Market may grind lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 24 points at the opening bell.

Overseas, Asian shares were trading lower as risk sentiment was hit by fear of more US political turmoil after media report indicated that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice.

In US, the Dow industrials closed at a record for a second straight session yesterday, 14 June 2017 but other benchmarks finished lower as the Federal Reserve hiked the fed-funds futures rate.

The Federal Reserve hiked the fed-funds rate by a quarter-point to between 1% and 1.25% as expected after its two-day policy meeting yesterday, 14 June 2017 and indicated that it would reduce its $4.5 trillion balance sheet this year. Fed Chair Janet Yellen said the process could start relatively soon, while projections of Federal Reserve Board members also showed they expect one more rate hike by the end of year.

Back home,the key benchmark indices garnered modest gains yesterday, 14 June 2017 after gyrating in a small range during the day as firmness in most global stocks and data showing wholesale price inflation easing in May, supported gains on the bourses. The Sensex rose 52.42 points or 0.17% to settle at 31,155.91, its highest closing level since 9 June 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 161.13 crore yesterday, 14 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 71.65 crore yesterday, 14 June 2017, as per provisional data.

Among corporate news,Wipro announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

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