Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 64.60 points at the opening bell on firm Asian stocks. The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month November 2016 series to December 2016 series. The near month November 2016 derivatives contracts expire tomorrow, 24 November 2016.
In overseas stock markets, Asian stocks extended previous session's gains as investors tried to share in the exuberance of Wall Street's record run. US stocks closed at record highs for a second straight session yesterday, 22 November 2016. The Dow Jones Industrials Average and S&P 500 cleared psychological milestones but major indexes simultaneously reached record highs for a second straight day. Markets have been in a strong uptrend since the presidential election two weeks ago. Donald Trump's unexpected victory was viewed as a positive for Wall Street, because the president-elect is expected to advocate for policiesincluding massive corporate tax cuts and financial and environmental deregulationseen as supportive for economic growth.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 692.85 crore yesterday, 22 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1075.20 crore yesterday, 22 November 2016, as per provisional data.
Among corporate news, Bharti Airtel after market hours yesterday, 22 November 2016 announced that it has successfully completed the acquisition of rights to use 20 MHz of spectrum in 2300 Band (BWA) from Aircel, for Andhra Pradesh circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, Bharti Airtel has completed the transaction in all 8 telecom circles.
Engineering & construction major L&T's consolidated net profit jumped 84.31% to Rs 1434.63 crore on 8.73% growth in total income to Rs 25491.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 22 November 2016.
The company's consolidated profit after tax (PAT) before exceptional items rose 41% to Rs 1032 crore in Q2 September 2016 over Q2 September 2015. As a part of implementation of its strategic plan, the company has divested the General Insurance business. Gross revenue on consolidated basis rose 8.2% to Rs 25011 crore in Q2 September 2016 over Q2 September 2015. Consolidated order inflow increased by 11% year on year (YoY) to Rs 31119 crore in Q2 September 2016. International orders constituted 24% of the total order inflow. Consolidated order book stood at Rs 251773 crore as on 30 September 2016, higher by 4% on YoY basis. International order book constituted 29% of the total order book.
On the business outlook, L&T said, it has integrated range of comprehensive offerings in its various operating segments and is implementing its strategic plan of profitable growth and higher return on equity. On the international front, the company continues to strengthen its position and pursue select prospects in the core infrastructure and energy sector. L&T said, it is well placed to benefit from the emerging opportunities and sustain its leadership position across the sectors.
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Meanwhile, key benchmark indices registered modest gains yesterday, 22 November 2016, snapping their recent losing streak. The Sensex rose 195.64 points or 0.76% to settle at 25,960.78, its highest closing level since 18 November 2016.
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