Market is seen opening higher in the early trade tracking positive leads from Asian markets and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 50 points at the opening bell. Investors may tread cautiously ahead the outcome of much-awaited two-day Fed policy review, which concludes later in the day.
In global market, Asian stocks edged higher with sentiment lifting as US market jumped overnight before a likely hike in US interest rates, while the dollar held to large gains made as Treasury yields picked up. The Fed is widely expected to raise the federal funds rate by 25 basis points after the conclusion of a two-day monetary policy meeting today, 16 December 2015. With markets having already priced in a 25 basis points rate hike this week, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 48.67 crore yesterday, 15 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 273.93 crore yesterday, 15 December 2015, as per provisional data.
On a economic front, India's merchandise exports declined sharply last month, as per data released by the government after trading hours yesterday, 15 December 2015. Merchandise exports fell 24.43% at $20.01 billion in November 2015 over November 2014. Imports fell 30.26% at $29.79 billion in November 2015 over November 2014. Oil imports fell 44.99% at $6.43 billion in November 2015 over November 2014. Non-oil imports fell 24.7% at $23.36 billion in November 2015 over November 2014. The trade deficit fell sharply to $9.78 billion in November 2015 from $16.23 billion in November 2014.
Among corporate news, Bharat Heavy Electricals (Bhel) after market hours yesterday, 15 December 2015, announced that it has added one more coal-based power plant to the grid by successfully commissioning a 500 megawatts (MW) thermal generating unit in West Bengal. The 500 MW (unit 3) was commissioned at the upcoming Sagardighi thermal power extension project of West Bengal Power Development Corporation (WBPDCL), located at Murshidabad district of West Bengal. This is the first unit of phase II (2x500 MW) of the power plant and the second unit is also in advance stage of completion, Bhel said. The company said it has already commissioned 3,750 MW of power plants in the utility sector in the current financial year and is on track to achieve the target set by the government for the year.
Infosys announced that Fubon Bank (Hong Kong) Limited, a wholly owned subsidiary of Fubon Financial Holding Co., has decided to adopt Infosys Finacle's newgeneration Finacle Core Banking solution. This transformation initiative will significantly improve the bank's operational efficiency, strengthen innovation capabilities and support rapid growth, Infosys said in a statement. The announcement was made after market hours yesterday, 15 December 2015. Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys.
L&T announced that Canada Pension Plan Investment Board (CPPIB) has completed its second tranche investment of Rs 1000 crore into L&T's subsidiary L&T Infrastructure Development Projects (L&T IDPL) by subscribing to compulsorily convertible preference shares of L&T IDPL. The announcement was made after market hours yesterday, 15 December 2015. It may be recalled that L&T and CPPIB had in June 2014, entered into a definitive agreement whereby CPPIB through its Singapore-based wholly owned subsidiary, had committed to make an investment of Rs 2000 crore into L&T IDPL in two tranches. The first tranche investment of Rs 1000 crore was made in December 2014.
HDFC Bank announced that it has issued and allotted on a private placement basis senior, unsecured, redeemable, long term, non-convertible bonds in the nature of debentures amounting to Rs 2975 crore. The announcement was made after market hours yesterday, 15 December 2015.
National Buildings Construction Corporation (NBCC) announced that it has formed a wholly owned subsidiary company NBCC Engineering & Consultancy to provide engineering and consultancy services of all kinds related to construction and development of all types of buildings, infrastructure and other conveniences including "smart city" projects. The announcement was made after market hours yesterday, 15 December 2015.
A rally in European stocks helped trigger gains for Indian stocks which rose for the second day in a row yesterday, 15 December 2015. The barometer index, the S&P BSE Sensex rose 170.09 points or 0.68% to settle at 25,320.44. The 50-unit Nifty 50 index rose 50.85 points or 0.66% to settle at 7,700.90. The Sensex hit its highest closing level in more than a week. The Nifty hit its highest closing level in a week. Gains in auto stocks, private sector bank stocks and oil exploration and production stocks aided upmove for the key benchmark indices.
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