The Nifty is likely to start on a flat note on Thursday, tracking muted handover from Wall Street. The Nifty closed above its crucial resistance level of 9,100 but below its short term moving averages such as 20-days exponential moving average, 5-DEMA, 13-DEMA, and 10-DEMA.
Here are top cues from domestic and international markets that could have a bearing on the D-Street.
Wall Street ends mixed
The S&P 500 and Dow closed lower while the Nasdaq advanced on Wednesday as investors digested the latest round of earnings. IBM sank 4.9 percent to $161.69 after the company reported a bigger-than-expected decline in revenue for the first time in five quarters, said a report.
Of the 57 companies in the S&P 500 that have reported earnings through Wednesday morning, 75.4 percent have topped expectations, according to Thomson Reuters data, above the 71 percent average for the past four quarters.
The Dow Jones Industrial Average fell 119.13 points, or 0.58 percent, to 20,404.15, the S&P 500 lost 4.03 points, or 0.17 percent, to 2,338.16 and the Nasdaq Composite added 13.56 points, or 0.23 percent, to 5,863.03.
The Nifty futures on the Singapore Stock Exchange were trading 16 points lower at 9,119 indicating a flat opening for the domestic market.
9 companies to declare Q4 results on Thursday
As much as 9 companies are scheduled to report their results for the quarter ended March on Thursday which includes names like Crisil, Cyient, Bharat Seats, Diamond Power Infrastructure Ltd, Hindustan Zinc, Lloyd Steel, Mastek, MindTree, and Huhtamaki PPL Ltd.
NSE to add 16 stocks to F&O segment
The National Stock Exchange said on Wednesday said that it will add up to 16 stocks to the futures and options segment with effect from 28 April. Currently, 188 stocks have been allowed to trade in the NSE F&O segment.
Bajaj Finserv, Nestle India, Berger Paints, MRPL, NBCC, Cholamandalam Investment, Balkrishna Industries, Fortis Healthcare, Mahanagar Gas, V-Guard Industries, Can Fin Homes, MCX, Godfrey Phillips India, GSFC, Raymond and Balrampur Chini Mills are the entrants to the segment.
Trump signs executive order on H1-B visa review
IT stocks will be in focus after the US President Donald Trump signed the executive order named ‘Buy American and Hire American’ in which he directed the US secretary of state, attorney general, secretary of labor and secretary of homeland security “to suggest reforms to help ensure that H-1B visas are awarded to the most-skilled or highest-paid beneficiaries”, said a report.
There are four bills proposed in the US related to H-1B reforms, six related to outsourcing and three that deal with immigration.
FM assures that agencies doing best to bring Mallya back
Finance Minister Arun Jaitley today said investigative agencies are doing their best to ensure extradition of controversial businessman Vijay Mallya, who was arrested in London on Tuesday and later released on bail.
“I think the government and all the investigating agencies are certainly putting (in) their best efforts because the agencies do believe that an offence has been committed for which the person (Mallya) is required in India,” the minister told reporters here.
The minister further said Mallya’s extradition is part of the “judicial process” in the UK.
Dollar rebounds from three-week low
The dollar recovered slightly after hitting a three-week low against major currencies on lowered expectations for US interest rate hikes and concerns about President Donald Trump's ability to deliver a promised fiscal boost, said a report.
The dollar index, which measures the greenback against a basket of six major currencies, was up 0.31 percent at 99.81. It fell to 99.465, the lowest since March 28, on Tuesday.
Oil slides 3.8 percent to two-week low
Oil fell to a two-week low on Wednesday, after a surprising build in U.S. gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut, said a report.
U.S. crude futures settled down $1.97 to $50.44 a barrel, a 3.8 percent drop, the biggest one-day decline since March 8. Brent crude settled down 3.6 percent, or $1.96 a barrel, to $52.93.
Rupee closes higher against dollar
The rupee appreciated by 6 paise to the dollar on Wednesday to end at 64.57. Dealers said heavy buying of Indian bonds by foreign portfolio investors (FPIs) helped the rupee pare some of Tuesday’s losses.
The rupee had fallen 11 paise on Tuesday as major private banks took long positions on the dollar.
IMF warns of worsening India Inc financials if protectionism rises
The International Monetary Fund (IMF) on Wednesday cautioned that corporates balance sheets would be hit hardest in India, apart from China and South Africa, in case protectionism rose in the world. It also warned against bad debt situation of banks in India, said a report.
"In a scenario of rising protectionism,... the greatest deterioration in corporate balance sheets would occur in China, India and South Africa," IMF said in its Global Financial Stability Report released on Wednesday.
It, however, added that emerging market economies (EMEs) have become more resilient, benefiting from a recovery in global commodity prices and still-supportive external conditions.