 "Markets to see a firm opening as oil prices bounce back; Global stocks shine")
Markets are likely to open the last trading session of the truncated week on a cheerful note mirroring strength in the global peers tracking rebound in global crude oil prices. Crude oil prices came off its multi-year lows after data released overnight showed US crude inventories has dropped unexpectedly previous week.
According to the Energy Information Administration (EIA), US crude inventories have slipped by 5.88 million barrels to 484.78 million last week as against a forecast of rise by 1.4 million barrels.
Indian equity, forex, money and commodity markets will remain closed tomorrow, Friday on account of Christmas.
STOCKS IN LIMELIGHT
Tata Steel Ltd is likely to remain in focus after the steel major signed a letter of intent with Greybull Capital to start exclusive negotiations for the potential sale of its UK long product business. This deal is likely to fetch the company nearly Rs 5,000 crore.
Idea Cellular, third largest telecom operator in terms of subscribers, is likely to gain attention after it announced the launch of fourth generation (4G) services in all four telecom service areas of South India on Wednesday ahead of the launch of Reliance Jio.
Pre-school chain, Tree House Education & Accessories is likely to merge with Zee Learn. In a statement to the stock exchanges, the two entities said since they are both engaged in pre-school activities, they have decided to consolidate and merge.
Reliance Communications (RCom) has decided to keep in abeyance the commercial launch of Free Basics, in partnership with Facebook.
ONGC will remain on investor’s radar as it decides to invest Rs 3,500 crore in extracting gas lying below coal seams (CBM) in three coal-bed methane blocks in eastern India.
DLF has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital.
Reliance Infrastructure may hog limelight as the company is in advanced talks to sell its cement business for Rs 26 billion ($394 million), according to media reports.
Coal India will invest approximately Rs 500 crore in its joint venture with Indian Railways to procure rail wagons for transporting coal.
Kwality is likely to show action as the company plans to acquire midsized dairies with a capacity of 3 lakh litre milk a day, after acquiring Varshney Bandhu Foods and Pashupati Dairies earlier.
GLOBAL MARKET
Asian equities are trading higher ahead for the last trading week of the week as Christmas brings cheer to the bourses. However, Chinese markets have bucked the trend and is trading 1.5%lower. A rebound in the crude oil prices has lifted the sentiments higher after data released overnight showed US crude inventories has drooped unexpectedly previous week. Japan's Nikkei index resumed trading today after being shut on Wednesday for a public holiday and is up 0.3%. Meanwhile, Hong Kong’s Hnag Seng has gained 0.6%.
