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Shares may see flat opening
08-Nov-17   07:59 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 0.50 points at the opening bell.

Overseas, most Asian stocks declined after recent rallies. Geopolitics remain a focus as US President Donald Trump continues his tour of Asia, wrapping up his visit to Seoul on Wednesday and then head to China. Investors were also keeping a wary eye on Saudi Arabia's sweeping anti-graft purge and an escalation of tensions with Iran.

In US, Dow industrials eked out a small gain on Tuesday to end in record territory, but the broader market was weighed down by a selloff in financials, consumer discretionary and small-cap stocks amid concerns over the timing and ultimate shape of tax legislation working its way through Congress. The Dow Jones Industrial Average ended with a gain of 0.4%. The S&P 500 index closed less than a point lower at 2,590.64. Meanwhile, the Nasdaq Composite Index declined 0.27%.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 461.47 crore yesterday, 7 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 2046.07 crore yesterday, 7 November 2017, as per provisional data.

Among corporate news, Bharti Airtel on 7 November 2017 announced 'Data Rollover' facility for its home broadband customers. With this, all unused monthly data will be carried forward and added to the data benefit of the next billing cycle, further enhancing the value proposition for customers. Customers can accumulate up to 1,000 GB data and easily track their usage and balance data available on MyAirtel App.

George Mathen, CEO - Homes, Bharti Airtel, said that with this innovation, the company's home broadband users no longer have to worry about their unused data, which will always be available to them. Home broadband continues to drive the massive growth of in-home consumption of online content and the combination of Airtel V-Fiber and 'data rollover' will enable a truly world-class experience for today's digital homes, George Mathen said. The announcement was made after market hours yesterday, 7 November 2017.

Hero MotoCorp, on 7 November 2017 unveiled the Xpulse Concept motorcycle as a world premier at the EICMA in Milan, Italy. An Adventure Concept bike, the Xpulse Concept provides a glimpse into Hero's plans to expand further into higher engine capacity segments. The company's motorsport division, the Hero MotoSports Team Rally, also presented its plan for the upcoming Dakar Rally 2018, including its new motorcycle, which the pilots will ride at the Rally. The announcement was made after market hours yesterday, 7 November 2017.

Akzo Nobel India said that the board of directors of the company at its meeting held on 7 November 2017 has recommended the sale and transfer of the company's Specialty Chemicals Business (hereinafter referred to as 'Chemical Business') to an affiliate of AkzoNobel N.V., Netherlands, as going concern on a slump sale basis for a consideration of Rs 320 crore. The transaction is subject to approval of the shareholders and other approvals from statutory and regulatory authorities, if any. The announcement was made after market hours yesterday, 7 November 2017.

Domestic stocks suffered severe setback yesterday, 7 November 2017, led by slide in Reliance Industries, State Bank of India and Lupin. The barometer index, the S&P BSE Sensex, lost 360.43 points or 1.07% to settle at 33,370.76. The Nifty 50 index lost 101.65 points or 0.97% to settle at 10,350.15. The Sensex retreated after scaling record high in intraday trade to settle at one-week low. The Nifty also ended at its lowest level in one week. Rising crude oil prices and weakening rupee spoiled investors sentiment.

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