Market may open with strong gains

Key indices may open with strong gains tracking firmness in Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 73.50 points at the opening bell.

In overseas markets, Asian stocks rose tracking overnight gains in US stocks. US stocks rose for a second straight day yesterday, 3 November 2015 helped by a rally in energy companies.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 449.84 crore yesterday, 3 November 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 350.31 crore yesterday, 3 November 2015, as per provisional data.

Among corporate news, on a consolidated basis, Tech Mahindra's net profit rose 16.2% to Rs 785.60 crore on 5.1% rise in revenue to Rs 6615.50 crore in Q2 September 2015 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 16.5% to Rs 1101 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours yesterday, 3 November 2015.

GAIL (India)'s net profit dropped 66.19% to Rs 440.51 crore on 0.33% growth in total income to Rs 14466.68 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015. There was no subsidy sharing burden for GAIL (India) in Q2 September 2015. There was no subsidy sharing burden for the company during the corresponding quarter of the previous year.

Power Grid Corporation of India's net profit rose 20.54% to Rs 1448.04 crore on 16.65% rise in total income to Rs 5026.90 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015.

Ashok Leyland, Engineers India, Marico, Neyveli Lignite Corporation, Procter & Gamble Hygiene & Health Care and Reliance Infrastructure will announce their July-September 2015 quarterly earnings today, 4 November 2015.

On macro front, the Nikkei India Service PMI data for the month of October 2015 is due today, 4 November 2015. The seasonally adjusted Nikkei Services Business Activity Index fell to 51.5 in September 2015 from 52.6 in August 2015.

A divergent trend for various index constituents resulted in small gains for key benchmark indices yesterday, 3 November 2015. The barometer index, the S&P BSE Sensex, rose 31.44 points or 0.12% to settle at 26,590.59.

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