Strong opening on cards

The market may open sharply higher tracking firmness in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 88.50 points at the opening bell.

In overseas markets, Asian stocks gained after the US Federal Reserve after its monetary policy review yesterday, 16 March 2016 reduced the number of interest rate hikes expected this year. US stocks rose yesterday, 16 March 2016 following the US central bank's cautious message. The Fed concluded a two-day policy meeting by leaving interest rates untouched, as expected, and signalling fewer rate hikes in coming months as the United States continues to face risks from an uncertain global economy. Fewer US interest rates hikes could support demand for emerging-market assets.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 625.58 crore yesterday, 16 March 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 680.16 crore yesterday, 16 March 2016, as per provisional data.

Among corporate news, TCS announced the successful launch of Norway's first peer-to-peer mobile payment solution with DNB, the largest financial services group in Norway. Dubbed "Vipps", DNB's peer-to-peer mobile payments application is not just account holders of DNB, but can be used by any consumer. With 25% of Norway's population using 'Vipps' within six months of launch, the P2P payment solution has helped DNB become a significant player in the highly competitive mobile payments space in a short space of time. Moreover, 85% of Norwegians know about the P2P payments platform and it is the #1 downloaded app in Norway. The announcement was made after trading hours yesterday, 16 March 2016.

Tata Motors announced that it has signed a contract to supply 25 Tata Starbus Diesel Series Hybrid Electric Bus with Full Low floor configuration, with the Mumbai Metropolitan Region Development Authority (MMRDA) - the single largest order awarded for hybrid electric vehicle technology. The announcement was made after trading hours yesterday, 16 March 2016.

Wipro announced the launch of cargo reservations, operations, accounting and management information systems (CROAMIS), a next gen end-to-end cargo management system for the aviation industry. CROAMIS has been developed jointly between Wipro and Qatar Airways, through an innovative co-funded model. The announcement was made after trading hours yesterday, 16 March 2016.

Shares of public sector oil marketing companies (PSU OMCs) will be in spotlight after Indian Oil Corporation (IOCL) yesterday, 16 March 2016, announced an increase in the price of petrol and diesel with effect from 17 March 2016. Petrol price was hiked by Rs 3.07 per litre and diesel price increased by Rs 1.90 a litre. After the latest revision, petrol in Delhi costs Rs 59.68 per litre and diesel costs Rs 48.33 a litre.

Shares of oil exploration & production (E&P) firms, PSU OMCs and aviation firms will be watched after a sharp jump in international crude oil prices yesterday, 16 March 2016. Brent for May settlement was currently up 31 cents at $40.64 a barrel. The contract had jumped $1.59 a barrel or 4.1% to settle at $40.33 a barrel during the previous trading session.

Gains in index heavyweights Infosys and ITC, a strong intraday rebound in another index heavyweight HDFC and recovery in banking and pharma stocks aided a strong intraday rebound for key benchmark indices on Wednesday, 16 March 2016. The barometer index, the S&P BSE Sensex, rose 131.31 points or 0.53% to settle at 24,682.48.

Powered by Capital Market - Live News