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Market likely to open a tad lower

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Trading of 50 index futures on the stock exchange indicates that the could fall 5 points at the opening bell.

Overseas, Asian stocks were trading lower, following their US counterparts as fresh reports emerged of President Donald Trump's interference in the Federal Bureau of Investigation's probe around his former National Security Advisor Michael Flynn.

The latest development adds to the ongoing political turmoil after a report that the US president shared terrorism intelligence with Russian officials, an action he has since defended.

In US, the tech-heavy Nasdaq closed at a record for a second session in a row yesterday, 16 May 2017 as the Dow industrials and S&P 500 finished fractionally lower amid political uncertainty in the US.

Back home,key benchmark indices logged good gains and settled at fresh record highs yesterday, 16 May 2017. The Sensex gained 260.48 points or 0.86% to settle at 30,582.60, a record closing high.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 858.29 crore yesterday, 16 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 401.89 crore yesterday, 16 May 2017, as per provisional data.

Among corporate news,Hindustan Unilever announces its Q4 March 2017 result today, 17 May 2017.

Tata Steel reported consolidated net loss of Rs 1168.02 crore in Q4 March 2017, compared with net loss of Rs 3041.88 crore in Q4 March 2016. Net sales rose 29.6% to Rs 33424.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 16 May 2017.

Lupin launched Cialis (tadalafil), an oral PDE5 inhibitor, for the treatment of erectile dysfunction (ED) in adult males. Cialis was shown to improve erectile function compared to placebo upto 36 hours following dosing. The product is currently marketed in over 100 countries. The announcement was made after market hours yesterday, 16 May 2017.

Lupin has acquired the rights to market, promote and distribute Lilly's erectile dysfunction (ED) product, Cialis through its specialty field force while Lilly will be responsible for manufacturing and importing the product. The PDE5 market in India is valued at around Rs 390 crore of which Tadalafil contributes around 23%.

Shree Cement's net profit fell 54.07% to Rs 304.51 crore on 4.04% rise in total income to Rs 2834.44 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 16 May 2017.

On the macro front, the demonetization exercise is not expected to have a long term impact on domestic demand in India, which is projected to clock a 7.9% growth in fiscal 2018, as per the United Nations report. After note-ban, there has been a hike in the collection of personal income tax, Finance Minister Arun Jaitley was quoted as saying yesterday, 16 May 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 17 2017. 08:28 IST