Traders work in a dealing room at a bank in Seoul, South Korea (Photographer: SeongJoon Cho/Bloomberg)

All You Need To Know Going Into Trade On Dec. 24

U.S. stock futures and Asian shares were mixed, while the yen advanced, as investors weighed news over the weekend that President Donald Trump has discussed firing Federal Reserve Chairman Jerome Powell as well as the impact of a partial U.S. government shutdown.

Stocks slid in South Korea and were flat in Australia. U.S. Treasury Secretary Steven Mnuchin attempted to assure financial markets that Powell would not be ousted from the central bank following a Bloomberg News report that said Trump has repeatedly discussed removing him.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.17 percent to 10,739 as of 6:51 a.m.

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Here’s a quick look at all that could influence equities today.

U.S. Market Check

  • The sell-off in U.S. stocks deepened Friday with a looming government shutdown adding to investor worries. The S&P 500 had its worst week since August 2011 and the Nasdaq Composite and Nasdaq 100 tumbled into a bear market.
All You Need To Know Going Into Trade On Dec. 24

Also read: U.S. Stock Futures Mixed as D.C. Turmoil Unnerves Before Break

Asian Cues

  • Australia’s S&P/ASX 200 Index added 0.2 percent as of 12:10 p.m. in Sydney.
  • South Korea’s Kospi index fell 0.4 percent.
  • Futures contracts on the S&P 500 rose 0.2 percent. The S&P 500 Index fell 2.1 percent on Friday, while the Nasdaq composite was off by 3 percent that day.
  • Futures on the U.K.’s FTSE 100 Index lost 1 percent.

Commodity Cues

  • West Texas Intermediate crude slipped 0.2 percent to $45.49 a barrel.
  • Gold rose 0.3 percent to $1,260.74 an ounce.

Also read: Oil, Populist Leaders and the Dollar: Guide to Emerging Market Risks in 2019

Indian ADRs

All You Need To Know Going Into Trade On Dec. 24

Stocks To Watch

  • InterGlobe Aviation signed codeshare mutual agreement with Turkish Airlines. The aviation company said this agreement is a part of its international expansion strategy. Through this cooperation, Turkish Airlines will be offering new destinations in India as a marketing carrier on lndiGo operated flights, while the lndian carrier’s customers will be able to reach many European destinations through Turkish Airlines' network.
  • Hero MotoCorp: Cut to ‘Sell’ from ‘Neutral’ at Goldman Sachs. Price target lowered to Rs 2,773 from Rs 3,175, implying a 17 percent downside from Friday’s close.
  • Entertainment Network (India) board approved the company’s foray into U.S. Markets. The proposed thrust for expansion will involve incorporation of arms in U.S. to enter into time brokerage arrangements to broadcast radio programs and content targeting the South Asian Community.
  • Fortis Healthcare: SEBI orders Singh brothers and other eight group companies to repay Rs 403 crore to company itself. The order also stated that the Singh brothers and above-mentioned entities to not dispose any assets or divert funds except for payment of the said order for meeting day to day expenses. The order added that Malvinder Mohan Singh and Shivinder Mohan Singh shall not associate themselves with the affairs of Fortis Healthcare and Fortis Hospitals in any manner whatsoever, till further directions.
  • Bandhan Bank clarified that the bank was unaware of the news that it is in talks with HDFC for control of Gruh Finance. The bank also stated that it is evaluating various opportunities and will not comment on market speculation.
  • Petronet LNG restructured its LNG pact with Qatar based LNG Supplier ‘RasGas’. The company had had entered into a binding sale and purchase agreement with RasGas for supply of an additional 1 MMTP A of LNG for onward sale to lOCL, BPCL, GAIL and GSPC in December 2015. The company added that contract has been re-structured by having direct arrangement between the LNG supplier and the Indian entities with effect from Jan. 1.
  • PVR board approved raising Rs 750 crore via qualified institutional placement via debt or equity
  • Info Edge arm increased stake in Nopaperforms Solutions to 48.1 percent by investing Rs 28 crore. The company provides digital solutions for educational institutions.
  • Inox Leisure commenced commercial operations of Multiplex Theatre in West Bengal.
  • BHEL is in talks with U.S. Firm for lithium ion battery joint venture. (Bloomberg News)
  • Sundaram Finance: Competition Commission of India approves acquisition of 40 percent stake of Royal Sundaram General Insurance Company to Ageas Insurance International N.V. (Bloomberg News)
  • Lumax Auto Technologies board approved merger of its wholly owned arm-Lumax DK Auto Industries with self.
  • Infosys: Likely to buy back shares again for $1.6 billion (Times of India)

Bulk Deals

Fiem Industries

  • Morgan Stanley France acquired 1.08 lakh shares (0.82 percent) at Rs 560 each
  • Blackrock India Equities (Mauritius) sold 1.31lakh shares (1 percent) at Rs 560.05 each

VA Tech Wabag

  • Goldman Sachs India Fund sold 8.7 lakh shares (1.59 percent) at Rs 270.1 each

Apollo Pipes

  • Hober Mallow Trust sold 3.1 lakh shares (2.6 percent) at Rs 400 each
  • Malabar India Fund acquired 3.1lakh shares (2.6 percent) at Rs 400 each

Arshiya

  • MSD India Fund sold 26.91 lakh shares (1.1 percent) at Rs 21.36 each

HealthCare Global Enterprises

  • Pabrai Investment Fund sold 21.3 lakh shares (2.15 percent) at Rs 198.05 each
  • Sundaram BNP Paribas Mutual Fund acquired 10.9 lakh shares (1.24 percent) at Rs 198.05 each

Omkar Speciality Chemicals

  • HDFC Bank sold 1.18 lakh shares (0.57 percent) at Rs 27.24 each

Who’s Meeting Whom

  • Greaves Cotton to meet Renaissance Investment Managers and UBS Securities on Dec. 26
  • Mahindra Logistics to meet Reliance Life Insurance and Elara Capital from Dec. 24-Jan. 4

Insider Trading

  • Gulshan Polyols promoters acquired 37,000 shares from Dec. 5-19.
  • Jay Shree Tea & Industries promoter Manav Investment sold 26,700 shares on Dec. 20.
  • Jindal Stainless promoter Abhuday Jindal acquired 48,000 shares from Dec. 19-20.

Money Market Update

  • Rupee closed at 70.17/$ on Friday versus 69.70/$ on Thursday.

Also read: Rupee's Santa Rally Heralds a Brighter 2019

F&O Cues

  • Nifty December Futures closed trading at 10,767, with a premium of 13.5 points.
  • Maximum open interest for December series call at 11,000 strike value contract (open interest at 59 lakh shares)
  • Max open interest for December series put at 10,000 strike value contract (open interest at 48 lakh shares)

Stocks In F&O Ban

  • Adani Enterprises
  • Adani Power
  • Jet Airways

Out of Ban

  • Reliance Capital

Put-Call Ratio

  • Nifty PCR at 1.28 versus 1.66
  • Nifty Bank PCR at 0.86 from 1.24
All You Need To Know Going Into Trade On Dec. 24

Also read: FPIs Pump In Rs 4,000 Crore This Month On Strong Rupee, Easing Crude Oil Prices