Gap down opening seen; SGX Nifty down 44 points

The Indian stock markets are expected to open gap down led by sharp downfall in global charts. SGX Nifty is trading 44.00 points lower.

Events for the day:

Wholesale Prices (YoY) data

Headlines for the day:

  • Mphasis Q1 net profit down 2%

  • Sumantran steps down from Ashok Leyland, will continue as advisor

  • Tata Power’s outlook turns positive after tariff hike

  • Cipla board approves retirement of M K Hamied

Indian Indices:

The Indian stock markets are expected to open gap down led by sharp downfall in global charts. SGX Nifty is trading 44.00 points lower.

Investors will also focus on wholesale price-indexed (WPI) inflation data for the month of February. The WPI inflation in the month of January stood at 5.05%.

On Thursday (March 13, 2014), the S&P BSE Sensex closed at 21774.61, down by 81.61 points, while the Nifty fell 23.80 points to close at 6493.10

Indian shares fell on Thursday as Infosys slumped after its chairman said revenue could grow at the lower end of guidance for this fiscal year, while Sun Pharmaceutical Industries slumped after a U.S. ban on some of the drug maker’s imports. The BSE Sensex and NSE Nifty were down by 0.37% each.

Global Indices:

Asian shares skidded to a three-week low and the yen held steady at lofty levels on Friday, as heightened tension in Ukraine ahead of a weekend referendum prompted investors to shed riskier assets.

U.S. stocks tumbled on Thursday, with the Dow and the S&P 500 suffering their worst day since early February, on rising concerns over Ukraine and Russia and new signs of a slowdown in China.

European stocks hit a five-week closing low on Thursday as worries over economic growth in China and tension in Ukraine took their toll on market sentiment.