Market is seen surging in the early trade tracking gains in Asian markets and overnight rally on the Wall Street. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 67 points at the opening bell.
In overseas markets, Asian stocks edged higher today, 16 September 2015, cheered by impressive gains on Wall Street overnight. US stocks rallied yesterday, 15 September 2015 as investors eyed some of the final data reports leading into the Federal Reserve's highly-anticipated two-day meeting that kicks off later in the global day today, 16 September 2015. The Federal Reserve policy makers will deliberate the first interest rate increase in nearly a decade. Higher US interest rates will drain liquidity from global emerging markets like India and redirect it to developed economies. The Fed has held its benchmark short-term interest rate near zero since December 2008.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 910.85 crore yesterday, 15 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 480.50 crore yesterday, 15 September 2015, as per the provisional data.
Modest losses were recorded on the domestic bourses yesterday, 15 September 2015, as weakness in Asian stocks weighed on sentiment and as investors turned cautious ahead of a US Federal Reserve meeting later this week. The Sensex fell 150.77 points or 0.58% to settle at 25,705.93, its lowest closing level since 11 September 2015.
Among corporate news, Tech Mahindra announced after market hours yesterday, 15 September 2015 the release of Telco360a Salesforce Fullforce Solution for Telco and Communications. With the launch of Salesforce Fullforce Solution, customers will benefit from Tech Mahindra's expertise with Salesforce in Telco and Communications. This proven solution can provide faster and more predictable deployments for partners, empowering them to connect with their customers in entirely new ways. Telco-360 provides a rich omni-channel sales and service experience for regional communication companies. It improves customer order management processes and the customer's service experience which can translate into better business results, more loyal customers and faster time-to-market.
Vedanta and Cairn India have received no objection from the BSE and the NSE for the proposed merger of Cairn India with Vedanta.
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On the macro front, India's exports fell sharply and trade deficit widened last month, as per the latest data released by the Ministry of Commerce & Industry. Merchandise exports fell 20.66% to $21.26 billion in August 2015 over August 2014. Non-oil imports rose 7.01% to $26.38 billion whereas oil imports plunged 42.59% at $7.35 billion in August 2015 over August 2014. The trade deficit rose sharply to $12.47 billion in August 2015 from $10.66 billion in August 2014.
Meanwhile, as per the latest data released by the Reserve Bank of India (RBI), India's services exports rose 0.3% to $13.39 billion in July 2015 over July 2014, snapping decline for last four sequential months. However, India's services imports jumped 10% to $7.502 billion in July 2015. Thus, India's services trade surplus declined 9.8% to $5.884 billion in July 2015 from $6.522 billion in July 2014.
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