Gap down opening likely, Bulls in no mood to start the Day : 30 May 2017

Indian Indices:

Indian shares are likely to witness a weak opening as the global markets are seen trading lower with SGX Nifty trading 26.50 points lower @9590.Indian equities are likely to open lower on Tuesday, tracking bearish cues from Nifty futures on the Singapore Stock Exchange and weak trading across Asian markets as investors were spooked by reports of an early election in Italy.

Major markets around the world remained closed today for various holidays, with Hong Kong and China shut for a public holiday, while Wall Street remained closed on Monday for Memorial Day.

Back home, bearish trend in the SGX Nifty Index Futures for June delivery, which were trading 9,589.00, down by 28.00 points or 0.29 per cent, at 10:50 AM Singapore time, also signaled a negative opening for local bourses.

The 30-share barometer SENSEX closed at a new high of 31109.28, up by 81.07 points or by 0.26 per cent, and the NSE Nifty ended at 9604.9, up by 9.8 points or by 0.1 per cent.

Global Market:

The European geopolitical fears sapped risk appetite, weighing on Asian stocks and lifting safe havens including the yen and gold, though trading was thin with several markets closed for holidays.

Concerns about a Greek bailout, early Italian elections and comments by the European Central Bank chief about the need for continued stimulus all kept the euro under pressure on Tuesday.

Euro zone growth may be improving but inflation remains subdued and still requires substantial stimulus, European Central Bank President Mario Draghi said on Monday, tempering expectations for the bank's June 8 policy meeting.

Major Headlines of the day:

• Aurobindo Pharma Q4 net dips 4% to Rs532 crore.
• BPCL's Q4 standalone net profit down 13%.
• BHEL Q4 net profit down 57% at Rs 215 crore.

Trend in FII flows: The FIIs were net buyers of Rs -709.97 the cash segment on Friday while the DIIs were net sellers of Rs -290.53 as per the provisional figures.

UPCOMING RESULTS: AEGIS, APOLLO HOSPITAL, ASHOKA BUILDCON, BERGER PAINT, GODREYPHILLIP, HINDALCO, IRB, JET AIRWAYS,  NATCOPHARMA,PVR,RAMCOCEM,REC,SAIL,THERMAX,UFLEX,MCDOWELL,M&M,ECLERX.

Securities in Ban For Trade Date 30-MAY-2017:

NIL  

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