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Sgx Nifty

INDIAN BENCHMARKS Sluggish start on weak global scenario
The Indian shares are likely to see a weak start as the global cues look unsupportive with SGX Nifty trading 31 points lower.

Indian Indices:

Indian equity benchmarks are likely to open on a negative note on Wednesday tracking a mostly bearish trend across Asia and a sell-off at Wall Street overnight amidst growing fears over a near-term US Federal Reserve interest rate hike in the near-term, souring the appetite for risky assets.

Losses in the CNX Nifty Index Futures for May delivery which fell by 0.45 per cent or 35.5 points at 7,873.5 at 10:29 AM Singapore time also signal that Dalal Street may open lower today.

Shares of Corporation Bank, JK Lakshmi Cement, JSW Steel, Punjab National Bank, Tata Communications and Torrent Power will be in focus as these companies unveil their March quarter earnings today.

Traders will also be cautious ahead of the results of assembly elections in Assam, Kerala, Tamil Nadu, West Bengal and Puducherry on Thursday which predicted a Left Democratic Front (LDF) victory in Kerala, and a Bharatiya Janata Party (BJP) win in Assam.

Global Markets:

Asian stockswere trading mostly lower as US economic data bolstered the case for higher interest rates while traders weighed data showing that Japan’s economy grew more than expected in the first quarter, clouding the outlook for further stimulus and the need to delay a sales tax hike.

China’s Shanghai Composite fell and Hang Seng tumbled over 1 per cent while Japan’s Nikkei 225 advanced as Japan’s economy expanded an annualized 1.7 percent in the March 2016 quarter.

Wall Street tumbled on Tuesday as gains in consumer prices with the cost of living in the US climbing by the most in three years, and comments by two Fed officials who called for a rise in US interest rates hit sentiment.

European shares steadied on Tuesday with gains in companies such as Taylor Wimpey and Vodafone following encouraging updates and a rally in mining companies offset by a weaker auto sector.

Major Headlines of the day:

SBI: Looking to merge five subsidiary banks with itself 
Glenmark gets FDA approval for generic Rufinamide 
Ajay Piramal and Shriram Group plan to combine Finance Businesses

Trend in FII flows:   The FIIs were net  sellers of  Rs -224.97 Cr in the cash segment on Tuesday  while the DIIs were net buyers of  Rs 384.67 Cr, as per the provisional figures.

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