Global mkts quiet; will Just Dial IPO cheer Nifty's mood?

It was a negative session for US markets on Tuesday amid concerns over the future of Fed's bond-purchase programme. European markets ended flat.

Dalal Street continued to remain weak even on Tuesday after a tepid start to the week. Markets ended a range-bound session with marginal losses. It was 3rd day in a row that markets ended in the red. The Nifty lost about 20 points, but managed to stay above the 5,900 mark. The Sensex lost over 64 points to end at 19545. Asian markets were cautious on Wednesday morning ahead of Japanese Prime Minister Shinzo Abe's speech. Investors will be monitoring his speech on growth strategy.  Back home, in some primary market action, Just Dial will list on the exchanges today. The issue raised Rs 925 crores with the price fixed at Rs 530. The total subscription of the issue was over 11 times. Some of the key anchor investors include Goldman Sachs, HSBC, Dsp Blackrock and Fidelity. Stocks to watch Market regulator Sebi has said that 72 companies are not compliant with minimum shareholding regulations. Sebi has freezed voting rights and corporate benefits of promoters of non-compliant companies. These companies would be also shifted to T2T and removed from F&O. Some of these non-compliant companies include Bombay Rayon, Foseco India, BGR Energy.  Fertiliser companies would be in focus as the group of ministers on urea pricing would be meeting today. Agency reports indicate that Idea has denied reports of talks with Axiata for tower asset sale. They have said reports of company selling tower assets are speculation. Axiata holds nearly 20% stake in Idea Cellular. The stock was up 4% in trade yesterday. Hanung Toys board will meet to consider stock split on June 12. Breather for Pfizer, in the long winding patent litigation on its kidney cancer drug Sutent, the patent appellate board has now cancelled the earlier revocation order by the patent controller & called a fresh enquiry. Meanwhile, on the monsoon situation so far, the MET Department has said that the rains yesterday were 1% above normal. The total rainfall this month so far has been around 13.4 mm that is 13% above normal. US markets recovered from their session lows, but still finished in the red, with the Dow snapping its Tuesday winning streak, amid ongoing worries over the future of the fed's bond-buying policy. The CBOE volatility index ended above 16. On the economic data front, US trade deficit widened less than expected in April to USD 40.3 billion. In key data to watch out for in the US today, ADP employment report may show that US added 171,000 private jobs in April. Factory orders are seen rising 1.4 percent in April after a 4 percent contraction in the previous month. The ISM non-mfg index is seen coming at 53.8 for the month of May. Also watch out for Fed's beige book. In Europe, markets closed modestly higher, off session highs, as worse-than-expected factory data for the euro zone dented investor sentiment. Producer price data for the euro zone missed expectations, showing a 0.6 percent month-on-month drop in April. In the currency space, the euro stayed above 1.30 to the dollar. The dollar index was at 82.80 levels In commodities, brent crude rose to USD 103 a barrel on rumours that South Korea would create new incentives for refiners to import crude that could bolster demand.  From precious metals space, gold was just holding above USD 1400 an ounce.