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Pre - Session Commentary
Market may remain rangebound amid lack of global cues
01-Jan-18   08:43 Hrs IST

Key indices may remain rangebound as most of the global markets remain closed today, 1 January 2018. Overseas, Asian markets remain closed due to New Year Holiday. Growth in China's manufacturing sector slowed slightly in December. The official Purchasing Managers' Index (PMI) released on Sunday dipped to 51.6 in December, down from 51.8 in November. The 50-point level divides growth from contraction on a monthly basis. The official non-manufacturing Purchasing Managers' Index (PMI) rose to a three-month high of 55 from 54.8 in November.

US stocks closed lower on Friday, 29 December 2017 as selling pressure accelerated towards the close of the session. US markets remain closed today, 1 January 2018 on account of New Year's Day.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 595.04 crore on Friday, 29 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 461.37 crore on Friday, 29 December 2017, as per provisional data.

Key benchmark indices registered modest gains on Friday, 29 December 2017, boosted by an ongoing global rally fuelled by bullish bets on coordinated economic growth. The Sensex had advanced 208.80 points or 0.62% to settle at 34,056.83, a record closing high.

Among corporate news, Infosys announced that it has on 28 December 2017, signed an agreement for divestment of its entire investment in ANSR Consulting Holdings, Inc., for a total consideration of $1 million. The announcement was made after market hours on Friday, 29 December 2017.

NTPC said that unit 2 of 800 megawatts (MW) of Kudgi super thermal project, stage-I (3 X 800 MW) will be declared on commercial operation with effect from 1 January 2018. With this, the commercial capacity of Kudgi super thermal power project, NTPC and NTPC group becomes 1,600 MW, 44,492 MW and 51,383 MW respectively. The announcement was made after market hours on Friday, 29 December 2017.

Separately, NTPC said its board of directors in its meeting held on 29 December 2017 has designated Sudhir Arya, Executive Director (Finance) as Chief Financial Officer of the company with immediate effect. The terms & conditions of appointment including remuneration of Sudhir Arya, shall be as per the existing policy of the company. The announcement was made after market hours on Friday, 29 December 2017.

Axis Bank in a clarification to the media news titled Axis Bank seeks bids for controlling stake in GMR Chhattisgarh said that the bank denies the news and added that it is factually incorrect. The announcement was made after market hours on Friday, 29 December 2017.

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