Market may see lower opening

Market may edge lower in early trade on lack of global cues and probable profit taking by investors after the indices reached record highs during the preceding trading session. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 32.50 points at the opening bell.

Overseas, Asian stocks edged lower, following a directionless session in the preceding trading session as major markets around the world were closed for various holidays. Markets in Hong Kong and China were closed for a public holiday. US stock markets were shut yesterday, 29 May 2017 for Memorial Day holiday.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 709.97 crore yesterday, 29 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 290.53 crore yesterday, 29 May 2017, as per provisional data.

Among corporate news, L&T's consolidated net profit rose 29.5% to Rs 3025 crore on 12% increase in gross revenue to Rs 36828 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Coal India's consolidated net profit fell 38.2% to Rs 2716.09 crore on 8.3% increase in net sales to Rs 23171.58 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Aurobindo Pharma's consolidated net profit fell 4.01% to Rs 532.22 crore on 2.64% decline in total income to Rs 3682.41 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Power Grid Corporation of India's (PGCIL) net profit rose 22.17% to Rs 1916.36 crore on 17.87% growth in total income to Rs 7054.45 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

BPCL's net profit fell 13% to Rs 1841.68 crore on 31% growth in net sales to Rs 57036.48 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Market registered small gains yesterday, 29 May 2017, on hopes of timely arrival of southwest monsoon rains. The Sensex had risen 81.07 points or 0.26% to settle at 31,109.28, its record closing high.

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