Market may open on a positive note

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 24 points at the opening bell tracking firm Asian stocks.

Overseas, Asian markets were mixed in early trade, with most markets shrugging off overnight declines seen on Wall Street. Meanwhile, investors in the region await the release of industrial profit numbers out of China. US stocks closed lower in light volume trade yesterday, 26 December 2017 as shares of Apple tumbled, offsetting gains in energy stocks as oil prices hit their highest in more than two years.

Back home, trading after a long weekend resumed on a buoyant note as key benchmark indices, led by Reliance Industries and Bharti Airtel, logged modest gains yesterday, 26 December 2017. The Sensex rose 70.31 points or 0.21% to settle at 34,010.61, its record closing high.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 44.07 crore yesterday, 26 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 544.50 crore yesterday, 26 December 2017, as per provisional data.

Reliance Communications (RCom) announced its exit from the Reserve Bank of India (RBI)'s Strategic Debt Restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders. Upon completion of all transactions as announced, the balance debt in RCom is expected to be approximately Rs 6000 crore only, representing reduction of over 85% of total debt. The announcement was made after market hours yesterday, 26 December 2017.

Jindal Steel & Power (JSPL) has successfully completed a 250 ton basic oxygen furnace (BOF) marking the completion of its 6 million tones per annum (MTPA) integrated steel project at Angul, Odisha. With the completion of the new steel making facility, JSPL will utilize the full capacity of its 4 MTPA mega blast furnace, the largest in India. The BOF will also enable the company to achieve significantly higher cost effectiveness and efficiencies for steel making.

The 250 ton basic oxygen furnace will produce 3 million tonnes of high-grade steel per annum. JSPL's Angul steel making complex is the largest and most modern integrated steel plant in the state of Odisha that has been established at an investment of Rs 33000 crore. The BOF is the last major installation at the 6 MTPA integrated steel plant, marking the completion of JSPL's expansion and capital expenditure program. The announcement was made after market hours yesterday, 26 December 2017.

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