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Weak opening on the cards

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Stocks are likely to open lower on negative global cues. Trading of 50 index futures on the stock exchange indicates that the could fall 28 points at the opening bell. will declare its Q1 today, 9 August 2017.

Overseas, Asian stocks declined after US President Donald Trump delivered a warning to North Korea amid rising tensions between the nations. US stocks finished near lows of the session yesterday, 8 August 2017 reversing earlier gains as an early rally in financial, tech and energy stocks fizzled amid tough talk from President Donald Trump on North Korea.

In US economic news, the Labor Department reported on Tuesday that the number of job openings in June vaulted to 6.16 million from 5.7 million in May.

Back home,key benchmark indices settled with modest losses yesterday, 8 August 2017 as investors were spooked by the market regulator Securities and Exchange Board of India's (Sebi) directions to the stock exchanges to initiate action against 331 firms that it suspects are shell companies and are listed on the bourses. Weak global cues also weighed on sentiment on the domestic bourses. The Sensex lost 259.48 points or 0.8% to settle at 32,014.19, its lowest closing level since 20 July 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1539.82 crore yesterday, 8 August 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 798.55 crore yesterday, 8 August 2017, as per provisional data.

Among corporate news,Sun Pharmaceutical Industries (Sun Pharma) announced that one of its wholly owned subsidiaries has agreed to acquire by way of allotment to it, 2.03 lakh Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, a biopharmaceutical company using gene therapy to develop treatments for patients suffering from rare debilitating disorders. The announcement was made after market hours yesterday, 8 August 2017.

Bharat Heavy Electricals (Bhel) announced that it has achieved another milestone in expanding and consolidating its footprint in the international market by securing export orders from Chile and Estonia. With these latest orders, Bhel has now expanded its global footprint to 82 countries across all the six inhabited continents. The announcement was made after market hours yesterday, 8 August 2017.

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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, August 09 2017. 08:32 IST
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