Markets likely to open in the red

Indian benchmark indices are likely to open with modest losses as cues from Asian peers are mixed. The SGX Nifty is pointing that Nifty may open with loss of 35 points at 10,553.    

Asian stock indices were trading mixed in early morning trade on Friday. Japan’s benchmark Nikkei 225 has risen 48 points, Hong Kong’s Hang Seng has added 24 points, while China’s Shanghai Composite has slipped 9 points.    

Back home, markets ended with modest gains on Thursday as investors remained optimistic about the ongoing earnings season. At close, the BSE Sensex rose 96 points to close at 34,427 and the Nifty climbed 39 to finish at 10,565. The broader indices outperformed the benchmark indices with Nifty Mid-cap and Small-cap gaining 0.67% and 0.91%, respectively. Sector-wise, Nifty Metal emerged as a top gainer surging over 4.5%, followed by Nifty IT.  

The US stocks ended lower on Thursday, but well off their lows of the session. The Dow Jones Industrial Average slid 83 points to close at 24,645, the Nasdaq fell 57 points to end the day at 7,238 and the S&P 500 lost 15 points to finish at 2,693. The stock of tobacco giant Philip Morris slumped about 15% after reporting first quarter earnings that exceeded analyst estimates, but on weaker-than-expected revenues. Financial stocks saw buying interest, supported by a rise in 10-year US Treasury Note’s yield, along with some strong results which included American Express.  

The European markets fluctuated between small gains and loses throughout Thursday’s session and ended the day with mixed results. The DAX of Germany lost 0.19%, CAC 40 of France added 0.21% and the FTSE 100 of UK gained 0.16%.