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Markets are likely to remain range-bound on the last day of 2013 tracking mixed global cues. Investors will watch the April-November fiscal deficit reading due today.
Shares will remain firm for most of the thinly-traded week ahead, as inflows from foreign institutional investors (FIIs) are expected to continue despite the US Federal Reserve starting to withdraw its stimulus programme from January 1.
Stock markets are expected to continue their bull run this week amid robust overseas investments while global cues and quarterly earnings, starting next month, will dictate near-term trend on the bourses, say experts.
Overnight, US stocks closed mostly flat on Monday, with the Dow edging up to another record closing high and the S&P 500 index's advance stalling in response to light trading volume and weaker-than-forecast housing data. The benchmark S&P 500 had climbed 3.7 percent over the previous two weeks, the index's best fortnight since July.
The gains came after mounting signs that the economy was gaining strength, leading the Federal Reserve to announce that it will scale back its stimulus.
The S&P 500 has soared 29.1% this year and is on track for its best year since 1997, powered largely by the central bank's stimulus measures. The Dow has jumped 25.9% and the Nasdaq has surged 37.6% this year.
Asian stocks traded in a narrow range on the final day of the year in extremely light trade with markets in Japan, South Korea shut for holidays. China's Shanghai Composite was up 0.10% or 2.01 points at 2,099.53. The SGX Nifty is up 27 points at 6,360.
STOCKS TO WATCH
Royal Dutch Shell Plc and India's Oil and Natural Gas Corp (ONGC) purchased the remaining 35 percent of a Brazilian offshore oil block from their partner, Brazil's state-run Petroleo Brasileiro SA.
GMR had signed an agreement with Malaysian Airports Holding Berhad (MAHB) to divest its 40 per cent equity stake in the Istanbul Sabiha Gökçen (ISG) airport and in LGM Tourism, which operates services at the former, for €225 million (Rs 1,910 crore).
UB Group Chairman Vijay Mallya has purchased an additional 0.15% in UB Holdings Ltd, the principal holding company of the UB Group, for about Rs 26 lakh.
Adani Power Board today approved the demerger of its transmission lines business to its wholly owned subsidiary company besides appointing Vinod Bhandawat as the chief financial officer of the generation company.
