Market may open lower on weak global cues

Market is seen opening lower tracking weakness in Asian markets and decline in US stocks during the previous trading session. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 44.50 points at the opening bell.

In overseas stock markets, Japanese stocks led decline in Asian markets. Japanese Nikkei 225 Average was currently off 3.62%. US stocks closed lower on Friday, 29 April 2016, as healthcare stocks weighed.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 205.30 crore on Friday, 29 April 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 28.13 crore on Friday, 29 April 2016, as per provisional data.

Among corporate news, shares of public sector oil marketing companies (PSU OMCs) will be in focus after Indian Oil Corporation (IOCL) on Saturday, 30 April 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 30 April 2016. Petrol price was hiked by Rs 1.06 per litre and diesel price was raised by Rs 2.94 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 62.19 per litre and diesel costs Rs 50.95 a litre.

UltraTech Cement clarified after market hours on Friday, 29 April 2016 that the company has no fund raising proposal. Media reports had indicated that the company is looking to raise funds by way of equity for financing acquisition.

HDFC is scheduled to announce its Q4 March 2016 results today, 2 May 2016.

Wipro announced before market hours today, 2 May 2016 that its subsidiary Wipro Arabia and Saudi Aramco, Princess Nourah University (PNU) on 1 May 2016 inaugurated the Kingdom of Saudi Arabia's first all women business & technology park. The project is expected to create nearly 21,000 jobs for Saudi women over a period of ten years, Wipro said in a statement. The women's business park is envisioned to be the largest engineering drafting services, business process services and information technology hub in the region for a number of industry sectors including oil & gas, manufacturing, government, healthcare, telecom and construction, Wipro said.

On the macro front, Markit Economics will announce the India Manufacturing Purchasing Managers' Index (PMI) for April 2016 at 10:30 IST today, 2 May 2016.

Amid a divergent trend among various index constituents, the two key benchmark indices ended virtually unchanged for the day on Friday, 29 April 2016. The Sensex had risen 3.52 points or 0.01% to settle at 25,606.62, its highest closing level since 27 April 2016.

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