Market is seen opening lower tracking negative leads from Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5.50 points at the opening bell.
On the economic front, the government is likely to table supplementary goods and services tax (GST) legislations in Parliament today, 27 March 2017. Central GST (C-GST), integrated GST (I-GST), Union Territory GST (UT-GST) and the compensation law are likely to be introduced in the Lok Sabha today, 27 March 2017, and could be taken up for discussion as early as 28 March 2017, media reports suggested.
Overseas, Asian stocks were mostly lower after US President Donald Trump suffered a legislative defeat on Friday, 24 March 2017, when Republican leaders pulled a bill to overhaul the US health care system with the dollar weaker and gold prices up.
US stocks ended lower on Friday, 24 March 2017, as House Republicans withdrew the American Health Care Act after determining that they did not have enough votes to pass the bill. The withdrawal is a major setback for President Donald Trump who had made the repeal and the replacement of the existing Affordable Care Act one of his main campaign pledges.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 543.35 crore on Friday, 24 March 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 116.50 crore on Friday, 24 March 2017, as per provisional data.
Among corporate news, Reliance Industries (RIL) said that the Securities and Exchanges Board of India (Sebi) has uploaded in its website its order in the matter relating to trading in RPL shares by RIL in November 2007. The trades in RPL shares which were examined by Sebi were genuine and bona fide transactions, RIL said. These were carried out keeping the best interest of the company and its shareholders, in view, it added.
RIL said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions. RIL said it is in the process of consulting its legal advisors. It proposes to prefer an appeal and challenge the order in Securities Appellate Tribunal. RIL said it remains confident of fully justifying the veracity of the transactions and vindicating its stand. RIL said that it has full confidence in the judicial process and it proposes to vigorously exercise all options available to it to challenge the untenable findings in the order. The announcement was made after market hours on Friday, 24 March 2017.
HDFC said it has completed the issuance of masala bonds aggregating Rs 3300 crore (Rs 2000 crore issue plus green shoe option) on Friday, 24 March 2017. The bonds issue received a strong response from 29 investors across Asia and Europe. The aggregate demand for the transaction was 2.16 times at Rs 4315 crore. The announcement was made after market hours on Friday, 24 March 2017. The issue size is Rs 3300 crore with a yield of 7.35% per annum payable semi-annually. The maturity date of bonds is 30 April 2020.
Key benchmark indices registered modest gains in what was a volatile last trading session of the week on Friday, 24 March 2017. The barometer index, the S&P BSE Sensex, rose 89.24 points or 0.3% to settle at 29,421.40. The Nifty 50 index rose 21.70 points or 0.24% to settle at 9,108.