Market may open flat to slightly lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 6 points at the opening bell.

Overseas, Asian stocks were trading mostly higher. US stocks closed slightly higher on Monday, 1 May 2017, shaking off comments from President Donald Trump about breaking up the big banks.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1150.43 crore on Friday, 28 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1684.44 crore on Friday, 28 April 2017, as per provisional data.

Among corporate news, Ambuja Cements' consolidated net profit rose 38% to Rs 396.96 crore on 6.8% growth in net sales to Rs 5631.90 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours on Friday, 28 April 2017.

Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing a hike in petrol and diesel prices. Indian Oil Corporation (IOCL) on 30 April 2017 announced an increase in the price of petrol and diesel with effect from the midnight of 30 April/1 May 2017. Petrol price was hiked by Rs 0.01 per litre and diesel price was raised by Rs 0.44 a litre at Delhi (excluding state levies).

In addition to this, daily revision of prices of petrol and diesel is being implemented on pilot basis, in the cities of Chandigarh, Jamshedpur, Puducherry District, Udaipur and Vizag with effect from 1 May 2017.

On the macro front, the combined index of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) stood at 202.9 in March 2017, which was 5% higher compared to the index of March 2016. The data was released by the government yesterday, 1 May 2017.

Key benchmark indices declined for second consecutive session on Friday, 28 April 2017, as investors booked profits after recent gains. The Sensex fell 111.34 points or 0.37% to settle at 29,918.40, its lowest closing level since 24 April 2017.

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