Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 13 points at the opening bell.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month March 2017 series to April 2017 series. The near month March 2017 derivatives contract expire today, 30 March 2017.
On the economic front, India took a big leap forward in rolling out the goods and services tax (GST) after the Lower House of Parliament gave its nod to four supplementary Bills. Their passage will allow the government to prepare for the 1 July 2017, launch of the single levy that will replace multiple central and state taxes.
Overseas, Asian stocks were trading lower despite a positive lead from Wall Street as investors reassessed the outlook for monetary policy at the European Central Bank.
The tech-heavy Nasdaq closed higher for a fourth straight session Wednesday, while the Dow industrials finished lower, as stock investors digested hawkish comments from Federal Reserve speakers and a drop in US gasoline inventories bolstered the energy sector. The Nasdaq Composite Index climbed 22.41 points, or 0.4%, to finish at 5,897.55. The Dow Jones Industrial Average fell 42.18 points, or 0.2%, to close at 20,659.32.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 460.98 crore yesterday, 29 March 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,283.03 crore yesterday, 29 March 2017, as per provisional data.
Among corporate news, Reliance Industries (RIL) will be in spotlight. Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of RIL and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
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GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa. Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals. REPDMCC's sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash. The announcement was made after market hours yesterday, 29 March 2017.
Bharti Airtel announced that it has completed sale of 11.32% stake in its mobile tower arm Bharti Infratel to its wholly-owned subsidiary Nettle Infrastructure. Post the inter-se transfer, Bharti Airtel will hold 50.33% while Nettle will hold 11.32% in Bharti Infratel. The announcement was made after market hours yesterday, 29 March 2017.
Punjab National Bank (PNB) announced that it has raised Rs 250 crore through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital. The coupon rate is 9.21% payable annually. The announcement was made after market hours yesterday, 29 March 2017.
Key benchmark indices registered modest gains for the second straight session yesterday, 29 March 2017, amid positive global cues triggered by positive US consumer confidence data. The barometer index, the S&P BSE Sensex, advanced 121.91 points or 0.41% to settle at 29,531.43. The Nifty 50 index rose 43 points or 0.47% to settle at 9,143.80.
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