Market is seen opening higher tracking positive leads from Asian markets and overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 21 points at the opening bell.
In overseas stock markets, most Asian stocks rose after minutes of the US Federal Reserve's latest meeting showed policymakers were in no rush to raise interest rates. US stocks closed slightly higher yesterday, 17 August 2016, sharply paring earlier losses, as minutes from the Federal Reserve's July meeting showed policy makers remain divided on prospects for a near-term rate increase. Stocks bounced off session lows after St. Louis Federal Reserve President James Bullard said that with US growth trending below 2%, interest rates can stay low.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 0.05 crore yesterday, 17 August 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 89.37 crore yesterday, 17 August 2016, as per provisional data.
Among corporate news, shares of L&T turn ex-dividend today, 18 August 2016 for dividend of Rs 18.25 per share for the year ended 31 March 2016.
Shares of Bharat Electronics turn ex-dividend today, 18 August 2016 for final dividend of Rs 14.50 per share for the year ended 31 March 2016.
Hindalco Industries (Hindalco) announced that its wholly owned US subsidiary Novelis Inc has completed refinancing of its $1.15 billion senior notes due 2024. The notes were priced at par value and will bear an interest rate of 6.25% per annum. Novelis intends to use the net proceeds of the offering to retire its outstanding 8.375% senior notes due 2017. The announcement was made after market hours yesterday, 17 August 2016.
Mahindra & Mahindra (M&M) after market hours yesterday, 17 August 2016, announced incorporation of a subsidiary company in Mexico viz. Mahindra Mexico S. de. R.L. It was incorporated as a 99% subsidiary of Mahindra USA Inc, which in turn is a 100% subsidiary of M&M. Mahindra Mexico S. de. R.L. was incorporated to promote Mahindra Brand in Mexico and expand its reach into Mexico to promote higher HP tractors.
IT stocks and index heavyweight Reliance Industries (RIL) led losses for key benchmark indices yesterday, 17 August 2016. The barometer index, the S&P BSE Sensex, fell 59.24 points or 0.21% to settle at 28,005.37. The Nifty 50 index fell 18.50 points or 0.21% to settle at 8,624.05. The Sensex settled a tad above the psychologically important 28,000 mark. The index fluctuated alternately above and below that level in intraday trade after falling below that mark in afternoon trade. Losses for Asian and European stocks weighed on the domestic bourses. With losses for the second straight trading session, the Sensex and the Nifty, both, hit their lowest closing level in almost a week.
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