INDIAN BENCHMARKS Bears likely to start the session on Dalal Street
Indian shares are likely to open on a cautious note as the global cues look unsupportive with SGX Nifty trading 28 points lower. The key Indian equity benchmarks are set to witness a negative opening on Wednesday as traders weigh a mixed trend in fellow Asian peers even as the biggest surge in commodities since August buoyed Wall Street overnight. A decline in the CNX Nifty Index futures for April delivery which fell by 0.21 per cent or 16.5 points to 7,975 at 10:49 am Singapore time, signals a bearish opening for the Sensex today. Caution is expected to rule D-Street today as investors eye the fourth quarter earnings of Wipro with analysts expecting a 2.8 per cent sequential growth in dollar revenue for the company. TCS may be in focus today after posting a better than expected 3.8 per cent sequential growth in Q4 net income late Monday.
However, sentiment may remain supported by rising hopes of a further interest rate cut by the RBI over the coming months as softening inflation leaves more leeway for policy easing. The country’s wholesale inflation came in at -0.85 per cent in March 2016, the seventeenth straight month of contraction. While markets were closed on Tuesday, the 30-share Sensex on Monday rallied by 189.61 points or by 0.74 per cent at 25,816.36. On BSE, total number of shares traded was 19.78 Crore and total turnover stood at Rs. 2223.34 Crore.
Trend in FII flows: The FIIs were net sellers of Rs -977.98 Cr in the cash segment on Monday while the DIIs were net buyers of Rs 313.22 Cr, as per the provisional figures