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Markets are likely to open in negative zone tracking weak global cues but are likely to remain volatile later during the day as traders shift positions ahead of expiry of March derivative contracts on Thursday.
The early indicator, SGX Nifty has slipped 12 points at 8,560 levels.
According to Angel Broking report, "The trend deciding level for the day is 28,247/8,567 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,330–28,468/ 8,593–8,634 levels. However, if NIFTY trades below 28,247/8,567 levels for the first half-an-hour of trade then it may correct towards 28,109–
28,026/ 8,525–8,499 levels."
Markets ended marginally lower yesterday, amid a choppy trading session, on lack of fresh triggers and caution ahead of the expiry of March derivative contracts later this week.
Markets will remain volatile as traders will unwind positions due to derivative expiry of March contract and fiscal-year profit booking.
Investment trends by overseas investors, movement of rupee against the dollar and crude oil would also influence trading. The next major trigger for the Indian markets is Q4 results of India Inc. The Q4 results season starts during second week of April, 2015.
GLOBAL MARKETS
An index of Asian shares erased its early gains on Tuesday after a measure of Chinese factory activity unexpectedly skidded to an 11-month low.
The flash HSBC/Markit Purchasing Managers' Index (PMI) dipped to 49.2 in March, below the 50-point level. Economists polled by Reuters had forecast a reading of 50.6, slightly weaker than February's final PMI of 50.7.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1%.
The Shanghai Composite Index, which has recently pushed to seven-year highs, sagged 0.3% in early trading. Japan's Nikkei stock average slipped about 0.5%, pulling away from the previous session's 15-year highs.
STOCKS IN FOCUS
Competition Commission of India (CCI) has given its nod to divest seven brands by Sun Pharma and Ranbaxy to Pune-based Emcure Pharmaceuticals. With this, Sun Pharma and Ranbaxy have reached the finishing line for the proposed $4-billion merger deal.
Metal shares will remain under pressure. Activity in China's factory sector dipped to a 11-month low in March as new orders shrank, a private survey showed, signalling persistent weakness in the world's second-largest economy that will likely fuel calls for more policy easing to support growth.
Forging giant Bharat Forge’s special economic zone (SEZ) in Khed at Pune has yet again hit a rough patch, this time around the farmer’s have managed to unite with some political support.
Fair trade watchdog CCI has given its approval to the proposed merger of Chennai-based Shasun Pharmaceuticals with drug maker Strides Arcolab.
Wipro which has launched an independent business unit called 'Wipro Digital' is looking at acquiring company in areas like 'design competency' and 'process utility' to expand its bouquet of services in the digital space.
Dr Reddy’s Laboratories announced today that it has entered into a licencing agreement with Hyderabd-based Hetero Drugs Limited to distribute and market chronic Hepatitis C medicine Sofosbuvir 400 mg under the brand name Resof in India.
The government decision to cancel bids for four coal blocks came in for questioning at the Delhi High Court yesterday with the court ordering a status quo on Tara block and asking the government to file a reply in the case of Gare Palma 4/2 and 4/3 blocks. Naveen Jindal-promoted Jindal Power had earlier in the day filed a petition in the Delhi High Court against the government decision to cancel its bids. Last week, the government had announced that it has cancelled bids for Gar.
The Supreme Court on Monday issued notices to the Essar group, the central government and the CBI on a public interest petition seeking court-monitored investigation into the nexus between the corporates, bureaucrats and media to promote business interests.
The Distell group, one of Africa's leading producers of liquor, is in talks with Tilaknagar Industries to buy a couple of its brands.
Indian Bank has got its shareholders' approval for allotment of 15.4 million equity shares of Rs 10 face value at an issue price of Rs 181.31 a share to the Government of India on preferential basis.
Wind-energy-turbine maker Suzlon on Monday received a shareholder approval for the sale of its subsidiary Senvion SE to US-based private investment firm Centerbridge Partners.
