Market may open higher

Market is seen opening higher, shrugging off mixed leads from Asian markets and a decline on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 30.50 points at the opening bell.

In overseas markets, Asian stock markets were mixed today, 10 October 2016. US stocks fell on Friday, 7 October 2016, to end the week lower following a report on US employment that came in below expectations but was viewed as strong enough for the US central bank to consider raising interest rates by the end of the year. The US economy added 156,000 jobs last month, while the unemployment rate ticked up to 5% as more workers entered the labor market.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 56.25 crore on Friday, 7 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 726.80 crore on Friday, 7 October 2016, as per provisional data.

Among corporate news, Power Grid Corporation of India announced that POWERGRID Vizag Transmission, a wholly owned subsidiary of the company, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the element Srikakulam - Vemagiri 765 kV D/c line on 30 September 2016. The other element of the project Khammam - Nagarjunasagar 400kV D/C was completed in last financial year. With the completion of both the elements, the project required to be established by POWERGRID Vizag Transmission Limited has been completed. The announcement was made after market hours on Friday, 7 October 2016.

Key benchmark indices logged small losses on Friday, 7 October 2016, led by decline in index heavyweights HDFC and Infosys. The barometer index, S&P BSE Sensex fell 45.07 points or 0.16% to settle at 28,061.14. The Nifty 50 index fell 11.95 points or 0.14% to settle at 8,697.60.

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