Market may edge lower in the early trade, tracking weak cues from global market. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 94.50 points at the opening bell.
In overseas market, Asian markets tumbled today, 14 January 2016, mirroring sharp losses on Wall Street. China's Shanghai Composite was off by 1.51%. US stocks slumped yesterday, 13 January 2016, as investors offloaded consumer-discretionary and health-care shares. A renewed slump in crude-oil prices added to the selling pressure, driving the S&P 500 and the Dow Industrials to their lowest levels since 29 September 2015.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 75.90 crore yesterday, 13 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 618.79 crore yesterday, 13 January 2016, as per provisional data.
Among corporate news, Infosys will announce Q3 results today, 14 January 2016.
Tata Steel announced after market hours yesterday, 13 January 2016, that the sharp fall in international steel prices due to excessive exports from China and other has triggered a review of the company's credit rating by Standard and Poor (S&P). The corporate credit rating has been downgraded by 1 notch. Tata Steel said that its long term corporate credit rating has been downgraded by S&P to BB- from earlier BB. Tata Steel UK Holdings' long term corporate credit rating has been downgraded to B+ from BB-. ABJA Investment Co. Pte.'s issue rating on its guaranteed senior unsecured notes has been downgraded to BB- from BB. S&P has affirmed B short term corporate credit rating on Tata Steel UK Holdings.
Tata Motors announced after market hours yesterday, 13 January 2016, that a meeting of the board of directors of the company will be held on 18 January 2016 to consider and approve buyback of unsecured non-convertible debentures aggregating Rs 200 crores due to mature on 30 November 2018. The board will also consider buyback of unsecured non-convertible debentures aggregating Rs 250 crore due to mature on 28 May 2019. The buyback is part of the company's debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt.
Power Grid Corporation of India announced after market hours yesterday, 13 January 2016, that the board of directors of the company at its meeting held on 12 January 2016 have accorded approval to investment proposals totalling Rs 2510.34 crore.
Gains in global stocks aided modest upmove for the two key equity benchmark indices in India in what was a highly volatile trading session yesterday, 13 January 2016. The barometer index, the S&P BSE Sensex, rose 172.08 points or 0.7% to settle at 24,854.11. The 50-unit Nifty 50 index rose 52.10 points or 0.69% to settle at 7,562.40. The two key benchmark indices snapped a two-day losing streak. The broad market depicted weakness.
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