Market may open slightly higher

Last Updated : May 09 2016 | 9:28 AM IST

Key benchmark indices may open flat to slightly higher amid mixed cues from Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 19.65 points at the opening bell.

In overseas stock markets, Asian stocks were mixed today, 9 May 2016. US shares posted modest gains on Friday, 6 May 2016, mainly as the weaker-than-expected US jobs report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. US non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below the market expectations.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 27.71 crore on Friday, 6 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 179.80 crore on Friday, 6 May 2016, as per provisional data.

Among corporate news, Hindustan Unilever (HUL) will announce its Q4 results on today, 9 May 2016.

Grasim Industries' consolidated net profit rose 37.38% to Rs 696.09 crore on 12.66% rise in total income to Rs 10058.03 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 7 May 2016. During the year, under a court approved scheme of amalgamation, Aditya Birla Chemicals (India) (ABCIL), has been amalgamated with the company from the appointed date of 1 April 2015. In view of amalgamation of ABCIL with the company, the results for the quarter and current year ended 31 March 2016 are not strictly comparable with corresponding period(s) of the previous year.

ITC announced on Sunday, 8 May 2016 that the cigarette factories are commencing production progressively. ITC had announced on 5 May 2016 that the company had to shut its cigarette factories from 4 May 2016 until it is in a position to comply with the interim requirements pending hearing in the Karnataka High Court after Supreme Court on 4 May 2016 passed an order transferring to the Karnataka High Court all writ petitions pending in various courts challenging the rules prescribing 85% pictorial warnings on packages of tobacco products. The Supreme Court observed that all parties should endeavour to follow the rules.

Metal stocks may decline as China's exports unexpectedly fell in April as weak demand continued to weigh on the world's second-largest economy. Exports declined 1.8% in April in dollar terms, reversing an increase of 11.5% the previous month, the General Administration of Customs said Sunday, 8 May 2016. Imports in April fell by a sharper-than-expected 10.9% from a year earlier, compared with a 7.6% drop in March. China's trade surplus widened more than expected last month to $45.56 billion from $29.86 billion in March. China is the world's largest consumer of steel, copper and aluminum.