Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 22 points at the opening bell on positive Asian cues.
Overseas, Asian shares rose as Chinese President Xi Jinping reportedly discussed plans to further open up the Chinese economy during a Tuesday address. Xi's address, from the Boao Forum for Asia, an annual summit, comes amid escalating trade tensions between China and the US take turns announcing punitive trade measures against each other. Jinping reportedly said China's reform and opening up will definitely succeed and that a Cold War mentality, zero-sum thinking, and isolationism would hit walls.
US stocks pared intraday gains in the final minutes of trading, closing with modest gains on Monday following news reports that the Federal Bureau of Investigation (FBI) raided the office of Michael Cohen, President Donald Trump's personal lawyer. Earlier, all the main indexes were trading sharply higher, as comments from Trump and administration officials alleviated fears about rising trade hostilities between the US and China.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1300.93 crore yesterday, 9 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 359.35 crore yesterday, 9 April 2018, as per provisional data.
Among corporate news, Wipro announced after market hours yesterday, 9 April 2018, that its fourth-quarter revenue and profitability would be hit by the insolvency proceedings of one of its telecom clients in India. The company said it has been working with the Insolvency Resolution Professional to discuss the potential outcome of its client's insolvency petition.
It is estimated that this development will have an impact on both revenue and profitability. The company is likely to see an impact on profitability at the net income level in the range of 65-75 basis points of the consolidated revenues for the quarter ended 31 March 2018, Wipro said in a statement.
Though Wipro did not name the telecom client, it said that it had initially signed a deal with the client in 2008 and had renewed the contract in 2013. Wipro added that the client had filed its insolvency petition on 28 February 2018.
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Key benchmark indices logged modest gains as global stocks rose on hopes that a full blown trade war between the United States and China could be averted. The barometer index, the S&P BSE Sensex, rose 161.57 points or 0.48% to settle at 33,788.54. The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,379.35.
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