Market may edge lower in early trade on weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 47 points at the opening bell.
Overseas, most Asian stocks edged lower after Wall Street edged down as markets digested the prospect of an additional rate hike this year. US stocks declined yesterday, 21 September 2017 as profit booking emerged after recent winning streak.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1204.95 crore yesterday, 21 September 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1416.55 crore yesterday, 21 September 2017, as per provisional data.
Among corporate news, Tata group companies will be in focus. Shareholders of Tata Sons, the holding company of the Tata group, yesterday, 21 September 2017 voted in favour of turning it into a private limited company despite vehement opposition from ousted chairman Cyrus Mistry's family firms that own a minority stake. The development implies that Mistry's Shapoorji Pallonji group won't be able to sell its minority stake in Tata Sons without board approval.
InterGlobe Aviation announced that a committee of the Board of Directors approved allotment of 3.35 crore equity shares to qualified institutional buyers at an issue price of Rs 1,130 per share. The announcement was made after market hours yesterday, 21 September 2017.
Indian Bank announced that the board of directors approved issuance of 7-year long term bonds amounting to Rs 2000 crore in tranches out of the Rs 5000 crore. The announcement was made after market hours yesterday, 21 September 2017.
The market settled with small losses yesterday, 21 September 2017 amid subdued trading on Asian bourses after the outcome of the Federal Reserve meeting. The Sensex fell 30.47 points or 0.09% to settle at 32,370.04, its lowest closing level since 15 September 2017.
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