Market may edge higher in early trade

Market may see higher opening triggered by strong global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 56 points at the opening bell.

In overseas stock markets, Asian stocks edged higher tracking overnight rally on Wall Street. Latest data showed that Japan's industrial output slid in May 2016 at the fastest rate in three months to its lowest level since June 2013. Industrial output declined 2.3% on month in May. US stocks registered strong gains yesterday, 29 June 2016, helped by gains in oil prices, as global markets recovered for a second day from their post-Brexit plunge.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 102.91 crore yesterday, 29 June 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 20.19 crore yesterday, 29 June 2016, as per provisional data.

Among corporate news, metal and mining stocks will be in focus after the Union Cabinet yesterday, 29 June 2016, approved the National Mineral Exploration Policy (NMEP). The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector.

Coal India (CIL) announced that it has signed two agreements with Solar Energy Corporation of India (SECI) for implementation of 200 megawatts (MW) solar power project in Madhya Pradesh for the beneficial utilisation of 100 MW solar power by Northern Coalfields (NCL) and 100 MW by South Eastern Coalfields, both subsidiaries of CIL, at an estimated cost of Rs 650 crore each. The announcement was made after market hours yesterday, 29 June 2016.

On the macro front, the Union Cabinet yesterday, 29 June 2016, approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits of central government employees. It will come into effect from 1 January 2016. The recommendations will benefit over 1 crore employees. This includes over 47 lakh central government employees and 53 lakh pensioners.

A recovery in global stocks from losses triggered by last week's unexpected outcome of the UK referendum for the country to leave the European Union (EU) aided gains on the domestic bourses yesterday, 29 June 2016. The barometer index, the S&P BSE Sensex, had risen 215.84 points or 0.81% to settle at 26,740.39.

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