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Markets are likely to extend gains and open higher after the sweeping victory in the general elections by the BJP-led NDA.
Asian stocks were trading mixed on Monday. The Nikkei was marginally up 0.1%, Shanghai Composite was down 1% while Hang Seng slipped 0.3% while Straits Times was trading 0.1% higher.
At 8:40AM, the SGX Nifty was up 59 points at 7,301.
US stocks ended higher on Friday amid a volatile trading session with telecom and retailers leading the gains. The Dow ended up 0.3% at 16,491, S&P 500 ended up 0.4% at 1,878 and the tech-laden Nasdaq ended up 0.5% at 4,091.
Stocks in Focus
In the banking space watch out for ICICI Bank, Axis BAnk and SBI and L&T in the infrastructure space.
SpiceJet’s net loss widened to Rs 321 crore in the fourth quarter ended March from Rs 186 crore in the corresponding period last prior year on expensive jet fuel, a falling rupee and slow passenger growth. This is third successive quarterly loss for the airline, taking the total to Rs 1,003 crore in 2013-14.
Adani Ports & Special Economic Zone (APSEZ), part of Adani Group said on Friday it had acquired Dhamra Port Company for Rs 5,500 crore. Dhamra Port is a 50:50 joint venture between Tata Steel and L&T Infrastructure Development Projects.
Gujarat-based Adani Enterprises posted a net profit of Rs 102 crore for the fourth quarter ended March against a net loss of Rs 73 crore in the corresponding period last year. Total income fell 15 per cent to Rs 3,057 crore from Rs 3,587 crore in the quarter.
Adani Group is exploring legal options after being slapped with a Rs 5,500-crore tax notice, allegedly for overvaluing imported equipment, by the Mumbai wing of the Directorate of Revenue Intelligence. The showcause notice has been issued to three group companies - Adani Power Maharashtra, Adani Power Rajasthan and Maharashtra Eastern Grid Power Transmission Company - for an alleged overvaluation by Rs 2,000 crore of capital equipment for power projects imported from a supplier based in the United Arab Emirates.
Jubilant Foods will be in action ahead of its March quarter earnings due for release later today.
