Market may open slightly higher
Overseas, Asian stocks were mostly lower, tracking weakness on Wall Street over the weekend. US equities fell on Friday, 21 July 2017, as General Electric led industrial stocks edged lower.
Meanwhile, the US Federal Reserve will announce its interest rate decision on Wednesday, 26 July 2017. The Federal Reserve had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 12.90 crore on Friday, 21 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 147.66 crore on Friday, 21 July 2017, as per provisional data.
Among corporate news, Reliance Industries (RIL) held its 40th annual general meeting (AGM) on Friday, 21 July 2017. RIL Chairman Mukesh Ambani announced the launch of JioPhone, which is a 4G VoLTE-enabled feature phone. Reliance Jio JioPhone will hit the shelves starting the first week of September, and pre-orders begin 24 August 2017, he said. Reliance Jio has close to 100 million paid customers, added Ambani. The outcome of the AGM was disclosed to the stock exchanges after market hours on Friday, 21 July 2017.
Lupin announced the successful completion of a PAI inspection (Prior Approval Inspection) carried out by the United States Food and Drug Administration (USFDA) at its Goa manufacturing facility without any observations. The announcement was made after market hours on Friday, 21 July 2017.
Tata Motors said it is holding a meeting of its duly constituted committee of the board on 26 July 2017, to consider issue of non-convertible debentures (NCDs) aggregating to Rs 1000 crore in one or more tranches. The announcement was made after market hours on Friday, 21 July 2017.
State Bank of India (SBI) said that the executive committee of the central board (ECCB) of the bank at its meeting held on Friday, 21 July 2017, given approval for entering into a shareholder agreement with CA Rover Holdings (an affiliate of Carlyle Asia Partners IV), who will be the new partner in the bank’s Credit Card joint venture, and shall hold 26% stake in both the companies. The proposed transactions are subject to regulatory approvals. The announcement was made after market hours on Friday, 21 July 2017.
Among prominent earnings, Ambuja Cements, HDFC Bank, Indiabulls Housing Finance, Bharti Infratel and Zee Entertainment Enterprises are scheduled to announce April-June 2017 quarterly earnings today, 24 July 2017.
Key benchmark indices ended the volatile session on a positive note on Friday, 21 July 2017. The Sensex had risen 124.49 points or 0.39% to settle at 32,028.89, its highest closing level since 17 July 2017.
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