The forecast for Indian indices suggests mild consolidation on opening mirroring negativity on the SGX Nifty ahead of the expiry of May futures contracts as the investors will be seen rolling over the positions to June contracts amid lack of major cues on the domestic front.
SGX Nifty that is trading 14.50 points lower.
Investors also be eying the RBI’s policy meeting on June 3 for a direction.
Indian shares edged higher on Wednesday as cement stocks such as UltraTech Cement rose after their recent relative underperformance while foreign investor sales and expiry of May derivatives on Thursday weighed at higher levels. The BSE Sensex gained 0.03% and NSE Nifty rose 0.16% for the day
On Wednesday (May 28, 2014) Sensex closed at 24556.09, up by 6.58 points, while the Nifty rose 11.65 points to close at 7329.65.
Asian shares consolidated their recent gains on Thursday while global bond prices surged, pushing their yields to multi-month lows, both supported by expectations of easy monetary policy.
The US stock market ended Wednesday’s choppy session slightly lower, with the main benchmarks ending their four-day winning streak. The S&P 500 retreated from record levels but still closed above 1,900.
Portuguese shares outperformed mostly flat European equities on Wednesday, bolstered by reassuring signs from the country’s largest listed banks.
Major Headlines of the day
RIL faces $ 1.1-bn hit on KG-D6 revenue.
Jet Airways targets return to profit in 18 months.
Sasan power project’s 4th unit in MP starts generation.
HPCL to spend $ 2.88 bn for expanding Mumbai, Vizag refinery capacity.