 "Weak macro-economic data, global peers may push markets lower")
Markets are likely to make a dismal opening weighed down by weak macroeconomic numbers, which were announced post market hours. Weakness among Asian peers may also dampen investors’ sentiment. The early indicator, SGX Nifty is down 44 points at 7,880.
Retail inflation, as measured by the consumer price index (CPI) for April accelerated to 5.39% as compared to 4.83% in March, while the industrial output, measured by index of industrial production (IIP) for March, decreased sharply to 0.1% versus 2% in February.
Among overseas markets, Asian shares got off on the back foot on Friday, while the yen nursed losses as traders wagered the Bank of Japan will add to its massive stimulus before too long.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% in early trade, on track for a weekly loss of 0.4%. Japan's Nikkei turned lower 0.2% in early trading, after a brief spike at the open.
Major US stock indexes closed mixed on Thursday, with Nasdaq Composite down 0.49% as Apple shares skidded to a two-year low on concerns about iPhone demand.
Back home, United Breweries, Union Bank of India, IL&FS Transportation Networks, Dena Bank, Central Bank of India, Cadila Healthcare, Bank of Baroda will announce their fourth quarter earnings today.
CORPORATE NEWS
Dr Reddy's Laboratories has reported an 85.6 per cent fall in consolidated net profit to Rs 74.6 crore for the quarter ended March.
ICICI Bank, the country’s largest private sector lender, is looking at consolidating its position in the overseas market by shrinking its equity investment in its subsidiaries in the United Kingdom and Canada.
Cairn India has extended the repayment period for a $1.25-billion loan to a group company by two years but at a higher interest rate.
Infosys has realigned its business process outsourcing (BPO) subsidiary Infosys BPO for better synergy.
Faced with hurdles to find a suitable buyer for ailing textile firm Alok Industries Ltd, its lenders are now looking to engage Operations and Management (O&M) agency to look after affairs of the company.
Vijaya Bank reported a 26 per cent decline in net profit to Rs 71.31 crore for the March quarter.
Srei Infrastructure Finance has posted a consolidated profit of Rs 20.54 crore for the quarter ended March 31, 2016, against Rs 13.47 crore during the corresponding quarter in FY15, showing a rise of nearly 52 per cent.
Bayer AG is exploring a potential bid for US competitor Monsanto Co in a deal that would create the world's largest supplier of seeds and farm chemicals, according to people familiar with the matter.
The Supreme Court Thursday directed budget airline SpiceJet to pay Rs 10 Lakh as damages to a flyer, suffering from cerebral palsy, who was forcibly offloaded in 2012, saying the manner in which she was deboarded depicts "total lack of sensitivity".
Mangalore Refinery and Petrochemicals Ltd (MRPL), a downstream subsidiary of state-run explorer Oil and Natural Gas Corp (ONGC), today posted a 15.7 per cent jump in net profit for the quarter ended March 2016.
Nestlé India net profit improved in the March quarter to Rs 259 crore but this was 19.1 per cent less than in the same quarter a year before.
With Reuters input
Retail inflation, as measured by the consumer price index (CPI) for April accelerated to 5.39% as compared to 4.83% in March, while the industrial output, measured by index of industrial production (IIP) for March, decreased sharply to 0.1% versus 2% in February.
Among overseas markets, Asian shares got off on the back foot on Friday, while the yen nursed losses as traders wagered the Bank of Japan will add to its massive stimulus before too long.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% in early trade, on track for a weekly loss of 0.4%. Japan's Nikkei turned lower 0.2% in early trading, after a brief spike at the open.
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Major US stock indexes closed mixed on Thursday, with Nasdaq Composite down 0.49% as Apple shares skidded to a two-year low on concerns about iPhone demand.
Back home, United Breweries, Union Bank of India, IL&FS Transportation Networks, Dena Bank, Central Bank of India, Cadila Healthcare, Bank of Baroda will announce their fourth quarter earnings today.
CORPORATE NEWS
Dr Reddy's Laboratories has reported an 85.6 per cent fall in consolidated net profit to Rs 74.6 crore for the quarter ended March.
ICICI Bank, the country’s largest private sector lender, is looking at consolidating its position in the overseas market by shrinking its equity investment in its subsidiaries in the United Kingdom and Canada.
Cairn India has extended the repayment period for a $1.25-billion loan to a group company by two years but at a higher interest rate.
Infosys has realigned its business process outsourcing (BPO) subsidiary Infosys BPO for better synergy.
Faced with hurdles to find a suitable buyer for ailing textile firm Alok Industries Ltd, its lenders are now looking to engage Operations and Management (O&M) agency to look after affairs of the company.
Vijaya Bank reported a 26 per cent decline in net profit to Rs 71.31 crore for the March quarter.
Srei Infrastructure Finance has posted a consolidated profit of Rs 20.54 crore for the quarter ended March 31, 2016, against Rs 13.47 crore during the corresponding quarter in FY15, showing a rise of nearly 52 per cent.
Bayer AG is exploring a potential bid for US competitor Monsanto Co in a deal that would create the world's largest supplier of seeds and farm chemicals, according to people familiar with the matter.
The Supreme Court Thursday directed budget airline SpiceJet to pay Rs 10 Lakh as damages to a flyer, suffering from cerebral palsy, who was forcibly offloaded in 2012, saying the manner in which she was deboarded depicts "total lack of sensitivity".
Mangalore Refinery and Petrochemicals Ltd (MRPL), a downstream subsidiary of state-run explorer Oil and Natural Gas Corp (ONGC), today posted a 15.7 per cent jump in net profit for the quarter ended March 2016.
Nestlé India net profit improved in the March quarter to Rs 259 crore but this was 19.1 per cent less than in the same quarter a year before.
With Reuters input