Market may extend decline on weak global cues

The market may extend previous session's fall on discouraging global cues. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 58.50 points at the opening bell.

In overseas markets, Asian stock markets declined today, 23 September 2015, as a global sell-off given impetus by the Volkswagen emissions scandal was exacerbated by weak Chinese factory data. US stocks declined yesterday, 22 September 2015, as worries about the pace of global growth and uncertainty about the Federal Reserve's plans to raise interest rates continued to fuel big swings in markets. The Fed's decision sparked renewed fears over sluggish global growth and left investors second-guessing when the central bank will raise rates.

In China, the preliminary Caixin/Markit manufacturing index based on a survey of factory purchasing managers fell to 47 this month, the lowest level in six and a half years. Based on a 100-point scale, numbers above 50 indicate expansion. The survey showed that China's manufacturing slump has deepened, with faster contraction in factory output, export orders, overall new orders and employment.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,052.24 crore yesterday, 22 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 378.26 crore yesterday, 22 September 2015, as per provisional data.

A setback in European stocks and sharp slide in US index futures triggered more than 2% slide for barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty index yesterday, 22 September 2015. The Sensex plunged 541.14 points or 2.07% to settle at 25,651.84. The Nifty fell 165.10 points or 2.07% to settle at 7,812.

Among corporate news, TCS announced after market hours yesterday, 22 September 2015, that its Digital Software & Solutions (DS&S) unit has launched an analytics-based software solution for intelligent city operations to help address growing expectations of digitally connected, urban citizens. The solution offers customized city data models for the accelerated deployment of smart city programs, TCS said in a statement.

Mindtree after market hours yesterday, 22 September 2015, announced the launch of a state-of-the-art Global Learning & Delivery Center at Bhubaneshwar in Odisha. The facility was named Mindtree Kalinga. Built on a 20-acre campus, Mindtree Kalinga takes young engineers through a 90-day learning program to create a digital workforce for the future, Mindtree said in a statement.

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