Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell. The market will react to the GDP data for second quarter ended September 2016 released by the government after trading hours yesterday, 30 November 2016.
Among macro economic data, the gross domestic product (GDP) rose 7.3% in the quarter ended September, data from the Central Statistics Office showed yesterday, 30 November 2016.
The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%.
Overseas, Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) has reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices. US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any postelection euphoria and that the economy was expanding moderately.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 434.42 crore yesterday, 30 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 676.68 crore yesterday, 30 November 2016, as per provisional data.
Shares of auto companies will be in focus as companies start unveiling monthly sales volume data for November 2016 from today, 1 December 2016.
Wipro announced that it has signed an agreement for divestment of its EcoEnergy division viz. Wipro EcoEnergy on slump sale basis, for a consideration of $70 million. The buyer is Chubb Alba Control Systems (Chubb Alba), an indirect subsidiary of United Technologies Corporation (UTC). The sale is expected to be closed in early 2017, subject to requisite approvals. The announcement was made after market hours yesterday, 30 November 2016.
Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing a revision in petrol and diesel prices with effect from midnight of 30 November/1 December 2016. Indian Oil Corporation (IOCL) yesterday, 30 November 2016, announced an increase in the price of petrol by Rs 0.13 per litre (excluding state levies) and a decrease in the price of diesel by Rs 0.12 a litre (excluding state levies). The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.
RBL Bank announced that the Reserve Bank of India (RBI), vide its letter dated 30 November 2016, has granted in-principle approval for opening of 'international financial services centre banking unit' at Gujarat International Finance Tech-City (GIFT), Gujarat. The announcement was made after market hours yesterday, 30 November 2016.
Key benchmark indices settled with decent gains yesterday, 30 November 2016 as firmness in global stocks boosted sentiment. The Sensex gained 258.80 points or 0.98% to settle at 26,652.81, its highest closing level since 11 November 2016.
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