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Market may see gap-down opening on negative global cues
27-Nov-17   08:39 Hrs IST

Domestic stocks may take breather after logging gains for seven days in a row to Friday, 24 November 2017. The Sensex had jumped 918.80 points or 2.8% in seven sessions, from a close of 32,760.44 on 15 November 2017. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 32 points at the opening bell.

Overseas, Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets.

In US, the S&P 500 and Nasdaq Composite finished at all-time highs on Friday, 24 November 2017 as retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.

On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.

Back home, key benchmark indices settled with modest gains on Friday, 24 November 2017 as Government promulgating the ordinance to amend the Insolvency and Bankruptcy Code, 2016 perked up sentiment. The Sensex advanced 91.16 points or 0.27% to settle at 33,679.24, its highest closing level since 6 November 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 416.28 crore on Friday, 24 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 427.63 crore on Friday, 24 November 2017, as per provisional data.

Among stocks, shares of Sun Pharmaceutical Industries (Sun Pharma) may be in action after the company said it is recalling two lots of Riomet (Metformin Hydrochloride Oral Solution), 500 mg/5ml, to the retail level (Class II Recall). This product is manufactured for SPII by a contract manufacturer. The Riomet has been found to be contaminated. The contamination was discovered during sample preparation for the Antimicrobial Preservative Effectiveness Testing (AMPET) being performed as part of the 12 month stability study interval. The announcement was made after market hours on Friday, 24 November 2017.

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