Market may open lower on negative global cues

Market may edge lower in early trade tracking weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 29 points at the opening bell amid mixed cues from Asian and US markets.

Overseas, Asian stocks edged lower tracking lower closing on the Wall Street overnight. US equities closed lower yesterday, 27 June 2017 amid losses in large-cap technology stocks, while a Senate vote delay raised heightened policy uncertainty.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 292.11 crore yesterday, 27 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 148.54 crore yesterday, 27 June 2017, as per provisional data.

Among corporate news, Hero MotoCorp announced after market hours yesterday, 27 June 2017 that Life Insurance Corporation of India (LIC) sold 2.026% stake in the company. The transaction took place between 1 October 2015 and 21 June 2017. Post transaction, LIC holds 5.136% stake in Hero MotoCorp, compared with 7.162% stake held earlier.

TCS announced after market hours yesterday, 27 June 2017 that TMX Group awarded TCS, the implementation of a single, integrated technology platform for Canada's clearing and settlement businesses. The innovative platform, called TCS BaNCS for Market Infrastructure, will replace the legacy systems deployed by The Canadian Depository for Securities Limited (CDS) and Canadian Derivatives Clearing Corporation (CDCC), subject to regulatory approval where required. Technology integration across TMX Group's cash and derivatives clearing businesses is the next significant step in the company's evolution as a premier client-driven solutions provider to the Canadian and global capital markets.

Key benchmark indices closed the first trading session of the week with modest losses yesterday, 27 June 2017. The Sensex fell 179.96 points or 0.58% to settle at 30,958.25, its lowest closing level since 25 May 2017.

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