Market may open lower on weak global cues

Market is seen opening lower in the early trade tracking negative signals from Asian markets and overnight slide on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23.50 points at the opening bell.

In overseas markets, nervous Asian investors resumed selling today, 9 March 2016, as the optimism that had fuelled this month's rally was shattered as ongoing weakness in China rekindled fears about the global economy. US stocks snapped five-day winning streak to close lower yesterday, 8 March 2016, as supply woes weighed on oil prices and worries about a prolonged slowdown in China resurfaced.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 775.07 crore yesterday, 8 March 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1341.51 crore yesterday, 8 March 2016, as per provisional data.

Among corporate news, Maruti Suzuki India (MSIL) after market hours yesterday, 8 March 2016, announced that it has launched its first compact urban sport utility vehicle (SUV), Vitara Brezza, at a striking price point. Bookings for the Vitara Brezza also opened yesterday, 8 March 2016 at the company's 1,799 strong dealer network across the country, MSIL said. With Vitara Brezza, MSIL is now present across all critical segments of the passenger vehicle market, the company said in a statement. The introductory price for the base variant of Vitara Brezza is Rs 6.99 lakh ex-showroom Delhi and Rs 7.35 lakh ex-showroom Mumbai.

Losses for banking stocks offset gains for metal shares and index heavyweights Reliance Industries, ITC and HDFC, with the two key benchmark indices settling near the flat line yesterday, 8 March 2016. The barometer index, the S&P BSE Sensex, rose 12.75 points or 0.05% to settle at 24,659.23. The 50-unit Nifty 50 index fell 0.05 points to settle at 7,485.30. The two key benchmark indices witnessed intraday volatility. The Sensex attained its highest closing level in more than five weeks, with the barometer index recording gains for the fifth straight trading session.

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