Market may edge higher in early trade

Market may edge higher in early trade. Trading of Nifty 50 futures on the Singapore stock exchange indicated that the Nifty could gain 7.50 points at the opening bell.

In overseas markets, Asian markets were mixed. US stocks closed sharply lower yesterday, 7 January 2016 as lower oil prices and a rout in Chinese stocks renewed concerns about global economic growth.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1051.74 crore yesterday, 7 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 190.86 crore yesterday, 7 January 2016, as per provisional data.

L&T announced after market hours yesterday, 7 January 2016, that L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of L&T, in consortium with McDermott has bagged an offshore contract from ONGC valued at Rs 2450 crore for the development of ONGC's Vashista and S1 deepwater fields situated off the East Coast of India. LTHE's share in the consortium is Rs 640 crore.

HDFC after market hours yesterday, 7 January 2016 announced that its wholly owned subsidiary HDFC Capital Advisors has been appointed as an investment manager for the HDFC Capital Affordable Real Estate Fund-1 (HCARE-1). HCARE-1 is a Sebi registered Alternative Investment Fund (AIF) and has been sponsored by HDFC. HDFC said that the fund has received an aggregate commitment for an amount of Rs 2700 crore from various investors. One of the key objectives of HCARE-1 is to primarily make medium to long term investments towards development of mass housing where the residential units would be priced in a manner so as to cater to the residential demand of the urban middle-income households. HDFC said that the targeted fund size is approximately Rs 5000 crore and the first close will be Rs 2700 crore. The tenure of the fund will be 12 years and it will invest in the long-term equity of mid income housing, HDFC said.

As another China led selloff gripped global markets, Indian stocks witnessed a steep slide yesterday, 7 January 2016, with the barometer index, the S&P BSE Sensex, falling below the psychological 25,000 level. The Sensex lost 554.50 points or 2.18% to settle at 24,851.83, its lowest closing level since 4 June 2014.

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