Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 24 points at the opening bell.
Asian stocks rose as energy stocks rose on further gains in oil prices. US stocks closed higher yesterday, 16 May 2016 as a surge in oil prices and a rally in tech stocks overshadowed weaker-than-expected manufacturing data from the New York region. The Empire State general business-conditions index, which measures activity in the New York area, nosedived to a reading of negative 9 in early May, from positive 9.6 in April.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 79.84 crore yesterday, 16 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 127.97 crore yesterday, 16 May 2016, as per provisional data.
ITC announced that the scheme of amalgamation of BFIL Finance with Russell Credit became effective from 16 May 2016. BFIL Finance is a wholly owned subsidiary of Russell Credit, which in turn is a wholly owned subsidiary of ITC. Consequently, BFIL Finance has ceased to be a subsidiary of Russell Credit and that of ITC with effect from 16 May 2016. The announcement was made after market hours yesterday, 16 May 2016.
NTPC announced that it has entered into an agreement with Coal India for formation of a 50:50 joint venture company to take up the revival of fertilizer plants of Fertilizer Corporation of India (FCIL) at Sindri, Bihar and Gorakhpur, Uttar Pradesh by setting up an ammonia urea plant at each location. The announcement was made after market hours yesterday, 16 May 2016.
TCS said that Siemens, a leading global technology powerhouse and the company will leverage their longstanding partnership to expand and enhance the delivery of product performance intelligence through big data analytics to the global manufacturing industry. The announcement was made after market hours yesterday, 16 May 2016.
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Wipro announced a partnership with Xactly Corporation, a leading provider of enterprise-class, SaaS and cloud-based incentive solutions for employee and sales performance management. The partnership will offer sales performance management (SPM) solutions for customer organizations across industry sectors in a software as a service model. The announcement was made after market hours yesterday, 16 May 2016.
Shares of public sector oil marketing companies (PSU OMCs) will be in focus after Indian Oil Corporation (IOCL) yesterday, 16 May 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 16/17 May 2016. Petrol price was hiked by Rs 0.83 per litre and diesel price was raised by Rs 1.26 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 63.02 per litre and diesel costs Rs 51.67 a litre.
Trading for the week started on a positive note as key benchmark indices settled with decent gains yesterday, 16 May 2016. The Sensex rose 163.66 points or 0.64% to settle at 25,653.23, its highest closing level since 12 May 2016.
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