According to Ventura Securities, markets to open on a flat note on the back of yesterday's correction in Indian markets as well as positive cues from global markets.
Sensex, on Thursday, fell 322 points and closed at 24,234 posting its biggest daily decline in nearly four months as Infosys slumped after its president resigned, while profit-taking continued to hit shares after record highs were touched earlier this month.
Among sectors, IT, Teck, Infra, Oil & Gas and Capital Goods ended on a negative note. Among the stocks Infosys , ONGC , Wipro , BHEL and Cipla declined the most. Market breadth was negative with 1,581 declines against 1,390 advances.
Nifty was down by 94 points and closed at 7,235. Today we expect the markets to open on a flat note on the back of yesterday's correction in Indian markets as well as positive cues from global markets.
US markets ended the day on a positive note, with Dow Jones and Nasdaq both up by 0.4 percent and 0.5 percent respectively continuing their march to record levels as traders shrugged off data that showed the economy shrank in the first quarter and bet on improvement in the second quarter. US markets, today, will see data releases on Core PCE Price Index, Personal Spending, Personal Income, Chicago PM. FOMC member Plosser is also scheduled to speak today.
Asian markets are trading on a mixed note with Nikkei down by 0.4 percent and Hang Seng up by 0.2 percent. SGX Nifty is trading flat at 7,269. Indian ADRs ended on a negative note. Among financial ADRs, ICICI Bank was flat and HDFC Bank was up by 0.2 percent. Among IT ADRs, Wipro and Infosys were down by 1.7 percent and 0.8 percent respectively. Tata Motors was down by 2.7 percent.
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