Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 13 points at the opening bell. The key event for the day is the Reserve Bank of India's (RBI) third bi-monthly monetary policy meeting today, 9 August 2016.
In overseas stock markets, most Asian shares rose as US crude oil traded near its highest price in two weeks. US stocks closed lower yesterday, 8 August 2016 after touching record highs as Wall Street caught its breath in the wake of last week's upbeat jobs data.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1156.19 crore yesterday, 8 August 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 876.34 crore yesterday, 8 August 2016, as per provisional data.
Interest rate sensitive banking, auto and realty stocks will be watched ahead of the Reserve Bank of India's (RBI) monetary policy meeting today, 9 August 2016. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance. The central bank had left its benchmark repo rate unchanged at 6.5% in its last meeting.
Among key corporate earnings, Adani Ports and Special Economic Zone and Lupin are scheduled to announce Q1 June 2016 earnings today, 9 August 2016.
Idea Cellular's consolidated net profit slumped 74.21% to Rs 220.41 crore on 7.22% rise in total income to Rs 9552.44 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 8 August 2016.
HDFC after market hours yesterday, 8 August 2016 announced that a committee of the board of directors of the company at its meeting held yesterday, 8 August 2016, approved the entering into definitive agreements for amalgamation of business between HDFC Standard Life Inusrance Company (HDFC Life), Max Life Insurance Company (Max Life) and Max Financial Services (Max Financial) through a composite scheme of arrangement. As a part of the proposed transaction, the life insurance business of Max Financial, currently held through Max Life, would be finally amalgamated with HDFC Life and all other business of Max Financial would be finally amalgamated into Max India. The shares of HDFC Life are proposed to be listed on BSE and the National Stock Exchange of India (NSE) as a consequence of the scheme. Pursuant to the scheme and subject to receipt of the requisite approvals, the shareholding of HDFC in HDFC Life post completion of the proposed transaction would be 42.5% and consequently HDFC Life would cease to be a subsidiary of HDFC.
For the merger of Max Life into Max Financial, shareholders of Max Life will get one share of Max Financial for approximately five shares of Max Life. For the demerger of the life insurance undertaking from Max Financial into HDFC Life, shareholders of Max Financial (post the amalgamation with Max Life), will get 2.33 shares of HDFC Life for each share of Max Financial.
Tata Motors announced that its group global wholesales rose 20% to 88,159 units in July 2016 over July 2015. The announcement was made after market hours yesterday, 8 August 2016.
Sun Pharmaceutical Industries (Sun Pharma) announced the extension of its Imatinib Mesylate Savings Card Program beyond 31 July 2016. Sun Pharma launched this program as part of the Imatinib Mesylate launch in February 2016. The program is aimed at delivering greater access to the drug by patients who have commercial insurance, but whose out-of-pocket cost may exceed an affordable amount. The announcement was made after market hours yesterday, 8 August 2016.
Rural Electrification Corporation has scheduled a board meeting on 11 August 2016, to consider issue of bonus shares. The announcement was made after market hours yesterday, 8 August 2016.
Bharti Infratel turns ex-dividend today, 9 August 2016 for final dividend of Rs 3 per share for the year ended 31 March 2016 (FY 2016).
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