Market may slide on mixed Asian cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell on mixed cues from Asian market.

Overseas, Asian shares were mixed as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.

Brent for July 2017 settlement was up 4 cents at $51.50 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.

Opec decided yesterday, 25 May 2017, in Austria to extend cuts in oil output by nine months to March 2018, delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

In US, the S&P 500 and Nasdaq Composite closed at fresh records on Thursday, as US stocks advanced for a sixth straight session. The S&P 500 index rose 10.68 points, or 0.4%, to finish at 2,415.07. The Nasdaq Composite Index added 42.23, or 0.7%, to end at 6,205.26. The Dow Jones Industrial Average climbed 70.53 points, or 0.3%, to close at 21,082.95.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 589.11 crore yesterday, 25 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 236.44 crore yesterday, 25 May 2017, as per provisional data.

Among corporate news, Cipla reported consolidated net loss of Rs 61.79 crore in Q4 March 2017 compared with loss of Rs 92.83 crore in Q4 March 2016. Total income rose 6.84% to Rs 3604.79 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

ITC, Tech Mahindra and Sun Pharmaceutical Industries will announce Q4 results today, 26 May 2017.

Infosys and HP Inc. yesterday, 25 May 2017 launched joint Retail Point of Sale (RPOS) and Enterprise Device as a Service (DaaS) solutions to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program. The announcement was made after market hours yesterday, 25 May 2017.

The joint RPOS solution offers a digital approach across the supply chain, enabling real-time collaboration between shoppers, retailers and vendors at the point of purchase, providing a true omnichannel experience. The joint Enterprise Device as a Service solution defines and delivers technologyenabled transformations that optimize how organizations acquire, manage and use devices with end-to-end services, enterprise applications, fleet reporting, analytics, insights and more.

HeidelbergCement India's net profit rose 49.25% to Rs 37.03 crore on 14.05% rise in total income to Rs 542.38 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

Upbeat global stocks provided momentum for domestic stocks high volatility yesterday, 25 May 2017. The barometer index, the S&P BSE Sensex, surged 448.39 points or 1.48% to settle at 30,750.03. The Nifty 50 index jumped 149.20 points or 1.59% to settle at 9,509.75. The Sensex hit record high on intraday as well as closing basis. The Nifty settled at its highest level in over one week.

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