Market may open on a flat note
01-Dec-17   08:34 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 2 points at the opening bell.

On the macro front, India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was announced after market hours yesterday, 30 November 2017.

The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced after market hours yesterday, 30 November 2017.

Overseas, Asian stocks were trading with small gains buoyed by record highs in US equities. US stocks rallied yesterday, 30 November 2017 with the Dow finishing above 24,000 for the first time in history, as investors grew more optimistic about the prospects for a tax overhaul out of Washington.

Back home, key benchmark indices witnessed sell-off in volatile trade. The Sensex fell 453.41 points or 1.35% to settle at 33,149.35, its lowest closing level since 16 November 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1500.76 crore yesterday, 30 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1202.57 crore yesterday, 30 November 2017, as per provisional data.

Among corporate news, shares of automobile companies will be in focus as these companies announce monthly sales numbers for November 2017 starting today, 1 December 2017.

Yes Bank said that Moody's Investors Service has assigned a (P)Baa3 long-term senior unsecured rating to the bank's $1 billion medium-term note (MTN) program. Moody's has also assigned a (P)Baa3 rating on the senior unsecured MTN program and stable outlook to the bank's IFSC Banking unit branch in Gujarat International Finance Tec-City (GIFT city) in Gandhinagar, Gujarat. The announcement was made after market hours yesterday, 30 November 2017.

Shares of Britannia Industries, Petronet LNG and Vakrangee have been included in the MSCI India index with effect from today, 1 December 2017. Apollo Hospitals Enterprises was removed from the index. In the MSCI India Domestic index, shares of L&T Finance Holdings, TVS Motor Company and Vakrangee were included, while no deletions were made.

Inclusion in the MSCI indices is usually an indication that the stocks will catch foreign fund managers' attention. Foreign active funds and exchange-traded funds, which track the MSCI indices, are likely to buy or sell shares of the companies included or excluded from these indices.

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