Key indices may extend previous session's rally to hit fresh record highs on firm Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 33.50 points at the opening bell.
Overseas, most Asian stocks advanced as global equities remained at record levels and a rebound in oil boosted energy producers.
Japan's current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen ($25.45 billion) marked the 33rd straight month in the black, finance ministry data showed.
US stocks finished only slightly higher to hit record highs yesterday, 10 May 2017 as a quiet week of trading continued.
Meanwhile, oil prices held on to 3%-plus overnight gains, following a steep drop in US inventories and support from Iraq and Algeria for an extension to OPEC supply cuts. In the global commodities markets, Brent for July 2017 settlement was up 23 cents at $50.45 a barrel. The contract had risen $1.49 a barrel to settle at $50.22 a barrel during the previous trading session.
Among corporate news back home, Mahindra & Mahindra (M&M) said that India Ratings and Research (Ind-Ra) has affirmed the company's long-term issuer rating at IND AAA. The outlook is stable. Ind-Ra continues to take a consolidated view of M&M after excluding its financial services subsidiary Mahindra & Mahindra Financial Services. The announcement was made after market hours yesterday, 10 May 2017.
ICICI Bank said that the Committee of Executive Directors at its meeting held on 10 May 2017, approved the proposed offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 10 May 2017.
Two-wheeler major Hero MotoCorp's net profit fell 13.9% to Rs 717.75 crore on 7.9% decline in net sales to Rs 6915.20 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.
Hero MotoCorp said it took a proactive approach towards the launch of BS IV-compliant vehicles, and liquidated large BS III inventory, leading up to 29 March 2017. In the last two days of the month, the company took some tactical steps to assist its dealers and incentivise the customers with an objective to liquidate the remaining BS Ill stocks, resulting in a one-time impact to the margins of the fourth quarter.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 12.79% in Q4 March 2017, lower than 14.66% in Q4 March 2016.
Hero MotoCorp's retail sales have been outpacing wholesale numbers, as a result of which the company has now been able to maintain healthy dealer inventory. Meanwhile, input costs have been on an upward trend. To partially offset the commodity costs, Hero MotoCorp raised prices ranging from Rs 500 to Rs 2200 on some of the models, with effect from 1 May 2017.
Asian Paints and HCL Technologies will announce their Q4 results today, 11 May 2017.
Key benchmark indices posted strong gains and hit fresh record highs as the sentiment was boosted by chief of the India Meteorological Department (IMD) reportedly commenting that India may likely receive higher monsoon rainfall than previously forecast yesterday, 10 May 2017. The Sensex rose 314.92 points or 1.05% to settle at 30,248.17, its record closing high.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 893.36 crore yesterday, 10 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 229.73 crore yesterday, 10 May 2017, as per provisional data.
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