Markets likely to start on a dull note

The Indian markets are expected to open with a flat to negative note tracking mixed global cues. The auto stocks will be in limelight after auto companies reported strong sales data for the month of April.  India’s core sector growth came in at 4.1% for the month of March, which represent a 3-month low for the core sector number. The SGX Nifty is indicating that Nifty may lower by 14 points at 10,748.  

Stock markets in Asia are trading mixed on Wednesday following mixed close on Wall Street. The Hong Kong’s Hang Seng has slipped 153 points and the Japan’s Nikkei 225 index has lost 60 points. While China’s Shanghai Composite inched up 3 points. 

Back home, key benchmark indices extended gains for the third straight session Monday with the frontline gauges crossing the psychological mark of 10,700 (Nifty) and Sensex (35,000). The benchmark indices opened with a gap up, but the market remained range bound for the most part of the day. In the broader markets, Midcap and Smallcap index outperformed benchmark indices as they ended higher by 0.84% and 1.34%, respectively.  All the sectoral indices ended in green led by Nifty PSU Bank and Nifty Realty as they recorded gains of 1.73% and 1.58%, respectively. 

US stocks closed mixed on Tuesday, with the S&P 500 and the Nasdaq climbed into positive territory, the Dow fell for a third straight session. The Dow Jones Industrial Average slipped 64 points to end at 24,099. The S&P 500 index added 7 points to 2,655 and the tech-heavy Nasdaq Composite Index rose 64 points to finish at 7,131 led by Apple which gained more than 2% ahead of the release of its quarterly results. Traders will take cues from the Federal Reserve’s monetary policy announcement due on Wednesday. 

The majority of the European stock indices were closed on Tuesday for the May Day holiday.  The DAX of Germany and the CAC 40 of France were closed for the holiday. The FTSE 100 of UK closed up 0.15%. In terms of data, UK manufacturing activity expanded at the slowest pace in 17 months in April. UK manufacturing PMIs came in below expectations at 53.9; the score was forecast to see a minor dip to 54.8.