Market is seen opening higher tracking positive leads from Asian markets and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 21 points at the opening bell.
Overseas, Asian shares gained following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election. US stocks rallied yesterday, 24 April 2017, as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points, or 1.1%, to close at 20,763.89. The S&P 500 surged 25.46 points, or 1.1%, to 2,374.15.
Macron led the field in the first round of the French presidential election on Sunday, 23 April 2017, with 23.9% of the vote, ahead of far-right candidate Marine Le Pen with 21.4%. The two will now face off in the final round 7 May 2017.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 279.55 crore yesterday, 24 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 984.17 crore yesterday, 24 April 2017, as per provisional data.
Among corporate news, Axis Bank and Wipro will announce Q4 results today, 25 April 2017.
Reliance Industries' (RIL) consolidated net profit rose 11.54% to Rs 8053 crore on 43.78% growth in total income to Rs 94825 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017. The company's board of directors recommended a dividend of Rs 11 per share for the financial year ended 31 March 2017.
Biocon said that the company's board of directors will consider issue of bonus shares at its meeting scheduled on Thursday, 27 April 2017. The announcement was made after market hours yesterday, 24 April 2017.
Strides Shasun announced that its API manufacturing site at Cuddalore was recently inspected by the USFDA. This was a routine GMP inspection and the company has successfully completed the inspection with Zero 483 observations. The announcement was made after market hours yesterday, 24 April 2017.
Domestic stocks rallied in tandem with global markets yesterday, 24 April 2017, after centrist Emmanuel Macron pulled in the highest number of votes among candidates in the first round of the French presidential election on Sunday, 23 April 2017. The barometer index, the S&P BSE Sensex, jumped 290.54 points or 0.99% to settle at 29,655.84. The Nifty 50 index rose 96.55 points or 1.06% to settle at 9,215.95. Both the Sensex and the Nifty settled at almost two-week high.