Market may open higher on strong global cues

Market is seen opening higher tracking positive sentiment in Asian markets and overnight gains on Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 94.50 points at the opening bell.

In overseas stock markets, Asian stocks edged higher tracking overnight gains on Wall Street. In mainland China, the Shanghai Composite was currently up 0.33%. Latest data showed that the manufacturing momentum in the world's second largest economy skidded to a four-month low in June. China's official manufacturing Purchasing Managers' Index (PMI) came in at 50 last month, against 50.1 logged in May and April. In Japan, the Nikkei 225 Average was currently up 0.67%. The manufacturing sector in Japan continued to contract in June, albeit at a slower pace, the latest survey from Nikkei showed. Manufacturing PMI came in at 48.1 in June, up from May's 47.7. US stocks gained for the third day in a row yesterday, 30 June 2016, recovering from the post-Brexit sell-off.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1107.42 crore yesterday, 30 June 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 190.76 crore yesterday, 30 June 2016, as per provisional data.

Among corporate news, shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing a decrease in petrol and diesel prices. Indian Oil Corporation (IOCL) yesterday, 30 June 2016, announced a decrease in the price of petrol and diesel with effect from the midnight of 30 June/1 July 2016. Petrol price was decreased by Rs 0.89 per litre and diesel price was decreased by Rs 0.49 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 64.76 per litre and diesel costs Rs 54.70 a litre.

Maruti Suzuki India (MSIL) announced after market hours yesterday, 30 June 2016, that it signed a memorandum of understanding (MoU) with Government of Andhra Pradesh, to set up, manage and run Institute of Driving Training and Traffic Research at Venkatachalam village in Darsi, Prakasham district of the state.

The infrastructure spread across 20 acres of land will be provided by the Andhra Pradesh Government, while Maruti Suzuki will run and manage the institute. The facility to be built as per the MoRTH guidelines shall consist of an institute building, a hostel and training tracks will all required formation. The infrastructure is expected to be complete by 2018.

Set up under the public-private-partnership (PPP) model, this will be Maruti Suzuki's first IDTR in South India. Maruti Suzuki will undertake the training on lines of the other IDTRs including All Gujarat Institute of Driving, Technical Training and Research (AGIDTTR), Vadodara. The Company plans to collaborate with the various government departments like Tribal Development Department to promote road safety and driving as an employment opportunity among the tribal youth of Andhra Pradesh. The main focus is to make people employable hence additional training in personality, hygiene, courtesy and communication is imparted to the youth.

On the macro front, the output of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) rose 2.8% in May 2016 over May 2015, data released by the government after market hours yesterday, 30 June 2016 showed.

Stocks of power sector firms, telecom companies and private sector banks led gains for the two key benchmark indices yesterday, 30 June 2016. The barometer index, the S&P BSE Sensex had risen 259.33 points or 0.97% to settle at 26,999.72.

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