Market likely to see tepid opening

16-Nov-17: Market is likely to see a tepid opening amid mixed global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 8 points at the opening bell.

Overseas, Asian stocks edged higher, shrugging off the softer lead from Wall Street. US stocks closed lower yesterday, 15 November 2017 as the current bull market showed signs of slowing down. The International Energy Agency (IEA) slashed its outlook for oil demand growth by 100,000 barrels per day for 2017 and 2018.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 381.42 crore yesterday, 15 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 869.09 crore yesterday, 15 November 2017, as per provisional data.

Among corporate news, ONGC will be watched. With reference to media report titled Venezuela likely to go bankrupt in a day, ONGC clarified that its wholly-owned subsidiary, ONGC Videsh (OVL), is implementing the 'San Cristobal Oil Field Project' in Venezuela. Consequent to the agreements signed in November 2016, Petröleos de Venezuela, S.A. (PDVSA) has paid $88 million out of $537 million and the outstanding amount of dividend as of now is about $449 million.

A high level delegation from OVL held meetings with HE Eulogio Del Pino, Minister of Petroleum, Venezuela and Nelson Martinez, President, PdVSA on 9th and 10th November 2017 for compliance with the agreements signed in November 2016. OVL has been assured that PdVSA is committed to these agreements and payments will be made through existing offtaker channels or through new agreements with the Government owned refineries and accordingly the investment in Venezuela will be protected. ONGC issued the clarification after trading hours yesterday, 15 November 2017.

Market dropped for the third straight session yesterday, 15 November 2017 on weak global cues. The Sensex had fallen 181.43 points or 0.55% to settle at 32,760.44, its lowest closing level since 24 October 2017.

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