Market may see flat opening amid subdued trading in overseas markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 3 points at the opening bell.
Overseas, Asian shares were trading subdued as US-South Korea military drills begin. US equities closed off their session lows on Friday, 18 August 2017 after Steve Bannon, one of President Donald Trump's top advisors, left the administration. Reports suggested that tension between Bannon and other top advisors to Trump, including Chief Economic Advisor Gary Cohn and National Security Advisor H.R. McMaster, had been festering inside the White House.
As per reports, joint US-South Korea military exercises take place from 21 August to 31 August 2017. This exercise comes on the back of a ramp up in geopolitical tensions earlier this month after a heated exchange of rhetoric between President Donald Trump and Pyongyang.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 2182.12 crore on Friday, 18 August 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 584.59 crore on Friday, 18 August 2017, as per provisional data.
Among corporate news, Infosys' board at its meeting held on Saturday, 19 August 2017, approved a proposal to buyback upto 11.30 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore. The buyback price is at a premium of 24.58% over the stock's closing price of Rs 923.10 on the BSE on Friday, 18 August 2017.
Shares of HDFC will be in focus. HDFC Standard Life Insurance Company, a material subsidiary of HDFC has on Friday, 18 August 2017 filed a draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (Sebi) for an initial public offer (IPO) of up to 29.98 crore shares of Rs 10 each. The announcement was made after market hours on Friday, 18 August 2017.
Among other news, a government press release said that the total sown area of Kharif crop as on 18 August 2017, as per reports received from States, stands at 976.34 lakh hectare as compared to 984.57 lakh hectare at this time last year.
Key benchmark indices mirrored decline in global stock markets on Friday, 18 August 2017 on rising doubts about US President Donald Trump's ability to deliver his economic agenda. The Sensex fell 270.78 points or 0.85% to settle at 31,524.68, its lowest closing level since 14 August 2017.
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