Market Likely To Open Flat
Indian equities indices extended gains for the third straight week bolstered by positive global markets and hopes of interest rate cuts by RBI at its meeting on 2nd June. On Friday, the Sensex closed below the 28,000-mark and settled 148.15 points, or 0.53% higher at 27,957.50, while the Nifty ended at 8,458.95 up 37.95 points, or 0.45%. On a weekly basis, the Sensex rose by 633.50 points, or 2.31%, while the Nifty closed at 8,459 up 197 points or 2.38%. The BSE Mid-Cap index advanced 55.89 points or 0.52% to settle at 10,619.81. The BSE Small-Cap index gained 166.87 points or 1.51% to settle at 11,207.66. Both these indices underperformed the Sensex.
U.S. stocks closed lower on Friday, failing to hold highs touched during the session, while weekly basis it shown mixed trend. For the week, the Dow Jones Industrial Average slipped 0.2%, while the S&P 500 added 0.2% and the Nasdaq Composite gained 0.8%.
WTI crude fell USD 1 to close at USD 59.72 a barrel in New York as traders worried about supplies of oil outstripping demand. U.S. oil finished the week between USD 59 and USD 60 for the fourth straight week. Brent crude fell USD 1.17 to close at USD 65.37 a barrel in London.
European stocks slipped Friday, with investors keeping a close eye on negotiations between Greece and its lenders as well as the latest confidence data from Germany. The Stoxx Europe 600 index shed less than 1 point to end at 407.74 and weekly gain of 2.7% was more impressive due to ECB will increase bond buying in May and June. Germany’s DAX 30 index slipped 0.4% to 11,815.01, after wobbling on the back of fresh business-confidence numbers for the country. France’s CAC 40 index ended 0.1% lower at 5,142.89 and the U.K.’s FTSE 100 Index up 0.26%.
The US and Europe stock markets will be closed Monday for Memorial Day.
Most Asian stocks rose, led by Tokyo and Shanghai scoring fresh multi-year highs early Monday. Meanwhile, bourses in Hong Kong and South Korea are shut for a holiday. The Topix index added 0.63%, poised to extend a seven-year high, after the yen fell 0.4% against the dollar on Friday. Australia’s S&P/ASX 200 Index gained 1.1%, while New Zealand’s NZX 50 Index up 0.35%. The Shanghai Composite Index rose 1.92%.
Japan's April exports climbed 8.0% from a year earlier, data showed on Monday, topping expectations for a 6.4% rise and underscoring a gradual recovery in external demand. But imports fell more than expected, down 4.2% on-year, compared with expectations for a 1.5% decline. The trade balance came to a deficit of 53.4 billion yen (USD 439.3 million), versus the median estimate for a 318.9 billion yen deficit.
SGX Nifty is marginally up by 1.5 points. Indian market is likely to open in flat. However going forward it remains quite volatile, on account of May F&O expiry in this week. Alphageo, Banco Products, Atlanta, BIL, Bombay dyeing, Eclerx, Canara Bank, Future retail, Igrashi motors, Inox leisure, Jyothy labs, Pricol, Wabag and Zandu realty would be reporting fourth quarter earnings today.