Indices to shrug off 4 day rally on muted global cues

Events for the day:

A-Group Results: Coromandel Intl, Bharat Electronics, UPL, UCO Bank, Karnataka Bank, Engineers India and Glenmark Pharmaceuticals

Headlines for the day:

  • USFDA bans more products from Ranbaxy
  • MTNL, BSNL likely to offer free roaming plans from Jan 26
  • Novartis India Q3 net down 47% at Rs15 crore
  • L&T Fin Q3 net profit down 62% at Rs109 crore
  • Biocon forced to move clinical trials out of India

Indian Indices:

The Indian stock markets are expected to start the trading in the red zone on back of subdued global scenario. SGX Nifty is trading 37.00 points lower.

Cairn India and L&T Finance will be reacting to their Q3 numbers which was declared yesterday after market hours.

On Thursday (January 23, 2014), the S&P BSE Se nsex closed at 21373.66, up by 35.99 points, while the Nifty rose 6.70 points to close at 6345.65

Global Indices:

Asian shares lurched to a 4-1/2 month low on Friday; extending the previous day’s weakness as disappointing Chinese manufacturing data raised concerns over the economy, and investors sought safety in gold and the yen.

U.S. stocks fell on Thursday, with the Dow Jones industrial average recording its third co nsecutive day of losses, as risky assets sold off in wake of disappointing manufacturing data in China.

European shares fell on Thursday, pulled down by a double-digit fall in Nokia and weak U.S. and Chinese data which fed pessimism about global growth prospects and earnings.

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