Market opens higher on positive Asian cues --STOCK FUTURE TIPS|EQUITY RESEARCH LAB| 07 NOVEMBER

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• Key benchmark indices were trading higher in early trade tracking positive Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 222.86 points or 0.82% at 27,497.01. The Nifty 50 index was up 80.90 points or 0.96% at 8,514.65.

• The market breadth indicating the overall health of the market was strong. On BSE, 1,249 shares rose and 147 shares fell. A total of 47 shares were unchanged. The BSE Mid-Cap index was currently up 1.25%. The BSE Small-Cap index was currently up 1.64%. Both these indices outperformed the Sensex.

• In overseas stock markets, Asian stocks were trading higher as US Federal Bureau of Investigations director James Comey told Congress on 6 November 2016 that the agency would not reopen any investigation into presidential candidate Hillary Clinton's email usage. Investors around the world have been watching the US elections warily, and many have reacted to the prospects of a Donald Trump presidency with horror, concerned about his outlandish and economically questionable proposals.

• In US, the S&P 500 ended lower on Friday, 4 November 2016, for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain US election. The tech-heavy Nasdaq also ended lower for a ninth-consecutive session, while the Dow industrials closed down for a seventh straight day.

• The outcome of United States presidential elections of 2016, which will be held on tomorrow, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.

• Back home, drug major Lupin was up 5.98%. The company announced that it has received notification that the inspection carried out by the USFDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupin's Goa facility, the company said. Commenting on the receipt of the EIR, Vinita Gupta, Chief Executive Officer and Nilesh Gupta, Managing Director, Lupin said that the company is committed to ensuring that all systems and processes followed by it are compliant with cGMP and are committed to bringing quality products to market. The announcement was made on Saturday, 5 November 2016.

• Shares of Grasim Industries rose 1.36%. The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from up to 30% of the paid up capital of Grasim Industries under the Portfolio Investment Scheme (PIS). The Reserve Bank has stated that Grasim Industries has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from default 24% to 30% for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges. The announcement was made after market hours on Friday, 4 November 2016.

• Reliance Industries (RIL) rose 0.75%. The company announced on Saturday, 5 November 2016 that earlier that day, constituents of the contractor (RIL, BP and Niko) for block KG-DWN-98/3 (KG D6) received a communication from the Ministry of Petroleum & Natural Gas. Based on the recommendations of the Shah Committee, the Government has made a claim of about $1.55 billion against the contractor parties in respect of gas said to have migrated from neighbouring blocks. In carrying out petroleum operations, the contractor has worked within the boundaries of the block awarded to it and has complied with all applicable regulations and provisions of the Production Sharing Contract (PSC).

• The claim of the Government is based on misreading and misinterpretation of key elements of the PSC and is without precedent in the oil & gas industry, anywhere in the world, company said. According to the Government the contractor is restricted to producing only that quantity of hydrocarbon as they existed at the point in time when the PSC was signed. This approach overlooks the fundamental fact that at that stage the work of exploration of the block has not even commenced and a complete lack of data makes it impossible to estimate the quantity of hydrocarbons available in the block. The liability of the Contractor has not been established by any process known to law and the quantification of the purported claim is without any basis and arbitrary.

• RIL proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the Government. RIL remains convinced of being able to fully justify and vindicate its position that the Government's claim is not sustainable.

• Union Bank of India rose 0.19%. The bank's net profit dropped 73.15% to Rs 176.67 crore on 2.71% rise in total income to Rs 9347.58 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016.

• Central Bank of India fell 0.68%. The bank reported net loss of Rs 641.82 crore in Q2 September 2016 compared with net profit of Rs 112.87 crore in Q2 September 2015. Total income decreased 1.95% to Rs 6965.45 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016. 

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