The BSE benchmark Sensex fell by nearly 74 points in early trade today on selling by funds and retail investors ahead of industrial output data amid a mixed trend on Asian bourses.
The 30-share barometer,which had lost almost 493 points in the previous three sessions,fell further by 73.99 points,or 0.45 per cent,to 16,346.06 in early trade today.
All sectoral indices,led by metal and oil and gas,were trading in the negative zone with losses of up to 0.71 per cent.
Similarly,the wide-based National Stock Exchange Nifty index declined by 25.55 points,or 0.51 per cent,to 4,940.15.
Brokers said expectations of lower industrial output data for March to be released later today,mainly triggered selling by funds and retail investors.
Meanwhile,in the Asia region,Hong Kong’s Hang Seng index was down 1.08 per cent,while Japan’s Nikkei Index up 0.45 per cent in morning trade.
The US Dow Jones Industrial Average ended 0.16 per cent higher in yesterday’s trade.
Pre open: Sensex to watch
GLOBAL MARKETS ROUNDUP
* Asian shares retreated on Friday,spooked by JPMorgan’s $2 billion loss from a failed hedging strategy,with investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook.
* The Dow and the S&P 500 eked out a modest gain on Thursday as investors dipped back into the market after a weak stretch,but a disappointing outlook from tech bellwether Cisco Systems and caution about Europe limited gains.
* US stock index futures fell sharply on Thursday evening as JPMorgan Chase & Co stunned investors with news that its chief investment office had incurred significant mark-to-market losses that it said could easily get worse.
KEY EVENTS TO WATCH
* India’s industrial output data for March. A survey of 28 economists showed industrial production (IIP) likely rose around 1.5 percent year-on-year in March,significantly lower than February’s 4.1 percent. (0530 GMT)
* Dr Reddy’s Laboratories,India’s No. 2 drugmaker by sales,will announce its Q4 numbers. Sales of Zyprexa,a drug on which Dr Reddy’s has exclusivity,would be watched (0730 GMT)
* Other Jan-March earnings: Thermax,Oracle Financial Services Software,Indian Bank,Hathway Cable and Datacom,Essar Oil
* Central bank deputy governor Gokarn to speak on Monetary policy challenges in a turbulent world at a gathering. (1400 GMT)
* India’s foreign reserves data (1230 GMT)
* RBI to sell 150 billion rupees in bonds,while also undertaking 120 billion rupees in bond purchases via open market operations.
INDIAN STOCKS TO WATCH
* Karuturi Global,which has leased land in Ethiopia for commercial farming,plans to export cereals,sugar and edible oil to South Sudan and Kenya upon completing cultivation in 2014.
* Warburg Pincus is in an advanced negotiations to acquire Future Group’s 56 percent stake in non-banking finance firm Future Capital Holdings.
* SKS Microfinance Ltd,the only listed microfinance company in India,said on Thursday it planned to reduce its headcount by a third and shut some branches in southern Andhra Pradesh state amid mounting losses.
* State-owned Air India risks losing a $5.8 billion government bailout,India’s civil aviation minister said on Thursday,as industrial action by pilots disrupted flights for a fourth day.
* After Vodafone,the tax department is focusing its attention on Hong Kong-based Hutchison Whampoa ,which sold its 67 percent stake in the Indian telecom venture to the British giant for $11.5 billion.
* Lupin Ltd said it will launch at least 20 new products in the US market during the year to March 2013,higher than the 11 it launched in the previous fiscal year to boost sales there.
OTHER FACTORS TO WATCH
* Indian debt/FX factors to watch
* Euro hits fresh 3-1/2 mth low vs dollar
* Oil ends mixed on China,OPEC,US jobs data
* Foreign institutional investor flows
* For closing rates of Indian ADRs