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Indian stocks may open gap down on weak Global cues

Indian Indices:

Indian equity benchmarks are likely to witness a bearish opening on Thursday tracking weak cues from fellow Asian peers and a listless finish at Wall Street overnight. SGX Nifty is trading 23.50 points down.

As traders across the globe stayed on the sidelines ahead of the OPEC policy meet and the US jobs report which may offer further clues over the timing of the next Fed interest rate hike, curbing risk taking appetite

Indian shares rose to their strongest level since late October on Wednesday as firms reliant on consumer demand, such as cigarette maker ITC, advanced on data showing the economy grew faster than expected in the March quarter. The S&P BSE Sensex and CNX Nifty rose 0.17%-0.24% each.

Global Markets:

Asian shares were steady on Thursday as Wall Street eked out modest gains after the latest batch of U.S. data provided few clues on when the Federal Reserve might raise rates, while a resurgent yen pressured equity markets in Japan.

US stocks eked out a gain Wednesday as investors focused on the positive aspects of the latest batch of data that showed the U.S. economy plodding along.

European shares fell on Wednesday, hit by a drop in commodity stocks and banks, while the travel sector came under pressure after the United States issued a travel alert over the possibility of attacks in Europe this summer.

Major Headlines of the day:

  • Tata Steel completes sale of long products segment to Greybull.
  • Airfare may not rise on aviation fuel hike.
  • Mahindra launches new compact SUV in South Africa.

Trend in FII flows:   The FIIs were net buyers of Rs 259.9 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs -160.49 Cr, as per the provisional figures.

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