Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 7 points at the opening bell.

Overseas, Asian stocks were trading on a mixed note. US markets remained closed yesterday, 28 May 2018 for Memorial Day. UK markets were also closed yesterday, 28 May 2018 for the spring bank holiday.

Back home,the market rose for a third straight session yesterday, 28 May 2018 as a sharp drop in crude prices and a recovery in the rupee boosted sentiment. The barometer index, the S&P BSE Sensex, gained 240.61 points or 0.69% at 35,165.48. The Nifty 50 index gained 83.50 points or 0.79% at 10,688.65.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 795.06 crore yesterday, 28 May 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1017.65 crore yesterday, 28 May 2018, as per provisional data.

Among corporate news,shares of L&T will be watched after Q4 results. On a consolidated basis, net profit of Larsen & Toubro (L&T) rose 4.95% to Rs 3337.95 crore on 11.09% rise in net sales to Rs 40678.10 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 28 May 2018.

Consolidated order book of the group stood at Rs 263107 crore as at 31 March 2018, with international order book constituting 24% of the total order book.

L&T said it expects to continue its planned trajectory of profitable and steady growth which, along with its many value enhancing measures, is aimed at improving shareholder returns on a sustainable basis.

Shares of state-run oil marketing companies--BPCL, HPCL and Indian Oil Corporation--will be watched after petrol and diesel prices were hiked for the sixteenth day in a row. The price of petrol was hiked by Rs 0.16 today, 29 May 2018, to Rs 86.24 a litre in Mumbai and diesel was raised by Rs 0.15 to Rs 73.79 a litre.

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