Cautious opening likely for Mkts as election results near

Indian Indices:

The key domestic benchmarks are tipped to witness a subdued opening today tracking a mixed trend in fellow Asian stocks. SGX Nifty is trading 28.50 points higher.

Indian shares hit a record high on Friday, posting their biggest daily gains since September on hopes the opposition Bharatiya Janata Party would win a majority in elections set to conclude next week, sending blue-chips such as ICICI Bank sharply higher. The BSE Sensex gained 2.91% and NSE Nifty rose 2.99%.

On Friday (May 09, 2014) Sensex closed at 22994.23, up by 650.19 points, while the Nifty rose 198.95 points to close at 6858.80.

Global Market

Asian shares began the week on a cautious note on Monday as investors braced for an escalation in East-West tensions after pro-Moscow rebels declared victory in a referendum on self-rule in eastern Ukraine.

U.S. stocks edged higher, putting the Dow Jones Industrial Average within range of a record closing high.

European shares retreated on Friday as a disappointing business update from telecoms group Telefonica sobered the mood from a rally the previous day.

Major Headlines of the day

RIL says gas price revision delay may stall $ 4 bn investment.

IFCI plans to sell stake in factoring subsidiary this fiscal.

Genpact to spend $ 45 mn on strategic investments in 2014.

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