Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 14.50 points at the opening bell.
Chief minister of Tamil Nadu, J Jayalalithaa, died yesterday, 5 December 2016, after undergoing treatment at Apollo Hospitals in Chennai. She was 68.
Overseas, Asian shares were trading higher as investors judged the selloff after Italy's referendum was overdone, with robust US economic data also helping sentiment. In US, the Dow Jones Industrial Average finished at a record yesterday, 5 December 2016, as solid economic data offset concerns about Europe's stability in the wake of a rejection of Italy's vote on Sunday, 4 December 2016, to reform existing constitutional rules. The broader stock market rose after a survey showed that the services side of the economy grew at its fastest pace in November in a year. The Institute of Supply Management nonmanufacturing index climbed to 57.2 last month. Any reading over 50 indicates economic expansion.
Among corporate announcements, Tata Power Company announced that its strategic engineering division, Tata Power SED won a prestigious order from Ministry of Defence for supply of Command post and launcher of Pinaka multi rocket launcher system of one regiment to Indian Army. The announcement was made after market hours yesterday, 5 December 2016.
Lupin announced that Lupin Somerset also known as Novel Laboratories, Inc received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets, USP, 5mg/325mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (FDA) to market a generic equivalent of Allergan Sales LLC's Norco Tablets 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg. The company shall launch the product shortly. It is indicated for the relief of moderate to moderately severe pain. It has US sales of $849.50 million as per IMS MAT September 2016. The announcement was made after market hours yesterday, 5 December 2016.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 317.85 crore yesterday, 5 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 163.64 crore yesterday, 5 December 2016, as per provisional data.
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Domestic market settled with modest gains yesterday, 5 December 2016, helped by a recovery in afternoon trade after trading in negative terrain till then. The barometer index, the S&P BSE Sensex, rose 118.44 points or 0.45% to settle at 26,349.10. The Nifty 50 index advanced 41.95 points or 0.52% to settle at 8,128.75.
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