Domestic stocks are likely to see a gap-down opening on negative global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 45 points at the opening bell.
Overseas, Asian stocks were trading lower as nations grapple with how to deal with escalating provocations from North Korea. US stocks closed firmly lower yesterday, 5 September 2017 as investors focused on heightened tensions between the West and North Korea and worries about a lack of progress on President Donald Trump's pro-growth agenda.
The case for a continued risk-off tone was supported by a lack of consensus among the US, Russia and China on how to pressure Kim Jong Un to abandon his nuclear ambitions. Russian President Vladimir Putin has rejected US calls for more sanctions, echoing China's resistance to more punitive measures. The standoff between North Korea and the US and its allies escalated over the weekend after Pyongyang said it had successfully tested its largest-ever nuclear bomb.
Back home,the key benchmark indices logged modest gains in volatile session of trade yesterday, 5 September 2017 as positive European stocks boosted sentiment. The Sensex rose 107.30 points or 0.34% to settle at 31,809.55, its highest closing level since 1 September 2017.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 379.16 crore yesterday, 5 September 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 474.36 crore yesterday, 5 September 2017, as per provisional data.
Among corporate news,HCL Technologies said it has agreed to buy ETL Factory, doing business as Datawave, a UK-based company that has created an innovative data automation platform which enables enterprise customers execute large scale, complex data-migration and data-integration projects in a leaner, faster and smarter way. The flagship product Datawave, won the Informatica Innovation Award and is also extendable to other platforms, including big data. The announcement was made after market hours yesterday, 5 September 2017.
Bajaj Finance said that the special committee of the board of the company on 5 September 2017, authorized the opening of the qualified institutional placement (QIP) on 5 September 2017. The floor price for the QIP was fixed at Rs 1,771.90 per share. The announcement was made after market hours yesterday, 5 September 2017.
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A meeting of the committee will be held on or after 8 September 2017 to consider and approve the issue price including a discount, if any, thereto for the shares to be allotted to qualified institutional buyers pursuant to the QIP.
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