Market may open higher on positive global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 32 points at the opening bell on positive global cues.

Overseas, Asian equities were trading higher after US stocks hit record highs, while the dollar extended losses following the latest minutes from the US Federal Reserve.

US equities settled higher on Wednesday as gains in the utilities, technology and oil & gas sectors boosted shares. The Dow Jones Industrial Average gained 0.18% to hit a new all time high, while the S&P 500 index added 0.18%, and the NASDAQ Composite index climbed 0.25%.

Minutes from the US Federal Reserve's policy-setting gathering in September indicated a desire to increase rates one additional time despite low inflation. Some Fed policy members expressed concerns about inflation running below its 2% annual target, while others worried that waiting for inflation to normalize policy could lead to an overheated market.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 107.95 crore yesterday, 11 October 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 233.80 crore yesterday, 11 October 2017, as per provisional data.

Among corporate news, Hero MotoCorp said that riding on robust sales of range of motorcycles and scooters, the company has set a new global record, clocking 2 million unit sales in the just-concluded second quarter (July to September) of this financial year (FY 2017-18). This is the first time globally, that any two-wheeler company has crossed the 2 million sales mark in any quarter, Hero MotoCorp said. The announcement was made after market hours yesterday, 11 October 2017.

Ashok Bhasin, Head of Sales, Marketing and Customer Care, Hero MotoCorp, said that the company's overall strategy for the festive season has been integrated with the customer activation initiatives for the FIFA U-17 World Cup. Under this strategy, the company has rolled out innovative consumer engagement programmes like the Trophy Tour and has reached out to targeted consumer groups through the print, television, digital and social media platforms.

ICICI Bank said that the Committee of Executive Directors of the bank, in the meeting held on 10 May 2017, had approved the offshore borrowing plan for the financial year 2017-18. The bank, under its GMTN programme, acting through its DIFC (Dubai) branch, tapped its existing 3.25% Fixed Rate Notes maturing September 2022, for an amount of $150 million on a private placement basis. With this, the outstanding amount under this Notes would be $650 million. The notes would be listed on the Singapore Stock Exchange. The announcement was made after market hours yesterday, 11 October 2017.

HCL Infosystems said that a meeting of the Rights Issue Committee of the Board of the Company is scheduled to be held on 14 October 2017 to consider rights issue size, fix the rights issue price and ratio for rights entitlements and fix the record date for the purpose of rights issue. The announcement was made after market hours yesterday, 11 October 2017.

Key benchmark indices logged modest losses in volatile trade yesterday, 11 October 2017, led by slide in bank stocks. The barometer index, the S&P BSE Sensex, fell 90.42 points or 0.28% to settle at 31,833.99. The Nifty 50 index fell 32.15 points or 0.32% to settle at 9,984.80.

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