Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could open near the flat line.
Overseas, most Asian stocks rose after a technology-led drop on Wall Street. In US, Dow Jones Industrials Average managed to post slight gains, staying above the 22,000 level hitting fresh record high while, the S&P 500 index and Nasdaq Composite index closed lower weighed down by Amazon.com, Apple and other top-shelf technology stocks yesterday, 3 August 2017.
Labor Department data showed weekly jobless claims fell last week, pointing to a tightening labour market, while a report from the Institute for Supply Management showed its non-manufacturing index fell to 53.9 last month from 57.4 in June.
Among corporate news back home, Dabur India and Mahindra & Mahindra (M&M) among others will announce April-June 2017 results today, 4 August 2017.
Infosys announced a definitive agreement to acquire Brilliant Basics, a London-based product design and customer experience (CX) innovator. This acquisition represents Infosys' commitment to the expansion of a worldwide connected network of Digital Studios. These studios are focused on fulfilling the needs of our global clients for end-to-end digital Transformation solutions required to meet customer demand for next-generation enhanced customer experiences.
With Infosys Digital Studios spanning the globe - from Bengaluru and Pune to New York, London and Melbourne - the addition of Brilliant Basics will enhance the company's expertise in the financial services, retail and telco sectors across Europe and the Middle East. The acquisition is expected to close during the second quarter of fiscal 2018. The announcement was made after market hours yesterday, 3 August 2017.
Mahindra & Mahindra (M&M) informed that the loans & investment committee of directors approved selling up to 96.66 lakh equity shares, or 13.74% equity, in Mahindra Logistics (MLL), a subsidiary of M&M, as part of the proposed initial public offering of MLL. The announcement was made after market hours yesterday, 3 August 2017.
Meanwhile, the Banking Regulation (Amendment) Bill 2017 was passed by the lower house of the parliament yesterday, 3 August 2017. It will replace the Non-Performing Assets Ordinance, which came into effect earlier this year. The measure allows the RBI to initiate insolvency resolution process on specific stressed-assets. The RBI would also be empowered to issue other directions for resolution, appoint or approve for appointment, authorities or committees to advise the banking companies for stressed-asset resolution.
Key benchmark indices registered modest losses yesterday, 3 August 2017, as private survey showed that India's services activity slumped in July. The Sensex shed 238.86 points or 0.74% to settle at 32,237.88, its lowest closing level since 25 July 2017.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 24.07 crore yesterday, 3 August 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 389.34 crore yesterday, 2 August 2017, as per provisional data.
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