Market may edge lower on negative Asian cues

Market is seen opening lower in the early trade tracking negative leads from Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 7.50 points at the opening bell.

In overseas markets, most Asian markets were trading lower today, 29 March 2016, on continued concern over whether the US Federal Reserve might hike interest rates at its April meeting. US stocks finished flat yesterday, 28 March 2016, as gains in consumer-discretionary and materials shares were mitigated by weakness in utilities and energy. US Fed Chair Janet Yellen will deliver a speech at the Economic Club of New York later today, 29 March 2016. Markets globally expect Yellen to drop hints about future rate hike path.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 2042.94 crore yesterday, 28 March 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 2494.44 crore yesterday, 28 March 2016, as per provisional data.

Among corporate news, Wipro announced after market hours yesterday, 28 March 2016, a five-year partnership with Jubilant FoodWorks to deliver energy management services and help reduce its energy and operational costs. The EcoEnergy business of Wipro had rolled out its multi-year managed restaurant energy services (MRES) program last year leveraging its unique Service Window framework. Jubilant FoodWorks is a master franchisee for Domino's Pizza and Dunkin' Donuts in India.

UCO Bank announced after market hours yesterday, 28 March 2016 that the board of directors of the bank at its meeting held on 28 March 2016, considered the proposal for issue of equity shares to Government of India on preferential basis for an amount of Rs 935 crore subject to necessary approvals from shareholders and other authorities.

NTPC announced after market hours yesterday, 28 March 2016, that the unit-3 of 660 megawatts (MW) of Mouda Super Thermal Power Station of NTPC has been commissioned on 28 March 2016. With this, the total installed capacity of Mouda Super Thermal Power Station has become 1660 MW. NTPC Group crosses 46 GW capacity. The total installed capacity of NTPC on standalone basis has become 40012 MW and that of NTPC group has become 46653 MW.

Ashok Leyland announced before market hours today, 29 March 2016, that, on 28 March 2016, the company has sold 32.63 lakh equity shares held in Induslnd Bank in the open market at a price of Rs 915.96 per share.

Fears of an early interest-rate increase in the United States pulled Indian stocks lower, with the barometer index, the S&P BSE Sensex, falling below the psychologically important 25,000 mark yesterday, 28 March 2016. The Sensex fell 371.16 points or 1.46% to settle at 24,966.40. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty fell 101.40 points or 1.31% to settle at 7,615.10. The Sensex and the Nifty, both, hit their lowest closing level in more than a week. Stocks of metal and mining firms, public sector banks and index heavyweight HDFC led losses for the two key benchmark indices. All the nineteen sectoral indices on BSE declined.

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