Indian stocks look set for a weak open after most Asian equity benchmarks declined Friday, with investors casting an eye toward the start of earnings season and economic data. IT majors TCS and Infosys are set to report their fourth-quarter results later in the day. The government will release CPI retail inflation and industrial production data. At 07:28 AM, the SGX Nifty, an early indicator of the Nifty 50’s trend in India, was down 0.31 at 11,640, indicating a weak start for the Sensex and Nifty.
1. Asia: Early in the trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was barely higher, up 0.03 percent. Higher Chinese iron ore prices helped Australian shares outpace regional markets, pushing Australia’s S&P/ASX 200 index up 0.7 percent. Japan’s Nikkei stock index gained 0.1 percent. (Image: Reuters)
2. US: The Dow Jones Industrial Average fell 14.11 points, or 0.05 percent, to 26,143.05, the S&P 500 closed flat at 2,888.32 and the Nasdaq Composite dropped 16.89 points, or 0.21 percent, to 7,947.36. (Image: Reuters)
3. Markets At Close On Thursday: The Indian market ended flat on Thursday, ahead of March-quarter earnings, as investors stayed on the sidelines as the first phase of voting began for the 2019 general election. Investors also await India’s retail inflation numbers, due tomorrow. The BSE Sensex ended the day at 38,607, up 22 points, while the broader NSE Nifty50 settled at 11,597, adding 12 points. (Image: Reuters)
4. Crude Oil: International Brent crude oil futures were at $71.01 per barrel at 0042 GMT, up 18 cents, or 0.3 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $63.78 per barrel, up 20 cents, or 0.3 percent, from their previous settlement.
5. Rupee: The rupee closed at 68.92, up 19 paise against the US dollar on Thursday. (Image: Reuters)
6. Dollar: In currency markets, the dollar was up less than 0.1 percent against the yen at 111.73, while the euro gained 0.27 percent on the day to buy $1.1280. The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.1 percent at 97.047.
7. FIIs & DIIs: Foreign institutional investors (FIIs) bought shares worth Rs 477 crore on a net basis, while domestic institutional investors (DIIs) sold shares worth Rs 17 crore on April 11
8. Inflation Data: The retail inflation is expected to have accelerated in March on slightly higher food prices, at an annual rate of 2.80 percent in March, up from 2.57 percent in February, but remain under the RBI’s medium-term target of 4 percent, a poll predicted. If the forecast is realized, March will be the eighth month in a row with below-target inflation, giving the RBI room to squeeze in another rate cut this year.
9. Gold: Gold prices fell more than 1 percent on Thursday, slipping below the key $1,300 level, as robust economic data from the United States boosted the dollar, taking the sheen off the safe-haven metal. Spot gold was down 1.3 percent to $1,290.34 per ounce as of 1:55 p.m. EDT (1755 GMT). US gold futures settled 1.6 percent lower at $1,293.3.
10. US Treasury yields: US Treasury yields inched lower amid the cautious retreat in shares, after earlier rising on the US jobless claims data, stronger producer prices and a weak 30-year bond auction. On Friday morning, the yield on benchmark 10-year Treasury notes fell to 2.4952 percent compared with its US close of 2.504 percent on Thursday, while the two-year yield, touched 2.354 percent compared with a US close of 2.356 percent.