INDIAN BENCHMARKS Flat start on mixed global cues

INDIAN BENCHMARKS Flat start on mixed global cues

The Indian shares are likely to see a flattish start as the global cues look mixed with SGX Nifty trading barely 0.50 points higher.

The key domestic equity benchmarks are tipped to open slightly higher on Friday tracking a positive trend in stocks across Asia as commodities including oil and copper staged a comeback while the dollar pulled back against a basket of key currencies, bolstering risk taking appetite. Gains in the CNX Nifty Index Futures for May delivery which advanced by 0.19 per cent or 14.5 points at 7,795 at 10:34 AM Singapore time also signal that Dalal Street may open on a bullish note today. Shares of Bank of India, Britannia, IDBI Bank, ITC, Just Dial and Kotak Mahindra Bank will be in focus today as these companies unveil their March quarter earnings numbers. However, continued speculation of a US Fed interest rate hike in June amid comments by top officials calling for further policy tightening in the near-term may weigh on domestic sentiment, trimming gains at Dalal Street.

The 30-share Sensex on Thursday marked a second day in the red, tumbling by 304.89 points or by 1.19 per cent to end at 25,399.72 as fears over stricter participatory notes norms and worries over a likely US rate hike next month soured sentiment. With the BJP only winning in Assam, assembly election results did not have much affect on investor mood as the equation at the centre won’t change.

Trend in FII flows:   The FIIs were net  sellers of  Rs -764.58 Cr in the cash segment on Thursday  while the DIIs were net buyers of  Rs 1483.65 Cr, as per the provisional figures.

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