Market may open with decent gains on firm Asian stocks

Key indices may surge in early trade tracking firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 58 points at the opening bell.

In overseas markets, Asian shares surged, taking their cue from overnight gains in US stocks after the minutes of the Federal Reserve's latest meeting damped down expectations of an imminent Fed rate hike. Though the Fed said overseas turmoil had not materially altered economic prospects for the United States, the US central bank opted to hold interest rates steady after a monetary policy review last month. Riskier asset markets, which had risen when the Fed held off raising rates in September, got a further boost on confirmation policy makers won't rush to tighten rates at a time of slackening global growth.

Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 48.89 crore yesterday, 8 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 299.75 crore yesterday, 8 October 2015, as per provisional data.

Among corporate news, Hindalco Industries said that CARE has revised long term rating of the company's non convertible debentures from AA+ to CARE AA. Hindalco Industries made the clarification after market hours yesterday, 8 October 2015 with respect to reports titled "CARE cuts rating for Hindalco debentures."

Power Grid Corporation of India said that the company has incorporated a wholly owned subsidiary company named Grid Conductors to manufacture aluminium and aluminium alloy electricity conductors at an estimated cost of Rs 127.35 crore on 15 September 2015. The announcement was made after market hours yesterday, 8 October 2015.

Sun Pharmaceutical Industries announced before market hours today, 9 October 2015 that the company has withdrawn its appeal in the lawsuit filed by erstwhile Ranbaxy Laboratories in November 2014 in a US District Court against US Food and Drug Administration (FDA). This lawsuit challenged FDA's revocation of Ranbaxy's tentative approvals for its generic versions of Nexium and Valcyte in the US. The company do not believe that the withdrawal of said lawsuit by Sun Pharma will have any materially adverse financial impact on the company.

Meanwhile, after registering gains for the preceding six straight trading sessions, key benchmark indices edged lower yesterday, 8 October 2015, as stocks of private sector banks, automobile and pharma sector companies and index heavyweights ITC and Reliance Industries edged lower. The barometer index, the S&P BSE Sensex, dropped 190.04 points or 0.7% to settle at 26,845.81.

Powered by Capital Market - Live News