Market may open flat to slightly lower

Key benchmark indices may open flat to slightly lower tracking weakness in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 3.25 points at the opening bell.

In overseas stock markets, Asian stocks dropped following overnight losses in US stocks amid growing pessimism over corporate earnings. US stocks dropped yesterday, 11 May 2016 as disappointing earnings from Disney and a slump among retailers led to selling.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 362.19 crore yesterday, 11 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 729.59 crore yesterday, 11 May 2016, as per provisional data.

Among corporate news, Adani Power announced that it has raised Rs 330 crore by allotment of 3,300 rated, listed, redeemable, zero coupon, non- convertible debentures (NCDs) of the face value of Rs 10 lakh each on private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE. The announcement was made after market hours yesterday, 11 May 2016.

Jubilant Life Sciences announced that one of its wholly-owned subsidiaries, Jubilant DraxImage Inc (JDI) and Cyclopharm have mutually terminated their previously announced term sheet for exclusive commercial rights of Technegas in the US market. Both parties have agreed to discuss potential commercial opportunities once Cyclopharm obtains United States Food and Drug Administration (USFDA) approval for Technegas, Jubilant Life Sciences said in a statement. The announcement was made after market hours yesterday, 11 May 2016.

Among key macro economic announcements, the government is scheduled to unveil industrial production data for March 2016 at 17:30 IST today, 12 May 2016. India's industrial production (IIP) rebounded 2% in February 2016 over February 2015, while snapping consistent decline for last three straight months.

The government is scheduled to unveil the consumer price index (CPI) data (rural, urban and combined) for the month of April 2016 at 17:30 IST today, 12 April 2016. The all-India general CPI inflation dipped to six months low of 4.83% in March 2016 (new base 2012=100), while recording decline for second straight month.

Concerns that future equity inflows into India would be hit in the aftermath of amendments to the bilateral India-Mauritius tax treaty weighed on the domestic bourses yesterday, 11 May 2016. The Sensex lost 175.51 points or 0.68% to settle at 25,597.02, its lowest closing level since 6 May 2016.

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