INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic equity benchmarks remained rangebound last week amid lack of directional cues from global markets due to Christmas and
106.40 points or 0.26 per cent, to close at 41,575 on Friday
The coming week will see a host of regular monthly data releases, including auto sales numbers and PMI readings
Besides, Prince Pipes will list its shares on the bourses on Monday
with PSU banks will also trigger some reaction from the market.
Prince IPO to list on MondayPrince Pipes and Fittings, whose IPO was sold
between December 18 and December 21, will get listed on the stock exchanges on Monday, December 30, 2019
The issue was sold in the price band of Rs 177-178
Overall, the issue was subscribed 2.22 times during the book-building process
A majority of the net proceeds from the fresh issue will be utilised for setting up a manufacturing facility and repayment of loans
The stock traded at a discount to the issue price in grey market through all of last week.
FM allays PSB concerns; NPAs at Rs 7.27 lakh
croreAllaying fears of probe by CBI and other agencies, popularly termed as 'three Cs' among bankers, Finance Minister Nirmala Sitharaman on
Saturday reiterated that prudent commercial decisions would be protected
She launched a common e-auction platform for assets attached by the PSBs
Customers will not be charged merchant discount rates (MDRs) for transactions made through "payment modes" that will be notified from
January 1, 2020, the FM added
Meanwhile, a ministry statement noted that the gross NPAs of the state-run banks have declined from Rs 8.96 lakh crore in March 2018 to Rs
7.27 lakh crore in September 2019.
Auto sales for December this weekAuto companies will release their December sales data in the first week
According to Nirmal Bang Institutional Equities, sales have slowed down sequentially for two-wheelers, as December is a lean month
However, PV sales may have improved sequentially in most cases due to heavy discounting, which increased from November levels and were at
Most dealers indicated that OEMs are working hard to make the BS-VI transition as smooth as possible
Barring few, PV dealers are not alarmed with the current level of BS-IV inventory they hold, but two-wheeler dealers are worried about the
purchase and sale of government securities through special open market operations (OMOs) for Rs 10,000 crore each on December 30 following a
review of liquidity situation.
This is in addition to a similar OMO last week where the central bank purchased securities worth Rs 10,000
crore and sold bonds worth Rs 6,825 crore
fiscal slippage, according to a Scotiabank note.
Macro numbersInvestors will be keenly tracking November core sector growth, which is
Core sector growth had fallen by 5.8 per cent in October, following a downwardly revised 5.1 per cent drop in the previous month
Investors may also track external debt data
PMI reading to be out towards the second half of the week will also be watched keenly
IHS Markit India Manufacturing PMI for December is scheduled for release on Thursday.
Global cuesOn the global front, investors would likely
jobless claims on Thursday
PMI readings in China, Japan, US, Germany and UK will also be tracked during the week.