| TRADING | BUY | TARGET | SL | SELL | TARGET | SL |
| NIFTY | 8240 | 8350 | 8180 | 8160 | 8100 | 8206 |
The Indian markets snapped their gaining streak in last session after manufacturing showed signs of demonetization impact. Traders were also concerned with rise in inflation due to surge in global oil prices. Today, the start is likely to remain soft-to-cautious. Traders will be eyeing the GST Council meet starting today, which after being called off last time due to differences between states and demonetization, has been rescheduled. The meeting has become significant in the light of the controversial comments made by West Bengal finance minister Amit Mitra that demonetization - making over 85% of old Rs 500 and Rs 1,000 currency notes illegal - will delay implementation of GST.
Meanwhile, Finance Minister Arun Jaitley has said that goods and services tax (GST) and demonetisation will be ‘game changers’ for Indian economy. He added that this is because GST will ensure higher taxation as far as the Centre is concerned and also higher taxation for states. The gold and jewellary stocks will keep buzzing as the Finance Ministry has clarified that the entre has not introduced any specific provision in the recently introduced Taxation Laws Bill to cover “household jewellery”. It added that legitimate holding of jewellery up to any extent is fully protected. The telecom stocks will remain under pressure with Mukesh Ambani-owned Reliance Jio Infocomm extending its free voice and data offer for both new and existing subscribers till March 31, 2017, intensifying the brutal price war in telecom sector.
Dilip Buildcon company reported a sharp 83% year on year (YoY) decline in its standalone net profit at Rs 6.97 crore for the quarter ended September 30, 2016 (Q2FY17). The company is in the business of development of infrastructure facilities of Engineering Procurement and Construction (EPC) had profit of Rs 40.23 crore in year ago quarter. Total income from operations increased 3.3% YoY at Rs 916 crore, while total expenditure rose 9% to Rs 815 crore over the previous year quarter.
Country's largest two-wheeler maker Hero MotoCorp on Friday reported a 12.86 per cent fall in sales at 4,79,856 units in November.The company sold 5,50,731 units in November 2015, Hero MotoCorp said in a BSE filing. The company said it saw a drop in retail sales after the demonetization initiative when the entire industry witnessed decline in sales.
Bajaj Auto on Friday reported a 13 per cent decline in total sales in November at 2,69,948 units as against 3,09,673 units in the same month last year.Motorcycle sales during the month fell by 12 per cent to 2,37,757 units as against 2,70,886 units in November last year, the company said in a BSE filing.Bajaj Auto's commercial vehicles sales stood at 32,191 units during the month compared with 38,787 units in the year-ago period, down 17 per cent.Exports in November this year stood at 1,15,425 units as against 1,37,315 units in the same month last year, down 16 per cent.
The US markets made a mixed closing in last session, while the Dow reached a new record closing high, the tech-heavy Nasdaq showed a notable decline. Traders reacted to the OPEC’s deal of reducing oil production and mixed set of economic data. The Asian markets have made mostly a weak start and some of the indices in the region are down by half to one percent. The Japanese market was down as yen extended its rebound against the greenback amid caution ahead of key American jobs data.
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