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Stocks may open higher
19-Apr-18   08:32 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 36 points at the opening bell.

Overseas, most Asian stocks rose, building on gains a day earlier, with oil prices at 3½-year highs helping to boost sentiment for the region's equities.

In US, the Dow industrials ended lower yesterday, 18 April 2018 as IBM's shares got walloped; however, gains in shares of energy-related firms helped the broader market post modest gains. Wall Street showed a muted reaction to the release of the Beige Book report, which underscored that economic activity remained at a modest to moderate pace in March and early April.

The Fed's Beige Book showed that economic activity remained at a modest to moderate pace, though nine of the 12 regional banks expressed concerns about trade tariffs, centered on the tit-for-tat spat between Beijing and Washington.

Back home, domestic shares corrected yesterday, 18 April 2018 after rising in past nine consecutive sessions. The barometer index, the S&P BSE Sensex, fell 63.38 points or 0.18% at 34,331.68. The Nifty 50 index fell 22.50 points or 0.21% at 10,526.20.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 915.71 crore yesterday, 19 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 869.70 crore yesterday, 19 April 2018, as per provisional data.

Among corporate news, ACC said its consolidated profit after tax rose 18.48% to Rs 250 crore on 14.45% increase in net sales to Rs 3557 crore in Q1 March 2018 over Q1 March 2017. Operating EBITDA rose 17.99% to Rs 492 crore in Q1 March 2018 over Q1 March 2017. Cement sales volume rose 7.73% to 7.11 million tonnes in Q1 March 2018 over Q1 March 2017. The result was announced after market hours yesterday, 18 April 2018.

In its outlook, ACC said increased government spending on infrastructure development including roads and railways, housing and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2018.

Sun Pharmaceutical Industries said that one of the wholly-owned subsidiaries has increased its shareholding in Ranbaxy Malaysia Sdn Bhd, Malaysia, by way of further purchase of 394,404 shares of face value of MYR 1 each (equivalent to 4.93%) of Ranbaxy Malaysia Sdn Bhd. The announcement was made after market hours yesterday, 18 April 2018.

Ranbaxy Malaysia Sdn Bhd., is a subsidiary of the company, and the total shareholding of Sun Pharmaceutical Industries, alongwith its wholly owned subsidiary is 90.74%, prior to this purchase of shares. Post completion of this purchase of shares, the total holding of the company along with its wholly owned subsidiary will increase to 95.67% in Ranbaxy Malaysia Sdn Bhd.

Infosys will be watched. With reference to media article titled, Whistleblower allegations unfounded: Shaw, Infosys clarified that it has not, till date, received the alleged anonymous whistleblower complaint through its whistleblower complaint reporting channels or from Sebi or SEC and is therefore unable to comment on the complaint or the allegations made therein. In the event the anonymous whistleblower complaint is received by the company through its whistleblower complaint reporting channels or from Sebi or SEC, it will deal with it in accordance with the company's whistleblower policy. The announcement was made after market hours yesterday, 18 April 2018.

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