Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell.
Overseas, Asian stocks fell back Friday after mixed messages from U.S. benchmarks and as earnings season continued.
U.S. stocks closed mostly lower Thursday as manufacturing-related sectors logged big losses, offsetting a rally in social-media shares.
In US economic data, orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer, the Commerce Department said. A key measure of business investment, core durable orders, rose 1.3% in March, the third straight monthly increase.
Back home,domestic stocks corrected sharply yesterday, 25 April 2019. The Sensex dropped below the psychological 39,000 level. The Nifty settled below 11,700 mark. Negative global stocks also impacted sentiment. The Sensex fell 323.82 points or 0.83% to settle at 38,730.86. The Nifty 50 index fell 84.35 points or 0.72% to settle at 11,641.80.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 3785.73 crore yesterday, 25 April 2019 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 4069.98 crore yesterday, 25 April 2019, as per provisional data.
Among corporate news,Axis Bank reported net profit of Rs 1505.06 crore in Q4 March 2019 compared with net loss of Rs 2188.74 Q4 March 2018. Total income rose 25.86% to Rs 18324.31 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 25 April 2019.
On a consolidated basis, Tata Steel's net profit fell 84.37% to Rs 2,295.25 crore on 23.76% increase in net sales to Rs 41,186.44 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 25 April 2019.
Tata Steel's board considered and approved a merger of Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel) into the company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of 10/- each fully paid up of the company for every 15 equity shares of each fully paid up held by the public shareholders of Tata Steel BSL. As part of the scheme, the equity shares held by Bamnipal Steel and the preference shares held by the company in Tata Steel BSL shall stand cancelled. The equity shares held by the company in Bamnipal Steel shall also stand cancelled. The merger is subject to shareholders and other regulatory approvals.
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