Market may slide on negative Asian cues
06-Nov-17   07:56 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 59.50 points at the opening bell tracking negative cues from other Asian stocks.

Overseas, Asian stocks were trading lower as traders keep an eye on President Donald Trump's first trip to Asia. After a few days in Tokyo and Seoul, Trump will arrive in China on Wednesday, 8 November 2017, with executives from some 40 companies seeking deals in sectors ranging from energy to aviation to financial services.

US stocks closed at records on Friday, 3 November 2017, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a lackluster October jobs report. The Dow Jones Industrial Average rose 0.1%, the Nasdaq Composite Index climbed 0.7%, and the S&P 500 gained 0.3%.

US payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. The US economy added 261,000 jobs in October and the unemployment rate was 4.1% as labor conditions returned to normal following the storm-weakened September.

Meanwhile, Trump announced last week that US Fed Governor Jerome Powell will be nominated to replace Janet Yellen as the future chairman when her term expires in February 2018.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 9690.84 crore on Friday, 3 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 33.40 crore on Friday, 3 November 2017, as per provisional data.

Among corporate news, Reliance Industries (RIL) said it proposes to make an offer for issuance of non-convertible debentures (NCDs) aggregating to Rs 5000 crore on private placement basis on 8 November 2017. The net proceeds of the issue will be utilised inter-alia for refinancing of existing borrowings/any other purpose in the ordinary course of business. The announcement was made after market hours on Friday, 3 November 2017.

Mahindra & Mahindra (M&M) said that the offer price for the initial public offer (IPO) of its subsidiary Mahindra Logistics has been fixed at Rs 429 per share. The announcement was made after market hours on Friday, 3 November 2017. The IPO of Mahindra Logistics, which concluded on 2 November 2017, was subscribed 5.54 times. The company had fixed Rs 425-429 per share for the share sale.

Shipping Corporation of India (SCI) reported a net loss of Rs 76.18 crore in Q2 September 2017, higher than net loss of Rs 17.77 crore in Q2 September 2016. Net sales rose 6.6% to Rs 808.22 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 3 November 2017.

Key benchmark indices clocked modest gains on Friday, 3 November 2017. The barometer index, the S&P BSE Sensex, rose 112.34 points or 0.33% to settle at 33,685.56. The Nifty 50 index rose 28.70 points or 0.28% to settle at 10,452.50. Data showing rise in India's service activity in October underpinned sentiment on the bourses. Both the Sensex and the Nifty hit record high on intraday as well as closing basis.

Powered by Capital Market - Live News