Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 21.60 points at the opening bell.
In overseas stock markets, Asian stocks dropped after losses on Wall Street on Friday, 23 September 2016, as investors' attention turned from central banks to American politics ahead of the first US presidential debate. US stocks logged weekly gains but ended with solid losses on Friday, 23 September 2016. Investors awaited US presidential debate between Donald Trump and Hillary Clinton due later in the global day today, 26 September 2016.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 299.98 crore on Friday, 23 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 496.14 crore on Friday, 23 September 2016, as per provisional data.
The market will remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month September 2016 series to October 2016 series. The near month September 2016 derivatives contracts expire on Thursday, 29 September 2016.
Among corporate new, Canara Bank's board of directors at its meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.
Media reports suggested that the Centre and the states on Friday, 23 September 2016, reached a consensus on most contentious issues towards the implementation of the Goods and Services Tax (GST). The GST Council, at its first meeting held on Friday, 23 September 2016, agreed on a revenue threshold of Rs 20 lakh below which the traders will be exempted from GST. This limit will be Rs 10 lakh for the north-eastern and hill states, reports suggested. The next meeting of the GST Council will be held on 30 September 2016 when it will decide on the five categories of draft rules detailing the processes under GST and on area-based and industry-wise exemptions, according to reports. The tax rates and the slabs will be decided at a meeting to be held later, reports indicated.
Meanwhile, banking, telecom sector stocks and index heavyweight Infosys led modest losses for key benchmark indices in a lacklustre trading session on Friday, 23 September 2016. The Sensex lost 104.91 points or 0.36% to settle at 28,668.22, its lowest closing level since 21 September 2016.
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