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Market may open lower on negative Asian stocks

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Trading of 50 index futures on the stock exchange indicates that the could fall 14 points at the opening bell.

Overseas, Asian markets fell on global uncertainties as investors adopted a wait-and-see mood. Later today, 2 December 2016, the US Labor Department will release its closely watched monthly employment report for November.

Investors are awaiting US payrolls report for confirmation the US economy continues to strengthen, with an eye on an expected hike in benchmark US interest rates by the Federal Reserve at its meeting on 13-14 December. Investors are also concerned about Italy's constitutional referendum on Sunday, 4 December 2016 which could determine whether or not the country will remain in the euro zone.

A sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red yesterday, 1 December 2016 while the Dow managed to notch a record closing high with a lift from bank and energy shares.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 402.62 crore yesterday, 1 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 237.81 crore yesterday, 1 December 2016, as per provisional data.

Shares of Reliance Industries (RIL) will be in focus after Reliance Jio Infocomm (Jio) announced that it has crossed 5 crore subscribers in just 83 days from commencement of services on 5 September 2016. The average rate of addition of 6 lakh subscribers per day is the fastest achieved by any technology company in the world including the likes of Facebook, WhatsApp and Skype, RIL said. The announcement was made at the fag end of market hours yesterday, 1 December 2016. Reliance Jio Infocomm, doing business as Jio, is a LTE mobile network operator in India. It is a wholly owned subsidiary of RIL.

On this occasion, Jio also announced the launch of 'Jio Happy New Year Offer (JNO)', which will be effective from 4 December 2016. All the Jio subscribers will be entitled to certain special benefits under the JNO, which shall comprise of Jio's Data, Voice, Video and the full bouquet of Jio applications and content, absolutely free, up to 31 March 2017.

The benefits will be available to all subscribers signing up for Jio services up to 3 March 2017. The existing Jio Welcome Offer (JWO) users will continue to enjoy the unlimited benefits under JWO up to 31 December 2016, following which they would be automatically signed-up for the JNO as well.

Wipro said that it has been awarded a three-year IT infrastructure services and digital transformation contract by Woodside, an Australian oil and gas company. The announcement was made after market hours yesterday, 1 December 2016.

Key benchmark indices registered modest losses in volatile session of trade on the first trading day of December yesterday, 1 December 2016 led by losses in metal, banking and realty stocks. The Sensex shed 92.89 points or 0.35% to settle at 26,559.92, its lowest closing level since 29 November 2016.

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

First Published: Fri, December 02 2016. 08:15 IST