Market is seen opening higher tracking strong leads from Asian markets and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 53 points at the opening bell.
In overseas stock markets, Asian stocks jumped the most in almost eight months to join a global rebound on speculation Donald Trump will pursue business-friendly policies. Japan's Nikkei 225 surged 5.80%.
US stocks rallied Wednesday, 9 November 2016, led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 2095 crore yesterday, 9 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1116.31 crore yesterday, 9 November 2016, as per provisional data.
Among corporate news, Tata Consultancy Services announcd before market hours today, 10 November 2016, that the company has received a letter dated 9 November 2016 from Tata Sons nominating Ishaat Hussain as the Chairman of the board of directors of the company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the board of directors of the company and Hussain is the new Chairman of the company. The company has been further informed that Hussain shall hold office as Chairman of the company until a new Chairman is appointed in his place. Tata Sons has issued a special notice and a requisition for convening an extraordinary general meeting of shareholders of the company to consider a resolution for the removal of Cyrus P. Mistry as Director of the company. It may be recalled that Tata Sons, promoters of the company, had replaced Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata was appointed as Interim Chairman of Tata Sons.
Cipla's consolidated net profit dropped 34.75% to Rs 354.34 crore on 8.39% rise in total income to Rs 3778.25 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.
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Cipla said that Q2 September 2016 reflected improved profitability in base business driven by better product and geography mix. The company launched 6 new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said. Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said that the company continues to stay focused on building operational efficiencies and strengthening presence in priority markets.
Bosch's net profit rose 79.2% to Rs 703.74 crore on 9.59% rise in total income to Rs 3026.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.
Power Grid Corporation of India's net profit rose 32.01% to Rs 1872 crore on 29.86% rise in total income to Rs 6480.20 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.
Key benchmark indices ended the volatile trading session with modest losses yesterday, 9 November 2016. The barometer index, the S&P BSE Sensex, fell 338.61 points or 1.23% to settle at 27,252.53. The Nifty 50 index fell 111.55 points or 1.31% to settle at 8,432.
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