Key indices may further consolidate position tracking firm Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 16.40 points at the opening bell.
Overseas, Asian stocks rose with local drivers outpacing global geopolitical concerns. Markets had a muted reaction to the unexpected firing of James Comey, the director of the Federal Bureau of Investigation. Markets were closed in Singapore, Malaysia and Thailand for public holidays.
Moon Jae-in's victory in the South Korea's presidential election yesterday, 9 May 2017 removed a major overhang from the market.
China's April producer price inflation cooled more than expected as iron ore and coal prices tumbled further, pressured by fears that domestic demand will not be strong enough to absorb surging supplies of steel. The producer price index (PPI) rose 6.4% from a year earlier, slower than economists' expectations and easing further from the previous month's gain of 7.6%.
US stocks closed near session lows yesterday, 9 May 2017 as the Dow Jones industrials Average and S&P 500 index finished lower and the tech-heavy Nasdaq Composite Index carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices.
A reading of job openings in March was cut from February, while a report on wholesale inventories showed a gain of 0.2% in March. In other economic data, small-business sentiment fell for the third straight month in April to a reading of 104.5.
Oil futures rose after reports Saudi Arabia would cut supplies to the region as OPEC battles against rising US output that is threatening to derail its attempts to end a sustained global glut in crude. In the global commodities markets, Brent for July 2017 settlement was up 31 cents at $49.04 a barrel. The contract had fallen 61 cents to settle at $48.73 a barrel during the previous trading session.
On corporate news front, Lupin issued clarification to the media news after market hours yesterday, 9 May 2017 that recently its Aurangabad facility underwent an inspection by the USFDA. The inspection was completed on 26 April 2017, subsequent to which, the USFDA issued Form 483 citing eight observations. The company is in the midst of putting together a response to address the observations.
Hero MotoCorp and Zee Entertainment Enterprises will announce Q4 results today, 10 May 2017.
On a consolidated basis, Bharti Airtel's net profit fell 69.22% to Rs 470.60 crore on 12.12% decline in net sales to Rs 21934.60 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017.
Meanwhile, key benchmark indices settled near the flat line after hovering in a range-bound and listless session of trade yesterday, 9 May 2017. The Sensex rose 7.10 points or 0.02% to settle at 29,933.25, its highest closing level since 4 May 2017.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 332.87 crore yesterday, 9 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 16.92 crore yesterday, 9 May 2017, as per provisional data.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
