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Market may edge higher on positive global cues

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Market is seen opening higher on positive global cues. Trading of 50 index futures on the stock exchange indicates that the could gain 13 points at the opening bell.

In overseas stock markets, Asian stocks edged higher tracking overnight gains in US stock markets. In mainland China, the Shanghai Composite was currently up 0.24%. In Hong Kong, the Hang Seng was currently down 0.13%. Latest data showed that China's gross domestic product (GDP) rose 6.7% in the third quarter from a year earlier. Another data showed that China's industrial output increased 6.1% in September 2016, from a year earlier. US stocks registered modest gains yesterday, 18 October 2016, helped by stronger-than-expected quarterly reports and after mixed inflation data.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 345.04 crore yesterday, 18 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 173.36 crore yesterday, 18 October 2016, as per provisional data.

Among corporate news, Mahindra & Mahindra (M&M) announced after market hours yesterday, 18 October 2016 that it has subscribed to and has been allotted 60 lakh equity shares of Rs 10 each of Classic Legends Private (CLPL), constituting 60% of its post-issue capital, offered to the company by CLPL on preferential basis. CLPL is into automobile industry. It is yet to commence its commercial operations.

Reliance Industries (RIL) announced after market hours yesterday, 18 October 2016 that the DTA unit of Jamnagar refinery of the company is planning to shut down the Fluidized Catalytic Cracking Unit (FCCU) for routine Maintenance & Inspection activities from the second week of November 2016 for about 5 weeks. The shutdown will provide an opportunity to carry out a revamp job in one of the Polypropylene units. All the four crude distillation units along with other major secondary processing units are expected to operate at normal throughput, RIL said.

Bank of Baroda (BoB) announced after market hours yesterday, 18 October 2016 that a meeting of the Capital Raising Committee of the Board is scheduled to meet on 21 October 2016, to consider and approve the issue of bonds. It may be recalled that BoB had announced on 15 October 2016 that it had initiated the process of raising funds through issuance of Basel III Compliant AT-I (Additional Tier-I Capital) Bonds of Rs 1000 crore with Green Shoe option of Rs 1000 crore (Total size not to exceed Rs 2000 crore) on private placement basis.

Banking, IT and metal sector stocks and index heavyweights HDFC, Reliance Industries and ITC led strong gains for key benchmark indices yesterday, 18 October 2016. The Sensex jumped 520.91 points or 1.89% to settle at 28,050.88, its highest closing level since 10 October 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 08:15 IST