Market may open higher on strong global cues

Market is seen opening higher on strong global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 55.50 points at the opening bell.

Overseas, Asian stocks edged higher as investors anticipated clues on the direction of monetary policy from central banks later in the week. Japan markets are closed for a public holiday. US stocks rose to record levels on Friday, 15 September 2017. The Federal Reserve interest rate decision is scheduled on Wednesday, 20 September 2017.

Among global events, European Union economic and financial affairs ministers held an informal meeting in Tallinn, Estonia on Friday, 15 September 2017 and emphasized that the strength of the entire EU is dependent on the strength of the economic and monetary union. The implementation of the Greek programme and the third review dominated the meeting, noted Eurogroup president Jeroen Dijsselbloem at a press conference after the end of the meeting, as per reports.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 418.86 crore on Friday, 15 September 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 125.55 crore on Friday, 15 September 2017, as per provisional data.

Among corporate news, Wipro announced plans to deliver the Wipro BoundaryLess Data Center (BLDC) solution built on Hewlett Packard Enterprise (HPE) ProLiant for Microsoft Azure Stack to help customers expand their infrastructure capabilities beyond the traditional walls of the enterprise datacenter. The announcement was made after market hours on Friday, 15 September 2017.

Among economic data, India's merchandise exports increased 10.3% to $23.82 billion in August 2017 over a year ago. Meanwhile, merchandise imports jumped 21% to $35.46 billion. The trade deficit galloped 51.1% to $11.64 billion in August 2017 from $7.71 billion in August 2016, data released by the government after trading hours on Friday, 15 September 2017 showed.

As per the data released by the Reserve Bank of India, India's services exports increased 3.2% to $13.18 billion in July 2017 over July 2016. Meanwhile, India's services imports declined 1% to $7.33 billion in July 2017. India's services trade surplus improved 8.9% to $5.84 billion in July 2017 from $5.37 billion in July 2016.

Key benchmark indices settled near the flat line in what was a largely range-bound session of trade on Friday, 15 September 2017. The Sensex had risen 30.68 points or 0.1% to settle at 32,272.61, its highest closing level since 7 August 2017.

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