Domestic stocks are likely to nudge lower after logging gains in prior four trading days. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell. Shares of Prataap Snacks will be listed on the bourses today, 5 October 2017.
Overseas, Asian stocks were trading with small gains, with markets in Hong Kong, China, and South Korea all closed for holidays. US stocks posted modest gains yesterday, 4 October 2017 extending their recent streak of advances that's taken all major benchmarks to record levels. The Dow Jones Industrial Average eked out a small gain of 19.97 points, or 0.1%, to 22,661.57. The Nasdaq Composite Index meanwhile, advanced 2.91 points, or less than 0.1%, to 6,534.63, as gains were limited by a slump in technology shares. The S&P 500 rose 3.16 points, or 0.1%, to 2,537.74.
In US economic news, Markit's September figure for its services purchasing managers index dipped to 55.3 in September from 56 in August. The comparable ISM report for the same month rose to 59.8, compared with 55.3 in the prior period and marked its highest level since mid-2005. A reading of 50 or greater indicates expansion.
Back home,the key benchmark indices logged modest gains in steady session of trade yesterday, 4 October 2017 after the Reserve Bank of India (RBI) kept the policy repo rate unchanged at 6% as expected after the conclusion of the monetary policy committee meeting. The Sensex rose 174.33 points or 0.55% to settle at 31,671.71, its highest closing level since 22 September 2017.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 632.14 crore yesterday, 4 October 2017 , as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 584.88 crore yesterday, 4 October 2017, as per provisional data.
Among corporate news,Wipro announced that it has signed a definitive agreement to acquire Cooper, an award-winning design and business strategy consultancy. Cooper will become part of Designit, Wipro Digital's strategic design arm, further strengthening its design and innovation capabilities, expanding its reach in North America and adding capabilities in professional design education. The acquisition is subject to customary closing conditions and is expected to be closed in the third quarter of fiscal 2017-18. The announcement was made before market hours today, 5 October 2017.
ICICI Bank said that the committee of executive directors of the bank approved the allotment of 4,750 Basel III compliant unsecured subordinated perpetual additional Tier 1 bonds aggregating Rs 475 crore on private placement basis. The notes carry a coupon of 8.55% per annum payable annually and were issued at par. The announcement was made after market hours yesterday, 4 October 2017.
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ONGC said that ONGC Videsh, a wholly-owned subsidiary of the company, has completed the acquisition of 30% participating interest (PI) in Petroleum Exploration License 0037 offshore Namibia from Tullow Namibia, a wholly owned subsidiary of Tullow Oil Plc. Tullow with remaining 35% participating interest shall continue to remain the operator of the license. Pancontinental Namibia (Pty) with 30% participating interest and Paragon Oil and Gas with 5% participating interest are other partners in the license. The announcement was made after market hours yesterday, 4 October 2017.
Shares of Prataap Snacks will be listed on the bourses today, 5 October 2017. The issue price has been fixed at Rs 938 per share, the upper end of the Rs 930-938 per share price band. The initial public offer (IPO) of Prataap Snacks received spectacular response from investors. The IPO was oversubscribed 47.39 times.
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