Market may open higher

Market is seen opening higher in the early trade as traders build up fresh positions after a long weekend. The stock market was shut on Thursday, 24 March 2016, on account of Holi and again on Friday, 25 March 2016, on account of Good Friday. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11.50 points at the opening bell.

Most Asian stock markets were trading higher today, 28 March 2016, after an upward revision in US gross domestic product data stoked expectations for a steady recovery in the world's largest economy. US market ended on quiet note on Thursday, 24 March 2016, with concerns about the outlook for interest rates following comments from St. Louis Federal Reserve President James Bullard. Bullard said the relatively minor downgrades to the Fed's economic outlook suggest the next rate hike 'may not be far off provided that the economy evolves as expected.' Sentiments remained down-beat with the Labor Department releasing a report showing a modest increase in initial jobless claims in the week ended 19 March 2016. The initial jobless claims edged up to 265,000, an increase of 6,000 from the previous week's downwardly revised level of 259,000.

US market was closed on Friday, 25 March 2016, due to the observance of Good Friday. Meanwhile. on Friday, 25 March 2016, data showed that the US economy grew at a 1.4% seasonally adjusted annual rate in the fourth quarter, compared with a previous estimate for 1% growth.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 976.91 crore on Wednesday, 23 March 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1022.58 crore on Wednesday, 23 March 2016, as per provisional data.

Among corporate news, Tata Motors issued clarification after market hours on Wednesday, 23 March 2016 that workmen at its Sanand plant in Gujarat have called off the strike and resumed duty from 23 March 2016 and normalcy has been restored. Sanand is one of company's six plants in India and manufactures Nano and new hatchback car, Tiago. The company issued clarification after news report suggesting around 422 permanent workers had gone on strike at Sanand from 22 February 2016, demanding the re-instatement of 28 suspended workers.

Reliance Communications (RCom) announced that based on the good progress made so far, it has extended the exclusivity period with Maxis Communications Berhad (MCB) and Sindya Securities and Investments, the shareholders of Aircel by 60 days to 22 May 2016, to consider the potential combination of the Indian wireless business of RCom and Aircel. The deal if happens could mutually derive the expected substantial benefits of in-country consolidation, including opex and capex synergies and revenue enhancement. The discussions are non-binding in nature. Any transaction is subject to completion of due diligence, definitive documentation and regulatory, shareholders' and other third party approvals. Hence, there is no certainty that any transaction will result. The announcement was made after market hours on Wednesday, 23 March 2016.

Gains in metal, telecom stocks and index heavyweight Infosys offset losses for stocks of public sector bank banks and index heavyweight Reliance Industries (RIL), with the two key benchmark indices ending near the flat line on Wednesday, 23 March 2016. The barometer index, the S&P BSE Sensex, rose 7.07 points or 0.03% to settle at 25,337.56. The 50-unit Nifty 50 index rose 1.60 points or 0.02% to settle at 7,716.50. After languishing in red almost throughout the trading session, the two key benchmark indices staged a rebound in late trade.

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