Market may open flat to slightly higher

Key benchmark indices are set to open flat to slightly higher. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 6 points at the opening bell.

In overseas stock markets, Asian stocks were mixed. US stocks closed marginally higher on Friday, 8 April 2016 with petroleum-linked stocks posting strong gains, even as worries about earnings cut into gains.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 180.27 crore on Friday, 8 April 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 159.01 crore on Friday, 8 April 2016, as per provisional data.

Among corporate news, telecom major Bharti Airtel said it will pay Rs 3500 crore to acquire rights to use 4G spectrum of Aircel in eight telecom circles. Bharti Airtel and its subsidiary, Bharti Hexacom, have on 8 April 2016 entered into a definitive agreements with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular (together Aircel) to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum for eight circles namely, Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Orissa at an aggregate consideration of Rs 3500 crore. The announcement was made after market hours on Friday, 8 April 2016.

The spectrum was allotted to Aircel and Dishnet by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) and is valid upto 20 September 2030. The transfer of the right to use for the circles of Andhra Pradesh and Orissa is subject to the revision of spectrum caps with the upcoming auction to be conducted by DoT. With the above acquisition, Bharti Airtel will become pan India 4G operator. The closing of the transaction is subject to satisfaction of the standard conditions as are normal to such transactions, Bharti Airtel said in a statement.

Sun Pharmaceutical Industries announced on Saturday, 9 April 2016, that one of its wholly owned subsidiaries has received approval from US Food and Drug Administration (USFDA) for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.

Kotak Mahindra Bank announced after markt hours on Friday, 8 April 2016, that the bank's subsidiary, Kotak Mahindra (International) (KMIL) a foreign portfolio investor (FPI) on its client account, has acquired 12.89 lakh shares at Rs 92.69 each, aggregating to Rs 11.90 core being 7.61% of the paid-up capital of Banswara Syntex. Banswara Syntex was incorporated on 5 May 1976 and registered total income of Rs 1243 .05 crore in FY 2015. It has operations in textiles industry.

After seeing a rangebound movement in intraday trade, the two key benchmark indices settled near the flat line on Friday, 8 April 2016. The barometer index, the S&P Sensex, lost 11.58 points or 0.05% to settle at 24,673.84.

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