Market may extend buying momentum

Market may edge higher in early trade tracking positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 97.50 points at the opening bell.

Overseas, Asian stocks edged higher as global equities appeared to bounce back after declines earlier in the week. US equities rose yesterday, 16 November 2017, rebounding from consecutive declines, following strong quarterly results.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 447.42 crore yesterday, 16 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 847.45 crore yesterday, 16 November 2017, as per provisional data.

Among corporate news, Wipro announced the launch of industry-specific solutions on SAP Leonardo. The first set of solutions will focus on the utilities industry, while the next will cover the consumer and manufacturing industries. As part of the partnership, Wipro will develop industry-specific analytics "apps" on its insights-as-a-service solution, Data Discovery Platform, leveraging SAP Leonardo analytics, Big Data and data intelligence capabilities. The announcement was made after market hours yesterday, 16 November 2017.

Bharti Airtel announced the launch of two new Android powered 4G smartphones at the price of a feature phone in partnership with Karbonn Mobiles. The launch is part of Airtel's 'Mera Pehla Smartphone' initiative, which is aimed at enabling every Indian to buy a 4G smartphone and get on to the digital superhighway. The 'Al Indian' 4G smartphone will be available at an effective price of Rs 1799 (compared to MRP of Rs 4390) and the 'A41 Power' comes at an effective price of Rs 1,849 (compared to MRP of Rs 4,290). Both 4G smartphones come bundled with a monthly pack of Rs 169 from Airtel, which offers generous data and calling benefits. The announcement was made after market hours yesterday, 16 November 2017.

Market registered strong gains yesterday, 16 November 2017 on renewed buying after previous three sessions of losses. The Sensex had risen 346.38 points or 1.06% to settle at 33,106.82, its highest closing level since 10 November 2017.

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