Nifty likely to open below 10,600; Stocks in the news: ONGC, ICICI Bank, Glenmark Pharma, Fortis

Indian Indices:                             The The Nifty50 is expected to open gap down on Wednesday following muted trend seen in other Asian markets. The index closed 55 points lower at 10,633 on Monday. The trend still remains on the upside as long as Nifty holds 10,700 on a closing basis, suggest experts. Being expiry week, large swings can be expected on either side; hence, traders are advised to trade with caution. Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 80 points or 0.76 percent. Nifty futures were trading around 10,546-level on the Singaporean Stock Exchange.

Global Market:

·       Asian markets- Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.79% while the Hang Seng is down 1.50%. The Shanghai Composite is not trading.

·       US Markets: The Dow Jones Industrial Average fell 391.64 points, or 1.58 percent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 percent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 percent, to 7,396.59.

·       European markets- European markets finished sharply lower today with shares in Germany leading the region. The DAX is down 1.53% while France's CAC 40 is off 1.29% and London's FTSE 100 is lower by 1.26%.

Major Headlines of the day:

·        Avenue Supermarts: Incorporates Reflect Wholesale and Retail on May 28, 2018.

·        Fortis Healthcare: The firm has started fresh bidding process; Munjal-Burman's offer stands mutually terminated.

·        Bank of Baroda: Looks to sell NPAs worth Rs 2,954.28 crore and has invited expression of interest by June 15.

·        ICICI Bank: Appoints MD Mallya as an additional independent director on board w.e.f May 29.

·        Wheels India: Q4 net at Rs 19.5 crore.

·        Glenmark Pharma: Q4 net profit at Rs 151.6 crore and revenue at Rs 2,279.8 crore

·        Dilip Buildcon Q4: Net profit at Rs 217.4 crore and revenue up 46% at Rs 2,557.9 crore

·        Greenply Industries: Q4 net profit at Rs 32.6 crore

·        Eveready Industries: Q4 net loss at Rs 16.2 crore

·        Balmer Lawrie: Q4 net profit at Rs 87.9 crore

Trend in FII flows:-  The FIIs were Net Value of Rs  -407.33 in the cash segment TUESDAY while the DIIs were Net Value of Rs 578.38 as per the provisional figures.

TODAY ON EARNING FRONT:-   ONGC, SAIL, Canara Bank, BGR Energy, Fortis Healthcare, Bartronics India, Hindustan Copper, J&K Bank

Securities in Ban For Trade Date 30-MAY-2018 :-

1.  Balrampur Chini,

2.  DHFL,

3.  IDBI,

4.  Jet Airways,

5.  JP Associates, and

6.  Just Dial 

Get more details here:-

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