Monday, November 20, 2017

Indices may edge lower on weak Asia
20-Nov-17: Key indices may edge lower in early trade tracking weakness in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 7.50 points at the opening bell.

Overseas, most Asian stocks declined pressured by a retreat on Wall Street on Friday, 17 November 2017, amid tax reform uncertainty. Japan's export growth held steady in October. Ministry of Finance (MOF) data showed that exports rose 14% year-on-year in October.

US stocks finished the week on Friday, 17 November 2017 on a subdued note, as worries over US tax reform and a delay of the promises cut in corporate taxation, weighed on investors' minds.The US House of Representatives passed their version of a tax overhaul bill that would cut corporate taxes last week, but the Senate continued to wrangle over its rival tax bill, with investors uncertain about whether Congress will be able to reach a compromise.

Among corporate news back home, engineering and construction major Larsen & Toubro (L&T) will be watched after winning an order. The heavy civil infrastructure business vertical of L&T Construction bagged a major order worth Rs 8650 crore from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link (MTHL), packages 01 and 03. The project involves construction of a 21.80 Km bridge connecting Mumbai mainland with Navi Mumbai. The project has been bagged against stiff competition from renowned international and domestic companies. The announcement was made on Saturday, 18 November 2017.

IndusInd Bank and Yes Bank will be included in the S&P BSE Sensex, while Cipla and Lupin will be excluded from the benchmark index. The changes are effective at the open of Monday, 18 December 2017.

IT major Infosys said its Rs 13000 crore buyback offer will open on 30 November 2017 and end on 14 December 2017. The offer will see the company buying back over 11.30 crore shares at Rs 1150 each. The announcement was made after market hours on Friday, 17 November 2017.

IT major Wipro said its Rs 11000 crore buyback offer will open on 29 November 2017 and end on 13 December 2017. The offer will see the company buying back over 34.37 crore shares at Rs 320 each. The announcement was made after market hours on Friday, 17 November 2017.

Meanwhile, the stock market registered modest gains, extending previous session's gains on Friday, 17 November 2017, after rating agency Moody's Investors Service upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years. The Sensex advanced 235.98 points or 0.71% to settle at 33,342.80, its highest closing level since 7 November 2017.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1276.62 crore on Friday, 17 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) also bought shares worth a net Rs 1466.94 crore on Friday, 17 November 2017, as per provisional data.

Oil rebounded more than 2% on Friday after falling for five straight session as a major US crude pipeline was shut and traders anticipated an OPEC deal to extend curbs on production.

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