Lower opening on cards

Market may edge lower in early trade tracking weakness in Asian bourses and subdued closing on Wall Street overnight. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could decline 78.50 points at the opening bell.

Overseas, Asian stocks edged lower amid firmer dollar as investors await corporate earnings. US equities closed mixed yesterday, 27 July 2017 after the technology sector rolled over.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1869.92 crore yesterday, 27 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 660.03 crore yesterday, 27 July 2017, as per provisional data.

Among corporate news, ITC's net profit rose 7.37% to Rs 2560.50 crore on 4.41% growth in total income to Rs 14277.19 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

ONGC's net profit fell 8.22% to Rs 3884.73 crore on 6.36% increase in total income to Rs 19927.93 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

ICICI Bank's net profit fell 8.21% to Rs 2049 crore on 0.52% growth in total income to Rs 16847.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

Idea Cellular reported consolidated net loss of Rs 814.90 crore in Q1 June 2017 compared with net profit of Rs 220.40 crore in Q1 June 2016. Total income fell 14.34% to Rs 8181.70 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

Dr Reddy's Laboratories and CHD Bioscience Inc., a privately-held biopharmaceutical company, announced a global licensing agreement for the clinical development and commercialization of Dr. Reddy's phase III clinical trial candidate, DFA-02. The announcement was made after market hours yesterday, 27 July 2017.

It is intended to be used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery. Phase II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase III registration studies.

Under the terms of the agreement, Dr Reddy's would receive equity in CHD valued at $30 million upon an IPO of CHD or a minimum of $30 million in cash within 18 months of execution of the agreement. Dr. Reddy's will also receive additional milestone payments of $40 million upon USFDA approval. In addition, CHD will pay Dr. Reddy's double-digit royalties on sales and commercial milestones.

Key benchmark indices settled near the flat line in a volatile session yesterday, 27 July 2017. The Sensex had risen 0.84 points to settle at 32,383.30.

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