Market Likely To Open Lower Due To Weak Global Cues

Indian equities indices ended in negative territory on yesterday after playing choppy through the day on MAT worries, disappointing Q4 earning numbers and delay in land acquisition bill led to book-profiting ahead of F&O expiry. The 3 Sensex dropped 170 points to end at 27,226 and the Nifty lost 46 points to close at 8,240. The BSE Mid-Cap index rose 40.29 points or 0.39% to settle at 10,408.76. The BSE Small-Cap index gained 119.65 points or 1.1% to settle at 10,960.52. Both these indices outperformed the Sensex.

U.S. stocks closed lower Wednesday as investors digested weaker-than-expected economic growth in the first quarter, suggesting a deeper early-year slowdown than previously anticipated. On the one hand, the Fed didn't rule out a possible June rate hike; that spooked markets. The S&P 500 SPX closed 7.91 points, or 0.4%, lower at 2,106.85. The Dow Jones Industrial Average dropped 74.61 points, or 0.4%, to 18,035.53. The Nasdaq Composite ended the session down 31.78 points, or 0.6%, at 5,023.64.

European equities tumbled on Wednesday to close sharply lower as investors reacted to sharp gains in the euro against the dollar after weak U.S. growth data. The Stoxx Europe 600 SXXP, -2.21% fell 2.2% to 397.30, its lowest close since late March. Germany’s DAX 30 has been a beneficiary of euro weakness this year; saw the biggest point decline since October 2008, down 378.94 points, or 3.2%, to 11,432.72. In Paris, the CAC 40 slid 2.6% to 5,039.39, the biggest fall since January. The U.K.’s FTSE 100 fell 1.2% to 6,946.28.

Asian stocks slipped on early Thursday on the back of mixed corporate earnings and U.S. data overnight showed the economy grew much more slowly than expected in the first quarter. Japan’s Topix index dropped 1.7%, its biggest decline in a month, as markets resumed trading after a holiday. South Korea’s Kospi index lost 0.7%. Australia’s S&P/ASX 200 Index declined 1.1%, New Zealand’s NZX 50 Index added 0.3%. Hong Kong’s Hang Seng Composite Index slipped 1.1%. The Shanghai Composite Index slipped 0.2% in the morning before a holiday Friday during which China publishes official factory gauges.

SGX Nifty is trading lower by 30 points. Indian market likely to open lower on account of weak global cues and going forward may remain volatile due to F&O expiry on today. Alstom T&D India, Alstom T&D India, Atul, Chambal Fertilisers, Coromandel International, Exide, Godrej Properties, HCC, IDFC, Jubilant Industries, Karur Vysya Bank, Marico, Nocil, Oberoi Realty, Polaris and Shoppers Stop would be reporting fourth quarter earnings today.