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Market set to surge in early trade

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Market may jump in early trade on strong overseas cues. Trading of 50 index futures on the stock exchange indicates that the could jump 49.50 points at the opening bell.

Overseas, most Asian stocks edged higher after strong lead from Wall Street. US stocks surged to close the session at record highs yesterday, 11 January 2018 as investors bet economic growth would pick up steam.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 623.63 crore yesterday, 11 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 770.02 crore yesterday, 11 January 2018, as per provisional data.

Among corporate news, on a consolidated basis, TCS' net profit rose 1.31% to Rs 6545 crore on 1.18% growth in net sales to Rs 30904 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours yesterday, 11 January 2018.

IT is scheduled to announce Q3 December 2017 results today, 12 January 2018.

(SBI) said that the proposal will be submitted to (ECCB) on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5000 crore as intimated earlier. The announcement was made after market hours yesterday, 11 January 2018.

On the macro front, the government is scheduled to announce industrial production data for November 2017 today, 12 January 2018. India's industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.

The government will also announce today, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.

The closed the mostly range-bound session of trade with small gains yesterday, 11 January 2018. The Sensex had advanced 70.42 points or 0.2% to settle at 34,503.49, its record closing high.

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

First Published: Fri, January 12 2018. 08:05 IST
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