Key benchmark indices may edge lower in early trade. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 42.50 points at the opening bell.
In overseas stock markets, Asian stocks were mixed today, 10 May 2016. Most US stocks finished just a bit higher yesterday, 9 May 2016 as gains for drug companies were almost canceled by sharp losses for metals and energy companies.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 224.40 crore yesterday, 9 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 350.60 crore yesterday, 9 May 2016, as per provisional data.
Among corporate news, Zee Entertainment Enterprises is scheduled to announce its Q4 March 2016 results today, 10 May 2016.
Tata Steel said that the board of directors of Tata Steel Europe has announced that seven expressions of interest submitted for Tata Steel's UK business have been immediately taken forward to the next stage of the sale process. In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest. The remaining parties who submitted expressions of interest have been thanked for their participation in the process but informed that their expressions would not be taken forward currently. As previously announced it is Tata Steel Europe's primary intention to assess expressions of interest for the whole of Tata Steel's UK business and the seven expressions of interest being immediately taken forward are on this basis. Expressions of interest for parts of the UK business are not being taken forward at this point. In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage.The announcement was made before market hours today, 10 May 2016.
Optimism over the progress of key legislation in parliament and gains in European stocks triggered rally on the domestic bourses yesterday, 9 May 2016. The Sensex rose 460.36 points or 1.82% to settle at 25,688.86, its highest closing level since 27 April 2016.
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