Key indices may open flat to slightly higher amid mixed Asian cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 6.50 points at the opening bell.
Overseas, Asian stocks were mixed. US stocks retreated yesterday, 11 May 2017 as a clutch of weaker-than-expected earnings reports and lingering concerns that President Donald Trump's pro-business agenda may face delays sapped buying appetite.
US producer prices showed a broad-based gain in April, which pushed the annual increase up to the largest advance in five years, government data showed. The Labor Department said on Thursday its producer-price index for final demand rose 0.5% last month.
The Bank of England yesterday, 11 May 2017 left its key interest rate at 0.25%, meeting widely held expectations. The vote to hold the rate steady was 7-1, with board member Kristen Forbes backing an increase. The central bank left unchanged the size of its asset purchase program at 435 billion ($562 billion) and its corporate-bond purchase program at 10 billion. The bank in its quarterly inflation report reduced its forecast for 2017 economic growth to 1.9% from 2%.
Oil prices were stable as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as US crude inventories fell to their lowest levels since February. In the global commodities markets, Brent for July 2017 settlement was up 15 cents at $50.92 a barrel. The contract had risen 55 cents to settle at $50.77 a barrel during the previous trading session.
Among corporate news, Asian Paints' consolidated net profit rose 10.4% to Rs 462.22 crore on 8.9% rise in revenue from operations to Rs 4416.23 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 11 May 2017.
The board of directors of the company at a meeting approved the reappointment of K B S Anand as Managing Director & CEO of the company for a further period of 2 (two) years with effect from 1 April 2018.
Dr Reddy's Laboratories will unveil Q4 results today, 12 May 2017.
Key benchmark indices settled with tiny gains after a rangebound trade yesterday, 11 May 2017, as indices pared gains on profit booking due to lower European stocks after hitting record highs in intraday trade. The Sensex rose 2.81 points or 0.01% to settle at 30,250.98, its record closing high.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1306.71 crore yesterday, 11 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1037.18 crore yesterday, 11 May 2017, as per provisional data.
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