Market stares at lower opening amid weak global cues

Market may edge lower in early trade amid weakness in Asian stocks and overnight losses on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 44 points at the opening bell.

Overseas, Asian stocks declined despite marginal improvement in China's manufacturing activity as select tech shares around the region sold off.

In economic news, China's manufacturing activity accelerated more than expected in June, suggesting the world's second-largest economy continued to confound expectations for a slowdown. The official manufacturing PMI rose to 51.7 in June, from 51.2 in May. Levels above 50 indicate expansion, while levels below signal contraction.

US equities fell yesterday, 29 June 2017 as technology stocks' latest drop washed out strong gains from the big banks.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1140.77 crore yesterday, 29 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 600.23 crore yesterday, 29 June 2017, as per provisional data.

Among corporate news, IndusInd Bank announced after market hours yesterday, 29 June 2017 that it inaugurated a new branch in Kota, Rajasthan. With this, the bank now has 94 branches in Rajasthan.

Market closed with marginal gains yesterday, 29 June 2017 amid volatility as traders rolled over positions in the futures & options (F&O) segment from the near month June 2017 series to July 2017 series. The Sensex had risen 23.20 points or 0.08% to settle at 30,857.52, its highest closing level since 27 June 2017.

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