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25 Feb, 2018, 05:15:26 PM
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Market set to extend recent slide
06-Feb-18   08:05 Hrs IST

Market may open with sharp losses amid global sell-off. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could tumble 355.50 points at the opening bell.

Overseas, Asian stocks tanked following a sharp sell-off on Wall Street. US stocks tumbled yesterday, 5 February 2018 as interest rates headed higher amid concerns of returning inflation.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1263.57 crore yesterday, 5 February 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1163.64 crore yesterday, 5 February 2018, as per provisional data.

Among corporate news, Tata Motors' consolidated net profit surged 988.6% to Rs 1214.60 crore on 16% growth in net sales to Rs 74156.07 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 5 February 2018.

Tata Motors and Warburg Pincus mutually decide to call off the transaction in Tata Technologies. As per the transaction announced on 15 June 2017, Warburg Pincus was to acquire approximately 43% stake in Tata Technologies from Tata Motors and other Tata entities. However, due to delays in securing regulatory approvals as well as due to the recent performance of the company not meeting internal thresholds because of market challenges, the parties to the transaction have mutually decided not to proceed with closure of the transaction. Tata Motors will continue to explore strategic options to sell its stake in Tata Technologies and remains positive on the outlook of the business.

Oil India announced that its board will also consider a proposal of issuing bonus shares in the meeting scheduled on 9 February 2018 when the company is scheduled to announce Q3 December 2017 results. The announcement was made after market hours yesterday, 5 February 2018.

Among prominent companies, Hero MotoCorp and Lupin are scheduled to announce Q3 December 2017 results today, 6 February 2018.

On the macro front, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) will meet today, 6 February and tomorrow, 7 February 2018 for the sixth bi-monthly monetary policy statement for 2017-18. The resolution of the MPC will be announced tomorrow, 7 February 2018. The central bank is likely to keep its policy rate on hold, but could toughen its warnings against inflation. The MPC is expected to tilt towards a hawkish tone from its neutral tone following higher fiscal targets, oil price increases and higher minimum support prices (MSP) for crops.

The stock market extended Friday's sharp losses yesterday, 5 February 2018 amid global sell-off and as investor sentiment got hit after Finance Minister Arun Jaitley had announced bringing the long term capital gains (LTCG) tax in Union Budget 2018. The Sensex had fallen 309.59 points or 0.88% to settle at 34,757.16, its lowest closing level since 12 January 2018.

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