The Nifty50 is likely to open lower on Monday tracking Asian markets which were trading in a range on growing uncertainty over whether the United States and China will be able to reach a deal to end their trade war after Washington sharply hiked tariffs.
“The trade war between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments. China has vowed to retaliate, without giving details,” said a Reuters report.
“US stocks rebounded from early losses on Friday to snap a four-day losing streak after US President Donald Trump and Treasury Secretary Steven Mnuchin said trade talks between the United States and China were “constructive,” it said.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 30 points or 0.27 percent. Nifty futures were trading around 11,253-level on the Singaporean Exchange.
As many as 68 companies will declare their results for the quarter ended March which include names like Andhra Bank, CCL Products, Godrej Industries, HDFC, Vodafone Idea, ITC, Karnataka Bank, Muthoot Finance, OBC, and United Bank of India among others.
Stocks in news:
Larsen & Toubro, India's largest construction and engineering company, reported net profit growth of 7 percent year-on-year to Rs 3,418 crore in the fourth quarter ended March 31 driven by strong revenue growth and operational performance.
Drug firm Torrent Pharma Inc is recalling over 8.82 lakh bottles of Losartan Potassium tablets, used for treatment of hypertension, from the US and Puerto Rico markets on account of deviations from the current good manufacturing norms, according to a report of the US health regulator.
Chemicals firm SRF Ltd on May 11 said it will sell engineering plastics business to DSM for Rs 320 crore as part of a strategy to focus on core operation.
State-owned Indian Overseas Bank on May 11 reported narrowing of its net loss to Rs 1,985.16 crore in the quarter ended March 2019 on account of declining bad loans.
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