Stock Market Commentary | TradeBizz Research

Sensex, on Thursday, fell 84points to close at 26,519. Indices fell as investors trying to judge the impactof US interest rate hike on India and other emerging markets. Among sectors,Consumer Durables, FMCG and Healthcare lost over 0.8% to 1.4% each. Amongstocks, Tata Motors, NTPC and Sun Pharma lost over 1.9% to 4.4%. Market breadthwas negative with 1280 advances against 1317 declines.

Nifty closed 29 points lowerat 8,154. Today, we expect the markets to open in green on the back of positiveglobal cues.

US Markets closed on apositive note. Dow closed 0.3% up while Nasdaq gained 0.4%. U.S. stocks higherfor the eighth time in 10 days as investors weighed a rising dollar andprospects of a steeper path for higher borrowing costs next year. US markets,today, will see data releases on Building Permits and Housing Starts.

Asian markets aretrading on a positive note; Nikkei is trading 0.7% higher, while Hang Seng is trading0.1% higher. SGX Nifty is trading flat at 8,178. Indian ADRs ended the day on amixed note. Among financial ADRs, ICICI Bank closed 0.9% down, while HDFC Banklost 0.3%. Among IT ADRs, Wipro gained 1.9%, while Infosys closed 0.3% higher.Tata Motors ADR gained 0.3%.  

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LATEST NEWS:

• Palm oil output in Malaysia fell more than expected in November as trees remain stressed by adverse weather conditions, boosting expectations for prices which are poised for the biggest annual gains  in six years.
• Production of crude palm oil dropped 6.1% to 1.57 million tonnes in November from a month earlier, the Malaysian Palm Oil Board (MPOB) said yesterday.
• That compared with expectations for a 3% decline in a Bloomberg survey last week. Inventories rose 5.2% to 1.66 million tonnes, below the 1.7 million tonnes forecast in the survey. Exports fell 4.2% to 1.37 million tonnes, the weakest since June.
• Palm oil, used in everything from cooking oil to cookies, has surged 26% this year after one of the strongest El Nino events on record crimped production and tightened inventories in South-East Asia.
• Benchmark futures in Malaysia reached RM3,188 (US$717) a tonne last week, the highest since May 2012. Prices may climb to RM3,300 in the first quarter and may surpass even that on a weak ringgit, veteran industry analyst Dorab Mistry said last month.
• Oil palms typically enter a seasonally higher production cycle in the second half of the year that peaks between August and October, before dropping toward year-end and into the first quarter.
• The lagging effects of El Nino has stunted crops in Malaysia, which may only produce 17.3 million to 17.4 million tonnes of crude palm oil this year, Mistry said at an industry conference. That will be the smallest output since 2010.
• The northeast monsoon in Malaysia, which began in November, may also hinder the harvest and transport of fruit to mills. November’s production and inventories are both lower than a year ago.
• As trees in Malaysia are taking longer-than-expected to recover from the drought, expectations that top grower Indonesia will consume more for biodiesel has given legs to the commodity’s bull rally.