Domestic stocks are likely to open higher tracking positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 40 points at the opening bell.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2015 series to November 2015 series. The near month October 2015 derivatives contracts expire on Thursday, 29 October 2015.
In overseas markets, Asian stocks were trading higher after China unexpectedly cut interest rates and lenders' reserve requirements on Friday, 23 October 2015 to support its ailing economy. The People's Bank of China cut the benchmark interest rate by 0.25 percentage points to 4.35%, and the reserve requirement ratio for commercial banks was cut by 0.5 percentage points to 17.5%. This is the sixth cut in the last 12 months. A tech share rally drove US stocks up sharply for a second day on Friday, 23 October 2015 as earnings from companies including Microsoft beat analysts' expectations, while healthcare shares rebounded from recent losses.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 229.18 crore on Friday, 23 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 155.89 crore on Friday, 23 October 2015, as per provisional data.
Among key corporate earnings, Bharti Airtel and HDFC are scheduled to announce their Q2 September 2015 earnings today, 26 October 2015.
TCS after market hours on Friday, 23 October 2015, announced that it has partnered with Symantec Corporation, a global leader in information protection and security software, to provide analytics driven security services. The partnership will enable customers to leverage business opportunities, reduce costs and improve productivity through the combination of TCS' security industry expertise with Symantec's security technologies, TCS said in a statement.
Power Grid Corporation of India (PGCIL) will be in focus. With regard to news item titled "Power Grid wins Rs.8000-cr transmission project in AP", PGCIL after market hours on Friday, 23 October 2015 said that the news item refers to the transmission system for strengthening of transmission system beyond Vemagiri Project under tariff based competitive bidding for which PGCIL had submitted its bid. The financial bids for the project were opened on 21 October 2015. However, PGCIL has not received any letter of intent (LoI)/formal communication from the competent authority declaring as the successful bidder for the transmission project. Once LoI/formal communication is received from the competent authority, the same will be informed to the stock exchanges, PGCIL said. PGCIL further said it is not aware as to how the cost of Rs 8000 crore for the project has been arrived at in media reports.
Gains in global stocks triggered by prospect of more stimulus for the eurozone economy from the European Central Bank (ECB) aided upmove for Indian stocks on Friday, 23 October 2015. The Sensex rose 183.15 points or 0.67% to settle at 27,470.81, its highest closing level since 20 August 2015.
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