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Market may open higher
18-Apr-18   08:32 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 42 points at the opening bell.

Overseas, Asian stocks rose as an encouraging US earnings season underscored resilient growth. US stocks rallied yesterday, 17 April 2018 amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits.

Back home, domestic stocks logged gains for the ninth day in a row yesterday, 17 April 2018 after the India Meteorological Department (IMD) predicted a normal monsoon this season. The barometer index, the S&P BSE Sensex, rose 89.63 points or 0.26% at 34,395.06. The Nifty 50 index rose 20.35 points or 0.19% at 10,548.70. The Nifty closed at a 7-week high.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 951.39 crore yesterday, 17 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 723.81 crore yesterday, 17 April 2018, as per provisional data.

Among corporate news, cement major ACC will declare its Q1 March 2018 result today, 18 April 2018.

Drug major Lupin announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of AbbVie Inc's AndraGel, 1.62%. Lupin's Testosterone Gel is the generic equivalent of AbbVie Inc.'s AndroGel. It is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone. Testosterone Gel, 1.62% (20.25 mg/1.25 gm actuation) had annual sales of approximate $956.90 million in the US (IQVIA MAT January 2018). The announcement was made after market hours yesterday, 17 April 2018.

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