Market may edge higher in early trade

Market may see a slightly higher opening. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8.50 points at the opening bell.

Overseas, Asian stocks witnessed a mixed trend amid subdued trading on Wall Street overnight. US equities closed mixed yesterday, 24 July 2017 as Wall Street geared up for a major week of earnings and Federal Reserve news. The US Federal Reserve will announce its interest rate decision tomorrow, 26 July 2017. The Federal Reserve had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 366.84 crore yesterday, 24 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 668.87 crore yesterday, 24 July 2017, as per provisional data.

Among corporate news, Ambuja Cements' consolidated net profit rose 11.9% to Rs 718.24 on 14.7% increase in net sales to Rs 6145.33 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Ambuja Cements said that the Government's focus on infrastructure, backed by a good monsoon, should help in spurring economic growth in the second half of the year. The company said it was well prepared for the implementation of the new Goods and Services Tax (GST) with effect from 1 July 2017. The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run.

Bharti Infratel's consolidated net profit fell 12.2% to Rs 663.90 crore on 9.7% increase in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Indiabulls Housing Finance's consolidated net profit rose 25.1% to Rs 788.22 crore on 24.2% growth in total income to Rs 3225.02 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Zee Entertainment Enterprises' consolidated net profit rose 15.9% to Rs 251.44 crore on 2% decline in net sales to Rs 1540.25 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Among prominent earnings, Asian Paints, Axis Bank, Bharti Airtel and Hero MotoCorp are scheduled to announce April-June 2017 quarter results today, 25 July 2017.

Key benchmark indices registered modest gains yesterday, 24 July 2017, supported by impressive gains in index pivotals HDFC Bank, Reliance Industries, ITC and Infosys. The Sensex had risen 216.98 points or 0.68% to settle at 32,245.87, its record closing level.

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