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Nifty may open flat; autos in focus

Stocks that could be in focus today are from the auto space because the excise duty concessions to autos could be withdrawn from Jan 1.

With the SGX Nifty trading flat in the morning, the Indian equtiy market is also likely to open flat. Tuesday was another day of consolidation for equity benchmarks due to lack of volumes while the broader markets mildly outperformed. Banks and capital goods stocks supported the market while oil & gas and metals stocks were under pressure.

In the US stocks closed down in low volume trade, pressured by weakness abroad and a sharp decline in the utilities sector. The Dow slipped to close below the 18000 mark. In key data, consumer confidence index came in slightly lower-than-expected at 92.6. The CBoE volatility index traded near 16.

In Europe, shares closed lower as lower oil prices and political uncertainty in Greece weighed on investor sentiment. All major European indices closed lower with losses accelerating during the session. Trade was thin due to holiday season.

On the currency front – yen gains against the dollar and euro, as investors seek the traditional safety of the Japanese currency.

From precious metals space, gold rose more than 2 percent as the dollar weakened and stock markets sliped.

The Nymex crude showed gains in choppy trade rebounding from a five and half year lows, as persistent worries about a global supply glut offset concerns about output disruptions in Libya. Brent crude trades above 57 dollars per barrel

Back home stocks that could be in focus today are from the auto space because the excise duty concessions to autos could be withdrawn from Jan 1.

One should look out for Mangalore Chemical because Zuari has raised the open offer size to buy stake in MCF by 10%.

Another stock that could be in focus is JSW holdings which seeks shareholders nod for borrowing limit up to Rs 2,500 crore.

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