Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 43.50 points at the opening bell on positive global cues.
In overseas markets, Asian stocks rose after weak US data reduced the chance of an interest rate increase by the Federal Reserve at next week's meeting. Markets in China, Taiwan and South Korea are closed today, 16 September 2016, for public holidays.
US stocks finished higher yesterday, 15 September 2016, as a rally in the tech sector helped to lift the broader market following a deluge of macroeconomic reports. Sales at US retailers fell in August for the first time in five months as traffic dropped off for most stores. Retail sales declined a seasonally adjusted 0.3%.
Further, weekly jobless claims ticked up slightly to 260,000 but the level of layoffs continues to be the lowest since the 1970s. Meanwhile, US wholesale prices were flat in August, mostly because of sharp declines in the cost of food and gasoline.
Industrial production in US contracted in August after a promising expansion in the previous two months, the Federal Reserve said yesterday, 15 September 2016.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 345.42 crore yesterday, 15 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 456.91 crore yesterday, 15 September 2016, as per provisional data.
Among corporate news, Punjab National Bank (PNB) said that consequent upon receipt of capital funds to the tune of Rs 2112 crore from the Government of India on 14 September 2016, the bank has issued and allotted 16.43 crore equity shares at Rs 128.49 per equity share on preferential basis to Government of India. The announcement was made after market hours yesterday, 15 September 2016.
Union Bank of India said that the bank has on 15 September 2016 issued 10,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital. The bond is issued for face value of Rs 10 lakh each at par aggregating to Rs 1000 crore on private placement basis bearing 9.50% per annum coupon payable annually. The AT1 Bonds are rated 'IND AA' by India Ratings and Research and 'CARE AA' by Credit Analysis & Research. The announcement was made after market hours yesterday, 15 September 2016.
Shares of public sector oil marketing companies (PSU OMCs) and auto stocks will be in focus after PSU OMCs hiked petrol price by 58 paise a litre and cut diesel price by 31 paise per litre in Delhi effective 16 September 2016 (including state levies), with corresponding price revision in other states. Petrol will cost Rs 64.05 a litre as against Rs 63.47 in Delhi. Similarly, diesel will cost Rs 52.63 a litre as compared to Rs 52.94 a litre.
Wipro announced after market hours yesterday, 15 September 2016 that the company and Reltio, an enterprise data driven applications and modern data management platform as a service company partnered to develop faster and cost effective master data management solutions. The partnership will help Reltio and Wipro's clients bridge the gap between data and insights by boosting the reliability of information, while ensuring users get access to relevant data.
Key benchmark indices registered small gains as index heavyweights Reliance Industries, HDFC and ITC moved higher yesterday, 15 September 2016. The barometer index, the S&P BSE Sensex, rose 40.66 points or 0.14% to settle at 28,412.89. The Nifty 50 index rose 15.95 points or 0.18% to settle at 8,742.55.
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