)
Markets are likely to open slightly higher but further gains are likely to be capped on profit taking after sharp gains last week.
Today is the last round of polls for 41 constituencies and exit polls are expected tomorrow. Indian markets will be on tenterhooks as the day of reckoning nears. Having largely factored in a Bharatiya Janata Party (BJP) victory, the market faces more downside risks while the upmove could be capped, say market analysts. Investors will draw first blood from the exit polls, which will start trickling in from Monday once the polling is over.
On Friday, the markets saw a sharp surge of about three per cent anticipating Narendra Modi-led BJP would sweep the polls. The BSE Sensex surged by 650 points, or 2.9 per cent, to close at an all-time high of 22,994, after touching an intra-day high of 23,048. The NSE Nifty rose 199 points or three per cent, to close at 6,858.80.
At 8:30AM, the SGX Nifty was up 30 points at 6,925.
Asian shares were trading mixed as investors turned cautious with tensions emerging in Ukraine and Russia. Hang Seng and China were up over 1-1.6% each while Nikkei and Straits Times were trading marginally lower.
Major US stock indices ended with marginal gains on Friday but selling pressure in Apple Inc weighed on the broader S&P 500 and the Nasdaq. The Dow Jones ended up 0.2% at 16,583, S&P 500 rose 0.15% to close at 1,878 and Nasdaq rose 0.5% to end at 4,072.
Stocks to watch
Reliance Industries, tThe Mukesh Ambani-promoted firm, along with its partners, served an arbitration notice over implementation of a new gas price from April 1, 2014. The company has charged the petroleum & natural gas ministry with arbitrariness in forcing it to sell gas at $4.2 per million British thermal units (mBtu) after April 1, 2014, even though natural gas pricing guidelines were notified on January 10 this year.
Corporation Bank and Dena Bank will be under pressure on account of rising non-performing assets.
Torrent Pharma is likely to gains on robust March quarter performances with margin improvement and profits have doubles.
United Spirits will see some action after it agreed to sell Whyte & Mackay British whisky business for 430 million pounds.
Oberoi Realty may react to its weak Q4 earnings.
