Bearish start likely on Dalal Street

Indian shares are likely to open on a lower note as the global cues look unsupportive with SGX Nifty trading 18.50 points lower.

Headlines for the day:

  • Gas price cut 8% to $ 4.66 per unit from the current USD 5.05 per mmBtu
  • IOC cuts jet fuel prices by 2%, positive for Airlines
  • Jaiprakash Power Ventures to reschedule FCCB redemptions

Indian Indices:

Indian shares are likely to open on a lower note as the global cues look unsupportive with SGX Nifty trading 18.50 points lower.

The Cabinet cleared a new ordinance on land purchases on Tuesday, government officials said, extending measures to make transactions easier that PM Narendra Modi has been unable to get onto the statute book. The decree, which needs the president’s signature to take effect, represents a temporary workaround after opposition parties blocked the legislation in the Rajya Sabha.

State Bank of India , the country’s largest lender, may offer employee share options, recruit specialists and promote faster – radical changes that promise to shake up a bloated, debt-heavy sector.

India’s annual infrastructure output growth slowed to a four-month low of 1.4 percent in February, mainly dragged down by a contraction in the production of steel, fertilisers and refinery products, government data showed on Tuesday.

Indian shares rose on Tuesday, heading towards their biggest fiscal-year gain in six, as domestic funds buy shares to dress up their yearly performance at the end of 2014-15. The S&P BSE Se nsex fell 0.07% and CNX Nifty ended 0.02% lower today.

On Tuesday (March 31, 2015), the 30-share Se nsex ended lower by 18.37 points at 27,957.49 and the 50-share Nifty slipped 1.30 points at 8,491.

Global Indices:

Asian stocks sagged on Wednesday, taking their lead from weaker U.S. shares, while the dollar slid against the yen as Tokyo’s Nikkei recoiled in volatile trade.

Oil fell for a third straight session on Tuesday, with Brent crude tumbling 12 percent for the month, as world powers entered into inte nse negotiations with Iran for a nuclear deal that could bring more of its oil to an oversupplied market.

U.S. stocks fell on Tuesday as energy and healthcare shares retreated, but the S&P 500 and Nasdaq registered their ninth straight quarterly advance.

European shares slipped on Tuesday after their recent sharp rally but retained big gains for the quarter, with Germany’s DAX posting its strongest first-quarter performance since its creation in 1988.

SGX Nifty

sgxnifty.org@imediaone.com

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