INDIAN BENCHMARKS Bulls may open doors on Main Street today
Indian shares are likely to open on a slightly higher note as the global cues look mixed with SGX Nifty trading 8.50 points higher.
The key Indian equity benchmarks are likely to open on a flattish note on Thursday as a bearish trend in stock markets across Asia and a negative finish at Wall Street overnight amidst heightened worries over the health of the world economy, keep Dalal Street traders on the sidelines.
The CNX Nifty Index Futures for May delivery was trading little changed, up by 0.08 per cent or 6 points at 7,730 at 10:29 AM Singapore time, also signaling that Indian stocks may open on a flat note, with a positive bias today.
The 30-share Sensex on Wednesday hit a fresh three-week low with foreign investors trimming their holdings of Indian stocks as concerns over a faltering global economic recovery and renewed prospects of a US interest rate hike in the near-term soured the appetite for risky assets.
Marking a third straight day in the red, the Sensex slid by 127.97 points or by 0.51 per cent to end at 25,101.73 with shares of Adani Ports & Special Economic Zone tanking almost 12 per cent, the biggest slide since October 2008 after Citigroup Inc lowered the stock to neutral amid an increase in debt levels.
On the Asia front, China’s Shanghai Composite was trading tad lower while Hang Seng declined as traders continued to fret over global economic growth outlook amidst a mixed batch of US economic data.
The private sector of the world’s biggest economy added fewer workers in April but services growth accelerated to a four-month high and March factory orders rebounded.
China’s service gauge fell to 51.8 in April from 52.2 in March, signaling a slowdown in the sector, adding to concerns over the world’s second biggest economy.
Japanese markets remained shut due to a trading holiday.
Overnight, US stocks fell with benchmark S&P 500 languishing at a three-week low after a report showed that US private employers added 156,000 workers this month, against 194,000 in March.
European stocks fell on Wednesday, with Dialog Semiconductor slumping after it cut its revenue outlook and BHP Billiton hit by news of a lawsuit filed against it in Brazil.
Major Headlines of the day:
V-Guard Q4FY2016 beats estimate on all fronts
Ricoh India receives 21-day deadline from BSE to comply with SEBI norms
Indo Count to consider fund raising for second leg of expansion
Trend in FII flows: The FIIs were net sellers of Rs -66.45 Cr in the cash segment on Tuesday while the DIIs were net buyers of Rs 78.80 Cr, as per the provisional figures.