Key benchmark indices may edge higher in early trade tracking firmness in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 17 points at the opening bell. High volatility may witness today, 28 January 2016 as traders roll over positions in the futures & options (F&O) segment from the near month January 2016 series to February 2016 series. The near month January 2016 derivatives contracts are set to expire today, 28 January 2016.
In overseas markets, Asian stocks gained after the Federal Reserve indicated yesterday, 27 January 2016 that it will be gradual in raising interest rates amid global market turmoil. US stocks fell yesterday, 27 January 2016 as the Federal Reserve held US interest rates unchanged, as expected after a two-day policy meet, and said it was closely monitoring global economic and financial developments.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 366.93 crore yesterday, 27 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 499.99 crore yesterday, 27 January 2016, as per provisional data.
Among corporate news, Power Grid Corporation of India reported 31.26% rise in net profit to Rs 1613.12 crore on 22.7% rise in total income to Rs 5504.83 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 27 January 2016.
HDFC reported 6.66% rise in net profit to Rs 1520.51 crore on 6.46% rise in total income to Rs 7327.69 crore in Q3 December 2015 over Q3 December 2014. As at 31 December 2015, the loan book stood at Rs 248097 crore as against Rs 219939 crore as at 31 December 2014. The result was announced after market hours yesterday, 27 January 2016.
On a consolidated basis, HDFC reported 11.01% rise in net profit to Rs 2419 crore on 2.96% rise in total income to Rs 12306.52 crore in Q3 December 2015 over Q3 December 2014.
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Meanwhile, HDFC's board of directors at its meeting held on 27 January 2016 granted its approval for issuance of Secured Redeemable Non-convertible Debentures (NCD) aggregating to Rs 35000 crore on a private placement basis under a Shelf Disclosure Document in terms of the Sebi (Issue and Listing of Debt Securities) Regulations, 2008.
Maruti Suzuki India, ICICI Bank, Bharti Airtel and Vedanta are scheduled to announce third quarter results today, 28 January 2016.
Gains for index heavyweight ITC and power sector stocks offset losses for index heavyweights HDFC and Reliance Industries (RIL) and cement stocks, resulting in a flat closing for key benchmark indices yesterday, 27 January 2016. The Sensex rose 6.44 points or 0.03% to settle at 24,492.39, its highest closing level since 14 January 2016.
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