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Market may open on a flat-to-positive note
03-Nov-17   08:23 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell. Hindalco Industries, Punjab National Bank and Tata Power Company are scheduled to announce Q2 September 2017 results today, 3 November 2017.

Overseas, Asian stocks were trading on a mixed note. Stocks in Japan were closed for a holiday. Activity in China's service sector expanded at a faster pace in October, a private gauge showed Friday, in contrast with official data showing a slower pace of growth. The Caixin China services purchasing managers' index rose to 51.2 in October from 50.6 in September, Caixin Media Co. and research firm Markit said. China's official nonmanufacturing PMI, which includes the construction sector, fell to 54.3 in October from 55.4 in September, the National Bureau of Statistics said on Tuesday.

In US, the Dow Jones Industrial Average closed at a record on Thursday, but the other main benchmarks saw muted moves, as the much-anticipated tax plan by House Republicans was unveiled and as President Donald Trump nominated Fed. Gov. Jerome Powell to run the Federal Reserve, as had been widely expected.

House Republicans introduced the Tax Cuts and Jobs Act, which is aimed at cutting corporate taxes and repealing taxes paid by large estates. However, it is unclear when and if the bill will pass. Hopes for tax cuts have been credited for some market gains over the past year. Meanwhile, Trump nominated Powell to replace Chairwoman Janet Yellen, whose term ends in February.

in Europe, the Bank of England (BoE) raised its key interest rate by a quarter-percentage point to 0.5%, meeting widely held expectations for the first rate increase to be enacted since July 2007. There remain considerable risks to the outlook, which include the response of households, businesses and financial markets to developments related to the process of EU withdrawal, BoE said in a statement, referring to Britain's plan to exit the European Union, or Brexit.

Back home, key benchmark indices ended the rangebound and lackluster session of trade with small losses yesterday, 2 November 2017 as profit booking set in after indices hit record high levels in intraday trade. The Sensex fell 27.05 points or 0.08% to settle at 33,573.22, its lowest closing level since 31 October 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1032.88 crore yesterday, 2 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 456.51 crore yesterday, 2 November 2017, as per provisional data.

Among corporate news, Hindalco Industries, Punjab National Bank and Tata Power Company are scheduled to announce Q2 September 2017 results today, 3 November 2017.

Power Grid Corporation of India's (PGCIL) net profit rose 14.37% to Rs 2141.04 crore on 15.62% growth in total income to Rs 7492.52 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017

Vedanta's consolidated attributable profit after tax (PAT) before exceptional items rose 43% to Rs 2036 crore on 37% growth in net sales to Rs 21520 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017.

There was an exceptional income (credit) of Rs 186 crore in Q2 September 2017, primarily relating to reversal of royalty of Rs 291 crore at Zinc India. This was partially offset by Rs 109 crore of exploratory assets write-off at Oil & Gas business.

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