Shares may decline

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 39.50 points at the opening bell.

Overseas, most Asian shares were trading higher. Market in Japan is closed for holiday. US market was shut yesterday, 1 January 2018, on account of New Year's Day.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 325.91 crore yesterday, 1 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1300.31 crore yesterday, 1 January 2018, as per provisional data.

Among corporate news, Coal India announced that the company and its subsidiaries achieved 93% of targeted production at 54.63 million tonnes in December 2017. The company achieved 99% of targeted offtake at 53.44 million tonnes in December 2017. The announcement was made after trading hours yesterday, 01 January 2017.

Idea Cellular announced that a meeting of the board of directors of the company will be held on 4 January 2018, to consider a proposal for fund raising through a preferential allotment, qualified institutional placement, rights issue or such other route as the board of directors may determine to be in the best interests of the company. The announcement was made after trading hours yesterday, 01 January 2017.

GAIL (India) commissioned India's second largest rooftop solar PV power plant at its Petrochemical Complex at Pata, Uttar Pradesh. The 5.76 MWp solar plant is spread over the roofs of warehouses covering a total roof area of 65,000 square meters. With an expected PLF of around 15% annually over 79 Lakh KWh of electricity is targeted to be generated for captive use of India's largest gas based petrochemicals plant. The announcement was made after trading hours yesterday, 01 January 2017.

Key benchmark indices posted modest losses yesterday, 1 January 2018, led by slide in index pivotal Reliance Industries, HDFC and HDFC Bank. The barometer index, the S&P BSE Sensex, lost 244.08 points or 0.72% to settle at 33,812.75. The Nifty 50 index lost 95.15 points or 0.9% to settle at 10,435.55. The Sensex settled at its lowest level in over 1-1/2 weeks and below the psychological 34,000 level. The Nifty hit two-week closing low.

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