Market is seen opening lower in the early trade as US indices end lower and as most Asian indices remain shut. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 31.50 points at the opening bell.
In overseas markets, Japan's Nikkei 225 index retraced some early losses today, 8 February 2016, as most major Asian markets remain closed for the Lunar New Year holidays. Markets in mainland China and Taiwan are closed all week. Other markets closed today include Hong Kong, South Korea, Malaysia, the Philippines, Vietnam and Singapore. A rout in tech stockshighlighted by LinkedIn Corp.'s massive drop after the business-oriented social network delivered a poor outlookdrove US equities to their largest weekly drop in a month on Friday, 5 February 2016. Adding to negative sentiment was a jobs report that showed weaker-than-forecast growth in January. The US generated 151,000 nonfarm jobs in the first month of 2016, the Labor Department said. The unemployment rate fell a tick to 4.9% the lowest reading in eight years.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 606.83 crore on Friday, 5 February 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 760.02 crore on Friday, 5 February 2016, as per provisional data.
Among corporate news, Wipro announced before trading hours today, 8 February 2016, that it has won an IT infrastructure transformation contract from the ASSA ABLOY Group, headquartered in Sweden. ASSA ABLOY is the global leader in door opening solutions. As part of the five-year agreement, Wipro will consolidate ASSA ABLOY's existing data centers in the EMEA region and implement a cloud-based service model, which will include IaaS (Infrastructure as a Service) and PaaS (Platform as a Service). The deployment will leverage Wipro's BoundaryLess Data Center offering and will provide a full suite of IT infrastructure management services to ASSA ABLOY's global organisation. This solution will bring in a high level of agility, and a consumption-based IT service model powered by an user-friendly service catalog, Wipro said.
Tata Power Company's consolidated net profit fell 87.63% to Rs 24.46 crore on 2.98% rise in total income to Rs 9313.19 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 5 February 2016.
Steel stocks may extend gains registered during the previous trading session after the government set floor price or Minimum Import Price (MIP) on import of a total of 173 steel products into the country in a bid to restrict cheap steel imports which has adversely affected the domestic steel industry. As per a notification issued by Directorate General of Foreign Trade on Friday, 5 February 2016, the government has imposed MIP ranging from $341 per tonne to $752 per tonne on various steel products. The MIP will be in place for a period of 6 months.
Positive lead from Asian markets aided the upmove on the domestic bourses, with key benchmark indices moving higher for the second day in a row on Friday, 5 February 2016. The barometer index, the S&P BSE Sensex, rose 278.54 points or 1.14% to settle at 24,616.97. The 50-unit Nifty 50 index rose 85.10 points or 1.15% to settle at 7,489.10.
Powered by Capital Market - Live News
