Market may edge slightly higher in early trade

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the index could gain 11 points at the opening bell. Meanwhile, the government on Saturday, 20 August 2016, named Reserve Bank of India (RBI) deputy governor Urjit R Patel as new RBI governor. Patel who handles the monetary policy department as the RBI deputy governor will take charge on 4 September 2016, the day when Raghuram Rajan's 3-year term as the RBI governor ends. Patel's term is also for a 3 year period.

In overseas stock markets, Asian stocks were trading mixed amid uncertainty whether the US Federal Reserve is readying an interest rate hike next month. US stocks registered small losses on Friday, 19 August 2016, with traders holding their horses ahead of a speech from Federal Reserve chair Janet Yellen at Jackson Hole this week. US Fed Chair Janet Yellen speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming is scheduled on Friday, 26 August 2016. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 409.94 crore on Friday, 19 August 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 106.19 crore on Friday, 19 August 2016, as per provisional data.

Among corporate news, State Bank of India (SBI) announced that the Committee of directors of the bank is scheduled to meet on 24 August 2016, to examine the status and decide on long term AT1 fund raising in single/multiple tranches in domestic/foreign currency through a public offer and/or private placement during the current financial year (FY 2017). The announcement was made on Saturday, 20 August 2016.

NTPC and HPCL are scheduled to announce Q1 June 2016 results today, 22 August 2016.

Key benchmark indices registered small losses in a lackluster trading session on Friday, 19 August 2016, as European stocks drifted lower. The Sensex fell 46.44 points or 0.17% to settle at 28,077, its lowest closing level since 17 August 2016.

Powered by Capital Market - Live News