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Market may open flat to slightly higher
23-Nov-17   08:42 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 7.25 points at the opening bell amid mixed global cues.

Overseas, Asian stocks were mixed. In US markets, the S&P 500 index and the Dow Jones Industrials Average ended slightly lower yesterday, 22 November 2017, maintaining a soft tone after the Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation. The Nasdaq Composite Index bucked the broader trend to finish at a record, logging its third gain in a row.

The Fed viewed a “near-term” increase in interest rates as possible but central bank officials also expressed concerns about persistently low inflation, hinting that the bank may dial back its rate increases in 2018. The minutes also showed that several members worried that keeping interest rates too low could create a financial bubble.

Durable-goods orders fell 1.2% in October. Excluding transportation orders increased 0.4%. Initial jobless claims a tool to measure US layoffs, fell by 13,000 to 239,000 in the week ended 18 November. The University of Michigan's latest read on consumer sentiment came in at 98.5, topping expectations.

Back home, key benchmark indices settled with small gains after a range bound trade yesterday, 22 November 2017, as firmness in most global stocks underpinned sentiment. The Sensex advanced 83.20 points or 0.25% to settle at 33,561.55, its highest closing level since 6 November 2017. Indices had gained for the fifth straight day.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 441.46 crore yesterday, 22 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 837.22 crore yesterday, 22 November 2017, as per provisional data.

Among corporate news, Bharti Airtel and Tata Teleservices said that starting 22 November 2017, Tata Teleservices customers will start transitioning to the Airtel mobile network under an intra circle roaming (ICR) arrangement. The first batch of the transition is being affected in UP (west), Bihar, and West Bengal. The announcement was made after market hours yesterday, 22 November 2017.

In order to review the Income-tax Act, 1961 (the Act) and to draft a new Direct Tax Law in consonance with economic needs of the country, the Government has constituted a task force with Arbind Modi, Member (Legislation), CBDT- Convener. Dr. Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanent special invitee in the task force. The terms of reference of the task force is to draft an appropriate Direct Tax Legislation keeping in view; the direct tax system prevalent in various countries,the international best practices, the economic needs of the country andany other matter connected thereto.

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