Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell on negative Asian cues.
In overseas markets, most Asian stocks declined. US stocks eked out gains yesterday, 18 August 2016, following upbeat earnings and forecast from Wal-Mart and as higher oil lifted energy shares.
In the global commodities markets, Brent for October settlement was down 1 cents at $50.88 a barrel. The contract had risen $1.04 a barrel or 2.09% to settle at $50.89 a barrel during the previous trading session.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 162.17 crore yesterday, 18 August 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 14.42 crore yesterday, 18 August 2016, as per provisional data.
Among corporate news, State Bank of India (SBI) and its associate banks will be in focus after SBI after trading hours yesterday, 18 August 2016, announced the merger of 5 associate banks viz. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Hyderabad and State Bank of Patiala with itself. SBI also announced the merger of unlisted Bharatiya Mahila Bank (BMBL) with itself. As per the swap ratio for the merger, 28 equity shares of SBI will be issued for every 10 shares held in SBBJ. For both SBM and SBT, the swap ratio for merger is 22 shares of SBI for every 10 shares held in SBM and SBT. State Bank of Hyderabad and State Bank of Patiala are both not listed on the bourses. SBI had announced in May 2016 that it was considering the merger of 5 associate banks and BMBL with itself.
Wipro said that the company has made minority strategic investment to acquire a minority stake of less than 20% in Intsights Cyber Intelligence for $1.5 million. Intsights offers threat intelligence driven security platform. The announcement was made after market hours yesterday, 18 August 2016.
Key benchmark indices registered modest gains yesterday, 18 August 2016, after the minutes of the latest US Federal Reserve meeting indicated that a rate hike from the Fed was unlikely at the Fed's September policy meeting. The barometer index, the S&P BSE Sensex, rose 118.07 points or 0.42% to settle at 28,123.44. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty rose 49.20 points or 0.57% to settle at 8,673.25. A delay in interest rate increases from the Fed would slow capital flight from emerging markets. The Sensex and the Nifty snapped a two-day losing streak.
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