The world markets are not in real good health despite one of the biggest healthcare deal being announced between Pfizer and Allergan. Both the stocks ended lower after the US$160bn deal announcement. Politicians view this mega deal as a ‘tax dodge,’ and the street seems to be unimpressed by the benefits or cost savings both companies would derive following the deal. Back home the consumer discretionary, consumer durables, auto and realty indices ended with gains on Monday even as main indices saw minimal gains. In fact the mid-cap and the small-cap indices managed to outperform the benchmarks. On the other hand, FMCG, metals and telecom indices were under pressure.
The outlook is a flat start ahead of a holiday. The F&O expiry will also be in play on Thursday and market players may look at making adjustments in their positions. A sharp increase in VIX was seen on Monday. The rollover has been one of the weakest with just two sessions left for expiry. Nifty rolls stood at 41 % (6-month average of 42%); in terms of shares, rolls stood at 1.12mn shares as against 6-month average of 1.03mn shares. Surprisingly, BankNifty rolls are at 29% (as against 32% 6-month average) with cost of carry dipping to 51bps (6 months average of 67bps). Maruti Suzuki will remain in spotlight as it has seen 27% rollover;much lower than its 6-month average of 45%. The currency movement will also be at play after the rupee plunged and dollar index rose to an eight-month high of 100.
Global cues are subdued. The Dow fell 0.17%, S&P 500 shed 0.12% and Nasdaq was a tad lower by 0.05%. Asian markets too are dragging in a narrow range.
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