Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 4.50 points at opening bell.
Overseas, Asian stocks were mixed following weakness in the US market. US stocks ended lower overnight as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors' confidence. Tax cuts are the centerpiece in President Donald Trump's business-friendly agenda and are viewed as critical to sustaining the stock market rally. The Dow Jones Industrial Average shed 0.4%, the S&P 500 index fell 0.3%, and the Nasdaq Composite Index set a fresh intraday record, but slid 2.30 points to 6,698.96.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 186.04 crore yesterday, 30 October 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 139.68 crore yesterday, 30 October 2017, as per provisional data.
Among corporate news, Bharti Airtel and Dr Reddy's Laboratories are set to announce quarterly results today, 31 October 2017.
On a consolidated basis, Tata Steel reported a net profit of Rs 1017.78 crore in Q2 September 2017 compared with net loss of Rs 49.38 crore in Q2 September 2016. Net sales rose 24.22% to Rs 32101.03 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
IDFC and Shriram Group called off merger as both parties were unable to agree on a mutually acceptable swap ratio. IDFC made the announcement after market hours yesterday, 30 October 2017.
The board of directors of IDFC at its meeting held on 8 July 2017 had approved entering into confidentiality, exclusivity and standstill agreement (CES agreement) with the Shriram Group to evaluate a potential merger of certain businesses of the Shriram Group with the IDFC Group. The CES agreement provided for a 90 day exclusivity period from 8 July 2017 to 8 November 2017.
IDFC Group and Shriram Group were not able to reach common ground on a mutually acceptable swap ratio. Accordingly, both parties have agreed to call off discussions on a potential merger and the exclusivity period pursuant to the CES agreement entered into between the concerned parties stands terminated with immediate effect, IDFC said in a statement.
Key indices settled with small gains yesterday, 30 October 2017, as firmness in most global stocks perked up sentiment. The barometer index, the S&P BSE Sensex, rose 108.94 points or 0.33% to settle at 33,266.16. The Nifty 50 index rose 40.60 points or 0.39% to settle at 10,363.65. The Sensex and the Nifty, both, hit record highs on intraday as well as on closing basis. The Sensex rose for the sixth straight day. State-run banks were in demand.
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