Market is seen opening higher. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 21 points at the opening bell.
In overseas stock markets, Asian stocks were mixed. US stocks closed lower yesterday, 5 April 2016, amid uncertainty regarding the quantum and timing of interest rate hikes in the United States.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 800.79 crore yesterday, 5 April 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 55.85 crore yesterday, 5 April 2016, as per provisional data.
Among corporate news, Lupin said it appointed Dr. Kurt Nielsen as President of Lupin - Somerset. Kurt will be responsible for overall operations of the Gavis-Novel Somerset business and will be based out of Somerset, New Jersey. With the successful closure/completion of the Gavis acquisition earlier this month, Lupin now has the 5th largest Abbreviated New Drug Application (ANDA) pipeline pending approval with the US Food and Drug Administration putting it in a formidable position in the US, making this role critical to the overall growth and expansion of the company, it added. The announcement was made after market hours yesterday, 5 April 2016.
On the macro front, Markit Economics will unveil the outcome of a monthly survey on the India's services sector for March at 10:30 IST today, 6 April 2016. The seasonally adjusted Nikkei India Services Purchasing Managers' Index (PMI) fell to a three-month low of 51.4 in February 2016.
Banking, telecom, auto stocks and index heavyweights Infosys and ITC led losses for key benchmark indices yesterday, 5 April 2016. with the barometer index, the S&P BSE Sensex, falling below the psychologically important 25,000 level. The Sensex fell 516.06 points or 2.03% to settle at 24,883.59.
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