Market is set to decline in early trade on negative global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 63 points at the opening bell.
Overseas, Asian stock markets edged lower as the dollar strengthened sharply and investors digest the Federal Reserve's first interest rate rise this year and its hawkish rate outlook for 2017. Higher interest rates in US would attract foreign investments from emerging markets towards the US.
US stocks ended a volatile session lower yesterday, 14 December 2016, as investors grappled with the prospect of a faster pace of rate increases in 2017 than had been previously forecast.
The Federal Reserve raised its key short-term rate yesterday, 14 December 2016, on the expected lines, but it also forecast three rate increases in 2017, compared with the two that had been anticipated at its previous meeting in September.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 632.29 crore yesterday, 14 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 210.86 crore yesterday, 14 December 2016, as per provisional data.
Among stock specific news, Axis Bank announced that its board of directors at its meeting held yesterday, 14 December 2016, approved the allotment of non-convertible debentures aggregating to Rs 3500 crore on a private placement basis. The debentures will be listed on the wholesale debt market segment of the BSE and National Stock Exchange of India. The announcement was made after market hours yesterday, 14 December 2016.
Infosys announced that it has made an investment from its Innovation Fund in IdeaForge, an Indian startup focused on Unmanned Aerial Vehicle (UAV) solutions. IdeaForge's high performance UAVs, which have been designed and built in India, have significant potential in industrial use cases. The investment is subject to receipt of regulatory approvals and customary closing conditions. The announcement was made after market hours yesterday, 14 December 2016.
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Market settled with small losses in a volatile trading session yesterday, 14 December 2016. The Sensex fell 94.98 points or 0.36% to settle at 26,602.84, its lowest closing level since 12 December 2016.
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