Cautious opening seen; All eyes on Assembly poll results

Weakness in Asian peers amid slip in oil prices along with hopes of rate hike by the US Fed will weigh on the bourses

A cautious opening is expected on the D-Street following decline in the crude oil prices and weakness in the Asian peers after FOMC meeting minutes raised hopes of an interest rate hike in the near future.

Participants will closely monitor the results of the Assembly elections in West Bengal, Tamil Nadu, Assam, Kerala and Puducherry scheduled today.

GLOBAL MARKET

The Federal Reserve's April minutes released on Wednesday raised hopes of an interest rate hike amid decline in oil prices sent the Asian shares lower. Japan's benchmark Nikkei, Hong Kong’s Hang Seng and Singapore’s Straits Times have lost between 0.1%-0.8%.

Oil prices declined on early Thursday, after recently climbing to the highest levels so far this year amid supply concerns after disruptions in Nigeria, Canada, Libya and Venezuela. 

 

STOCKS IN FOCUS

JSW Steel reported a consolidated net profit of Rs 171.25 crore in the March 2016 quarter. The profit was up 174% from the corresponding period last year, mainly on the back of significant fall in total expenses and rise in other income even as net sales of the company declined due to weak realisations.

Force Motors, an automobile and auto engine maker posted an Income from operations of Rs 911 crore versus Rs 703 crore a year before, growth of 28%. Net profit grew 77% to Rs 179.6 crore, from Rs 101.4 crore.  

JK Lakshmi Cement on Wednesday reported a multi-fold jump in standalone net profit at Rs 48.38 crore for the quarter ended March 31, helped by better sales and cost optimisation measures.

State-owned Corporation Bank on Wednesday posted a net loss of Rs 510.9 crore for the quarter ended March because of a rise in provisions for bad loans. The bank had a net profit of Rs 45 crore in the corresponding period a year ago, it said. 

Torrent Power reported a net profit of Rs 17.06 crore for the quarter ended March 2016, down 95.38% compared to the year ago period. 

 LIC has increased its shareholding in the Tata Motors from 4.91% to 7.0% via purchase of shares between January 8, 2013, and May 17, 2016. 

Parag Milk Foods which recently concluded its extended IPO, will list shares on the exchanges today. 

PTC India reported 29.6% decline in standalone net profit at Rs 39.69 crore for the quarter ended March 31, 2016.