Sensex likely to open below 25,000 on weak global cues

Markets are likely to extend losses for the seven straight day and open marginally lower tracking weak global cues.

The early indicator, the SGX Nifty is up 7 points at 7,654 levels.

According to Nirmal Bang morning report, "Nifty is expected to open on a flattish note and likely to witness range bound trading session during the day.

"Technically, Nifty has given the breakdown of the neckline of the Head and Shoulder patter pattern, i.e. 7,700 levels indicated a bearish view. Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis. On the flip side, 7,580/7,540 levels may act as a support level," adds the report.

 
Investors will remain cautious ahead of the October's industrial production data, which will be announced tomorrow after market hours. Indian industrial output was forecast to rise 7.8% annually in October, its strongest pace in more than three years and much faster than the 3.6% seen in September.

On Wednesday, markets finished lower for the sixth consecutive day as hopes of the Goods and Services tax (GST) bill being passed in the current session of the Parliament faded considerably.

Besides, the RBI said it would intervene in the exchange-traded currency derivatives (ETCD) markets, if required. It would do so in addition to its regular intervention in the spot and forwards market.

In the overseas market, Asian stocks slipped on Thursday as weak oil prices continued to feed global growth worries, while the euro held solid gains after a policymaker poured cold water on market expectations of more easing by the European Central Bank.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2%. Japan's Nikkei fell 1 percent to hit a 1-month low and Australian shares dropped 0.8%. South Korea's Kospi dipped 0.2%.

CORPORATE NEWS

State Bank of India has set a target to advance Rs 500 crore home loans in 2015-16 in Odisha, said a senior bank official.

The Comptroller and Auditor General of India (CAG) has pulled up state-owned Oil and Natural Gas Corporation (ONGC) for poor planning in hiring and use of drilling rigs, which resulted in a loss of Rs 7,995 crore.

Wipro Digital, the digital business unit of India's third largest Information Technology services company Wipro has opened an office in London with an aim of offering digital transformation services to its UK and European customers.

Aurobindo Pharma announced that the company has received final approval from the US Food and Drug Administration(USFDA) to manufacture and market Eptifibatide injection and Levonorgestrel tablet. Eptifibatide injection is used in the treatment of acute coronary syndrome.

Tata Motors reported 8 % increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles, at 90,695 units in November.

NTPC is exploring solar energy projects in Uttar Pradesh to boost its green energy profile and meet renewable energy targets.

Real estate companies will be in action after the Cabinet approved some amendments to the Real Estate (Regulation and Development) Bill, in the making since 2009.


With Reuters input