Markets to witness soft opening

Indian Indices:

The Indian markets are likely to witness a soft opening tracking the mixed performance in the Asian peers. SGX Nifty is trading 13.50 points lower.

However, the markets will pick pace as the investors will discount the news of the newly formed cabinet.

India’s NSE index fell on Monday, giving up earlier gains of nearly 2%, due to profit-taking in blue-chips including state-run companies such as IDFC while caution ahead of Narendra Modi’s ministerial appointments also weighed. The BSE Sensex gained 0.10% and NSE Nifty fell 0.11% for the day.

On Monday (May 26, 2014) Sensex closed at 24716.88, up by 23.53 points, while the Nifty fell 8.05 points to close at 7359.05.

Global Market

Asian stocks got off to a firm start on Tuesday, and the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone.

US markets were closed in observance of Memorial Day.

European stock markets closed higher Monday, with Italian banks soaring after European Parliamentary election results, while more hints of easing next week from European Central Bank President Mario Draghi also buoyed stocks.

Major Headlines of the day

Wockhardt Q4 profit down 78% on import bans.

Jubilant to receive over Rs 860 cr funding from IFC.

India Cements posts net loss of Rs30.6 cr in Q4.

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