Market likely to see lower opening

Market is set to see a lower opening amid weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 37 points at the opening bell.

Overseas, Asian stocks edged lower with energy-related players in the region falling on weakening oil prices. US stocks fell yesterday, 14 November 2017 as concerns about a potential global economic slowdown and US tax reform dampened investor sentiment.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 2576.98 crore yesterday, 14 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1.30 crore yesterday, 14 November 2017, as per provisional data.

Among corporate news, Sun Pharmaceutical Industries' consolidated net profit fell 59.5% to Rs 1001.79 crore on 15% decline in net sales to Rs 6590.06 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 November 2017.

Dilip Shanghvi, managing director of the company said that a challenging US generic pricing environment coupled with continued investments in building the company's global specialty business impacted Q2 performance. The company expects its performance to gradually improve in the second half of this year.

GAIL (India)'s net profit rose 41.6% to Rs 1309.63 crore on 4.5% growth in net sales to Rs 12409.65 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 November 2017.

On the macro front, data released by the government after market hours yesterday, 14 November 2017 showed that India's trade deficit widened to $14.01 billion in October 2017 as against the deficit of $11.13 billion during October 2016. Exports fell 1.1% in October while imports grew by 7.6%.

Key benchmark indices registered modest losses in a volatile session yesterday, 14 November 2017. The Sensex had fallen 91.69 points or 0.28% at 32,941.87, its lowest closing level since 24 October 2017.

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