Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12.50 points at the opening bell.
In overseas stock markets, Asian stocks witnessed a mixed trend. Japanese stocks edged lower as yen strengthened against the dollar. The Nikkei 225 Average was currently down 1.55%. Investors are hoping for a big stimulus announcement from the Bank of Japan (BOJ) at the conclusion of a two-day monetary policy review from the Japanese central bank on 28-29 July 2016. Strength in the yen against the dollar post last month's Brexit vote and data showing a slowdown in the Japanese economy have triggered expectations of further easing of monetary policy from the BOJ. A stronger yen hurts the competitiveness of Japanese exporters.
US stocks closed lower yesterday, 25 July 2016, with energy stocks lagging as oil prices declined.
The Federal Open Market Committee (FOMC) is widely expected to keep the benchmark fed funds rates unchanged after the conclusion of two-day monetary policy meeting on 26-27 July 2016. Market participant will scrutinize the Fed statement for clues on policy direction. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 891.01 crore yesterday, 25 July 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 67.89 crore yesterday, 25 July 2016, as per provisional data.
Among corporate news, Tata Motors said it is planning to offer the fourth series of its rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) aggregating to Rs 400 crore. In this regard, the company is holding a meeting of its duly constituted committee of the board on 28 July 2016. The proposal to issue NCDs is pursuant to the approval of the shareholders passed vide special resolution at the 70th annual general meeting of the company held on 13 August 2015 and the board of directors' resolution passed at its meeting held on 30 March 2016. The announcement was made after trading hours yesterday, 25 July 2016.
Maruti Suzuki India, Zee Entertainment Enterprises, Bharti Infratel and Dr Reddy's Laboratories are scheduled to unveil Q1 results today, 26 July 2016. cement makers ACC and Ambuja Cements will unveil Q2 June 2016 results today, 26 July 2016.
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Banking sector stocks, shares of state-run oil companies and index heavyweight HDFC led the upmove on the domestic bourses yesterday, 25 July 2016, as investors awaited progress on the passage of the Goods and Services Tax (GST) constitutional amendment bill in parliament. The Sensex rose 292.10 points or 1.05% to settle at 28,095.34, its highest closing level since 10 August 2015.
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