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Published on 15/11/2019 9:32:15 AM | Source: HDFC Securities Ltd

Sentiment Improves on statement by white house economic adviser  - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

Sentiment Improves on statement by white house economic adviser  HDFC Securities

Though the U.S. indices closed mixed Thursday with minor changes, the sentiment in Asian markets is better following a statement by White House economic adviser, Larry Kudlow, that an agreement with China is coming down to the short strokes.

Concerns about the difficulty of completing a phase-one pact had propelled Treasuries earlier this week, and arrested a U.S. stock rally that took benchmarks to record highs.

Our markets did well Thursday, honouring the 11,800 mark and bouncing back from 11,802 to close with gains of 32 points at 11,872.

The Rupee is likely to open higher by 15 paise and the Nifty could open with a 30 odd points gain.

All eyes of the marketmen will on the Supreme Court as the Apex court delivers its crucial judgement on two crucial cases, one involving Essar Steel and the other involving Fortis.

A 3-judge bench led by Justice R.F. Nariman will rule on the legality of a NCLAT decision of July 5, 2019, ordering all creditors, operational and financial, to be treated on par in sharing the proceeds from the winning bid from the sale of ailing Essar Steel.

The judgement on Essar Steel would be very crucial for the markets as it lays down the guide map for the resolution of pending cases in NCLT. Keep an eye on Banks, specially SBI and Edelweiss amongst the NBFCs.

Supreme Court to rule on 2 crucial corporate cases today

The Supreme Court will on Friday deliver judgements in two crucial corporate cases – one involving Fortis and the other involving Essar Steel.

A 3-judge bench led by Justice R.F. Nariman will rule on the legality of a NCLAT decision of July 5, 2019, ordering all creditors, operational and financial, to be treated on par in sharing the proceeds from the winning bid from the sale of ailing Essar Steel.

 

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