STOCKS IN NEWS UltraTech submits fresh offer of Rs 7840 crore For Binani Cement. The lenders are expected to meet on Monday to discuss UltraTech’s new bid Aurobindo Pharma launches $1.6 billion bid to buy Novartis’ generics unit. MRF, JK Tyres, Ceat: Tyre companies raise prices up to 3% on back of rising input costs. Glenmark Pharma says clinical trials at Malpani Hospital suspended post CDSCO's option over violations like falsification of the data of the patients in the trial. Cadila Healthcare says Zydus gets final approval from FDA for Succinylcholine Chloride. Indiabulls Ventures to capitalise and fund IVL Finance Limited and Indiabulls Asset Reconstruction Company. Wockhardt has approved raising of additional capital by way of public or private offerings including through a Qualified Institutions Placement (“QIP”) to eligible investors through an issuance of equity shares for an amount not exceeding Rs.1,500 crores. Kirloskar Oil Engines incorporats a wholly owned subsidiary, Kirloskar Capital, for commencement of financial service business. Lancer Container Lines purchased 100 brand new 20 feet shipping container. (Source: Nirmal Bang report) Sectoral Trend Top Sensex gainers and losers Markets at Open At 9:17 am, the S&P BSE Sensex was trading at 35,030, up 114 points while the broader Nifty50 index was ruling at 10,650, up 32 points Markets at pre-open Index Current Pt. Change % Change S&P BSE SENSEX 34,949.81 +34.43 +0.10 S&P BSE SENSEX 50 11,157.82 +37.25 +0.33 S&P BSE SENSEX Next 50 33,872.82 +12.88 +0.04 S&P BSE 100 11,030.10 +32.10 +0.29 S&P BSE Bharat 22 Index 3,566.37 +19.39 +0.55 (Source: BSE) FPIs pull out Rs 155 bn in April on back of rising crude, G-sec yields Foreign investors have pulled out over Rs 155 billion from the Indian capital market in April, making it the steepest outflow in 16 months, due to surge in global crude prices and rise in yields of government securities. This comes after an inflow of Rs 116.54 bn in equities in March and an outflow of over Rs 90 billion from the debt market during the same period. READ MORE
The indices opened on a higher note on Monday taking cues from their global peers.
The markets are likely to remain choppy this week ahead of the Karnataka assembly polls on Saturday. Technical chartists expect the recent rally in the benchmark index (Nifty50) to extend towards 10,900 levels if the index is able to breach the crucial resistance level of 10,785.
During this week, markets will take cues from their global peers. Among economic data, investors will look forward to fiscal deficit data, industrial production data and consumer price index (CPI) data to be released during this week.
That apart, March quarter results of key companies such as ICICI Bank, Tata Chemicals, ABB India, Jubilant FoodWorks, Eicher Motors, Jindal Steel & Power, Adani Enterprises and Asian Paints are also likely to impact market sentiment going ahead.
GLOBAL MARKETS
Asian shares crept higher on Monday after a tame reading on US wages lowered the risk of faster rate hikes by the Federal Reserve, although Sino-US trade tensions and a looming deadline for the Iranian nuclear deal argued for caution.
The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on US consumer price inflation.
On Wall Street, the three major US stock indices rose more than 1 per cent on Friday after weaker-than-expected US wage growth helped to calm investor fears about rising interest rates and inflation, though the S&P 500 and Dow Industrials still posted losses for the week.
The Dow Jones Industrial Average rose 332.36 points (1.39 per cent) to 24,262.51, the S&P 500 gained 33.69 points (1.28 per cent) to 2,663.42 and the Nasdaq Composite added 121.47 points (1.71 per cent) to 7,209.62.
(with inputs from Reuters)