Market is seen opening lower in the early trade as global cues continue to remain negative. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 21 points at the opening bell.
In the overseas market, most Asian stocks were trading lower as investors worried over the extent of China's economic slowdown and its impact on emerging markets. US stocks eked out small gains yesterday, 11 January 2016, after dipping in and out of negative territory as a deepening rout in oil prices hit the energy sector on the heels of the worst weekly start ever to a new year.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1319.24 crore yesterday, 11 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 900.99 crore yesterday, 11 January 2016, as per provisional data.
Among corporate news, IndusInd Bank and IT major TCS will announce their Q3 results today, 12 January 2016.
Tata Motors announced after market hours yesterday, 11 January 2016, that Tata Motors Group global wholesales including Jaguar Land Rover rose 7% at 91,762 units in December 2015 over December 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 6% at 32,475 units in December 2015 over December 2014. Global wholesales of all passenger vehicles rose 8% at 59,287 units in December 2015 over December 2014. Global wholesales of Tata Motors' passenger vehicles declined 32% at 8,371 units in December 2015 over December 2014.
Shares of oil exploration firms, state-run oil marketing companies and aviation companies will be in focus as crude oil prices witnessed a further slide. In the global commodities markets, Brent for February settlement lost $2 a barrel or 5.96% to settle at $31.55 a barrel during the previous trading session.
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Housing Development Finance Corporation (HDFC) announced after market hours yesterday, 11 January 2016, that HDFC Standard Life Insurance Company, a material subsidiary of the company, on 10 January 2016, incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC) called the HDFC International Life and Re Company (HILRCL) with an initial capital outlay of $12.33 million. Further, HILRCL will operate in DIFC, and shall shortly commence its business operations, subject to completion of further regulatory formalities for obtaining the final license from the Dubai Financial Services Authority. HILRCL would be in the business of offering reinsurance capacity to ceding insurers and may also foray into directly underwriting insurance contracts, subject to receipt of necessary approvals. It would initially offer reinsurance capacity in the UAE and subsequently expand to other jurisdictions, using either of the aforesaid business models.
Indian Bank announced after market hours yesterday, 11 January 2016, that pursuant to the bank's strategic plan discussed by its board on 26 October 2015, the bank is proposing to seek the approval of its board in the ensuing board Meeting to be held on 19 January 2016 to permit the bank to raise Basel III compliant Tier II bonds for Rs 1100 crore in one or more tranches in the current or subsequent years based on the requirement.
Losses for IT and pharma sector stocks, public sector banks and index heavyweight HDFC pulled key benchmark indices lower in a volatile trading session yesterday, 11 January 2016. The barometer index, the S&P BSE Sensex, fell 109.29 points or 0.44% to settle at 24,825.04. The 50-unit Nifty 50 index declined 37.50 points or 0.49% to settle at 7,563.85. The Sensex hit its lowest level in more than 19 months on intraday basis as well as on closing basis. The Nifty hit its lowest level in almost 18 months on intraday basis. On closing basis, the Nifty hit an 18-week low.
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