Market is seen opening lower tracking weak cues from Asian markets and selling on the Wall Street on Friday, 9 September 2016. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 139.50 points at the opening bell. Indian stock market will remain close tomorrow, 13 September 2016, on account of Bakri Id.
In overseas markets, Asian market edged lower today, 12 September 2016, as investors were spooked by rising bond yields and talk the Federal Reserve might be serious about lifting US interest rates as early as next week.
US stocks tumbled on Friday, 9 September 2016, as investor nervousness increased following a nuclear test by North Korea and Federal Reserve officials' comments lifted rate hike bets. North Korea conducted its fifth and biggest nuclear test on Friday and said it had mastered the ability to mount a warhead on a ballistic missile, drawing condemnation from the United States as well as China, North Korea's main ally. Further pressure on the US equity market came after Boston Fed President Eric Rosengren said the US central bank faced increasing risks if it waited too much longer to raise interest rates.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 315.24 crore on Friday, 9 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 328.26 crore on Friday, 9 September 2016, as per provisional data.
Among corporate news, Tata Steel announces Q1 June 2016 result today, 12 September 2016.
Maruti Suzuki India clarified that the company's Chairman RC Bhargava's statement in the Annual General Meeting (AGM) held on 8 September 2016 was limited to acknowledgement that he would convey requests made by the shareholders during the AGM for consideration of stock split to the board of directors. The company issued the clarification after market hours on Friday, 9 September 2016 after reports stated that Maruti will consider stock split.
Grasim Industries said that board of directors on Saturday, 10 September 2016, approved the proposal to increase the limit for investment in the equity share capital of the company by registered foreign portfolio investors from 24% to 30% of the company's paid-up equity share capital of the company. The announcement was made on Saturday, 10 September 2016.
Cipla turns ex-dividend today, 12 September 2016, for dividend of Rs 2 per share for the year ended 31 March 2016 (FY 2016).
L&T will be in focus as the initial public offer (IPO) of L&T Technology Services opens for bidding today, 12 September 2016. The IPO closes on Thursday, 15 September 2016. The price band for the IPO has been fixed at Rs 850-860 per share. The IPO comprises of an offer for sale of 1.04 crore shares by engineering and construction major L&T. L&T Technology Services will not receive any funds from the IPO. L&T currently owns 100% stake in L&T Technology Services. Its holding will fall to 89.77% after the IPO. The offer would constitute 10.2% of post-offer paid-up equity share capital of the company. L&T Technology Services provides Engineering, Research and Development (ER&D) services to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers.
Metal, auto sector stocks and index heavyweights ITC and HDFC led losses for key benchmark indices on Friday, 9 September 2016. The barometer index, the S&P BSE Sensex, lost 248.03 points or 0.85% to settle at 28,797.25. The decline in the Nifty 50 index was higher than the Sensex's fall in percentage terms. The Nifty fell 85.80 points or 0.96% to settle at 8,866.70.
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