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Market may open lower

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Trading of 50 index futures on the stock exchange indicates that the could fall 9 points at the opening bell.

Overseas, Asian stocks were trading higher after Wall Street notched another all-time high. In US, the Dow and the S&P 500 closed at records yesterday, 13 June 2017, as technology shares rebounded following a two-day decline.

The US Federal Reserve's two-day meet ends today, 14 June 2017 and investors expect the central bank to raise interest rates for the third time since December. Super-low unemployment, gains in factory output and other economic data pointing to a recovery in the US economy have led investors to believe that the Fed will lift rates.

Back home,A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled with tiny gains while the 50 index registered minor losses in a volatile session of trade. The Sensex rose 7.79 points or 0.03% to settle at 31,103.49, its highest closing level since 9 June 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 312.40 crore yesterday, 13 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 304.58 crore yesterday, 13 June 2017, as per provisional data.

Among corporate news,Mahindra & Mahindra said that its board of directors at a meeting held on 13 June 2017, approved sale of a part of its shareholding in Mahindra Logistics (MLL), a subsidiary of the company, as part of the proposed initial public offer (IPO) of MLL, subject to requisite approvals and market conditions. The size of the stake sale, price and other details of the IPO will be determined in due course by a Committee of Directors. The announcement was made after market hours yesterday, 13 June 2017.

Dr Reddy's Laboratories said that it has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration on 13 June 2017 as closure of audit for the company's API manufacturing plant at Miryalaguda. This unit was inspected by the USFDA in February 2017 and Dr Reddy's was issued form 483 with three observations. The announcement was made after market hours yesterday, 13 June 2017.

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

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