Market may slide on mixed Asian cues

Market is seen opening lower on mixed cues from Asian market. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 17.50 points at the opening bell.

In overseas markets, Asian shares were mixed today, 18 November 2015, as investors remain cautious over the latest global geopolitical developments in the wake of Paris terror attacks. US stocks gave up earlier gains to end almost flat yesterday, 17 November 2015, as falling oil prices overshadowed strong earnings from giant retailers Wal-Mart Stores and Home Depot Inc. The evacuation of a soccer stadium in Germany also rekindled terror fears, unnerving investors.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 492.45 crore yesterday, 17 November 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 783.02 crore on yesterday, 17 November 2015, as per provisional data.

Among corporate news, Indian Overseas Bank (IOB) after market hours yesterday, 17 November 2015 said that credit rating agency Crisil has revised downwards its ratings for lower tier II bonds, upper tier II bonds and Basel II compliant tier I perpetual bond issues of IOB. The revision in the ratings assigned to the bonds is due to continued deterioration in asset quality of IOB in the six months ended 30 September 2015. The ratings continue to factor in the majority Government of India (GOI) shareholding in the bank and that GOI continue to provide support to all the public sector banks, Crisil said.

Mahindra Lifespace Developers after market hours yesterday, 17 November 2015 said it has acquired a land parcel in Palghar district of Maharashtra admeasuring 85,000 square meters for residential development.

Gains in metal and FMCG stocks and index heavyweights ITC and HDFC pulled key benchmark indices higher in a volatile trading session yesterday, 17 November 2015. The barometer index, the S&P BSE Sensex rose 104.37 points or 0.41% to settle at 25,864.47. The 50-unit Nifty 50 index rose 30.95 points or 0.4% to settle at 7,837.55.

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