Market may open with decent gains

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 71.50 points at the opening bell tracking firmness in Asian stocks. The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2016 series to November 2016 series. The near month October 2016 derivatives contracts expire on Thursday, 27 October 2016.

In overseas stock markets, most Asian stocks gained. Most US stocks closed slightly lower on Friday, 21 October 2016 after earnings from McDonald's helped offset a fall in energy and healthcare shares.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 272.91 crore on Friday, 21 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 500.37 crore on Friday, 21 October 2016, as per provisional data.

Among corporate news, Wipro's consolidated net profit fell 8% to Rs 2070 crore on 10% increase in gross revenues to Rs 13770 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016.

During the quarter, non-GAAP constant currency IT services segment revenue in dollar terms grew 0.9% over Q1 June 2016 and grew 7.2% over Q2 September 2015. IT services segment revenue was $1916.30 million, a decrease of 0.8% over Q1 June 2016 and an increase of 4.6% over Q2 September 2015.

IT services segment profits fell 5% to Rs 2340 crore on 9% increase in revenue to Rs 13140 crore in Q2 September 2016 over Q2 September 2015. Wipro expects revenues from its IT services business to be in the range of $1,916 million to $1,955 million.

On a consolidated basis, net profit of Cairn India rose 139.16% to Rs 778.70 crore on 9.08% decline in net sales to Rs 2038.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016.

Sun Pharmaceutical Industries said it completed the divestment of its seven prescription brands in India to RPG Life Sciences. This has been done after receiving approval of the Competition Commission of India and completion of all the necessary formalities for closure of the transaction, Sun Pharmaceutical Industries said in a filing. On 27 July 2016, Sun Pharma had informed that it had signed an pact with RPG Life Sciences to divest seven brands in India, owned by the company and its subsidiary, for a consideration of Rs 41 crore. The announcement was made after market hours on Friday, 21 October 2016.

Adani Enterprises, Adani Power, Adani Transmission, Idea Cellular, Bharti Infratel and Reliance Capital will declare July-September 2016 quarter results today, 24 October 2016

Power Grid Corporation of India announced on Saturday, 22 October 2016 that the company's board of directors in their meeting held on 22 October 2016, have accorded investment approvals for three projects totalling Rs 1184.45 crore.

Meanwhile, key benchmark indices registered small losses in a lacklustre trading session on Friday, 21 October 2016. The Sensex lost 52.66 points or 0.19% to settle at 28,077.18, its lowest closing level since 19 October 2016.

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