Key indices may edge higher in early trade tracking firmness in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 29.50 points at the opening bell. Volatility may increase in the near term as traders roll over positions in the futures & options (F&O) segment from the near month January 2016 series to February 2016 series. The near month January 2016 derivatives contracts are set to expire on Thursday, 28 January 2016.
The stock market remains closed for the Republic Day holiday tomorrow, 26 January 2016.
In overseas markets, Asian shares gained as the blizzard on the US East coast pushed oil prices higher, relieving some of the bearish pressure on Wall Street and world markets. US stocks rose on Friday, 22 January 2016 helped by a recovery in oil from multiyear lows and hopes of stimulus overseas. The Federal Open Market Committee (FOMC) is widely expected to keep US interest rates unchanged after the conclusion of a two-day monetary policy meeting on 26-27 January 2016.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 769.83 crore on Friday, 22 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 915.60 crore on Friday, 22 January 2016, as per provisional data.
Among corporate news, HDFC Bank is scheduled to announce its Q3 results today, 25 January 2016.
Index heavyweight and cigarette major ITC's net profit rose 0.67% to Rs 2652.82 crore on 3.46% rise in total income to Rs 9854.66 crore in Q3 December 2015 over Q3 December 2014. The result hit the market at the closing bell on Friday, 22 January 2016.
Cairn India's consolidated net profit fell 99.35% to Rs 8.69 crore on 44.53% drop in total income to Rs 2230.19 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 22 January 2016.
Shares of four public sector undertakings (PSUs) viz. Coal India, National Aluminium Company (Nalco), Bharat Heavy Electricals (Bhel) and NMDC will be in focus on media reports that the government, in a year-end rush to raise more funds through disinvestment, has asked these companies to consider buyback of shares. Media reports suggested that Coal India and Nalco are in talks with their respective administrative ministries to buy up to 10% of their shares. The Government of India (GoI) held 79.65% in Coal India, 80.93% stake in Nalco and 80% stake in NMDC as per the shareholding pattern as on 30 September 2015. It held 63.06% in Bhel as on 31 December 2015.
Metal, auto and banking sector stocks led the rally on the domestic bourses triggered by a rebound in global stocks, with the barometer index, the S&P BSE Sensex, reclaiming the psychologically important 24,000 mark on Friday, 22 January 2016. The Sensex surged 473.45 points or 1.98% to settle at 24,435.66, its highest closing level since 19 January 2016.
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