Key indices may open higher on bargain hunting after witnessing recent sharp losses. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 50 points at the opening bell.
In overseas markets, Asian stocks were mixed. Chinese stocks edged higher in volatile trade after Beijing introduced fresh measures - including tax cuts and a proposed "circuit breaker" system - to discourage speculation and stem further slides in share prices. US markets remained closed yesterday, 7 September 2015 on account of Labour Day holiday.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 826.92 crore yesterday, 7 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 504.11 crore yesterday, 7 September 2015, as per the provisional data.
Taking cues from weakness in stock markets in emerging Asia, domestic bourses extended losses on Monday, 7 September 2015. The Sensex lost 308.09 points or 1.22% to settle at 24,893.81 on that day, its lowest closing level since 4 June 2014.
Among corporate news, ITC will be in focus. With respect to news titled "ITC may share Its Dealer Network for a Face," ITC clarified after market hours yesterday, 7 September 2015, that the news item is speculative in nature and the company has not taken any decision in this regard.
Dr Reddy's Laboratories will be in focus. With respect to news article titled "Dr. Reddy's recalls over 55K bottles of drug in US" Dr Reddy's Laboratories clarified after market hours yesterday, 7 September 2015, that the company has voluntarily recalled a few batches of Amlodipine besylate and Atorvastatin from the US market in conformance with its quality assurance norms. The impact of this is not material.
Tata Consultancy Services (TCS) will be in focus. With respect to news article titled "TCS close to country's 'largest' office space deal", TCS clarified after market hours yesterday, 7 September 2015, that it does not have any specific comment to offer with regard to the above news item. TCS in the ordinary course buys or leases office space on regular basis either for expansion or consolidation of existing offices.
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