Strong opening on the cards

Market is set to edge higher in early trade tracking positive leads from Asian markets and Wall Street. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 44 points at the opening bell.

In overseas stock markets, Asian stocks edged higher today, 12 October 2015, tracking stronger lead from Wall Street. US stock markets closed higher on Friday, 9 October 2015, helped by airlines and industrial companies.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 483.86 crore on Friday, 9 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 369 crore on Friday, 9 October 2015, as per provisional data.

Among corporate news, IT major Infosys announces its Q2 September 2015 earnings today, 12 October 2015.

Tata Steel announced after market hours on Friday, 9 October 2015 that its hot metal production rose 3% to 2.66 million tonnes in Q2 September 2015 over Q2 September 2014. Crude steel production rose 11% to 2.51 million tonnes in Q2 September 2015 over Q2 September 2014. Saleable steel production rose 9% to 2.41 million tonnes in Q2 September 2015 over Q2 September 2014. Deliveries rose 11% to 2.33 million tonnes in Q2 September 2015 over Q2 September 2014.

Shares of Vedanta will be in focus. With reference to media reports titled Vedanta eyes Solar Energy Biz, plans to create 500 MW capacity, Vedanta after market hours on Friday, 9 October 2015 clarified that the company has no firm plans to enter the solar generation industry and termed the media reports as speculation.

Gains in metal and mining sector stocks and index heavyweights ITC, HDFC and Infosys led gains for key benchmark indices on the last trading session of the week on Friday, 9 October 2015. The barometer index, the S&P BSE Sensex, gained 233.70 points or 0.87% to settle at 27,079.51, its highest closing level since 21 August 2015.

Among the key macro economic data, the government is scheduled to unveil the consumer price index (CPI) data for the month of September 2015 after market hours today, 12 October 2015. The all-India general CPI inflation was nearly flat 3.66% in August 2015 compared with 3.69% (revised) reading in July 2015.

The government will also release the industrial production data for August 2015 after market hours today, 12 October 2015. Industrial production rose at 4.22% in July 2015 compared with growth of 4.36% in June 2015.

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