Market may edge higher in early trade on positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 32.50 points at the opening bell.
Overseas, Asian stocks edged higher following overnight gains on Wall Street. US stocks closed higher yesterday, 22 August 2017 on renewed hopes of US tax reform. Reports suggested that President Donald Trump's top aides and congressional leaders have made significant strides in shaping a tax overhaul, moving far beyond the six-paragraph framework pushed out in July that stoked fears about their ability to deliver on one of the GOP's (Republican Party) top priorities. There is broad consensus on some of the best ways to pay for cutting both the individual and corporate tax rates, reports suggested.
Meanwhile, the annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 828.69 crore yesterday, 22 August 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 435.05 crore yesterday, 22 August 2017, as per provisional data.
Among corporate news, Power Grid Corporation of India (PGCIL) said it will seek shareholders' nod for raising borrowing limits to Rs 1.80 lakh crore from Rs 1.50 lakh crore at present. It will also seek shareholders' nod to raise funds upto Rs 20000 crore from domestic market under private placement in up to 20 tranches. The company's shareholders will meet at the annual general meeting on 19 September 2017. The announcement was made after market hours yesterday, 22 August 2017.
Key benchmark indices registered small gains in a range-bound trading session on bargain hunting yesterday, 22 August 2017. The Sensex had risen 33 points or 0.11% to settle at 31,291.85, its highest closing level since 18 August 2017.
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