INDIAN BENCHMARKS - Indian equity benchmarks opened tad lower on New Year’s Day with most traders staying on the sidelines amidst New Year festivities, and amid a mixed trend across markets in Asia as a fifth straight contraction in China’s manufacturing activity raised fears of a hard landing in the world’s second biggest economy, dimming the lure for risky assets.
Volumes may remain thin at Dalal Street as traders shy away from their trading desks amidst the occasion of New Year. Traders will be hopeful that the year 2016 will turn out to be good for Asia’s third biggest economy which last year surpassed China to become the world’s fastest growing major economy. The government has pegged economic growth at 7-7.5% for the ongoing fiscal, with hopes pinned on progress of key reforms and improvement in business environment.
The top losers of the BSE Sensex pack were Sun Pharmaceutical Industries 1.21%, ONGC 0.79%, Bharti Airtel 0.56%, M&M 0.52%, Infosys 0.41%, among others. On the Sectoral front, Healthcare and Teck fell by 0.31% and 0.22%, respectively. The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 393, shares advanced were 277 while 94 shares declined and 22 were unchanged.
Asian markets were trading mixed on New Year’s Day, tracking overnight losses at Wall Street, while a fifth straight contraction in China’s manufacturing activity dampened optimism over a recovery in Asia’s biggest economy. China’s Shanghai Composite succumbed to significant losses after data showed that the official China factory gauge stood at 49.7 in December, below the mark of 50 that separates expansion from contraction, compared to 49.6 in November. Hang Seng scored mild gains while Japan’s Nikkei 225 was shut for a holiday.
Trend in FII flows: The FIIs were net sellers of Rs 1123.41 Cr in the cash segment on Thursday while the DIIs were net buyers of Rs 257.67 Cr, as per the provisional figures released by the NSE.
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