Key benchmark indices drifted higher in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex was up 19.06 points or 0.08% at 25,418.78. The Nifty 50 index was currently up 13.45 points or 0.17% at 7,788.80
In overseas markets, Asian markets rose, shrugging off the weak cues overnight from Wall Street. US stocks ended lower yesterday, 19 May 2016 on mounting fears that the Federal Reserve's next interest-rate hike could come as early as June. Ratings agency Moody's yesterday, 19 May 2016 cut its 2016 forecast for US economic growth to 2%, down from 2.3%. Different Fed officials offered further hawkish commentary yesterday, 19 May 2016, which momentarily amplified the market's rate-hike worries. New York Fed President William Dudley said an interest-rate increase in June or July is possible if fresh data confirm his optimistic forecast of economic growth. Richmond Fed President Jeffrey Lacker defended the Fed's hawkish stance in an interview with a news agency yesterday, 19 May 2016, saying the case is pretty strong for a June hike.
Shares of index heavyweight and cigarette major ITC rose 0.38% ahead of its Q4 March 2016 results today, 20 May 2016.
Maruti Suzuki India (MSIL) shed 0.72%. MSIL announced that it will undertake a service campaign to inspect fault and replace a brake part in 20,427 units of S-Cross. These vehicles were manufactured between 20 April 2015 and 12 February 2016. This service campaign applies to both the variants of S-Cross, MSIL said. The inspection and replacement will be done free of cost for the customers, it added. The announcement was made after market hours yesterday, 19 May 2016.
Wipro rose 0.38% after announcing that Designit, a global strategic design firm and part of the company announced the opening of its US headquarters in the heart of New York's Union Square. The new office will serve as a global center for Designit's product-service innovation and experience-driven design services. Wipro also announced that it has joined the partnership for New York City to mark Designit's entry into the city and commitment to growing New York as a center of innovation, particularly in design and technology. The announcement was made after market hours yesterday, 19 May 2016.
Market regulator Securities and Exchange Board of India (Sebi) in its board meeting held yesterday, 19 May 2016 announced tightening the eligibility and investment norms for Offshore Derivative Instruments (ODI) issuers and subscribers for the past few years. In order to bring about an uniformity in the know-your client (KYC)/ anti- money laundering (AML) norms, it has been decided that Indian KYC/AML norms will now be applicable to all ODI issuers, Sebi said. The KYC/AML norms applicable to ODI issuers will be the same as that for all other domestic investors, it added. In order to tighten the ODI regime and have more control over issuance and transfer of ODIs, it has been decided that the ODI subscribers will have to seek prior permission of the original ODI issuer for further/onward issuance/transfer of ODIs, Sebi said. The Sebi board decided that in the monthly reports on ODIs all the intermediate transfers during the month would be required to be reported. The KYC review shall be done on the basis of the risk criteria as determined by the ODI issuers, as at the time of on-boarding and once every three years for low risk clients and at the time of on-boarding and every year for all other clients, Sebi said.
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