Market may edge lower in early trade

Market is likely to open lower on negative global cues. Trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could slide 28 points at the opening bell.

In overseas stock markets, Asian share markets extended losses registered in previous trading session. China's consumer price inflation rose 1.5% on year in November, the National Bureau of Statistics said today, 9 December 2015. On a monthly basis, inflation was flat last month following the 0.3% decline in October. US stocks closed lower yesterday, 8 December 2015, but off session lows as oil prices stabilized and biotech stocks gained.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 518.46 crore yesterday, 8 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 590.32 crore yesterday, 8 December 2015, as per provisional data.

Among corporate news, Dr Reddy's Laboratories (DRL) announced after market hours yesterday, 8 December 2015 that it has submitted its response to the United States Food and Drug Administration (USFDA) on 7 December 2015. It may be recalled that the USFDA in its warning letter issued to the company dated 5 November 2015, identified significant deviations from current good manufacturing practice (CGMP) at DRL's two pharmaceutical manufacturing facilities in Andhra Pradesh and a unit in Telangana.

Weakness in global stocks triggered losses for Indian stocks which fell for a fifth day in a row yesterday, 8 December 2015. The Sensex lost 219.78 points or 0.86% to settle at 25,310.33, its lowest closing level since 7 September 2015.

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