Market may slip on negative global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 55.50 points at the opening bell on negative global cues.

Overseas, Asian shares were trading lower on uncertainty about US tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives' version in several key areas, including a delay in the timing of a corporate tax cut.

US Republican Senators said they want to slash the corporate tax rate in 2019, later than the House's proposed schedule of 2018, complicating a push for the biggest overhaul of US tax law since the 1980s.

US stocks closed lower Thursday with the Dow snapping a seven-day win streak on worries over a possible delay in much-anticipated corporate tax cut. The S&P 500 fell 0.38% and the Dow Jones Industrial Average fell 0.43%. Technology stocks were among the biggest losers with the Nasdaq Composite Index down 0.58%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 713.75 crore yesterday, 9 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 231.25 crore yesterday, 9 November 2017, as per provisional data.

Among corporate news, Mahindra & Mahindra and State Bank of India will announce Q2 results today, 10 November 2017.

Key benchmark indices settled with small gains yesterday, 9 November 2017. The barometer index, the S&P BSE Sensex, rose 32.12 points or 0.10% to settle at 33,250.93. The Nifty 50 index rose 5.80 points or 0.06% to settle at 10,308.95.

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