Market is seen opening higher in the early trade tracking positive leads from Asian markets and overnight rally on the Wall Street. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 24 points at the opening bell.
In overseas stock markets, Asian equities edged higher encouraged by impressive gains from Wall Street overnight. US stocks rallied yesterday, 15 October 2015, as financial stocks rallied and mostly soft economic data supported the case for a rate hike delay.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 291.73 crore yesterday, 15 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 102.21 crore yesterday, 15 October 2015, as per provisional data.
Among corporate news, Reliance Industries is scheduled to announce its Q2 September 2015 results today, 16 October 2015.
Tata Motors announced after market hours yesterday, 15 October 2015, that its global wholesales, including Jaguar Land Rover rose 21% at 97,102 units in September 2015 over September 2014.
Infosys turns ex-dividend today, 16 October 2015, for interim dividend of Rs 10 per share for the year ending 31 March 2016 (FY 2016).
Bharti Airtel before market hours today, 16 October 2015 said that the agreements for sale of tower assets in Africa between Bharti Airtel Malawi Holdings B.V. & ors. and Eaton Towers (Lilongwe) Limited & ors. has lapsed and therefore stands terminated.
It may be recalled that Bharti Airtel had on 8 September 2014 announced an agreement with Eaton Towers, a leading independent telecoms tower company in Africa, for divestment of over 3,500 telecoms towers from Airtel to Eaton Towers.
Meanwhile, Bharti Airtel gave a update after market hours yesterday, 15 October 2015, in the matter of 'CBI vs Shvamal Ghosh & Others,' that the Special court has vide its order dated 15 October 2015 discharged Bharti Airtel and the other accused persons, on a finding, interalia, that there is no incriminating material on record against the accused and the accused deserve to be discharged.
Allegedly there were irregularities in spectrum allocation during 2002-03 to Bharti Airtel and Vodafone India (then divided into two companies Sterling Cellular and Hutchison Max) beyond 6.2 Mhz pegging the loss to the exchequer at Rs 846 crore.
Shares of PSU OMCs will be in focus after announcing hike in diesel price effective 16 October 2015. Indian Oil Corporation (IOCL) announced increase in the retail selling price of diesel by Rs 0.95 per litre at Delhi (including State levies) with corresponding price revision in other states. With the latest revision, the price of diesel in Delhi will become Rs 45.90 per litre.
IOCL said that the current level of the international prices and rupee-dollar exchange rate warrant a price increase, which is being passed on to consumers with this price revision. The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.
Positive lead from global markets helped Indian stocks clock decent gains, with the barometer index, the S&P BSE Sensex, regaining the psychological 27,000 level yesterday, 15 October 2015. The Sensex gained 230.48 points or 0.86% to settle at 27,010.14, its highest closing level since 9 October 2015.
On the macro front, data released after market hours yesterday, 15 October 2015 showed that India's merchandise exports continued to decline for tenth straight month at 24.3% to $21.85 billion in September 2015 over a year ago. Meanwhile, merchandise imports also dipped 25.4% to $32.32 billion. The trade deficit narrowed 27.6% to $10.5 billion in September 2015 from $14.47 billion in September 2014.
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