Markets May Have A Flat Opening Following Mixed Cues From Asia
The domestic stock markets may open on a flat note this morning in line with their Asian counterparts, after the strong rally witnessed on Thursday. Stocks in Asia were mixed Friday ahead of the latest reading on the U.S. labor market. Shares in Japan and Australia nudged up, while initial gains had fizzled out in Hong Kong and China.
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 6.5 points loss or 0.05 percent. The Nifty futures were trading around 12,268-level on the Singaporean Exchange.
The S&P 500 Index climbed to a fresh record on Thursday due to de-escalation in US-Iran tensions. The major U.S. stock indexes had also registered record closing highs in the previous session in wake of the thaw on US-Iran front.
U.S. President Donald Trump had refrained from ordering military action and Iran's foreign minister said the missile strikes on Iraqi bases housing the U.S. forces had "concluded". Optimism surrounding the US-China trade deal also added to the positive sentiment on Wall Street.
The Dow Jones Industrial Average had ended up 211.81 points, or 0.74 per cent, to 28,956.90, Nasdaq Composite Index rose 74.18 points, or 0.81 per cent, to 9,203.43 and S&P 500 increased 21.65 points, or 0.67 per cent, to 3,274.70.
The NSE's India VIX index - which gauges the markets' expectation of volatility in the near term - ended 10.16 per cent lower, after plummeting as much as 16.91 per cent during the session.
In major news developments scheduled for the day, the Supreme Court will hear Tata Sons' petition challenging National Company Law Appellate Tribunal's (NCLAT) decision reinstating Cyrus Mistry as executive chairman of the Tata Group. Tata Sons Private Limited had last week moved the SC against NCLAT's order, saying the judgement 'undermined corporate democracy' and the 'rights' of its board of directors.
On the corporate results front, the country's second-largest software services provider, Infosys will kick off the Q3 earnings season by announcing its results later in the day.
On Thursday, the Sensex had ended 634.61 points - or 1.55 per cent - higher at 41,452.35, while the Nifty had settled at 12,215.90 - up 190.55 points - or 1.58 per cent.
