Nifty likely to open flat, Nifty entering consolidation phase; Bank Nifty should outperform in near-term

Indian Indices:                             The Benchmark indices declined for a fourth straight session on Friday, amid developments in the US-China trade negotiations and firm crude prices. The Sensex ended at 34,848, down 301 points. The broader Nifty index settled at 10,605, down 78 points. Among sectoral indices, the Nifty Bank index fell as much as 0.6 percent, extending its drop into the third session. Nifty50 is expected to open flat-to-positive on Monday following muted trend seen in other Asian markets. The index closed 86 points lower at 10,596 on Friday. The Nifty futures on Singaporean Stock exchange, SGX, were trading absolutely flat with a positive bias, indicating a similar opening on the market in India. The SGX Nifty was trading around 10,624-mark, up just 10 points..

Global Market:

·       Asian markets- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.49% while the Hang Seng is up 1.19%. The Shanghai Composite is not trading.

·       US Markets: The Dow Jones Industrial Average was essentially flat, ending the session at 24,715.09, the S&P 500 lost 7.16 points, or 0.26 percent, to 2,712.97 and the Nasdaq Composite dropped 28.13 points, or 0.38 percent, to 7,354.34.

·       European markets- European markets finished lower on Friday with shares in Germany leading the region. The DAX is down 0.28% while France's CAC 40 is off 0.13% and London's FTSE 100 is lower by 0.12%.

Major Headlines of the day:

·        Dalmia Bharat has reported a 2.6 percent decline in profit at Rs 209 crore and 8 percent increase in revenue with margin contraction of 360 basis points YoY.

·        Bhushan Steel will remain in focus as Tata Steel took over the company by paying Rs 35,200 crore to financial creditors.

·        South Indian Bank: RBI has imposed Rs 5 crore penalty on the bank for non-compliance in norms related to IRAC, KYC Norms, treasury function.

·        Reliance Communications said it is filing appeal against as also application for stay of against the Insolvency & Bankruptcy Code order dated May 15 passed by NCLT, Mumbai bench in National Company Law Appellate Tribunal.

·        Tata Chemicals has posted a 23 percent increase in March quarter profit at Rs 356 crore and 1.7 percent rise in revenue with margin expansion of 130 basis points YoY.

·        UltraTech Cement: Board approved scheme of arrangement wherein the company acquires cement business of Century Textiles and Industries

Trend in FII flows:-  The FIIs were Net Value of Rs  -166.15 in the cash segment FRIDAY while the DIIs were Net Value of Rs 149.58 as per the provisional figures.

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