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Lower opening on cards
14-Nov-17   08:15 Hrs IST

Market may edge lower in early trade tracking weak global cues and amid data showing rise in retail inflation in India last month. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 18.50 points at the opening bell.

Overseas, Asian stocks edged lower following a lackluster session on Wall Street and also as investors digested the release of a slew of Chinese economic data points. Industrial output in China was up 6.2% on year in October, the National Bureau of Statistics said today, 14 November 2017. It was down from 6.6% growth in September. Another data released today, 14 November 2017 showed China's retail sales of consumer goods grew 10% year on year in October, down from 10.3% registered in September.

US stocks closed slightly higher yesterday, 13 November 2017 as worries about tax reform, capped gains in the major indexes.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 233.56 crore yesterday, 13 November 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) offloaded shares worth a net Rs 268.77 crore yesterday, 13 November 2017, as per provisional data.

Among corporate news, TCS announced that the Mississippi, Rhode Island and Maine (MRM) Consortium — now known as ReEmpIoyUSA — has gone live on the cloud with the TCS developed Unemployment Insurance (UI) system. Mississippi is now operating on the multi-tenant capable, fully integrated, re-engineered UI Benefits and Tax system hosted in a FedRAMP certified Government Cloud, while the States of Maine and Rhode Island will follow soon, using the same solution. The announcement was made after market hours yesterday, 13 November 2017.

On the macro front, data released by the government after market hours yesterday, 13 November 2017 showed that India's inflation based on consumer price index (CPI) has accelerated to 3.58% in October 2017, mainly driven by higher prices of food and fuel. In September, the CPI inflation was 3.28%.

Market ended lower in the first trading session of the week yesterday, 13 November 2017, tracking negative global stocks. The Sensex had fallen 281 points or 0.84% to settle at 33,033.56, its lowest closing level since 24 October 2017.

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