We expect Indian markets to open on flat to positive note despite FIIs cash data yesterday was not so encouraging.FIIs yesterday sold Rs 104 crs in cash markets and Rs 1014 crs in stock futures. However, they bought Rs 552 crs in index futures. Global cues are muted though we are not so much focused on them as domestic developments are on radar. U.S. shares declined for the first time in three sessions with the Dow Jones Industrial Average closing at its lowest level in almost a month. European shares closed slightly down on Tuesday, as investors remained cautious regarding stock valuations, the
possibility of policy action from the ECB, and upcoming elections. Asian stocks are also trading lower. Sensex marginally up by 14 points to close at 24377. However, BSE mid-cap and small cap Indices surged 2% and 3% respectively. Tech stocks bounced back after the fall of last few sessions. Metal,
Realty and Telecom stocks witnessed smart rally.
Jubilant FoodWorks: Shares in Jubilant FoodWorks closed lower by 2.96% at Rs 1,156 after reporting a 23.7% year-on-year decline in net profit at Rs 24.95 crore for the fourth quarter ended March 31 2014 , due to higher raw material and employee costs. The country’s largest food service company and the master franchise for Domino's Pizza had posted a profit of Rs 32.71 crore in the same quarter a year ago.
Bank of Baroda: Shares in Bank of Baroda Ltd fall 3.17 percent to Rs 938.45 after index provider MSCI said it will delete the stock from its MSCI global standard indexes, effective June 2. The index provider did not specify the reasons behind the deletion, which was announced on its website on Monday. Bank of Baroda has gained 48.1 percent so far in 2014 compared to a 15.8 percent return by the NSE index in the same period.
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possibility of policy action from the ECB, and upcoming elections. Asian stocks are also trading lower. Sensex marginally up by 14 points to close at 24377. However, BSE mid-cap and small cap Indices surged 2% and 3% respectively. Tech stocks bounced back after the fall of last few sessions. Metal,
Realty and Telecom stocks witnessed smart rally.
INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, May 20: FII (1.05), DII (6.57)
* Institutional net buy/(sale) in bln rupees, May 19: FIIs 14.19
* FII NSE futures net buy/(sale) in bln rupee, May 20: index 6.52, shr (10.13)
* Sensex 24376.88, up 13.83 points; Nifty 7275.50, up 11.95 points
* Crude: $102.44/bbl; Rupee: 58.63/$1; Gold: $1,294.30/ounce; 10-yr yld: 8.8545%
OUTLOOK
* Share indices are seen starting the session on a subdued note. Profit booking at higher levels is likely to keep gains in check.
GLOBAL STOCK MARKETS
* The US indices ended nearly 1% lower on Tuesday, on losses in shares of retail companies and profit-taking in small-cap players.
* Most Asian indices were down today, ahead of a policy decision by the Bank of Japan and weak cues from US equities.
DATA ALERT
* UK MORTGAGE LENDING in Apr. 1400 IST
* UK RETAIL SALES in Apr. 1400 IST
* US MBA MORTGAGE APPLICATIONS in week to May 16. 1630 IST
* EUROZONE FCCI Consumer Confidence in May. 1930 IST
* US EIA PETROLEUM STOCKS in week to May 16. 2000 IST
MARKETS
Call : Seen opening around RBI's repo rate as liquidity remains comfortable. 1-day call: 8.05-8.10% vs 7.50-7.75% Tue.
Bonds : Seen steady due to lack of strong cues. To move in a tight band intraday. 10-year bond yield: 8.82-8.90% vs 8.85% Tue.
Rupee : Seen opening steady-to-slightly down. Likely dollar buys by importers seen weighing. Local shrs eyed. Range: 58.40-58.90/$1 vs 58.63/$1 Tue.
Stocks: Seen opening flat-to-marginally up; profit sales likely. Nifty range 7150-7350; Tuesday-end 7275.50, up 11.95 points.
MOVERS & SHAKERS
Tata Communications: Shares in Tata Communications rallied 9.35% to Rs 333.30 after the company said it has sealed a deal to sell its 67.3% stake in Neotel, its South African unit, for seven billion rand (Rs3,950 crore) to Vodacom, a subsidiary of British telecom company Vodafone.Jubilant FoodWorks: Shares in Jubilant FoodWorks closed lower by 2.96% at Rs 1,156 after reporting a 23.7% year-on-year decline in net profit at Rs 24.95 crore for the fourth quarter ended March 31 2014 , due to higher raw material and employee costs. The country’s largest food service company and the master franchise for Domino's Pizza had posted a profit of Rs 32.71 crore in the same quarter a year ago.
Bank of Baroda: Shares in Bank of Baroda Ltd fall 3.17 percent to Rs 938.45 after index provider MSCI said it will delete the stock from its MSCI global standard indexes, effective June 2. The index provider did not specify the reasons behind the deletion, which was announced on its website on Monday. Bank of Baroda has gained 48.1 percent so far in 2014 compared to a 15.8 percent return by the NSE index in the same period.
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