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Markets likely to begin May series on a weak note; global markets down

The early indicator SGX Nifty has slipped by 35 points to trade at 7,875

Stock market: A roller coaster ride for Indian equities

SI Reporter Mumbai
Markets are likely to extend losses for second straight day and open weak tracking global cues. The early indicator SGX Nifty has slipped by 35 points to trade at 7,875. 

On Thursday, markets ended with losses following the expiry of April derivative contracts with the benchmark indices closing at 3-week low tracking a sell off in global stocks after Bank of Japan trimmed GDP growth forecast to 1.2% from 1.5% earlier for 2016-17. Further, the central bank also failed to enthuse investors by deciding against any fresh market stimulus. 

 
Among overseas markets, US stocks closed down on Thursday as the Bank of Japan's shocking call to cap monetary stimulus continued to rattle investors while a late day decline in Apple shares on remarks by billionaire investor Carl Icahn added to selling pressure. 

The benchmark S&P 500 had its worst day in three weeks, losing 19.34 points, or 0.9%, to 2,075.81, the Dow Jones industrial average fell 210.79 points, or 1.17%, to 17,830.76 and the Nasdaq Composite dropped 57.85 points, or 1.19%, to 4,805.29. 

Asian markets are also trading weak after yesterday’s steep fall. Hang Seng, Taiwan and Kospi are down 1% each. 

Meanwhile, global finances services major Goldman Sachs said on Thursday that India will remain one of the strongest growth stories in the Asia Pacific region as the country has a potential GDP growth rate of around 6-7% or perhaps even more.


Besides, India Inc raised more than $1.52 billion from foreign markets in March, down 43% from $2.66 billion in the corresponding month in FY15, Reserve Bank of India data showed on Thursday. 

Further, foreign portfolio investors (FPIs) bought shares worth a net Rs 120.63 crore yesterday, as per provisional data released by the stock exchanges.

Q4 RESULTS ANNOUNCEMENT

ICICI Bank, IDFC, Interglobe Aviation, Shriram Transport Finance Company, Marico will unveil their fourth quarter earnings today.

STOCKS TO WATCH

Vedanta reported a consolidated net loss of Rs 11,181 crore in the quarter ended March against a net loss of Rs 19,228 crore in the corresponding period last year.

Dabur India’s March quarter net profit grew 17 per cent year-on-year (y-o-y) to Rs 333 crore, despite loss of sales because of lower supply of Real fruit juices. The company had posted Rs 285 crore net profit during the same period last year. 


ACC, part of the Swiss cement giant Holcim, has posted a decline of four per cent in its consolidated net profit at Rs 227 crore for the March quarter. 

The Parliament’s Public Accounts Committee on Thursday said Reliance Industries (RIL) is entitled to recover all cost incurred on unviable gas discoveries as the Directorate General of Hydrocarbons (DGH) had allowed it to retain the entire KG-D6 block area. 

Sajjan Jindal’s JSW Energy could be renegotiating a proposal to buy a 1,000-Mw power plant in Chhattisgarh from his brother Naveen Jindal’s Jindal Steel & Power (JSPL).


TTK Prestige, the country’s largest kitchenware firm, has expanded into home products space with mops, vacuum cleaners and floor polishers, as growth of its main business slows across the country.

Ambuja Cements, part of the Swiss cement giant Holcim, has posted a decline of 4.4% in its net profit at Rs 304 crore for the quarter ended 31 March, 2016.

Lupin has strengthened its branded drug portfolio in the US market with the relaunch of a drug to control postpartum hemorrhage (post delivery blood loss).

With Reuters input

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First Published: Apr 29 2016 | 8:34 AM IST

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