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Market may rise on positive global cues

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Market is seen opening higher tracking positive leads from Asian markets and overnight gains on the Trading of 50 index futures on the stock exchange indicates that the could rise 28.50 points at the opening bell.

Overseas, most Asian were trading higher, taking cues from positive closing in the US market overnight. The euro strengthened after Catalonia's president stepped back from declaring immediate independence from Spain, easing near-term concerns about euro zone instability.

The US rose to record highs on Tuesday after Wal-Mart announced a large buyback and Honeywell said it was splitting into two. The Dow Jones Industrial Average gained 0.31% to hit a new all time high, while the S&P 500 index climbed 0.23%, and the NASDAQ Composite index added 0.11%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 504.82 crore yesterday, 10 October 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 402.15 crore yesterday, 10 October 2017, as per provisional data.

Among corporate news, Apollo Tyres said that the committee of directors approved the issue and to allottment of 6.30 crore equity shares to eligible QIBs at Rs 238 per share, aggregating to approximately Rs 1500 crore. The announcement was made after market hours yesterday, 10 October 2017.

Coal India signed a wage agreement with workers' unions for a period of five years which would have an estimated impact of Rs 5667 crore annually to the miner. The announcement was made after market hours yesterday, 10 October 2017.

Key benchmark indices settled with modest gains yesterday, 10 October 2017, led by gains in index heavyweights Reliance Industries and Infosys. The barometer index, the S&P BSE Sensex, rose 77.52 points or 0.24% to settle at 31,924.41. The 50 index rose 28.20 points or 0.28% to settle at 10,016.95. The Nifty settled above the psychological 10,000 mark. The Sensex and the Nifty, both, hit over 2-1/2 week closing high.

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

First Published: Wed, October 11 2017. 07:55 IST