Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 36 points at the opening bell.

Overseas, Asian stocks were mixed as investors turned their attention to the US Federal Reserve's annual symposium in Jackson Hole at the end of the week. US stocks closed slightly higher yesterday, 21 August 2017, but a decline in tech and financials kept a lid on gains.

The annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.

 

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1983.39 crore yesterday, 21 August 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 474.72 crore yesterday, 21 August 2017, as per provisional data.

Among corporate news, pharma major Lupin announced that it has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupin's Aurangabad facility. The announcement was made after market hours yesterday, 21 August 2017.

Reliance Capital will be watched. Reliance Home Finance is proposed to be independently listed on stock exchange, subject to regulatory approvals. Nearly 1 million shareholders of Reliance Capital will be allotted one free share of Reliance Home Finance for every one share held in Reliance Capital. The announcement was made after market hours yesterday, 21 August 2017.

Market registered losses yesterday, 21 August 2017, extending previous trading session's slide on weak global cues. The Sensex fell 265.83 points or 0.84% to settle at 31,258.85, its lowest closing level since 11 August 2017.

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