Market Movers: What changed for D-Street while you were sleeping

Foreign portfolio investors (FPIs) bought Rs 1,038.58 crore worth of domestic stocks on Tuesday.

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Market Movers: What changed for D-Street while you were sleeping
NEW DELHI: March quarter earnings by Reliance Industries, cease of operations at Jet Airways, a hefty dividend announcement by Mindtree and a host of other news may trigger stock-specific actions in what looks like a rangebound day ahead.

Let us check out what may move market all through the Thursday:

TRADE SETUP

Singapore trading sets stage for flat start
Nifty futures on the Singapore Exchange were trading 3.50 points, or 0.03 per cent, lower at 11,852.50, indicating a flatstart for the Nifty50.

Tech view: Nifty to see support at 11,761
Nifty50 on Tuesday hit an all-time closing high of 11,787.15. With this, the index broke above its consolidation zone of 11,550-11,761 it was trading in the past two weeks. The NSE barometer made higher high-higher low yet gain, but a mixed market breadth was a concern. Bias remained positive and the previous all-time high of 11,761 would now act as a support to the index, said analysts.


Asia stocks off to subdued start
Asian shares were subdued on Thursday after a negative performance on Wall Street, with caution ahead of business surveys in Europe and Japan, and the Good Friday and Easter holidays keeping investors on the sidelines. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.08 per cent. Japan's Nikkei was a shade lower.

Oil extends losses despite fall in US inventory
Oil prices edged down on Thursday despite a surprise decline in U.S. inventories, with international benchmark Brent retreating from a five-month high touched in the previous session. Brent crude futures were at $71.51 a barrel, down 11 cents, or 0.2 per cent, from their last close.

US stocks ended lower
US stocks ended slightly lower on Wednesday as a fall in healthcare shares overshadowed a string of positive corporate earnings and upbeat economic data from the United States and China. The Dow Jones Industrial Average fell 3.12 points, or 0.01 per cent, to 26,449.54, the S&P500 index lost 6.61 points, or 0.23 per cent, to 2,900.45 and the Nasdaq Composite dropped 4.15 points, or 0.05 per cent, to 7,996.08.

RIL, ICICI Lombard to report Q4 results
Oil-to-telecom behemoth Reliance Industries (RIL) will report its March quarter earnings on Thursday. Market experts expect flattish net profit growth and lower petchem earnings due to weakness in margins. The retail segment may continue to report strong growth while telecom arm Jio may witness margin decline in average revenue per user (Arpu) on QoQ basis. ICICI Lombard, RBL Bank, Majesco Auto and DCB Bank will also report their quarterly earnings today.
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News of the day: Jet grounded, Mindtree announces dividends
Jet Airways has decided to suspend all flights from Wednesday night as cash ran out and banks refused to give more money. On the other hand, mid-tier IT firm Mindtree has recommended a payout of over Rs 430 crore in total dividend to its shareholders on Wednesday, representing nearly half of its cash and investment.

FPIs buy Rs 1,039 crore worth of equities
Foreign portfolio investors (FPIs) bought Rs 1,038.58 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 37.22 crore, data suggested.

MONEY MARKETS

  • Rupee down: The Indian rupee Tuesday lost another 18 paise to close at 69.60 against the US dollar, marking its third straight session of decline owing to sustained demand for the greenback from importers and rising global crude oil prices. The money market was closed on Wednesday.

  • 10-yr bond yields: India 10-year bonds' remained unchanged at 7.39% on Tuesday, according to RBI data. The money market was closed on Wednesday.

  • Call rate: The overnight call money rate weighted average was 6.05% on Tuesday, according to RBI data. It moved in a range of 4.40-6.15%. The money market was closed on Wednesday.

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'Betting on auto, capital goods, engineering and infra'

MACROS

5 mn lost jobs in India between 2016 and 2018
At least five million Indians lost their jobs between 2016 and 2018, and young urban men are being hit hardest, a Bengaluru-based private university said in a report on Tuesday. The report by the Azim Premji University comes as Indians are voting in a staggered general election, which is due to end on May 19, with Prime Minister Narendra Modi’s government keen to defend its economic record, including on jobs.

US, China trade deal likely to be announced in early May
Senior US and Chinese officials are scheduling more face-to-face trade talks in an effort to reach a deal by early-May that President Donald Trump and his Chinese counterpart Xi Jinping could sign later that month, two people familiar with the plans said.

Second phase of polling today
People in 95 constituencies spread over Assam, Bihar, Chhattisgarh, Jammu and Kashmir, Karnataka, Maharashtra, Manipur, Odisha, Tamil Nadu, Uttar Pradesh, West Bengal and Puducherry will vote in the second phase of the Lok Sabha elections on Thursday. AIADMK had won 36, BJP 27 and Congress 12 in 2014. Among prominent contestants in TN are DMK’s Kanimozhi, Karti Chidambaram in Sivaganga and Union minister Pon Radhakrishnan in Kanyakumari.

Gartner lowers 2019 IT spending forecast
Worldwide IT spending is projected to total $3.79 trillion in 2019, an increase of 1.1% from 2018, according to the latest forecast by Gartner, Inc. The data center systems segment will experience the largest decline in 2019 with a decrease of 2.8%. “Currency headwinds fueled by the strengthening US dollar have caused us to revise our 2019 IT spending forecast down from the previous quarter,” said John-David Lovelock, research vice president at Gartner.

Indian FMCG sector to grow 12-13% in Apr-Jun: Nielsen
As per Nielsen, the Indian FMCG sector kickstarted 2019 with another double digit value growth of 13.6% in Q1’19, in sync with the forecast in the last quarter. This is at a slightly lower note than the last quarter of 2018 calendar year (-2.3% from the previous quarter). Nielsen unveiled India FMCG Growth Snapshot for Q1FY19 (January-March 2019) on Wednesday. The value growth is driven by 9.4% volume growth in Q1’19. While urban growth dropped slightly, there is a significant softening in rural growth dampening FMCG growth from Q3’18 to Q1’19. Nielsen pegs Indian FMCG growth outlook at 12-13% for Apr-Jun (Q2).
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