Tuesday, November 07, 2017

Market may rise on positive global cues
7 November, 2017: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 40 points at the opening bell on positive global cues.

Overseas, most Asian shares were trading higher. US stocks rose moderately Monday, helping the three main stock benchmarks to close at all-time highs. Healthy corporate earnings and merger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling political developments in Saudi Arabia. The S&P 500 index rose 0.13%, the Dow Jones Industrial Average rose 0.04% and the Nasdaq Composite Index advanced 0.33%.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 576.27 crore yesterday, 6 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 263.84 crore yesterday, 6 November 2017, as per provisional data.

On macro front, the government announced on Monday, 6 November 2017, a multi-agency investigation headed by the Central Board of Direct Taxes (CBDT) chairman, after media reports leaked financial documents called the Paradise papers that show alleged offshore dealings of 714 Indian individuals and entities. The government said the multi-agency group would also have representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.

A collective of international journalists obtained the Paradise Papers from Bermuda-based offshore law firm Appleby and Singapore's business consulting company Asiaciti. The Finance Ministry said that the investigation units of the Income Tax Department have been alerted to take note of revelations for immediate appropriate action.

Among corporate news, Just Dial's net profit rose 26.47% to Rs 37.46 crore on 3.97% rise in total income to Rs 214.52 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 6 November 2017.

Bank of Maharashtra reviewed its marginal cost of funds based lending rates (MCLR) with effect from 7 November 2017. The bank's MCLR for overnight loans is 8.1%, the rate for one month is 8.15% and for three months is 8.2%. The MCLR for 6-month loans is 8.55% and for one-year loans the rate is 8.65%, the bank said. The base rate was kept unchanged at 9.6%. The announcement was made after market hours yesterday, 6 November 2017.

A divergent trend was witnessed yesterday, 6 November 2017, as the barometer index, the S&P BSE Sensex, settled with small gains while the Nifty 50 index finished a tad lower. The barometer index, the S&P BSE Sensex, rose 45.63 points or 0.14% to settle at 33,731.19. The Nifty 50 index fell 0.70 points or 0.01% to settle at 10,451.80. The Sensex hit record high on intraday as well as closing basis. Global cues were mixed.

Powered by Capital Market - Live News

No comments: