Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 8 points at the opening bell. IT major TCS is scheduled to release its Q4 March 2017 results today, 18 April 2017.

Overseas, Asian stocks were trading higher helped by and easing geopolitical concerns. US stocks rose the most in six weeks yesterday, 17 April 2017 as concerns eased about major events that threaten global growth.

Back home, key benchmark indices settled with small losses after a quiet session of trade amid lack of global cues as most world markets remained closed for holiday yesterday, 17 April 2017. The Sensex shed 47.79 points or 0.16% to settle at 29,413.66, its lowest closing level since 28 March 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 250.54 crore yesterday, 17 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 52.38 crore yesterday, 17 April 2017, as per provisional data.

Among corporate news, Hindustan Oil Exploration Company, Omax Autos, Muthoot Capital Services and VST Industries are schedule to release March 2017 quarter earnings today, 18 April 2017.

Axis Bank announced that it has retained the marginal cost of funds based lending rates (MCLR) at the same levels across tenors. The bank's MCLR for overnight loans will be 7.9%, for one month will be 7.9% and for three months will be 8.05%.

The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the bank said. MCLR for two-year loans would be at 8.3% and loans with three-year maturity would carry an MCLR of 8.35%, the bank said. The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 18 April 2017. The announcement was made after market hours yesterday, 17 April 2017.

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