Nifty likely to open down due to negative Asian cues

Chirag Gothi / 02 May 2016

Nifty likely to open down due to negative Asian cues

Asian markets opened lower in early trade on Monday; with the Japanese benchmark index tumbling as much as 3.6% after the dollar notched a fresh 18-month low against the yen. On the domestic front, A SGX Nifty 50 index future for April series traded down by 54 points at 7,838. Indian markets are likely to open downward due to negative Asian cues.

Indian equities indices closed flat after a volatile trading session on Friday and broke its two-week winning streak, amid weak global cues, after BOJ took investors by surprise by deciding against a fresh stimulus; and also on account of April F&O expiry. The Sensex closed 0.01%, or 3.52 points, higher at 25,606.62, while the Nifty 50 closed 0.03%, or 2.55 points higher at 7,849.80. On a weekly basis, the BSE Sensex ended 231.52 points or 0.89% down, while NSE Nifty fell 49.50 points, or 0.62%. On a weekly basis, the Indian rupee gained 15 paise to 66.33 on Friday against the US dollar from its previous close of 66.48 (April 22).

U.S. stocks closed lower Friday and ended lower for the week. The S&P 500 slid 10.51 points, or 0.5%, to close at 2,065.30. The Dow Jones Industrial Average dropped 57.12 points, or 0.3%, to close at 17,773.64 and the Nasdaq shed 29.93 points, or 0.6%, to finish at 4,775.36. On a weekly basis, both the S&P 500 and the Dow industrials lost 1.3%, their biggest losses since the week ended Feb. 5 and Feb. 12, respectively. The Nasdaq posted a weekly loss of 3.6% after falling 2% the week before.

European stocks fell to a two-week low due to a stronger euro and mixed earnings reports. The Stoxx Europe 600 tumbled 2.1% to 341.51, Germany’s DAX 30 slid 2.7% to 10,038.97, and France’s CAC 40 fell 2.8% to 4,428.96, their worst losses since mid-February. In London, the FTSE 100 fell 1.3% to 6,241.89. For the week, Stoxx Europe 600 fell 2%, breaking a two-week victorious win.

Asian markets opened lower in early trade on Monday; with the Japanese benchmark index tumbling as much as 3.6% after the dollar notched a fresh 18-month low against the yen. Australia’s S&P/ASX 200 Index lost 0.83%, while Kospi index in Seoul was down 0.67%. Markets in China and Hong Kong are closed Monday.

On the domestic front, A SGX Nifty 50 index future for April series traded down by 54 points at 7,838. Indian markets are likely to open downward due to negative Asian cues. Investors will be keeping an eye on HDFC results due for release today.

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