D-Street to open on a soft note

The global markets have been edgy ahead of the release of the closely-monitored US jobs report for May later today. SGX Nifty at 7:50 am was trading at 10,038.50 up by 14 points suggests that Indian markets are likely to open on a flat note.  From today over 1,800 stocks including stocks like IRCTC and Avenue Supermarts witnessed revision in their circuit filters. Hence, stock-specific action is recommended for the day on the D-Street.

Today on the earning front, more than 30 stocks including key stocks like SBI and L&T are slated to announce their earnings for quarter ended March 2020.

In the final trading session of the week, Asian indices were seen trading on a cautious note on account of mixed cues from Wall Street.  Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng shed 0.29 per cent, 0.21 per cent and 0.06 per cent respectively.  

Asian Markets

On Thursday, domestic markets took a rest by snapping its six-day winning streak. Indian indices started the session with optimism, but soon trimmed its opening gains. It even took a deep dive into negative terrain at one point of time, on back of profit booking in banking and financial stocks. However, a noticeable buying interest was witnessed in the Media, Pharma and IT majors which aided to put a lid on downside. At close, Sensex ended down by 129 points at 33,981, while Nifty ended lower by 32.45 points at 10,029. The broader markets outdid the frontline gauges and managed to end almost unchanged.  Of total 1,899 stocks traded, 930 advanced, 888 declined and the remaining traded unchanged.   

In overnight developments, after a strong run up, US stocks were seen ebbing and ended the day on a mixed note. As US jobless claims remained elevated, market participants turned cautious. About 1.88 million people filed for unemployment which was more than what the economist estimated. After hitting an intraday record high level, the tech-heavy Nasdaq later witnessed the sell-off that resulted into closing down by 67 points. S&P 500 index also ended down by 11 points, while Dow just closed above the neutral line and extended its run for the fourth straight day on Thursday.  In the European markets, profit-taking was observed on Thursday as the European Central Bank decided to increase the envelope for the pandemic emergency purchase programme (PEPP) by € 600 billion to a total of €1,350 billion. However, it lowered growth and inflation outlook.

US Markets

Europe Markets

Commodity