Market may open lower

Market may edge lower in early trade on softer global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 11 points at the opening bell.

Overseas, Asian stocks were trading mostly lower following softer lead from Wall Street. US equities closed lower yesterday, 31 May 2017, as a drop in the financial sector pressured stocks.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1048.93 crore yesterday, 31 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 939.54 crore yesterday, 31 May 2017, as per provisional data.

Among corporate news, shares of public sector oil marketing companies (PSU OMCs) will be watched. Indian Oil Corporation (IOCL) yesterday, 31 May 2017, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May/1 June 2017. Petrol price was hiked by Rs 1.23 per litre and diesel price was raised by Rs 0.89 a litre at Delhi (excluding state levies).

On the macro front, India's Gross Domestic Product (GDP) rose at moderated pace of 6.1% in Q4 March 2017, which is the lowest pace of growth in last nine quarters. The GDP growth decelerated sharply from 7% growth recorded in the preceding last quarter and 8.7% surge posted in the corresponding quarter last year. The data was released by the government after market hours yesterday, 31 May 2017.

The Eight core infrastructure industries have showed 2.5% growth in output for April 2017 over April 2016. Its cumulative output growth had stood at 4.8% in FY 2017. The Base Year of the Index of Eight Core Industries has been revised from the year 2004-05 to 2011-12 from April 2017. The shift is in line with the new base year of Index of Industrial Production (IIP). The data was released by the government after market hours yesterday, 31 May 2017.

Key benchmark indices registered small losses in a lackluster trading session yesterday, 31 May 2017. The Sensex fell 13.60 points or 0.04% to settle at 31,145.80, its lowest closing level since 29 May 2017.

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