Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

Overseas, most Asian stocks were trading higher as investors appeared to be readjusting their expectations about trade negotiations between the US and China.

As high-level meetings between the world's two largest economies were being conducted in Washington, President Donald Trump kept expectations low, reportedly saying that China had become spoiled and that he doubted negotiations would be successful.

The three main US equity benchmarks finished lower yesterday, 17 May 2018 as selling in technology shares offset an advance in the energy sector.

In US economic data, initial jobless claims rose by 11,000 to 222,000 in the latest week, the highest level in a month. The Philadelphia Fed manufacturing index came in at 34.4 in May.

Back home,the market declined yesterday, 17 May 2018 as investors were concerned about political uncertainty in Karnataka. The barometer index, the S&P BSE Sensex, fell 238.76 points or 0.67% to settle at 35,149.12. The Nifty 50 index fell 58.40 points or 0.54% to settle at 10,682.70.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 830.94 crore yesterday, 17 May 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 428.92 crore yesterday, 17 May 2018, as per provisional data.

Among corporate news,Bajaj Auto declares its Q4 result today, 18 May 2018.

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries has launched in US, the Authorized Generic (AG) version for Daiichi Sankyo Inc.'s Welchol (colesevelam hydrochloride) 625mg tablets. The launch is pursuant to a distribution and supply agreement between Sun Pharma's wholly owned subsidiary and Daiichi Sankyo Inc., which grants the Sun Pharma subsidiary, exclusive rights to distribute these tablets in the US for a pre-determined period.

Welchol Tablets recorded US sales of approximately $520 million for the 12 months ending March 2018, as per IQVIA. The announcement was made after market hours yesterday, 17 May 2018.

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