Market may edge higher in early trade tracking positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 36 points at the opening bell.
On the macro front, India's merchandise exports rose by 25.67% to $28.61 billion in September 2017 over September 2016, helping the trade deficit narrow to $8.98 billion, the data released by the government after market hours on Friday, 13 October 2017 showed.
Overseas, Asian stocks edged higher as investors digested the release of China inflation data. China's consumer price index rose 1.6% in September from a year ago. The producer price index rose 6.9% in the same period.
US stocks reached record highs on Friday, 13 October 2017 as investors bet on another strong earnings season.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1698.50 crore on Friday, 13 October 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1590.13 crore on Friday, 13 October 2017, as per provisional data.
Among corporate news, Reliance Industries' consolidated net profit rose 12.8% to Rs 8097 crore on 20.1% growth in net sales to Rs 91481 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 13 October 2017.
Gross refining margin (GRM) rose to $12 per barrel in Q2 September 2017 from $11.90 per barrel in Q1 June 2017 and $10.10 per barrel in Q2 September 2016.
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Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said the Q2 results reflect strong underlying fundamentals of refining and petrochemicals businesses. Sustained demand growth coupled with supply disruptions further tightened demand-supply balances globally during the quarter. Retail business has delivered broad based, sustainable and profitable growth through improved operational excellence, he said.
Ambani added that the strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the company has built through its investment in the latest 4G technology and right business strategy.
IndusInd Bank announced that the board of directors of the bank and Bharat Financial Inclusion (BFIL) at their respective meeting held on Saturday, 14 October 2017, approved a merger of the two entities to create a stronger and more sustainable platform for financial inclusion. BFIL shareholders will receive 639 shares of IndusInd Bank for every 1,000 shares of BFIL. The announcement was made on Saturday, 14 October 2017.
Key benchmark indices jumped on good domestic economic data on Friday, 13 October 2017. The Sensex had risen 250.47 points or 0.78% to settle at 32,432.69, its highest closing level since 2 August 2017.
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