “economic reasons”.

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To a question by Congress MLA Jennifer Monserrate, Parrikar in his written reply, tabled during the ongoing winter session of the state assembly, said: “Total quantity extracted from September 2015 to October 2017 is 32.29 million tonnes. The exports come under Customs and Central Excise department of the central government, however total exports from September 2015 to November 2017 was 17.64 million tonnes.”

To another question by Monserrate, Parrikar said that there were 32 mining tracts, which had not commenced operations, despite their leases being renewed.

“Most of the mines are awaiting the decision of Supreme Court on working within a 1 km buffer zone from protected areas. The rest are either complying with a legal requirement or are unable to operate for economic reasons,” Parrikar said.

Goa’s mining sector is trying to make a comeback after a Rs 35,000 crore illegal scam rocked the industry and resulted in a string of bans, including one by the Supreme Court in 2012.

After the bans were revoked three years ago, lower prices in the international market for low-grade iron ore has deterred mining leaseholders from investing in restarting their ore extraction operations.


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India Raises Import Tax on some electrical, electronics items

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India has raised import tax on some electrical and electronics items such as mobile phones, television sets, digital cameras and microwave ovens to up to 20 percent, a government statement issued late on Thursday said.

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Import tax on video cameras has been raised to 15 percent from 10 percent and on television sets, it has been doubled to 20 percent, the statement said.


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Sensex up over 250 pts, Nifty below 10,350; HDFC Bank hits new high

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Exit poll results indicated that the BJP is likely to be a winner in Gujarat and Himachal Pradesh assembly elections.

Equity benchmarks remained strong but came off early highs. Investors await the outcome of Gujarat and Himachal Pradesh elections due on December 18, though exit polls announced on Thursday indicated BJP win in both states.

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The 30-share BSE Sensex was up 278.07 points at 33,524.77 and the 50-share NSE Nifty rose 91.30 points to 10,343.40.

About 1,666 shares advanced against 616 declining shares on the BSE.

Prime Minister Narendra Modi today hoped the Winter Session of Parliament will be a productive one with constructive debates and innovative suggestions that will help resolve the country’s problems.

The government is expected to table 25 pending bills and 14 new ones, including a bill providing Muslim women the right to seek maintenance in case of triple talaq, during the session which begins today.

Gold prices declined by Rs 55 to Rs 28,300 per 10 grams in futures trade today due to profit-booking by speculators amid a weak global trend.

Gold for delivery in far-month April fell Rs 55, or 0.19 percent, to Rs 28,300 per 10 grams, in a modest business turnover of one lot at the Multi Commodity Exchange.

Also, gold for delivery in February contracts too was trading down by Rs 51, or 0.18 percent, at Rs 28,266 per 10 grams in a business turnover of 145 lots.


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Asian Shares Edge up, on Track for Weekly Gain

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MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.04 percent in early trade, poised to gain 1.2 percent for the week.

Asian shares edged higher on Friday, on track for weekly gains, though sentiment was kept in check by Wall Street’s weakness on concerns about the progress of U.S. tax reform.

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MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.04 percent in early trade, poised to gain 1.2 percent for the week.

But Japan’s Nikkei stock index slipped 0.8 percent, down 1.3 percent for the week, feeling the pinch of a stronger Yen even amid fresh signs the economy is gathering momentum.

Big Japanese manufacturers’ business confidence improved for a fifth straight quarter in the three months to December to hit an 11-year high, the Bank of Japan’s quarterly tankan survey showed.

On Thursday, U.S. retail sales increased more than expected in November and the number of Americans filing for unemployment benefits dropped to near a 44-1/2-year low last week. That pointed to sustained strength in the economy that could pave the way for further Federal Reserve interest rate hikes next year.

The Fed hiked interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in U.S. economic growth from the Trump administration’s proposed tax cuts.

On Wall Street on Thursday, major U.S. stock indexes fell, with the S&P 500 down the most in a month, as investor worries over potential roadblocks to the Republicans’ tax overhaul more than offset optimism over the strong data.

Republicans in the U.S. Congress reached a deal this week on a final version of their debt-financed legislation to cut taxes for businesses and wealthy Americans, with House and Senate votes expected early next week. But the bill has yet to get needed support of some key Senators, and investors worry about downward pressure on stocks if the bill were to fail.

The Dollar index, which tracks the greenback against a basket of six rival currencies, was up 0.1 percent at 93.577, down 0.3 percent for the week.

But the Dollar was 0.1 percent lower against the Yen at 112.28 <JPY=>, down more than 1 percent for the week, and moving away from a one-month high of 113.75 Yen logged on Tuesday.

The Euro was steady at $1.1779. On Thursday, the European Central Bank raised growth and inflation forecasts for the Euro area but stuck with its pledge to provide stimulus for as long as needed.

Sterling was steady at $1.3435. The Bank of England also left interest rates unchanged on Thursday, as expected.

U.S. crude oil futures extended gains, after rising on Thursday as a pipeline outage in Britain continued to support prices despite forecasts showing a global crude surplus in the beginning of next year.

U.S. crude added 0.1 percent, or 8 cents, to $57.12 a barrel, after gaining 0.8 percent overnight. Brent crude futures had yet to trade on Friday after settling up 1.4 percent, or 87 cents, at $63.31 a barrel on Thursday.


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