The market may edge lower in early trade on weak Asian stocks.

Key benchmark indices snapped five-day losing streak on Tuesday, 15 May 2012 as market sentiment improved after data showed foreign institutional investors (FIIs) bought shares for the third day in a row on Monday, 14 May 2012. The BSE Sensex jumped 112.41 points or 0.69% to settle at 16,328.25, its highest closing level since 10 May 2012.

Foreign institutional investors (FIIs) sold shares worth a net Rs 184.28 crore on Tuesday, 15 May 2012.

Asia's stock markets fell sharply Wednesday, with commodity firms among those hit hard after news that Greece's political impasse would force new elections in the country, raising concerns of a cracking apart of the euro zone. Key benchmark indices in China, Hong Kong, Japan, Indonesia, Singapore, Taiwan and South Korea were down by 0.52% to 2.25%.

Greece headed into a month of political uncertainty after power-sharing talks collapsed, triggering new elections that could determine whether the country retains its tenuous position in Europe's currency.

US stocks fell for the third straight day on Tuesday due to uncertainty stemming from the political stalemate in Greece.

Meanwhile, April retail sales and consumer prices in the U.S. were little changed, in-line with estimates. Manufacturing activity in the New York region rebounded more sharply than economists had predicted while U.S. home builders' sentiment rose to a five-year high.