We expect Indian markets to open on flat to positive note ahead on counting of votes tomorrow in anticipation that NDA led government led by Narendra Modi will come to power and likely to charge India economic growth story. Global cues are not very relevant at the moment as market concentrates on local elections. US Stocks drop with Treasury yields. Europe shares closed mixed as investors eying ECB policy. Asian markets are also mixed. FIIs data yesterday was decent as they bought Rs 1520 crs in cash segment. However, they sold Rs 102 crs in index futures and Rs 1367 crs in stock futures.
MOVERS & SHAKERS
Aban Offshore: Shares in Aban Offshore rallied 6.14% to Rs 540.45 after the company said it has called a meeting of its board of directors on May 28 to consider raising funds via securities issue to qualified institutional buyers.
GSFC: Shares of Gujarat State Fertilisers & Chemicals (GSFC) hit 16-month high at Rs 66.40, up 7% on Wednesday. Its March quarter earnings impressed the street with net profit growing 129.5 % at Rs 134 crore year-onyear. Margins were at 13 % while EBITDA was up 104 % on yearly basis. However, 30 % in fertiliser products dented sales growth.
Nestle: Shares in Nestle India slipped 1.94% % on Wednesday as investors were disappointed about its March quarter earnings. The FMCG major’s net profit declined 7.14 % to Rs 259.16 crore in the first quarter ended March 31.
DATA ALERT
MOVERS & SHAKERS
Aban Offshore: Shares in Aban Offshore rallied 6.14% to Rs 540.45 after the company said it has called a meeting of its board of directors on May 28 to consider raising funds via securities issue to qualified institutional buyers.
GSFC: Shares of Gujarat State Fertilisers & Chemicals (GSFC) hit 16-month high at Rs 66.40, up 7% on Wednesday. Its March quarter earnings impressed the street with net profit growing 129.5 % at Rs 134 crore year-onyear. Margins were at 13 % while EBITDA was up 104 % on yearly basis. However, 30 % in fertiliser products dented sales growth.
Nestle: Shares in Nestle India slipped 1.94% % on Wednesday as investors were disappointed about its March quarter earnings. The FMCG major’s net profit declined 7.14 % to Rs 259.16 crore in the first quarter ended March 31.
DATA ALERT
- JAPAN REVISED RETAIL SALES
for Mar. 1000 IST
- JAPAN CONSUMER CONFIDENCE
SURVEY for Apr. 1030 IST
- GERMANY 1ST RELEASE OF GDP
for quarter ended Mar. 1130 IST
- EUROZONE HARMONISED CONSUMER
PRICE INDEX for Apr. 1430 IST
- EUROZONE FLASH ESTIMATE OF
GDP for quarter ended Mar. 1430 IST
- US REAL EARNINGS for Apr.
1800 IST
- US CONSUMER PRICE INDEX for
Apr. 1800 IST
- US WEEKLY EXPORT SALES. 1800
IST
- US EMPIRE STATE MANUFACTURING
SURVEY for May. 1800 IST
- US UNEMPLOYMENT INSURANCE
CLAIMS DATA for wk ended May 10. 1800 IST
- US TREASURY INTERNATIONAL
CAPITAL DATA for Mar. 1830 IST
- US INDUSTRIAL PRODUCTION AND
CAPACITY UTILISATION for Apr. 1845 IST
- US CONSUMER COMFORT INDEX.
1915 IST
- US NAHB HOUSING MARKET INDEX
for May. 1930 IST
- US RETAIL E-COMMERCE SALES
for quarter ended March. 1930 IST
- FEDERAL RESERVE BANK OF
PHILADELPHIA BUSINESS OUTLOOK for May. 1930 IST
- US EIA NATURAL GAS STORAGE
DATA for week ended May 9. 2000 IST
FROM INDIA
- WPI inflation for April, to
be detailed by commerce and industry ministry.
RBI COUNTER
DAILY LAF TENDERS: One set of 1-day
reverse repo (at 7.00%) and 1-day repo (at 8.00%). Bids for repo tender
may be submitted between 0930 IST and 1030 IST, and reverse repo
between 1900 IST and 1930 IST.
MARKETS
Call : Seen opening around MSF
rate on demand from banks to meet daily needs. 1-day call: 8.95-9.00% vs 9.00% 2-day Tue.
Bonds : Prices seen slightly up on value
buying. Mood cautious before poll results Fri. 10-yr yld: 8.76-8.82% vs 8.78% Tue.
Rupee : Seen opening up on likely bunched-up inflows, expectations of BJP win. Range: 59.30-59.90/$1 vs 59.66/$1 Tue.
Rupee : Seen opening up on likely bunched-up inflows, expectations of BJP win. Range: 59.30-59.90/$1 vs 59.66/$1 Tue.
Stocks: To witness further
consolidation. Eye earnings, WPI inflation data. Nifty range 7050-7170; Wed-end 7108.75, unchanged from prev close.
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