Market may open marginally lower on weak Asian stocks

Key indices may open slightly lower tracking weakness in most Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 6.40 points at the opening bell.

In overseas markets, Asian stocks edged lower as investors sought refuge in safe-haven assets amid festering concerns over the 23 June 2016 referendum that could see Britain exit the European Union. US stocks dropped yesterday, 9 June 2016 after three days of gains as crude oil futures pulled back from 10-month highs.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 234.20 crore yesterday, 9 June 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 317.74 crore yesterday, 9 June 2016, as per provisional data.

Among corporate news, ICICI Bank announced after market hours yesterday, 9 June 2016, that Oriental Trimex had availed financial assistance of Rs 68.80 million from ICICI Bank. Due to default in repayment of outstanding dues to ICICI Bank by the company, the account of company with ICICI Bank has been classified as a Non Performing Asset (NPA) on 31 December 2012. For recovery of outstanding dues, ICICI Bank has filed recovery suit before DRT, Delhi at 16 August 2013 against Oriental Trimex and the guarantors (i.e. Mr. Rajesh Punia & Ms. Savita Punia). The company has also filed winding up petition before High Court, Delhi at 11 March 2014.

Yes Bank announced that it has executed a share subscription and shareholders' agreement agreeing to subscribe for 20 lakh equity shares of Receivables Exchange of India (RXIL) which is equivalent to 8% of the post-issue paid-up capital of RXIL, as per the terms of the agreement. RXIL is a joint venture company setup by NSE Strategic Investment Corporation and Small Industries Development Bank of India. The announcement was made after market hours yesterday, 9 June 2016.

Hindustan Unilever (HUL) announced that considering the recent change in the organization structure of the company, it has decided to report its segmental information under the four segments, and a residual segment for 'others'. The new segments comprises viz. 1. Home care to include fabric wash, household care and water. 2. Personal Care to include personal wash, skin care, hair care, oral care, deodorants and colors. 3. Foods to include packaged foods (excluding ice cream and frozen dessert) and popular foods and 4. Refreshments to include tea, coffee, ice cream and frozen dessert. This change complies with the IND AS segment reporting principles, and the reporting therefore will be made effective from 1 April 2016, which will be reflected in Q1 June 2016, HUL said. The announcement was made after market hours yesterday, 9 June 2016.

Among key macro economic announcements, the government is scheduled to unveil industrial production data for April 2016 at 17:30 IST today, 10 June 2016. India's industrial production (IIP) growth moderated to 0.1% in March 2016 over March 2015 compared with 2% growth recorded in February 2016.

Negative cues from global markets and concerns arising from higher global crude oil prices pulled Indian stocks lower yesterday, 9 June 2016. The Sensex fell 257.20 points or 0.95% to settle at 26,763.46, its lowest closing level since 1 June 2016.

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