The market is likely to see a gap-up opening following positive Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 55 points at the opening bell.
In overseas markets, Asian shares rose tracking overnight gains in US stocks. In mainland China, Shanghai Composite was currently off 0.41%. In Hong Kong, the Hang Seng index was up 1.74%. In Japan, the Nikkei 225 Average was up 3.59% on speculation for more easing amid hopes that the Bank of Japan would opt for additional stimulus at its 28-29 January policy meeting. US stocks closed higher yesterday, 21 January 2016 after a hint of more monetary easing by the European Central Bank (ECB) and a rebound in crude oil prices.
In Europe, the ECB President Mario Draghi yesterday, 21 January 2016 signaled that the governing council may provide more stimulus at its next meeting in March, noting that the outlook for inflation had weakened significantly. The ECB left its key interest rates unchanged, even as low energy prices and concerns about China's impact on the global economy threaten to derail the central bank's efforts to bring inflation back to its target.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1747.23 crore yesterday, 21 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1267.74 crore yesterday, 21 January 2016, as per provisional data.
Idea Cellular's consolidated net profit fell 0.37% to Rs 764.21 crore on 10.92% rise in total income to Rs 9040.48 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 21 January 2016. The net profit was dragged down by sharp fall in other income to Rs 30.79 crore in Q3 December 2015 from Rs 132.62 crore in Q3 December 2014. The EBITDA (earnings before interest, taxation, depreciation and amortization) margin improved 0.4% on year-on-year basis at 34.7% in Q3 December 2015.
Cairn India and ITC are scheduled to announce their Q3 December 2015 results today, 22 January 2016.
Cipla announced that FIL Capital Investments (Mauritius) II Limited has received intimation from the Competition Commission of India (CCI) that the CCI has granted its approval with respect to, inter alia, the proposed investment by FIL Capital Investments (Mauritius) II Limited in Cipla Health, a subsidiary of the company. The investment is still subject to, amongst other conditions precedent, approval from the Foreign Investment Promotion Board (FIPB) and the transfer of company's consumer healthcare business to Cipla Health, Cipla said. The announcement was made after market hours yesterday, 21 January 2016.
Losses for index heavyweight Reliance Industries (RIL) and oil sector stocks outweighed gains for bank stocks and index heavyweight Infosys, with key benchmark indices registering modest losses yesterday, 21 January 2016. The Sensex fell 99.83 points or 0.41% to settle at 23,962.21, its lowest closing level since 15 May 2014.
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