Market may edge slightly lower in early trade

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 9.50 points at the opening bell.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered modest gains yesterday, 17 November 2016, as investors parsed through economic data and Federal Reserve Chair Janet Yellen's testimony. Yellen has stressed the importance of central bank independence in her first public remarks after Donald Trump's election victory as new data showed the president-elect will inherit a strengthening economy. The Federal Reserve chair told a congressional hearing yesterday, 17 November 2016 that an increase in short-term interest rates could become appropriate relatively soon, raising expectations of a rise at the Fed's next meeting in December.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 983.93 crore yesterday, 17 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1144.15 crore yesterday, 17 November 2016, as per provisional data.

Among corporate news, Reliance Industries (RIL) announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GE's Predix platform. The partnership marks the coming together of two of the world's largest industrial conglomerates to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. The announcement was made after market hours yesterday, 17 November 2016.

GE will provide its Predix cloud offering, Industrial Internet applications and data science expertise. RIL will develop solutions on Predix as an Independent Software Vendor (ISV), bringing to bear its over 30 years of data, process and operational expertise. RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.

Power Grid Corporation of India (PGCIL) will be in focus. Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, in a written reply to a question in Lok Sabha yesterday, 17 November 2016 said that PGCIL has sought a loan assistance of $1,000 million from the Asian Development Bank (ADB) comprising of Sovereign guaranteed loan of $500 million and Non-Sovereign loan of $500 million. The Minister further informed that the loan would be utilized for funding of the transmission projects including a project under Green Energy Corridor projects in next 3-4 years.

Vedanta said that it proposes to offer rated secured redeemable non-convertible debentures aggregating to Rs 300 crore. In this regard, the company will hold a meeting of its duly constituted committee of the board on 22 November 2016. The announcement was made after market hours yesterday, 17 November 2016.

Telecom, IT sector stocks and index heavyweight HDFC Bank led small losses for key benchmark indices in a volatile trading session yesterday, 17 November 2016. The Sensex had fallen 71.07 points or 0.27% to settle at 26,227.62, its lowest closing level since 25 May 2016.

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