DSIJ Mindshare

Market Likely To Open Flat

Indian equities indices surrenders early gains and fall for the sixth session in seven on Thursday triggered by uncertainties over Greece, a head of quarterly number of Infosys, forecast of a below-normal monsoon and fading hopes of a rate cut by the Reserve Bank weighed on sentiments. The Sensex closed lower by 155 points or 0.56% at 27,735.02 while the Nifty finished 38.65 points or 0.46% down at 8,391.05. The BSE Mid-Cap index rose 60.83 points or 0.58% to settle at 10,607.07, outperforming the Sensex. The BSE Small-Cap index declined 18.61 points or 0.16% to settle at 11,309.90.

Going forward, budget session will gain significance as Rajya sabha have started from yesterday and GST bill is expected to be introduced in Lok Sabha in coming days. Government is expected to pass the two important bills Land and GST in the current session which will be over by 13th May. A trend of Q4 will also emerge with major companies’ results in next week to guide the market.

U.S. stocks closed near highs on Thursday, on the back of relatively modest gains, which saw the Nasdaq Composite surpassing a 15-year milestone last reached at the height of the dot-com era as the S&P 500 flirted with a record close. The record-setting Nasdaq Composite end up 20.89 points, or 0.4%, at 5,056, surpassing a 15-year closing high set March 10, 2000 during the dot-com boom. The S&P 500 ended 4.97 points, or 0.2%, higher at 2,112.93, retreating from an intraday record of 2,120.52 set on Thursday, while the Dow Jones Industrial Average DJIA added a relatively mundane 20.42 points, or 0.1%, to close higher at 18,058.69.

European stocks dropped Thursday, marking a second consecutive daily loss, after economic data for the eurozone fell short of expectations. The Stoxx Europe 600 lost 0.4% to end at 407.18 and the CAC 40 in Paris fell 0.62% to 5,179. Germany's DAX 30 dropped 1.2% to 11,723.58, its biggest decline in nearly a week. Greek and Spanish stocks were the exception, with U.K. stocks also performing solidly. In London, the U.K.'s FTSE 100 turned higher by 0.42% to 7,053.67. Greek stocks were higher Thursday, with the Athex Composite Index closing up 2.4% at 736.60.

Weakness in the European PMI reports from both France and Germany sent stocks lower overseas. The PMI by Markit Economics for the French private sector dropped to 50.2 points in April from 51.5 points the month before, data showed Thursday. Markit's April flash manufacturing purchasing managers index for Germany hit a two-month low of 51.9, missing market expectations for a 53.0. The flash services-activity index reached a three-month low of 54.4, below a projection of 55.3.

Asia markets zigzagged on Friday as traders parsed through a deluge of earnings from U.S. corporate heavyweights. Japan's Nikkei stock index was down 0.8% in early trade, after hitting a 15-year peak on Thursday. Hong Kong's Hang Seng index ticked up 0.4% at the open. China's Shanghai Composite index is reversing lower open by 1.2% and currently trading at flat.

SGX Nifty is trading up by 18 points. Indian market is likely to open flat. Fag Bearings, Indiabulls Housing Finance, Infosys, Pitti Laminations, Sequent Scientific, Siemens, Supreme Industries, Hinduja Ventures and Cholamandalam Investment would be reporting fourth quarter earnings today.

DSIJ MINDSHARE

Mkt Commentary28-Mar, 2024

IPO Analysis29-Mar, 2024

Expert Speak29-Mar, 2024

Mindshare29-Mar, 2024

Multibaggers28-Mar, 2024

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR