Market may edge higher in early trade

Market may edge higher in early trade. Trading of Nifty 50 futures on the Singapore stock exchange indicated that the Nifty could gain 26.50 points at the opening bell.

In overseas markets, Asian markets were trading mixed. US stocks closed lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East. An overnight drop in Chinese stocks that triggered a circuit breaker under a new rule also pressured sentiment.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 667.15 crore yesterday, 4 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 222.79 crore yesterday, 4 January 2016, as per provisional data.

Among key corporate news, Wipro after market hours yesterday, 4 January 2016, announced that it has appointed TK Kurien as the Executive Vice Chairman and Abidali Z Neemuchwala as the Chief Executive Officer and member of the board of the company. Both these appointments are effective 1 February 2016. Kurien will continue to report to Azim Premji and will remain a member of the board until 31 March 2017.

Grasim Industries (Grasim) announced after market hours yesterday, 4 January 2016 that Aditya Birla Chemicals (India) (ABCIL) has been merged with company from the appointed date of 1 April 2015 with all the requisite approvals for the scheme of amalgamation in place. With the merger becoming effective, Grasim's standalone EBITDA (earnings before interest, taxation, depreciation and amortization) for the six months ended 30 September 2015 stands increased from Rs 728 crore (pre-merger) to about Rs 883 crore (post-merger). Grasim will issue 14.62 lakh equity shares to the eligible shareholders of ABCIL in the ratio of one equity share of Rs 10 each of Grasim for every sixteen shares of Rs 10 each of ABCIL. This merger has resulted in the geographical diversification of the Chlor-Alkali business of Grasim, the company said. It also enables the business to capitalize growth opportunities backed by Grasim's inherent strengths, the company added.

Bank of Baroda (BoB) announced after market hours yesterday, 4 January 2016 that the seventh installment of annual interest amounting to Rs 26.72 crore on the bank's Rs 300.20 crore IPDI Series-I bonds will be paid on 30 January 2016.

A sharp selloff and trading halt in stock markets in mainland China rattled global stocks and Indian equity markets were no exception yesterday, 4 January 2016. The Sensex slumped 537.55 points or 2.05% to settle at 25,623.35, its lowest closing level since 22 December 2015.

Powered by Capital Market - Live News