A positive start in the store

The market is likely to open in the green on positive Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.

Overseas, Asian stocks were trading higher. US stocks rose in a thinly traded session yesterday, 27 December 2016 with the Nasdaq hitting its latest in a series of records as the market's recent upward bias continued, helped by a gain in technology shares. In the latest economic data, Consumer confidence in December jumped to 113.7 from a revised 109.4 in November, hitting its highest level since 2001.

Back home, key benchmark indices logged strong gains yesterday, 27 December 2016 led by sharp gains in index heavyweights ITC, Infosys and Reliance Industries (RIL) as bargain hunting emerged after the recent selling. The Sensex jumped 406.34 points or 1.57% to settle at 26,213.44, its highest closing level since 21 December 2016.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 712.17 crore yesterday, 27 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1502.41 crore yesterday, 27 December 2016, as per provisional data.

In corporate news, TCS announced that VersaCoId Logistics Services, Canada's largest end-to-end supply chain solutions company for temperature sensitive products has selected TAP, TCS' procure to pay cloud solution, to manage their operating costs with greater efficiency. The announcement was made after market hours yesterday, 27 December 2016.

Akzo Nobel India announced that it has inaugurated a first-of-its-kind specialty coatings production facility and colour laboratory in Noida, Uttar Pradesh, to service its customers in the consumer electronics, automobile and cosmetics industry. The announcement was made after market hours yesterday, 27 December 2016.

With an investment of Euro 0.4 million or Rs 3 crore, the new site will manufacture 600 kilolitre of coatings annually, thus catering to the localisation drive undertake by many large companies. Already commissioned, the facility is in its first phase, the second phase is likely to be completed by the end of 2016, with scope for further expansion.

Powered by Capital Market - Live News