Market may see flat opening

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 1.50 points at the opening bell.

In overseas markets, Asian stocks were trading lower after Bank of Japan (BoJ) chief Haruhiko Kuroda dashed hopes for so-called "helicopter money", triggering the yen's steepest rally in a month and weakening the outlook for exporters in Tokyo. Japan's Nikkei 225 was down 0.89%.

According to a media interview, recorded mid-June but broadcast yesterday, 21 July 2016, BOJ Governor Haruhiko Kuroda ruled out the idea of using helicopter money - or directly underwriting the budget deficit - to combat deflation. BoJ holds meeting on 29 July 2016.

In US, the Dow industrials yesterday, 21 July 2016, snapped a nine-day string of gains, as a hot equity market cooled ahead of key central-bank meetings.

Meanwhile, the European Central Bank (ECB) held rates unchanged yesterday, 21 July 2016, and emphasized that it intends to keep rates at current or lower levels for an "extended period" and that its program of monthly bond buys would run until at least March 2017, and possibly beyond.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 420.22 crore yesterday, 21 July 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 372.40 crore yesterday, 21 July 2016, as per provisional data.

Among corporate news, cigarette major ITC's net profit rose 10.09% to Rs 2384.67 crore on 8.61% increase in total income to Rs 13673.58 crore in Q1 June 2016 over Q1 June 2015. The result was announced after trading hours yesterday, 21 July 2016.

Axis Bank will announce its Q1 result today, 22 July 2016.

HDFC announced after market hours yesterday, 21 July 2016, that it has completed the issue of rupee denominated bonds aggregating to Rs 3000 crore yesterday, 21 July 2016.

ONGC will be in focus. ONGC Videsh Vankorneft, a subsidiary of ONGC Videsh has raised $1 billion through debt instruments issued in global markets. The company raised $400 million through senior unsecured notes due 2022 and $600 million of senior unsecured notes due 2026. The notes are guaranteed by ONGC and have been assigned a Baa2 rating by Moody's and BBB- by S&P. The transaction is the largest achieved by an Indian insurer in 2016 and the First Dual tranche insurance from India in 2016, ONGC Videsh is a wholly owned subsidiary of ONGC. The announcement was made after trading hours yesterday, 21 July 2016.

Banking, metal stocks and index heavyweight Reliance Industries (RIL) led losses for key benchmark indices yesterday, 21 July 2016. The barometer index, the S&P BSE Sensex lost 205.37 points or 0.74% to settle at 27,710.52. The losses for the Sensex were higher in percentage terms than those for the Nifty 50 index. The Nifty lost 55.75 points or 0.65% to settle at 8,510.10. The Sensex settled at its lowest closing level in more than a week.

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