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Mkt may be rangebound with upward bias ahead of GDP data

The News International Team

The Nifty is likely to marginally open in the green with indicator SGX Nifty at 8586, up 30.50 points at 7:48 AM.

Equity benchmarks gained marginal strength in late trade with the Nifty closing tad below the 8500-mark on Thursday, the expiry day for November series derivative contracts. The 50-share NSE Nifty climbed 18.45 points to 8494.20 and the 30-share BSE Sensex rose 52.72 points to close at 28438.91. ( More details )

In a bid to further financial inclusion, the RBI has announced a set of very liberal rules to apply for a payment and small banks. The final rules are more liberal than the draft norms. Telecom companies and micro-finance companies express interest of applications must be filed before the January 16.

In macro data to watch today, second quarter GDP will point to a slowdown in growth rate shows a CNBC-TV18 poll. Finance Minister Arun Jaitley will meet the RBI governor on Monday just 24 hours ahead of the credit policy.

In other news, Essar Oil’s plans to exit Dalal Street has run into a hurdle, as investors have complained to the market regulator over convertible bonds issue which is yet to be resolved and SEBI has decided to look into the complaint.

Meanwhile, the trillion-dollar trade facilitation deal is finally a reality, as the World Trade Organisation manages to get 160 nations including India on board to ink the landmark agreement.

On the global front, crude prices tumbled to 4-year lows, after top oil producing nations decided not to cut the output. UAE oil minister said they are not panicking and have left the production target unchanged.

In Europe, shares closed mixed with investors reacting to fresh data from the euro zone. But oil and gas stocks saw heavy selling after the organization of the petroleum exporting countries (OPEC) decided to leave output unchanged.

In the currency space, the USD held firm, having made notable gains versus the Canadian Dollar and Norwegian Crown in an otherwise lackluster market because of a holiday in the US.

From precious metals space, gold dipped below USD 1,200 an ounce as traders remained cautious before an upcoming Swiss referendum on central bank bullion assets.

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