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Markets are likely to open flat, amid mixed cues from Asia, with Reliance Industries in focus after its posted record profit in the fourth quarter ended March 2015.
At 8:30AM, the early indicator SGX Nifty was up 3 points at 8,618.
Meanwhile, foreign institutional investors were net sellers in equities to the tune of Rs 676 crore.
ECONOMY
Further, India's trade deficit widened to a four-month high of $11.79 billion in March from $6.85 billion in February and $10.95 billion in March last year. This might have some impact on the country’s current account deficit for the March quarter. Merchandise exports contracted sharply by 21.06% in March.
GLOBAL MARKETS
Asian stock markets were trading subdued on Monday, tracking losses on Wall Street over the weekend even as China's central bank, the People's Bank of China on Sunday announced the reduction of the reserve-requirment ratio by 1% effective from today, infusing liquidity in the system. China's benchmark Shanghai Composite was up 0.6% while Hong Kong's Hang Seng was trading flat. Meanwhile, investors continued to book profits in Japan with the Nikkei trading flat with negative bias while Straits Times was down 0.4%.
US stocks ended over 1% lower on Friday as investors trimmed positions after China imposed new trading regulations while fresh concerns emerging from Greece also dampened sentiment. Further, lower-than-expected revenue from global financial major American express. The Dow Jones industrial average dropped 1.5% to 17,826.30, the broader S&P 500 slipped 1.1% to close at 2,081.18 and the Nasdaq Composite ended down 1.5% at 4,931.81.
STOCKS TO WATCH
Reliance Industries is likely to be in focus after the company reported a record quarterly profit at Rs 6,381 crore driven by the refining business. Gross refining margins for the March quarter increased to $10.1 a barrel (bbl) against $7.3 a bbl in the December quarter and $9.3 a bbl in the year-ago period.
State-owned mining major NMDC will be in focus after it announced reduction in prices of iron ore fines by Rs 500 per tonne to Rs 1,960 per tonne and lumps prices by Rs 200 per tonne to Rs 3,050 per tonne.
NHPC may see some action after it received in-principle approval from the Environment Ministry for diversion of 4577.84 ha of forest land in favour of M/s NHPC Limited for construction of Dibang Multipurpose Project.
Zee Media may gain after its board approved allotment of 10.86 crore equity shares of face value Re. 1 each at the issue price of Rs. 18 per equity share.
Clariant Chemicals could see some upside after the company said that its board will meet on April 22, 2015 will also consider the proposal for buy-back of the equity shares of the company.
Ashoka Buildcon could see some action after the QIP Committee decided to close the QIP issue with immediate effect.
LIC Housing Finance may gain after the company reported 22% growth in net interest income at Rs 650 crore for the fourth quarter ended March 2105.
