Market may edge higher in early trade

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 22 points at the opening bell.

Overseas, Asian stocks traded mixed. US equities closed higher on Friday, 8 December 2017, following the release of a stronger-than-expected jobs report. The US economy added 228,000 jobs last month, according to the Bureau of Labor Statistics. The unemployment rate held steady at 4.1%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 675.16 crore on Friday, 8 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1243 crore on Friday, 8 December 2017, as per provisional data.

Among corporate news, Axis Bank said its shareholders have given an approval to a proposal to raise equity and equity-linked capital of Rs 11626 crore from a set of marquee investors including entities affiliated with Bain Capital Private Equity, other investors advised by Capital Research and the bank's promoter, Life Insurance Corporation of India (LIC). The announcement was made after market hours on Friday, 8 December 2017.

Indiabulls Housing Finance said that it has sold its 100% shareholding in Indiabulls Life Insurance Company, presently a non-operational company with no business or license, to SORIL Holdings and Ventures (SHVL), at face value for an aggregate cash consideration of Rs 5 lakh. This transaction between the company and SHVL, being related parties, is at arms' length. The announcement was made on Saturday, 9 December 2017.

Among other news, Gujarat recorded a polling of 68% in the first phase of assembly elections for 89 assembly constituencies held on Saturday, 9 December 2017. The second phase polling will take place on 14 December 2017 in 93 assembly constituencies. Counting of votes will take place on 18 December 2017. The Gujarat assembly has 182 seats.

Key benchmark indices spurted on broad-based buying support on Friday, 8 December 2017, as firmness in global stocks boosted sentiment. The Sensex had risen 301.09 points or 0.91% to settle at 33,250.30, its highest closing level since 29 November 2017.

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