Market is seen opening lower on negative cues from Asian and US markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 22 points at the opening bell.
In overseas stock markets, Asian stocks were mostly lower tracking lacklustre trading on Wall Street overnight. The Bank of Japan (BOJ) begins a two-day monetary policy meeting today, 20 September 2016. The central bank will conduct a comprehensive review of its stimulus programme after failing to reach its 2% inflation target. Investors are divided on what steps the central bank will take. Some expect that the BOJ will push back additional easing steps, while making its government bond buying more flexible to steepen the yield curve. Others expect the BOJ to launch fresh stimulus through a further push into negative territory and increased asset purchases. The central bank had kept its pledge to increase the monetary base at an annual pace of about 80 trillion yen and left the interest rate unchanged at minus 0.1% at its July 2016 meeting. Policymakers also decided to increase the annual exchange-traded equity funds purchase target to 6 trillion yen from the previous 3.3 trillion yen.
US stocks registered tiny losses yesterday, 19 September 2016, after a choppy session, with telecommunications shares lagging. The US Federal Reserve policy makers begin their two-day policy meeting today, 20 September 2016. The Fed is expected to keep its benchmark interest rate unchanged in the wake of recent downbeat US economic indicators. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 205.38 crore yesterday, 19 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 252.28 crore yesterday, 19 September 2016, as per provisional data.
Among corporate news, Asian Paints announced after market hours yesterday, 19 September 2016, that as a part of the company's plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.
Dr Reddy's Laboratories said it has launched Paricalcitol injection, USP, a therapeutic equivalent generic version of Zemplar (paricalcitol) injection in the United States market approved by the US Food & Drug Administration (USFDA). The Zemplar brand and generic had annual US sales of approximately $22.5 million for the twelve months ended July 2016 according to IMS Health data. Dr. Reddy's Paricalcitol Injection is available in 2 mcg, 5 mcg, and 10 mcg, and is the first ANDA product launched in the US market. The announcement was made after market hours yesterday, 19 September 2016.
Mahindra & Mahindra (M&M) announced that India Ratings and Research (Ind-Ra) has assigned 'Provisional IND AAA' rating with stable outlook for the company's proposed issue of Rs 475 crore non-convertible debentures. The ratings agency has also assigned 'IND A1+' rating for the company's proposed issue of Rs 700 crore commercial papers. The announcement was made after market hours yesterday, 19 September 2016.
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Key benchmark indices settled with small gains in a lacklustre trading session yesterday, 19 September 2016. The barometer index, the S&P BSE Sensex, had risen 35.47 points or 0.12% to settle at 28,634.50.
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