The BSE benchmark Sensex declined by over 84 points in early trade today on sustained selling by funds and retailers,triggered by disappointing corporate earnings amid a weak trend on Asian bourses.
The 30-share barometer,which has lost almost 168 points in the last two trading days,moved down further by 84.35
points,or 0.49 per cent,to 17,066.84.
Similarly,the broad-based National Stock Exchange Nifty index declined by 24.75 points,or 0.48 per cent,to 5,163.65.
Auto,realty and banking sectors were major losers,dragging the Sensex down.
Brokers said fresh selling by funds and retailers as sentiment remained bearish on disappointing Q4 earnings,a weakening rupee and subdued trend on the Asian bourses.
In the Asia region,Hong Kong’s Hang Seng index fell by 0.48 per cent,while Japan’s financial markets remained closed today for a public holiday.
The US Dow Jones Industrial Average ended 0.47 per cent lower in yesterday’s trade on weak economic data.
Pre Open: Stocks to Watch
GLOBAL MARKETS ROUNDUP
* Asian shares fell for a second successive day on Friday after another batch of lacklustre US data stoked concerns.
* US stocks fell on Thursday as economic data sent mixed signals on the recovery a day before the April payrolls report.
KEY EVENTS TO WATCH
* India’s coal minister Sri Prakash Jaiswal to speak at conference in New Delhi on challenges Indian firms face in acquiring overseas coal assets. (0530 GMT)
* Jan-March earnings for Bank of Baroda,Corporation Bank,D.B. Corp,NIIT Technologies ,TTK Prestige,Tata Teleservices Maharashtra .
INDIAN STOCKS TO WATCH
ENERGY / COMMODITIES
* Hindustan Petroleum Corp has delayed maintenance plans at a crude unit and a secondary unit at its Vizag refinery in south India by at least six weeks.
* India might export only another 1 million tonnes of sugar now New Delhi has freed up overseas sales given unattractive prices,bringing total shipments to 4 million tonnes this year in an over supplied global market,trade and government sources said.
* India’s top iron ore producing state of Orissa is considering a 4 per cent cut in its output to curb illegal mining,a government official said,reducing still further already depleted exports from the No. 4 producer.
* Cipla has cut the price of the generic version of Bayer’s renal cancer drug Nexavar by 75 per cent and will sell it at 6,840 rupees ($130) for a monthly dose.
* In other news,Cipla received US regulatory approval for AIDS treatment drug nevirapine,the website showed. The drug is a generic version of German drugmaker Boehringer Ingelheim’s Viramune tablets.
* Dr Reddy’s Laboratories has received US Food and Drug Administration’s approval for selling ibandronate sodium tablets used to treat osteoporosis.
OTHER FACTORS TO WATCH
* Indian debt/FX factors to watch
* Dollar steady; euro above 2-week low
* Oil drops sharply on US economic data,technicals
* Foreign institutional investor flows
* For closing rates of Indian ADRs