Market Likely To Open In Green

After a volatile session, Indian equities indices ended the day nearly unchanged. Selling pressure once again troubled the domestic equity markets on continuing concerns over a delay in passage of reform-centric legislative proposals, tepid corporate earnings and forecasts of a sub-par monsoon season. The Sensex ended at 27,206, lower by 45 points and the Nifty settled at 8,224, down 11 points. The BSE Mid-Cap index rose 93.07 points or 0.89% to settle at 10,526.94. The BSE Small-Cap index gained 99.49 points or 0.92% to settle at 10,972.34. Both these indices outperformed the Sensex.

Wholesale price inflation in India contracted further in April 2015, led by sharp decline in fuel and power inflation which is the sixth successive month of deflating prices. WPI inflation was at negative 2.65% in April compared with negative 2.33% in the previous month. Market was expecting inflation to come at negative 2.07%.  

U.S. stocks ended higher Thursday, a lower-than-expected reading of US producer price inflation, while global stock markets rose. The S&P 500 rallied 22.62 points, or 1.1%, to close at 2,121.10, on track for a weekly gain of 0.2%. The Dow Jones Industrial Average surged 191.75 points, or 1.1%, to close at 18,252.24, just 0.2% off its all-time closing high of 18,288.63 set on March 2. The Nasdaq Composite COMP, +1.39% gained 69.10 points, or 1.4%, to close at 5,050.80, tracking a nearly 1% weekly gain.

Oil slipped back below USD 67 a barrel as a market torn between a US stock draw and a global glut of crude struggled for direction. US crude futures were down 47 cents at USD 60.03 a barrel, while Brent was down 6 cents at USD 66.75.

European stocks finished solidly higher Thursday, sparking a stock rally led by Germany’s DAX index as the head of the ECB reiterated commitment to the bank’s massive stimulus program for the eurozone. The Stoxx Europe 600 SXXP 0.6% to 397.99 and Germany’s DAX 30 DAX shot up as much as 2% before closing 1.8% higher, at 11,559.82. In Paris, the CAC 40 rose 1.4% to 5,029.31, and in London, the FTSE 100 UKX rose 0.3% to 6,973.04.

A positive lead from Wall Street helped to boost Asian stocks early Friday. Japan’s Topix index gained 0.4%. South Korea’s Kospi index and Australia’s S&P/ASX 200 Index increased 0.65% and 0.45% respectively. New Zealand’s NZX 50 Index climbed 0.36%. China shares fall most on concern IPOs to drain funds. The Shanghai Composite Index slipped 2% to 4,315.46 trimming this week’s gain to 2%.

SGX Nifty is trading down by 4.5 points. Indian market is likely to open in green. Bharat Bijlee, Bf Utilities, Cadila Healthcare, Century Extrusions, Cox & Kings, Dena Bank, HDIL, HT Media, IL&FS Transportation, Inox Wind, JK Lakshmi Cement, JSW Steel, Nestle India, Schneider Electric, Tata Coffee, Torrent Pharma and Zuari Agro Chemicals would be reporting fourth quarter earnings today.