Pre Session Commentary

Market may open higher
(06-Aug-2018, 08:31 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 41 points at the opening bell.

Overseas, Asian stocks were trading higher as earnings seasons rolls on. US stocks closed higher Friday as positive earnings surprises lifted shares.

Back home, the market jumped on Friday, 3 August 2018 after two consecutive sessions of falls, boosted by banks stocks. The barometer index, the S&P BSE Sensex, rose 391 points or 1.05% to settle at 37,556.16. The Nifty 50 index rose 116.10 points or 1.03% to settle at 11,360.80.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 5.87 crore on Friday, 3 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 87.08 crore on Friday, 3 August 2018, as per provisional data.

Among corporate news, HDFC Asset Management Company (HDFC AMC) debuts on the secondary equity market today, 6 August 2018. The company had priced the initial public offer (IPO) at the top end of the Rs 1,095 - Rs 1,100 per share price band. The IPO of HDFC AMC received bids for 156.19 crore shares. The IPO was subscribed 83.06 times. The issue opened for subscription on 25 July 2018 and closed on 27 July 2018.

TCS announced that it fixed 18 August 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company. The announcement was made on Saturday, 4 August 2018.

Wipro said it effected a settlement for the release of all claims under the lawsuit with National Grid US and a Stipulation of Discontinuance of the lawsuit has been filed in the US District Court for the Eastern District of New York. The formalities for withdrawal of the lawsuit are expected to be completed shortly. The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties. The lawsuit was filed by National Grid US in 2017 seeking damages amounting to $140 million plus additional costs related to an ERP implementation project.

National Grid has been a valued customer of Wipro for over a decade and both organisations have had a mutually beneficial relationship over the years. Wipro said it believes that this settlement will be commercially beneficial for the company and will help it remain focused on growth. The settlement is expected to reflect in the financials of Wipro for the quarter ending 30 September 2018. The announcement was made on Saturday, 4 August 2018.

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