Lower start for indices on cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 85.50 points at the opening bell. The market remained closed yesterday, 14 November 2016 on account of holiday.

In overseas markets, Asian stocks were mixed. US stocks closed little changed yesterday, 14 November 2016, after rising dramatically the week before and a decline in the technology sector offset a steep rise in financial stocks as investors bet on higher interest rates. The Dow Jones Industrial Average settled at another record closing high.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1493.27 crore on Friday, 11 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 64.72 crore on Friday, 11 November 2016, as per provisional data.

On macro front, the industrial production (IIP) data announced after market hours on Friday, 11 November 2016 showed that IIP rose 0.7% in September.

Among corporate news, Tata Motors reported consolidated net profit of Rs 848.16 crore in Q2 September 2016 as compared with net loss of Rs 1740.20 crore in Q2 September 2015. Total income rose 7% to Rs 66,106.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Monday, 14 November 2016, when the stock market was closed for a public holiday.

GAIL (India) will announce its Q2 September 2016 results today, 15 November 2016.

Aurobindo Pharma's consolidated net profit rose 33.53% to Rs 605.64 crore on 12.03% rise in total income to Rs 3783.73 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Monday, 14 November 2016.

Bank of Baroda's net profit jumped 343.54% to Rs 552.12 crore on 2.06% decline in total income to Rs 12046.60 crore in Q2 September 2016 over Q2 September 2015. The result was announced was announced after market hours on Friday, 11 November 2016.

Tata Steel recorded consolidated net loss of Rs 49.38 crore in Q2 September 2016 compared with consolidated net profit of Rs 5609.43 crore in Q2 September 2015. Total income fell 0.01% to Rs 27579.57 crore in Q2 September 2016 over Q2 September 2015. The result was announced was announced after market hours on Friday, 11 November 2016.

Bharat Petroleum Corporation's (BPCL) net profit rose 26.16% to Rs 1305.18 crore on 2.67% fall in total income to Rs 45715.06 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 11 November 2016.

Separately, BPCL after market hours on Friday, 11 November 2016 announced formation of Joint Venture with GAIL Gas for a City Gas Distribution (CGD). Consortium of BPCL and GAIL Gas has been awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the geographical area of North Goa by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. The board of directors of the company has approved the proposal to form a new Joint Venture Company (JVC) for this purpose, BPCL said. The proposed JVC shall have equal equity participation from BPCL and Gail Gas and with a provision for equity stake of up to 10% for government of Goa or its nominee. The authorization provides exclusively for laying gas pipelines and related infrastructure in the GA over the next 25 years and a marketing exclusivity for 5 years. The CGD Network shall cater to the demand of CNG and Piped Natural Gas to consumers in the domestic, commercial and industrial segments.

Sudden selling pressure in late trade dragged the key benchmark indices sharply lower as a sudden spike in US bond yields to a 10-month high rattled emerging equity markets Friday, 11 November 2016. The Sensex fell 698.86 points or 2.54% to settle at 26,818.82, its lowest closing level since 29 June 2016.

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