Higher opening seen at D-Street as global stocks rally
Markets are likely to witness a higher opening following strength in the Asian equities and a strong finish on the Wall Street amid rise in the crude oil prices.

 

GLOBAL MARKET

 

Asian equities are trading with gains following a strong finish on the Wall Street amid rise in crude oil prices. The Shanghai Composite surged 1.3% while the Hang Seng was up 0.5%. However, a stronger yen, however, continued to weigh on Japan markets with Nikkei trading 1.3% lower.

 

Overnight, US markets closed firm amid rise in oil prices and a Federal Reserve’s cautious stance on further rate increases. S&P 500 Index soared 0.7% to close at its highest since Dec 31, led by the materials and energy sectors.

 

CORPORATE NEWS

 

Life Insurance Corp of India (LIC) has raised its stake in state-owned explorer Oil India via open market acquisition.

 

ICICI Bank is planning to raise infrastructure bonds. However, it did not specify the amount that it is looking at raising.

 

The Bombay High Court has granted injunction relief to Bajaj Auto, India’s third largest two-wheeler maker, against statements made by IB Commercial, the winning bidder of the decommisioned INS Vikrant.

 

HUL has agreed to sell its rice exports business to LT Foods worth Rs 25 crore as part of its strategy to exit non-core businesses.

 

DLF sold its shopping mall at Saket in New Delhi to its wholly-owned subsidiary for Rs 904.5 crore, as part of a strategy to consolidate and monetise rental assets.

 

Novartis India has launched the drug in the strength of 150 mg, for the treatment of moderate-to-severe plaque psoriasis in adult patients.

 

Suzlon has emerged as the big winner in the latest NTPC reverse auction for solar projects in Rajasthan, securing 60MW of the 100MW on offer by approving to sell power at Rs 5.07 per kwH.
[“source-Business-standard”]