The market may decline on weak cues from Asia and US stock markets. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 41.50 points at the opening bell.
In overseas markets, Asian market was trading lower as investors fret over the state of the global economy. Japan's Nikkei average, opening for the first time since Friday after national holidays, was trading sharply lower. US market fell yesterday, 23 September 2015, dragged down by economic reports portraying US factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis.
Latest economic data showed US manufacturing growth stayed at a two-year low in September. Financial data firm Markit said its preliminary US Manufacturing Purchasing Managers' Index for September was 53. That was the same as August, which was its lowest since October 2013.
Oil prices slipped toward the lower end of their trading ranges in the past week as the bullish impact from lower crude inventories was offset by large gasoline builds that raised concerns about high autumn fuel supplies. In the global commodities markets, Brent crude oil futures edged higher. Brent for November settlement was up 35 cents at $48.10 a barrel. The contract had tumbled $1.33 a barrel or 2.71% to settle at $47.75 a barrel during the previous trading session.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1330.12 crore yesterday, 23 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 891.36 crore yesterday, 23 September 2015, as per provisional data.
Volatility ruled the roost as key benchmark indices snapped two-day losing streak yesterday, 23 September 2015. The barometer index, the S&P BSE Sensex, rose 171.15 points or 0.67% to settle at 25,822.99. The Nifty rose 33.95 points or 0.43% to settle at 7,845.95.
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Among corporate news, Maruti Suzuki India (MSIL) announced after market hours yesterday, 23 September 2015, that the sales of its vehicles equipped with auto gear shift (AGS) have crossed 50,000 units. AGS vehicles are popular across the country particularly in markets like Delhi NCR, Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad and Kochi, MSIL said in a statement.
Power Grid Corporation of India (PGCIL)'s board of directors has approved the project for North Eastern Strengthening Scheme-III involving an outlay of Rs 133.71 crore. The company made the announcement after market hours yesterday, 23 September 2015.
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