Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 233.50 points at the opening bell. Investors are bracing for what could be a volatile trading session today, 9 November 2016, as election results in the United States start trickling in for the most contentious election in decades.
In overseas markets, Asian stocks edged lower in volatile trading as investors await the outcome of the US presidential election, with early results showing Donald Trump capturing several states. In US, stocks finished in positive territory for a second straight day, as gains in the consumer goods, utilities and telecoms sectors led shares higher.
Trading in US index futures indicated that the Dow Jones Industrial Average could slump 478 points at the opening bell today, 9 November 2016, as Republican presidential nominee Donald Trump pulled ahead of Democrat Hillary Clinton in both electoral votes and in the battleground states of Florida, Ohio and North Carolina.
Investors around the world are closely watching how the vote tally plays out in America, where Democrat Hillary Clinton and Republican Donald Trump vie for the White House. Clinton is viewed more favorably by Wall Street, as she is a well-known political entity who represents the status quo. In contrast, Trump is viewed more warily by investors due to his unpredictable behavior and his negative views on free trade.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 86.66 crore yesterday, 8 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 294.06 crore yesterday, 8 November 2016, as per provisional data.
Among corporate news, InterGlobe Aviation's profit after tax rose 23.6% to Rs 139.84 crore on 17.7% rise in total income from operations to Rs 4166.93 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 8 November 2016.
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L&T announced after market hours yesterday, 8 November 2016, that it has signed a long-term Technical Licence Agreement with Chiyoda Corporation for its 'Chiyoda Thoroughbred 121TM (CT-121TM)' Flue Gas Desulphurisation (FGD) Technology. The agreement grants L&T exclusive rights to undertake EPC of CT-121TM FGD Systems. The new emission norms for coal-based thermal power plants in India, notified vide MoEFCC Gazette dated 7 December 2015, introduced new limits on sulphur dioxide (SO2) emissions. The move which makes Indian emission norms among the most stringent in the world, has called for mandatory installation of FGD systems in upcoming power plants, including those currently under construction and many that are already operational. L&T and Chiyoda's relationship dates back over two decades with L&T-Chiyoda Limited, a JV that has come to be an internationally reputed design and engineering consultancy organisation catering to the Hydrocarbon sector. Through the signing of this agreement, the two companies have extended their association into the power sector as well.
Bosch and Lupin will announce Q2 results today, 9 November 2016.
Bank stocks will be in focus after the ruling NDA government yesterday, 8 November 2016, announced that it is banning use of Rs 500 and Rs 1,000 notes, in its fight against the corruption, fake currency and black money.
ICICI Bank clarified after market hours yesterday, 8 November 2016, on recent media reports regarding cyber-attacks that there was no breach incident within the control of the bank pertinent to this news item which would have required reporting. The incident reported relates only to a small segment of customers of the bank who used the other bank ATM.
HDFC Bank clarified after market hours yesterday, 8 November 2016, on recent media reports regarding cyber-attacks that the bank has taken appropriate steps in this regard. There has been no breach of HDFC Bank systems and the incident is an outcome of possible compromise at a third party payment processor. The impact for the bank is limited owing to various steps taken by the bank.
Key benchmark indices logged decent gains in what was a volatile trading session yesterday, 8 November 2016. The barometer index, the S&P BSE Sensex, rose 132.15 points or 0.48% to settle at 27,591.14. The Nifty 50 index rose 46.50 points or 0.55% to settle at 8,543.55. Volatility was high ahead of the presidential elections in the United States.
On the macro front, in a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight of 8 November 2016. The Government accepted the recommendations of the Reserve Bank of India (RBI) to issue two thousand rupee notes and new notes of five hundred rupees will also be placed in circulation. Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision. The Prime Minister said the steps taken by the Government would strengthen the hands of the common citizens in the fight against corruption, black money and counterfeit notes.
Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10 November 2016 onwards till 30 December 2016, the Prime Minister announced yesterday, 8 November 2016, evening.
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