Domestic stocks are likely to see an upbeat start to the day's trading session on positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 49 points at the opening bell. IT major TCS is slated to announce Q1 June 2017 results today, 13 July 2017.
Overseas, Asian stocks were trading higher as dovish comments from US Federal Reserve Chairwoman Janet Yellen improved risk-taking appetite.
US stocks closed higher yesterday, 12 July 2017 with the Dow industrials setting its first closing record in nearly a month as Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony.
In her testimony on Capitol Hill, Yellen signaled that the Fed would take a cautious approach to tightening policy in the face of an uncertain inflation outlook. She said the Fed would continue to raise interest rates gradually, though it would change plans if inflation weakness persisted.
Back home,key benchmark indices settled with modest gains yesterday, 12 July 2017 led by Reliance Industries (RIL) and ICICI Bank.
The Sensex rose 57.73 points or 0.18% to settle at 31,804.82, a record closing high.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 361.25 crore yesterday, 12 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 330.58 crore yesterday, 12 July 2017 as per provisional data.
Among corporate action,Bharti Airtel turns ex-dividend today, 13 July 2017, for dividend of Re 1 per share for the year ended March 2017.
Mahindra & Mahindra turns ex-dividend today, 13 July 2017, for dividend of Rs 13 per share for the year ended March 2017.
Reliance Industries turns ex-dividend today, 13 July 2017, for dividend of Rs 11 per share for the year ended March 2017.
On the macro front, government data released after market hours yesterday, 12 July 2017 showed that India's factory output slowed in May. The index of industrial production in May rose 1.7% compared to a year ago, slower than the 3.1% growth seen in April.
Another data showed that retail inflation fell in June. Consumer prices rose 1.53% in June, compared to last year, slower than the 2.18% increase seen in May.
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