Indian markets may open flat; defence stocks in focus1 min read . Updated: 18 Dec 2020, 08:17 AM IST
- While SGX Nifty was flat, Asian stocks were mixed as US lawmakers continued to wrangle over a federal-spending deal in Washington
MUMBAI: Indian equity markets may open little changed on Friday and are likely to remain range-bound during the day amid mixed cues from Asian indices.
Indian markets closed at a fresh record high on Thursday. Sensex rose 46890.34 points, up 0.48% from previous close, while Nifty gained 0.42% to 13740.70.
Asian stocks were mixed early Friday as US lawmakers continued to wrangle over a federal-spending deal in Washington. Japan’s Nikkei 225 fell 0.01% while Shanghai was flat. Australian S&P/ASX 200 lost 0.46% in early trading.
US markets closed at an all-time high on Thursday. The S&P 500 Index advanced 0.6%, Dow Jones Industrial Average gained 0.5%, Nasdaq Composite Index climbed 0.8%.
Investors now eye US fiscal stimulus and the Federal Reserve's pledge to keep pumping cash into markets. A Brexit deal appears increasingly in focus even as all eyes are now on the Bank of England’s policy rate decision on Thursday.
Back home, defence stocks will be on focus after the Centre's Defence Acquisition Council approved acquisition of weapon systems worth ₹28,000 crore.
Zee Entertainment will be in limelight after the company said it will acquire film production and distribution business on a slump sale basis from Zee Studios, a wholly-owned subsidiary. Acquisition to be done for a cash consideration of ₹275 crore.
Aarti Industries, HDFC AMC, and Dr Lal Pathlabs are in focus after NSE included these companies in future and option segment from 1 January.
Tata Consultancy Services will be in focus as its ₹16,000-crore share buyback offer opens today.
Meanwhile, industries that focus heavily on both exports and imports have made representations to finance minister Nirmala Sitharaman seeking sops, including duty drawbacks, an extension on tax breaks for export-oriented special economic zones (SEZs) and simpler rules on international e-commerce shipping.