Market may open on a firm note

Domestic stocks may open higher as trading resumes after a long weekend. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 37 points at the opening bell tracking firm Asian stocks. The market remained closed yesterday, 25 December 2017, on account of Christmas.

Overseas, Asian stocks were mixed in trading thinned by year-end holidays. Australia and Hong Kong markets remain shut today, 26 December 2017.

Back home, trading for the week ended on a positive note on Friday, 22 December 2017 as the stock market settled with modest gains to scale record high on closing as well as on intraday basis. Firmness in most global stocks perked up sentiment. The Sensex gained 184.02 points or 0.55% to settle at 33,940.30, a record closing high.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 107.87 crore on Friday, 22 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 371.53 crore on Friday, 22 December 2017, as per provisional data.

Tata Power announced that its Russian subsidiary, Far Eastern Natural Resources LLC, has been awarded the mining license of a thermal coal mine in Kamchatka province in Far East Russia. The subsidiary participated in financial auction process at Petropavlovsk, Kamchatka, on 22 December 2017 and was awarded the license at approximately $4.7 million. The Kamchatka project site has been declared as a Special Economic Zone and will qualify for various concessions including protection against change of laws. The coal mine has high quality thermal coal reserves of over 380 million tonnes, which the company aims to deploy for its facilities in Mundra and Trombay; as also sell in Far East Asian markets. The venture has also received consents on transfer-pricing issues. The company intends to carry out detailed exploration to enable it to formulate a mining plan and work out capex outlook to implement the project in a phased manner to reach a stable throughput of 8 to 10 million tonnes per annum. The company proposes to work with associates, contractors, who are not under any sanctions. The mine project is located close to the coast. The infrastructure comprising haulage road and port facilities shall be developed by the Government through their State budget. The announcement was made after market hours on Friday, 22 December 2017.

Bharat Heavy Electricals (Bhel) said it secured a landmark contract for 146 sets of Insulated Gate Bipolar Transistor (IGBT)-based 3 phase electrics for 25 kilovolt (KV) AC Mainline EMU (MEMU) trains. Valued at Rs 672 crore, the order has been placed on Bhel by Rail Coach Factory (RCF), Kapurthala. Bhel's scope of the work in the order envisages design, manufacture, supply, installation and commissioning of IGBT-based propulsion system and other equipment for MEMU trains of Indian Railways. These system and equipment will be developed and produced by Bhel at its various manufacturing plants located at Bengaluru, Bhopal and Jhansi. The announcement was made on Monday, 25 December 2017, The stock market was closed on Monday, 25 December 2017, on account of Christmas holiday.

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