Flat opening on the cards

Market is seen open flat to slightly lower. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 2 points at the opening bell.

In overseas stock markets, Asian stocks witnessed a mixed trend. In Japan, the Nikkei 225 Average was currently down 0.4%. Investors are hoping for further easing of monetary policy from the Bank of Japan (BOJ) after the conclusion of a two-day monetary policy meeting today, 29 July 2016. Strength in the yen against the dollar post last month's Brexit vote and data showing a slowdown in the Japanese economy have triggered expectations of further easing of monetary policy from the BOJ. A stronger yen hurts the competitiveness of Japanese exporters. US stocks closed slightly higher yesterday, 28 July 2016 amid declines in oil prices, as major tech stocks gained.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1767.06 crore yesterday, 28 July 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1074.47 crore yesterday, 28 July 2016, as per provisional data.

Among corporate news, Eicher Motors' consolidated net profit surged 58.61% to Rs 376.29 crore on 42.81% growth in total income to Rs 1602.51 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 28 July 2016.

ICICI Bank and Larsen & Toubro are set to announce Q1 results today, 29 July 2016.

UltraTech Cement said it participated in the auction of coal linkages for captive power plant sub-sector and won two linkages of 27,600 tons and 19,700 tons, respectively, from Dipka Mines (SCDG) in Chhattisgarh. The company said that both the linkages were at premium of Rs 150 over notified price of Rs 970 per ton. The company said it intends to participate in the future linkage auctions for its plants located strategically near the coal mines. The announcement was made after market hours yesterday, 28 July 2016.

Key benchmark indices registered decent gains yesterday, 28 July 2016 amid hopes that the Goods & Services Tax (GST) bill inched closer to becoming a reality after media reports suggested that the Union Cabinet approved amendments to the constitutional amendment bill, incorporating suggestions by some of the states and opposition parties. The Sensex rose 184.29 points or 0.66% to settle at 28,208.62, its highest closing level since 7 August 2015.

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