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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
09-Jul-2018     08:31

Market may open on a firm note

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 58 points at the opening bell.

Overseas, Asian stocks gained as investors set aside concerns about escalating trade tensions to prepare for the latest earnings season after signs of continued economic strength. US stocks rose in light trading on Friday, 6 July 2018 as biotech shares drove gains following a report that Biogen Inc's Alzheimer's drug showed positive results in a large clinical trial.

Back home, stocks logged modest gains in a volatile session of trade on Friday, 6 July 2018. The barometer index, the S&P BSE Sensex, rose 83.31 points or 0.23% to 35,657.86. The Nifty 50 index rose 22.90 points or 0.21% to 10,772.65.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 968.18 crore on Friday, 6 July 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1480.82 crore on Friday, 6 July 2018, as per provisional data.

Among corporate news, Tata Steel posted an 8% growth in Q1 June 2018 sales led by its highest ever quarterly sales of automotive steels in India. Sales touched 2.97 million tonnes (mt) in Q1 June 2018 against 2.75 mt in same period last year. The announcement was made after market hours on Friday, 6 July 2018.

Automotive and Special steels sales jumped to 557 KT in Q1 June 2018 due to stronger demand and new product approvals. The company said branded products and retail business achieved highest ever Q1 sales of 975 KT, registering a growth of 12% compared to 873 KT in Q1 June 2017. Additionally, overall engineering segments registered 70% growth year on year with 97 KT sales in Q1 June 2018 against sales of 57 KT sales in Q1 June 2017.

In Europe, Tata Steel sales grew marginally to 2.43 mt in Q1 June 2018 against 2.40 mt in Q1 June 2017 while production went up to 2.81 mt in Q1 June 2018 against 2.79 mt in the previous corresponding period on improved plant availability, Tata Steel said in a statement.

Maruti Suzuki India said its total production rose 11.75% to 1.32 lakh units in June 2018 over June 2017. The announcement was made after market hours on Friday, 6 July 2018.

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