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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
16-May-2018     08:20

A weak opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 65 points at the opening bell.

Overseas, Stocks in Asia followed their American counterparts lower as geopolitical developments and rising benchmark US yields spurred a return of risk aversion. US stocks halted a four-day rally yesterday, 15 May 2018 with the steepest slide in almost two weeks as healthcare and tech shares retreated.

Back home, key indices ended almost flat , yesterday, 15 May 2018, erasing strong intraday gains, after Bhartiya Janata Party's lead decreased from the halfway mark in the Karnataka Assembly election results. The barometer index, the S&P BSE Sensex, fell 12.77 points or 0.04% to settle at 35,543.94. The Nifty 50 index fell 4.75 points or 0.04% to settle at 10,801.85.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 518.47 crore yesterday, 15 May 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 531.33 crore yesterday, 15 May 2018, as per provisional data.

Among corporate news, Hindalco Industries, ITC and Tata Steel will announce Q4 March 2018 results today, 16 May 2018.

On a consolidated basis, Britannia Industries' net profit increased 25% to Rs 264 crore on 13% increase in (comparable) revenue to Rs 2510 crore in Q4 March 2018 over Q4 March 2017. Profit from operations increased 29% to Rs 355 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 15 May 2018.

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