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Market may open higher
(31 Dec 2018, 08:35)

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 55 points at the opening bell.

Overseas, Asian stocks were trading higher after US President Donald Trump reported “big progress” in trade talks with his Chinese counterpart. US stocks halted a two-day rally on Friday as thin trading added to already-volatile markets ahead of the weekend.

Back home, the market rose for third straight trading session on Friday, backed by positive global cues. Buying was witnessed across all sectors, with banks shares in the lead. The Sensex reclaimed the 36,000-mark after opening below that level. The Sensex rose 269.44 points or 0.75% to settle at 36,076.72, its highest closing level since 20 December 2018.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 119.60 crore on Friday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1199.40 crore on Friday, as per provisional data.

Among corporate news, Reliance Industries (RIL) said its wholly-owned subsidiary, Reliance Industrial Investments and Holdings ('RIIHL'), has entered into a binding agreement with Kanoda Energy Systems ('KESL') for acquisition of equity shares for a cash consideration not exceeding Rs 75 crore. The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The total investment is likely to be completed by March 2020.

KESL is a renewable energy services company incorporated on 24 August 2007. It has presence in specialized fields of solar advisory, product design and technology validation and recently forayed into engineering, procurement & construction (EPC) and operation & maintenance (O&M) of solar photovoltaic (PV) systems. The aforesaid investment will assist in the group's initiatives to use renewable energy sources. The announcement was made on Saturday, 29 December 2018.

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