Market may open higher : 13 Dec2016

Shares may open higher on bargain hunting after a sell off in the previous session. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 16.50 points at the opening bell.

Overseas, most Asian stocks were trading lower. US stocks struggled for direction on Monday, with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower. Major indexes had fluctuated between positive and negative territory with investors appearing reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 94.45 crore yesterday, 12 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 266.20 crore yesterday, 12 December 2016, as per provisional data.

Banking, telecom and index heavyweights ITC and Infosys led modest-to-strong losses for key benchmark indices yesterday, 12 December 2016. The barometer index, the S&P BSE Sensex, fell 231.94 points or 0.87% to settle at 26,515.24. The Nifty 50 index fell 90.95 points or 1.10% to settle at 8,170.80. Weakness in European stocks weighed on sentiment on the domestic bourses. Adding to global cues, domestic data over the weekend showing decline in the industrial production in October affected investors` sentiment.

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