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Market may gain on positive Asian cues

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Market may edge higher in early trade tracking positive sentiment in Asian stocks. Trading of 50 index futures on the stock exchange indicates that the could gain 30 points at the opening bell.

In overseas stock markets, Asian stocks edged higher tracking rebound in oil prices. US stocks registered small losses yesterday, 17 October 2016, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official. Fed Vice Chair Stanley Fischer reportedly warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions, making the economy more vulnerable.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 456.64 crore yesterday, 17 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 235.57 crore yesterday, 17 October 2016, as per provisional data.

Among corporate news, Axis Bank said that it has reduced its lending rates based on marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors effective from 18 October 2016. Axis Bank said that the bank's MCLR for overnight loans will be 8.8%, the rate for one month will be 8.85% and for three months it will be 9.05%. The MCLR on 6-month loans will be 9.15% and for one-year loans the rate will be 9.2%, the bank said. MCLR on two-year loans will be 9.3% and for three-year loans the rate will be 9.35%. The announcement was made after market hours yesterday, 17 October 2016.

Separately, Axis Bank announced after market hours yesterday, 17 October 2016 that it has received request for redemption of $46 million - 7.167% Callable Hybrid Tier I Notes on 16 November 2016. The Notes were issued on 15 November 2006.

Auto, telecom sector stocks and index heavyweights Reliance Industries, HDFC and HDFC Bank led modest losses for key benchmark indices in a volatile trading session yesterday, 17 October 2016. The Sensex fell 143.63 points or 0.52% to settle at 27,529.97, its lowest closing level since 8 July 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 08:19 IST