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Markets are likely to trade on a soft note this morning, taking cues from global bourses as worries about the economic strength of Cyprus continued to cloud investor sentiments. The stock exchanges will remain shut on Friday on account of Good Friday. Global news and the futures and options expiry later in the day, will be watched for direction.
Major stock markets fell and the euro slumped to a four-month low against the dollar on Wednesday, hit by a disappointing Italian bond auction and concern about the potential for a wider impact on the euro zone from Cyprus's bailout. The Dow Jones slipped 33 points to 14,526.16.
In Asia this morning, the Nikkei has slipped 0.79% at 12,395 as investor sentiment was dented by worries about the implications of the Cyprus bailout deal. The Seoul markets have opened in the red as well. At 630 hrs IST the SGX Nifty is trading flat at 5,642 - up 0.50 points.
In individual stocks, HCL Technologies has bagged a multi-year infrastructure management services contract from US-based automaker Ford Motor Company. The value of the five-year contract is estimated to be close to $100 million.
Keep a watch on banking shares. Banks are staring at huge mark-to-market losses on their government bond portfolio in the fourth quarter, as yields on most liquid papers have moved up following the Reserve bank of India’s hawkish tone in the mid-quarter review of its monetary policy.
Jaya Shree Textiles, a unit of Aditya Birla Nuvo Ltd, is planning to invest Rs 100 crore to expand its manufacturing facility in West Bengal, by three million metres of fabric in two years.
Bangalore-based GMR Infrastructure is divesting its two major coal-mining assets in South Africa, which it holds through a joint venture with Homeland Energy Group. The stock may be in focus.
