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Cautious start likely following mixed cues from Asian peers

Karan DSIJ
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We expect a tepid start to the markets going into trade on Thursday as cues from Asian peers are mixed. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could open with minuscule gain of 5 points at 10,767.50.  

The Asian markets are trading mixed on Thursday. Japan’s Nikkei 225 has added 98 points, while China’s Shanghai Composite has slipped 5 points and Hong Kong’s Hang Seng has lost 17 points.  

Back home, benchmark indices extended losses for the second straight session as investors remained nervous due to some political uncertainty post the Karnataka elections outcome. It was yet another rocky day for the markets as high volatility was seen right through the session. Eventually, Nifty closed lower by 61 points at 10,741 and the BSE Sensex slipped 156 points to end at 35,388. In the broader markets, the Nifty Mid-cap dipped 0.07%, while the Small-cap index gained 0.24%. On the sectoral front, Nifty Realty and Nifty FMCG ended as top gainers, with gains of 2.06% and 1.81%, respectively, while Nifty PSU Bank witnessed intense selling pressure as it plunged 3.05%.  

The US stocks ended in the green on Wednesday, with the small-cap benchmark Russell 2000 index hitting an all-time high of 1,620.64. In economic news, the US Commerce Department released a report showing sharp dip in new residential construction in the month of April. The construction of new houses dropped 3.7% in April to an annual rate of 1.287 million in April, after jumping by 3.6% to an upwardly revised 1.336 million in March. The Dow Jones Industrial Average gained 63 points to close at 24,769, Nasdaq climbed 47 points to end at 7,398 and the S&P 500 rose 11 points to finish at 2,722.   

The European indices ended Wednesday’s session with modest gains as traders were in a cautious mood due to some political uncertainty on North Korea. The DAX of Germany added 0.20%, the CAC 40 of France advanced 0.26% and the FTSE 100 of UK gained 0.15%. 

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