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Market Snippet

Benchmark indices traded higher for the third straight session keeping the buy rally intact ahead of CPI & IIP data to be announced today. However, the IT stocks gained the momentum after the elected US precedent did not say anything stringent about the HIB visa rules. Nifty ended the session to close at 8422 above the psychological mark of 8400.

The IT stocks were the major gainers of the day while Pharma and FMCG stocks were the losers for the day.

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Global Markets Update

Volkswagen AG, as part of a $4.3 billion settlement with U.S. regulators agreed to sweep reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions cheating investigations.

US President-elect, Donald Trump, in the press conference, accused the pharma companies with regards to drug prices; and he added that he was recommitted to border tax in the US.

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TCS posted better than expected Q3 numbers, profit increased 2.9 percent Q-o-Q to Rs 6,778 crore from Rs 6,586 crore compared on the quarterly basis. Constant currency revenue growth was at 2 percent for the quarter. Dollar revenue grew marginally by 0.3% at Rs 4387 crore against Rs 4374 crore while rupee revenue up by 1.5% to Rs 29735 crore against Rs 29284 crore.

NTPC shares moved higher nearly 6 percent after the company has signed a non-binding agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd and Rajasthan Urja Vikas Nigam Ltd for the takeover of Chhabra Thermal Power Plant.

Biocon shares gains in an early trades afters US FDA has accepted Biologics License Application (BLA) for Mylan and Biocon’s proposed Biosimilar, Trastuzumab.

Idea Cellular shares tanks more than 3 percent as the company is planning to issue unsecured redeemable, non-convertible debentures amounting to Rs 500 crore on a private placements basis.

Coal India snaps yesterday gains and ends in the red zone on the back of reports that the company may be mulling Thermal coal price hike.

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