Market may open with meager gains

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 7.90 points at the opening bell.

Overseas, Asian stocks were mixed after exit polls in the UK's general election project Prime Minister Theresa May's Conservatives will be the largest party, but possibly falling short of a majority. May had unexpectedly called the snap election seven weeks ago, confident of sharply increasing the slim majority she had inherited from predecessor David Cameron before launching into the Brexit talks. Instead, she risked an ignominious exit after just 11 months at Number 10 Downing Street.

US stocks notched meager gains yesterday, 8 June 2017 but the Nasdaq Composite index closed at a record after former Federal Bureau of Investigation (FBI) Director James Comey's appearance in front of the US Senate Intelligence Committee concluded without any significant revelations.

 

Former FBI Director James Comey accused President Donald Trump on Thursday of firing him to try to undermine the agency's investigation of possible collusion by Trump's campaign with Russia's alleged efforts to influence the 2016 presidential election. During more than two hours of testimony, Comey told the Senate Intelligence Committee he believed Trump had directed him in February to drop an FBI probe into the Republican president's former national security adviser, Michael Flynn, as part of the broader Russia investigation.

The European Central Bank (ECB) yesterday, 8 June 2017, as expected, left interest rates unchanged but said it continued to expect interest rates to remain at present levels for an extended period of time, and well past the horizon of its asset-buying program, which is set to run at least through December. In previous statements, the ECB had said it expected rates to remain at present or lower levels for an extended period of time.

Oil prices continued to slide, adding to sharp declines from earlier this week as evidence mounted that a fuel supply overhang continued despite an ongoing effort led by OPEC to tighten the market by holding back production. Brent crude futures were trading at $47.67 per barrel down 19 cents, or 0.4%, from their last close.

Among corporate news back home, TCS announced the launch of BaNCS App Development Kit (ADK) that enables banks to design and build their own apps faster and seamlessly deploy across devices and desktops. The announcement was made after market hours yesterday, 8 June 2017.

Key indices had settled with small losses after range-bound trade yesterday, 8 June 2017 as caution prevailed in global markets ahead of key global events of outcome of elections in the UK and the European Central Bank's (ECB) monetary policy review. The Sensex shed 57.92 points or 0.19% to settle at 31,213.36, its lowest closing level since 6 June 2017.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 90.78 crore yesterday, 8 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) had also bought shares worth a net Rs 738.78 crore yesterday, 8 June 2017, as per provisional data.

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