Market may extend gains on firm Asian stocks

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 36.50 points at the opening bell on firm Asian stocks.

Trading could be volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2017 series to November 2017 series. The near month October 2017 derivatives contract expire on Thursday, 26 October 2017.

Among corporate news, Indiabulls Housing Finance's (IBHFL) consolidated net profit rose 25.82% to Rs 861.06 crore on 16.26% growth in total revenue to Rs 3342.48 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 23 October 2017.

IBHFL's board approved the proposal of issuing secured and unsecured non-convertible debentures (NCDs), upto Rs 25000 crore and Rs 3000 crore respectively, on private placement basis. The board has also approved raising funds by way of issue of secured/unsecured, rupee denominated overseas bonds/foreign currency denominated bonds, upto the maximum amount, as permissible under the applicable regulations.

IBHFL's board declared an interim dividend of Rs 9 per share for FY 2018.

IndusInd Bank said that the bank in association with MobiKwik, India's largest issuer-independent digital financial services platform, launched a co-branded wallet 'IndusInd Mobikwik' that allows IndusInd Bank customers to pay at the 2 million strong MobiKwik merchant network using their accounts, with a 'Direct Debit Feature'.

The unique 'Direct Debit Feature' will allow IndusInd Bank account holders to link their accounts just once and pay using the cobrand App as and when required, thereby eliminating the need to load the MobiKwik prepaid wallet separately. The transaction is authorized with an additional factor of authentication, in line with mobile banking guidelines. The announcement was made after market hours yesterday, 23 October 2017.

Infosys, HDFC Bank, Asian Paints, Ambuja Cements, ICICI Prudential Life Insurance Company, Zee Entertainment Enterprises and ABB India will announce July-September 2017 quarterly results today, 24 October 2017.

Overseas, most Asian stocks shrugged off Monday's declines in the US, where a gauge of equity volatility climbed as market participants assessed the recent rally in global stocks before a slew of earnings reports. Investors are closely watching China and the 19th Communist Party Congress, which winds up on Tuesday and at which President Xi Jinping is expected to release the composition of the Standing Committee - the apex of power in the country.

US stocks began the week with losses yesterday, 23 October 2017 as industrial and technology companies and retailers all stumbled. The Chicago Fed national activity index for September improved to 0.17 in September from negative 0.37 in August.

Back home, trading for the week started on a positive note as key benchmark indices settled with modest gains after what was a rangebound trading session yesterday, 23 October 2017. Firmness in global stocks supported gains on the domestic bourses. The Sensex rose 116.76 points or 0.36% to settle at 32,506.72, its highest closing level since 18 October 2017.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 81.51 crore on yesterday, 23 October 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 307.84 crore yesterday, 23 October 2017, as per provisional data.

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