Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 3 points at the opening bell.
In overseas stock markets, Asian stocks were trading mostly higher. Japanese stock market was closed due to a holiday. China, Taiwan and Hong Kong stock markets resumed their trading after being closed during the previous trading session for public holidays. US stocks registered modest losses on Friday, 16 September 2016, with financials and energy shares lagging. The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. The Federal Reserve is projected to keep its benchmark interest rate unchanged in the wake of downbeat US economic indicators. The Federal Reserve 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 660.59 crore on Friday, 16 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 213.13 crore on Friday, 16 September 2016, as per provisional data.
Among corporate news, shares of ICICI Bank will be in spotlight as the bank is selling shares in the initial public offer (IPO) of ICICI Prudential Life Insurance Company (ICICI Prudential) which begins today, 19 September 2016. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share.
Axis Bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The bank said that its MCLR for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The announcement was made after market hours on Friday, 16 September 2016.
Seperately, Axis Bank after market hours on Friday, 16 September 2016 said that it has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India, Axis Bank said.
Power Grid Corporation of India (PGCIL) said that the company's board of directors in their meeting held on 16 September 2016 has accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.
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Trading for the week ended on a positive note on Friday, 16 September 2016, as key benchmark indices settled with decent gains after paring strong intraday gains. The Sensex had risen 186.14 points or 0.66% to settle at 28,599.03.
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