Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 14 points at the opening bell.
Overseas, Asian stocks witnessed a mixed trend. US stocks closed little lower yesterday, 3 May 2017, as gains in banking shares were offset by declines in media stocks and Apple shares.
The US Federal Reserve yesterday, 3 May 2017, left monetary policy unchanged, as expected, and indicated it remains on track to deliver two more rate increases by year-end. The Fed said that it would not change its interest rate target this month. However, the Fed also stated that a recent economic slowdown was transitory, fuelling hopes among investors for future rate rises.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 517.74 crore yesterday, 3 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 112.36 crore yesterday, 3 May 2017, as per provisional data.
Among corporate news, ICICI Bank's net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.
Infosys will be watched. Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys and The Commercial Bank, Qatar's first private bank, along with its subsidiary and associates (Group) announced the successful completion of a pilot on the first ever cloud-based blockchain network to process international remittances. The announcement was made at the fag end of market hours yesterday, 3 May 2017.
Reliance Industries (RIL) will be in focus. Reliance Corporate IT Park (RCITPL) - a subsidiary of RIL announced that it has signed a memorandum of understanding (MoU) with SAP SE to launch 'SARAL GST' solution for taxpayers in the GST regime.
The offering will enable taxpayers to be GST compliant and smoothly access the Government's GST System, once GST is rolled out from 1 July 2017. SARAL GST will leverage the expertise of RCITPL as GST Suvidha Provider (GSP) and SAP as Application Service Provider (ASP). The announcement was made after market hours yesterday, 3 May 2017.
Key benchmark indices ended the lacklustre trading session with tiny losses yesterday, 3 May 2017, as lower European stocks weighed on sentiment. The Sensex declined 26.38 points or 0.09% to settle at 29,894.80, its lowest closing level since 24 April 2017.
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