Indian Markets to open on a soft note - AXIS Direct

The markets opened on a soft note and witnessed volatility in the morning session but managed to trade near the previous close; however the markets moved lower in the late morning session touching intraday lows in the noon session. The indices recovered the losses in the afternoon session but could not sustain the upmove and slipped lower ending the day on a weak note.

Among the sectoral indices Oil & Gas gained while FMCG witnessed selling pressure. In the Sensex stocks Maruti Suzuki (7.23%), ONGC (2.20%) & Wipro (2.17%) were the gainers while HDFC (2.84%), ITC (2.79%) and NTPC (2.42%) were among the losers. The Sensex lost 59 points or 0.32% to close at 18,450 and the Nifty lost 22 points or 0.39% to close at 5,553.

Total traded turnover stood at Rs 146,490 cr. In equities FIIs were net sellers of (Rs 203 cr) while DIIs were net buyers of (Rs 21 cr). On the derivatives side, FIIs were net in sellers Index Futures (Rs 1,106 cr) while they were net buyers in Index Options (Rs 367 cr) Stock Futures (Rs 120 cr) Stock Options (Rs 102 cr).

The US markets ended lower as Labour reports showed a weaker than expected jobs growth for the month of march; however the losses were restricted as separate report indicated that U.S. trade deficit unexpectedly narrowed in the month of February. The Dow Jones lost 41 points or 0.28% to close at 14,565 while the NASDAQ lost 21 points or 0.66% to close at 3,204.

The Asian markets are trading mixed. Nikkei is trading higher by 2.07% while Hang Seng is trading lower 0.23%.

Asian shares are trading mixed as Japanese stocks continue to gain as BOJ commenced buying of longer duration bonds to control deflation while other peers remain subdued tracking cues from US markets. Indian indices are also expected to open on a soft note and global developments will be watched carefully for further direction.

Source : Equity Bulls

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