Market set to open lower on weak global cues

Market is set to open sharply lower on weak global cues. Trading of Nifty 50 futures on the Singapore stock exchange indicated that the Nifty could fall 69 points at the opening bell.

In overseas markets, Asian markets edged lower after overnight slide on Wall Street. In China, trading was suspended for the day after the CSI 300 index tumbled more than 7% in early trade, triggering the market's circuit breaker for a second time this week. US stocks closed sharply lower yesterday, 6 January 2015, pressured by continued concerns about global economic growth, declining oil prices and increased geopolitical tensions.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 242.48 crore yesterday, 6 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 576.57 crore yesterday, 6 January 2016, as per provisional data.

Lupin after market hours yesterday, 6 January 2016 announced that its US subsidiary Lupin Pharmaceutical Inc. has launched in the US its Tri-Lo-Marzia Tablets (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg) after receiving approval from the United States Food and Drug Administration (FDA) to market a generic equivalent of Janssen Pharmaceuticals Inc. (Janssen) Ortho Tri-Cyclen Lo Tablets, (Norgestimate and Ethinyl Estradiol Tablets USP, 0.180 mg/0.025 mg, 0.215 mg/0.025 mg, and 0.250 mg/0.025 mg). Lupin's Tri-Lo-Marzia Tablets are the AB rated generic equivalent of Janssen Ortho Tri-Cyclen Lo Tablets. It is indicated for use by women to prevent pregnancy. Ortho Tri-Cyclen Lo Tablets had annual sales of $488.4 million in the US as per IMS MAT September 2015 data. The product represents Lupin's 16th oral contraceptive launch in the US.

HDFC after market hours yesterday, 6 January 2016 announced that it will issue secured redeemable non-convertible debentures worth Rs 690 crore on private placement basis to select individuals. The coupon rate on debentures is 8.45% per annum. The issue opens and closes on the same day tomorrow, 8 January 2016. HDFC plans to augment its long-term resources with the proceeds from the issue. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company, HDFC said.

Metal stocks and index heavyweights ITC and L&T led losses for key benchmark indices yesterday, 6 January 2016. The Sensex fell 174.01 points or 0.68% to settle at 25,406.33, its lowest closing level since 15 December 2015.

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