Asia opens lower; Bank of Baroda, Idea, Sun Pharma in focus

Indian Indices:                           
The Nifty50 which started higher gathered momentum in the last one hour of the trading session on Thursday and closed above its crucial resistance level of 10,500 on Thursday. Index saw some value buying at lower levels along with short covering which helped Nifty to reclaim 10,500 on closing basis which is a positive sign. The Nifty50 which opened at 10,464 slipped to an intraday low of 10,419 before bouncing back above 10,500. It hit an intraday high of 10,535 before closing the day at 10,513, up 83 points. The Nifty Bank index closed up 1.29 percent at 26,016.80 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 25,759.1, followed by 25,501.4. On the upside, key resistance levels are placed at 26,173.8, followed by 26,330.8.

Global Market:
•Asian markets- Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.09% while the Hang Seng is down 0.44%. The Shanghai Composite is not trading.

•US Markets: The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43.

•European markets- European markets finished lower today with shares in Germany leading the region. The DAX is down 0.94% while London's FTSE 100 is off 0.92% and France's CAC 40 is lower by 0.31%.

Major Headlines of the day:

•Gujarat Alkali Q4 YoY: Profit jumps sharply to Rs 221.1 crore versus Rs 87.1 crore; revenue from operations rose to Rs 697.3 crore from Rs 531.3 crore.

•Cummins Q4 YoY: Profit up 1.7 percent at Rs 161.2 crore versus Rs 158.5 crore; revenue up 4.1 percent at Rs 1,233.2 crore versus Rs 1,184.4 crore.

•GSK Pharma: Q4 net profit down 6.3 percent at Rs 105.6 crore.

•Kaveri Seed Company: Board approves buyback of equity shares.

•United Breweries Q4: Net profit at Rs 90.9 crore and revenue at Rs 1,474 crore.

•United Spirits Q4: Net profit at Rs 211 cror and revenue at Rs 2173.3 crore.

•Pidilite Q4: Net profit at Rs 247.5 crore and revenue at Rs 1,485.3 crore.

•PNC Infratech declared lowest bidder for the project of Rs 1,738 crore.

Trend in FII flows:-The FIIs were Net Value of Rs  -701.93 in the cash segment THURSDAY while the DIIs were Net Value of Rs 1480.51 as per the provisional figures.

TODAY ON EARNING FRONT:- Sun Pharma, Tech Mahindra, Bank of Baroda, Cadila Healthcare, Page Industries, IDBI Bank, Power Finance Corporation, Sundaram Finance, NBCC India, Max Financial, Karur Vysya Bank, Jagran prakashan, BEML and India Cements.

Securities in Ban For Trade Date 25-MAY-2018 :- 

1.BEML,
2.DHFL,
3.Jet Airways,
4.Jain Irrigation Systems and
5.Reliance Communications

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