Indices may edge lower at start

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 25.50 points at the opening bell.

Overseas, Asian stocks gained with investors awaiting the final votes on US tax-cut legislation. US stocks ended with modest losses yesterday, 19 December 2017, pulling back from all-time highs. Stocks remained lower as the House of Representatives, as expected, passed tax legislation that would slash corporate rates but will have to vote again today because the current draft doesn't comply with Senate rules.

Back home, the stock market registered decent gains yesterday, 19 December 2017 as firmness in most global stocks supported gains on the domestic bourses. The Sensex gained 235.06 points, or 0.7%, to settle at 33,836.74, a record high.

 

Foreign portfolio investors (FPIs) sold shares worth a net Rs 407.83 crore yesterday, 19 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 357.40 crore yesterday, 19 December 2017, as per provisional data.

Among corporate news, the board of directors of HDFC approved raising funds by issuing equity shares and/or other permissible securities up to an aggregate amount not exceeding Rs 13000 crore. HDFC will consider raising funds by issue of equity shares or compulsorily convertible debentures or warrants or a combination thereof. The issue will be through a preferential issue or qualified institutions placement basis or through any other permissible mode or combination thereof, subject to necessary shareholder and regulatory approvals. The announcement was made after market hours yesterday, 19 December 2017.

IndusInd Bank announced approval of the Competition Commission of India to the proposed amalgamation of Bharat Financial Inclusion (formerly known as 'SKS Microfinance) with IndusInd Bank. The announcement was made after market hours yesterday, 19 December 2017.

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