A weak opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 64 points at the opening bell.

Overseas, Asian stocks dropped as concerns about the repercussions of Italy's political turmoil and the renewal of trade tensions between the US and China gripped financial markets. The prospect that Italy might need a fresh election that could effectively become a referendum on the nation's inclusion in the euro zone rattled markets.

US stocks tumbled yesterday, 29 May 2018 joining a global equity selloff sparked by concern Italy's political woes will destabilise Europe.

Investors are also keeping an eye on the White House, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods.

Back home,the market declined after a volatile session yesterday, 29 May 2018 weighed by slide in banks stocks. The barometer index, the S&P BSE Sensex, lost 216.24 points or 0.61% at 34,949.24. The Nifty 50 index lost 55.35 points or 0.52% at 10,633.30. The Sensex settled below the psychological 35,000 mark after sliding below that level in intraday trade.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 407.33 crore yesterday, 29 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 578.38 crore yesterday, 29 May 2018, as per provisional data.

Among corporate news,BPCL's net profit rose 45.2% to Rs 2673.64 crore on 14.4% increase in net sales to Rs 65239.31 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.

Power Grid Corporation of India's net profit rose 4.6% to Rs 2004.68 crore on 16.5% increase in net sales to Rs 7811.32 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.

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