Pre Session Commentary

Market may open on flat-to-positive note
(10-Aug-2018, 08:22 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 4 points at the opening bell.

On the macro front, the government will declare industrial production (IIP) data for June at 17:30 IST today, 10 August 2018.

Overseas, most Asian stocks slipped with investors assessing the impact of the latest tit-for-tat in the trade war as well as sanctions on Russia. US stocks faded into the close to cap a second day of losses yesterday, 9 August 2018 amid selling in industrial and financial shares.

Back home, the key equity indices rose to fresh highs on Thursday, with the benchmark BSE Sensex crossing the 38,000 level for the first time, driven by select banks stocks. The barometer index, the S&P BSE Sensex, rose 136.81 points or 0.36% to settle at 38,024.37. The Nifty 50 index rose 20.70 points or 0.18% to settle at 11,470.70. The Sensex and the Nifty, both, hit fresh record high levels in intraday as well as on closing basis.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 370.68 crore yesterday, 9 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 85.39 crore yesterday, 9 August 2018, as per provisional data.

Among corporate news, GAIL (India), Hindalco Industries and State Bank of India will announce April-June 2018 result today, 10 August 2018.

State Bank of India (SBI) said that executive committee of central board (ECCB) accorded approval to explore and initiate the process of divestment upto 4% of stake of SBI in SBI General lnsurance Company to a non-promoter entity through small parcel share sale (SPSS). The announcement was made after market hours yesterday, 9 August 2018.

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