Market seen opening higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the index could gain 24.50 points at the opening bell.

In overseas stock markets, Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech tomorrow, 26 August 2016, which could provide hints about the timing of the next rate hike from the Fed. US stocks closed lower yesterday, 24 August 2016, with healthcare stocks leading declines while investors eagerly awaited a speech from Federal Reserve Chairwoman Janet Yellen. Yellen is due to speak tomorrow, 26 August 2016, at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 39.28 crore yesterday, 24 August 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 129.18 crore yesterday, 24 August 2016, as per provisional data.

Among corporate news, Bosch said it has fixed 6 September 2016 as the record date for the proposed buyback offer of the company. The announcement was made after market hours yesterday, 24 August 2016.

Key benchmark indices registered small gains in a lacklustre trading session yesterday, 24 August 2016. The Sensex rose 69.73 points or 0.25% to settle at 28,059.94, its highest closing level since 19 August 2016.

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