Key indices may open with small gains tracking firmness in Asian stocks after domestic bourses wrapped last week with small losses. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 19.25 points at the opening bell.
Overseas, Asian stocks rose amid optimism on improving global growth following Emmanuel Macron's victory as France's next president.
Centrist candidate Emmanuel Macron has won the French presidential election with about 66.1% of the votes, against 33.9% for rival Marine Le Pen, according to official tallies. The victory on Sunday, 7 May 2017 for the 39-year-old Macrona staunch supporter of the European Unionis likely to placate anxious global market investors, who have fretted for weeks that far-right candidate Le Pen would win and make good on promises to yank France out of the EU, potentially unsettling the eurozone and world markets.
US stocks closed at a record Friday, 5 May 2017 on better-than-forecast data on American jobs. Data in US showed, some 211,000 people found new jobs in April as hiring rebounded from a wobbly showing in early spring, offering fresh evidence the economy is still growing at healthy clip and paving the way for the Federal Reserve to raise interest rates soon. Unemployment, meanwhile, dipped to 4.4% from 4.5% to match the lowest level since May 2007.
Meanwhile, oil prices rose on a growing conviction that an OPEC-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in US drilling activity is seen capping gains. In global commodities markets, Brent crude oil futures for July settlement were up 74 cents at $49.84 a barrel. The contract had risen 72 cents to settle at $49.10 a barrel during previous trading session.
Among stock specific action to be witnessed back home, TCS may gain after the company announced that it has opened its first Drones Research Lab in the US at its Seven Hills Park Innovation centre located in Cincinnati, Ohio to address the rapidly expanding demand for unmanned aerial vehicles and business solutions across industries. The announcement was made after market hours on Friday, 5 May 2017. Drones Research Lab is an extension of the global TCS Research and Innovation ecosystem bringing the combined expertise of its labs, start ups, academia, and technology partners closer to customers.
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Eicher Motors may gain after consolidated net profit rose 33.9% to Rs 459.44 crore on 23.34% growth in total income from operations to Rs 2132.54 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 5 May 2017.
Bharti Infratel will be watched as Q4 results is scheduled for release today, 8 May 2017.
Market registered modest losses on Friday, 5 May 2017 tracking weakness in European stocks. The Sensex lost 267.41 points or 0.89% at to settle at 29,858.80, its lowest closing level since 24 April 2017.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 363.98 crore on Friday, 5 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 298.11 crore on Friday, 5 May 2017, as per provisional data.
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