Market is seen opening higher in the early trade, mirroring strong cues from global market. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 27.50 points at the opening bell.
In overseas market, Asian market rose after the US Federal Reserve (Fed) raised its benchmark interest rate from near zero for the first time since December 2008. US stocks rallied overnight, extending gains to a third straight session after the Fed increased its benchmark rate by 25 basis points at the conclusion of its two-day meeting. Policy makers voted unanimously to raise the target range of its fed-funds rate, which had been stuck at zero for seven years.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 503.22 crore yesterday, 16 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1024.03 crore yesterday, 16 December 2015, as per provisional data.
Among corporate news, Mahindra Lifespace Developers announced that the rating agency Crisil has upgraded rating on the long term and short term bank loan facilities and non-convertible debentures of the company. The announcement was made after market hours yesterday, 16 December 2015.
State Bank of India (SBI) announced after market hours yesterday, 16 December 2015, that a meeting of its Committee of Directors is scheduled on 21 December 2015 to discuss the modalities of raising equity capital, either in the domestic or overseas markets or both, and also for mopping up additional non-equity capital by way of bonds denominated either in dollars or rupees.
Telecom and oil sector stocks led gains as key benchmark indices edged higher for the third straight trading session yesterday, 16 December 2015. The barometer index, the S&P BSE Sensex, rose 173.93 points or 0.69% to settle at 25,494.37. The Nifty 50 index rose 50 points or 0.65% to settle at 7,750.90. The two key benchmark indices traded in positive zone throughout the trading session. The Sensex, and the Nifty, both, hit their highest closing level in more than a week.
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