Market may mirror weak global cues

Market is seen opening lower in the early trade tracking negative leads from the global market. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 93.50 points at the opening bell.

In overseas markets, Asian shares fell sharply, following a global rout last week that centered on worries about the Chinese economy and falling yuan. US stocks closed sharply lower on Friday, 8 January 2016, ending the week with the biggest percentage declines since 23 September 2011. Selling was triggered by concerns over a slowdown in China's economy and plunging oil prices.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1236.95 crore on Friday, 8 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1003.99 crore on Friday, 8 January 2016, as per provisional data.

Among corporate news, Tata Power Company after market hours on Friday, 8 January 2016 announced about the issue of unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) amounting to Rs 500 crore on private placement basis. The company will issue 5,000 debentures having tenure of 7 years with floating rate of NCDs linked with base rate of State Bank of India. The date of allotment of debentures is 12 January 2016 and the date of maturity is 12 January 2023.

Container Corporation of India after market hours on Friday, 8 January 2016 announced that the management has detected a suspected case of misappropriation of company's funds of an approximate value of Rs 1.24 crore at one of its regional offices. The management has initiated immediate action against the suspected perpetrators and has also taken steps to plug loopholes in the system to prevent any similar leakages in the future.

Ashok Leyland after market hours on Friday, 8 January 2016 announced that it received an order worth $50 million from the Ministry of Local Government, Public Works and National Housing, Government of Republic of Zimbabwe for supply of vehicles and spare parts.

Stocks from power, oil and IT sector and private sector banks led gains as key benchmark indices snapped a 4-day losing streak on Friday, 8 January 2016. The barometer index, the S&P BSE Sensex, rose 82.50 points or 0.33% to settle at 24,934.33. The gains for the 50-unit Nifty 50 index were higher in percentage terms than those for Sensex. The Nifty rose 33.05 points or 0.44% to settle at 7,601.35. The Sensex and the Nifty traded in positive zone throughout the trading session. But, the Sensex failed to retain the psychological 25,000 level after moving past that mark in intraday trade.

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