Market may edge lower in early trade on negative sentiment in Asian trading and losses for US stocks overnight. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 27.50 points at the opening bell.
In overseas stock markets, Asian stocks edged lower after the European Central Bank (ECB) surprised markets by deciding not to extend the deadline of its bond-buying program after the conclusion of its monetary policy meeting yesterday, 8 September 2016. Also, reports on earthquake in North Korea possibly due to an explosion from a nuclear test in that nation weighed on sentiment. US stocks closed lower yesterday, 8 September 2016, as the outcome of ECB's latest monetary policy meeting suggested that central banks have little left to spur up demand.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 111.41 crore yesterday, 8 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 587.43 crore yesterday, 8 September 2016, as per provisional data.
Among corporate news, Yes Bank announced after market hours yesterday, 8 September 2016 that due to extreme volatility during trading day on 8 September 2016 because of misinterpretation of new qualified institutional placement (QIP) guidelines, the bank has been advised by its appointed Merchant Bankers to defer its proposed QIP. It may be recalled that the bank had announced on 7 September 2016 opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. The bank announced Rs 1,371.84 per share as the floor price at that time.
ICICI Bank after market hours yesterday, 8 September 2016 said that the proposed initial public offer (IPO) of its subsidiary, ICICI Prudential Life Insurance Company (ICICI Pru Life) has been approved by Registrar of Companies, Maharashtra on 8 September 2016. The offer will be open for subscription to public on 19 September 2016 and shall close on 21 September 2016. The price band has been fixed at Rs 300-334 per equity share.
Stocks of pharma companies, two-wheeler makers and index heavyweights ITC and Reliance Industries (RIL) led the upmove on the domestic bourses yesterday, 8 September 2016. The Sensex had risen 118.92 points or 0.41% to settle at 29,045.28, its highest closing level since 13 April 2015.
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