Market may correct on negative global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 33 points at the opening bell on negative Asian cues.

Overseas, Asian shares reversed from more than two-year highs on growing expectations that the Federal Reserve will take a more cautious approach to raising interest rates.

US market ended little changed yesterday, 17 July 2017, as investors braced for a flood of second-quarter earnings reports later this week. The Dow Jones Industrial Average declined 8.02 points to close at 21,629.72. The S&P 500 declined 0.13 points to close at 2,459.14. The Nasdaq Composite Index rose 1.97 points to close at 6,314.43.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 328.61 crore yesterday, 17 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 447.14 crore yesterday, 17 July 2017, as per provisional data.

Among corporate news, CRISIL and Ultratech Cement will announce April-June 2017 results today, 18 July 2017.

ACC's consolidated net profit rose 32.65% to Rs 326.23 crore on 20.32% rise in total income to Rs 3985.40 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 17 July 2017. ACC said that cement sales volume rose 10.1% to 6.74 million tonnes in Q2 June 2017 over Q2 June 2016. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 38% to Rs 637 crore in Q2 June 2017 over Q2 June 2016. Operating EBITDA margin improved to 19% in Q2 June 2017 from 16% in Q2 June 2016.

Shares of Dr Reddy's Laboratories turn ex-dividend today, 18 July 2017 for dividend of Rs 20 per share for the year ended 31 March 2017.

Indiabulls Real Estate scheduled a board meeting on 24 July 2017, to consider issuance of Non-Convertible Redeemable Debentures, on private placement basis. The announcement was made after market hours yesterday, 17 July 2017.

Key benchmark indices settled with small gains on first trading day of the week yesterday, 17 July 2017. The barometer index, the S&P BSE Sensex, rose 54.03 points or 0.17% to settle at 32,074.78. The Nifty 50 index rose 29.60 points or 0.30% to settle at 9,915.95. Both the Sensex and the Nifty hit record high on intraday as well as closing basis.

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