Shares may slide on negative global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 17.50 points at the opening bell on negative global cues.

Overseas, most Asian shares declined after MSCI's decision to add mainland Chinese stocks to its emerging markets index gradually and as oil prices slipped around 2% overnight.

MSCI said yesterday, 20 June 2017, it planned on adding China A-shares to its benchmark MSCI Emerging Markets Index. The index giant said it will add 222 China A Large Cap stocks in a phased manner beginning next year. The review is the fourth straight year MSCI has considered adding the mainland-traded stocks.

US stocks declined overnight as investors dumped energy shares after crude-oil prices sank into bear-market territory amid growing concerns that an uptick in global production would derail Opec's efforts to reduce supply. The Dow Jones Industrial Average fell 61.85 points, or 0.3%, to end at 21,467.14. The Nasdaq Composite Index slid 50.98 points, or 0.8%, to close at 6,188.03.

In the global commodities markets, Brent for August 2017 settlement was down 4 cents at $45.98 a barrel. The contract fell 89 cents, or 1.90% to settle at $46.02 a barrel during the previous trading session.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 312.84 crore yesterday, 20 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 477.13 crore yesterday, 20 June 2017, as per provisional data.

Among corporate news, ICICI Bank said that the Committee of Executive Directors of the bank at its meeting held yesterday, 20 June 2017 has approved the proposal for fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis. The announcement was made after market hours yesterday, 20 June 2017.

Amid a divergent trend among various index constituents, the key benchmark indices finished a shade lower in a quiet session of trade yesterday, 20 June 2017. The barometer index, the S&P BSE Sensex, fell 14.04 points or 0.04% to settle at 31,297.53. The Nifty 50 index fell 4.05 points or 0.04% to settle at 9,653.50.

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