9:41 a.m.: Banking stocks were witnessing selling pressure. The Nifty Bank index was down 0.3 per cent or 52 points at 18,638; Axis Bank, Kotak Mahindra Bank, ICICI Bank, Yes Bank and HDFC Bank were among losers.
9:29 a.m.: The broader markets were outperforming the benchmark indices. The BSE Mid-cap and small-cap indices were up 0.5 per cent each. Mphasis was the top gainer from the mid-cap space, up 3.4 per cent to Rs 558.60. MRPL, Indiabulls Housing Finance, HPCL, Bajaj Finserv, Sriram City Union Finance, Oberoi Realty and Oriental Bank of Commerce were also among the gainers, up 1.8-3.3 per cent each.
9.20 a.m.: The BSE Sensex opened nearly 60 points lower while the Nifty50 index fell as much as 20 points to 8,517.20. Auto, FMCG, infra shares witnessed buying while banks, IT and metals stocks saw profit booking.
Axis Bank was the top loser in the Nifty50 index, down over 2 per cent as it missed profit estimates in the Q1 on account of higher bad loans.
8.30 a.m.: The BSE Sensex and the broader Nifty50 index are likely to open flat on Monday, according to futures trading on the Singapore Exchange (SGX). The SGX Nifty traded 5.5 points or 0.06 per cent higher at 8,562.50 as of 08.14 a.m.
Indian stock markets are likely to get support from Asian stocks, which edged higher on hopes of a fresh round of Bank of Japan stimulus later this week. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent to stand just below its nine-month peak hit on Thursday. Japan's Nikkei rose 0.4 per cent.
Meanwhile, US stock prices marked four straight weeks of gains last week, supported by renewed strength in the tech and telecom sectors and a stronger-than-expected report on manufacturing. The S&P 500 set another record closing high on Friday.
Foreign institutional investors continued their buying streak in domestic stock markets. On Friday, they bought cash shares worth Rs 438 crore. Domestic institutional investors however were net sellers to the tune of Rs 366 crore.
Corporate earnings will continue to be in focus, with companies such as Bajaj Corp, Canara Bank and Indiabulls Housing Finance, Info Edge reporting Q1 numbers today.
Private lender Axis Bank, which reported a surge in Q1 bad loans on Friday, is likely to make a weak start today. Axis Bank said net profit fell 21 per cent from a year earlier to Rs 1,556 crore, missing analysts' estimate.
Vedanta will also be in focus after it offered to sweeten the terms for taking over subsidiary Cairn India after an initial bid had been stymied for a year.
Under the new offer, Vedanta will give one share and four redeemable preference shares for each share in Cairn India. Earlier it was offering one share and one redeemable preference share for each Cairn share.
The Sensex had closed 93 points or 0.33 per cent higher at 27,803 on Friday, while the Nifty ended 31 points up at 8,541.
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