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Wednesday, September 30th, 2020

Market may correct on negative global cues

by April 27, 2017 General

Trading of 50 index futures on the stock exchange indicates that the could fall 14.50 points at the opening bell on negative global cues.

The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month April 2017 series to May 2017 series. The near month April 2017 derivatives contract expires today, 27 April 2017.

Overseas, Asian shares were trading lower following the lower close on Wall Street as investors analysed details of US President Donald Trump’s highly-anticipated tax reform plans.

In US, the Dow Jones Industrial Average ended 0.1% lower at 20,975.09, the S&P 500 index finished off 1.16 point, or less than 0.1%, at 2,387.45, while the Nasdaq Composite Index which touched a fresh intraday record of 6,040.89 before retreating, closed little-changed at 6,025.23.

The White House unveiled an ambitious tax overhaul plan yesterday, 26 April 2017, proposing deep cuts for individuals and businesses in what it called one of the biggest tax reforms in US history. Even though President Donald Trump’s proposed changes in the tax system included a cut in the corporate tax rate from 35% to 15%, the plan left investors with questions on whether the changes would increase the budget deficit.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 492.52 crore yesterday, 26 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,011.38 crore yesterday, 26 April 2017, as per provisional data.

Among corporate news, Axis Bank’s net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 April 2017.
The ratio of gross NPAs to gross advances stood at 5.04% as on 31 March 2017 as against 5.22% as on 31 December 2016 and 1.67% as on 31 March 2016.
The ratio of net NPAs to net advances stood at 2.11% as on 31 March 2017 as against 2.18% as on 31 December 2016 and 0.7% as on 31 March 2016.

Shares of Cadila Healthcare will be in focus after Zydus Cadila received the final approval from the USFDA to market Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia (elevated low density lipoprotein [LDL] cholesterol) who do not respond adequately to diet. Cholestyramine will be produces at the group’s formulations manufacturing facility at Baddi. The group has now more than 110 approvals and has so far filled over 300 ANDAs since the commencement of the filling process in FY 2003-2004. The announcement was made after market hours yesterday, 25 April 2017.

Petron Engineering Construction has received work order from Guruashish Construction, HDIL Towers, Bandra (East), Mumbai, for building structure works at Goregaon (West), Mumbai for a total value of Rs 110 crore (approx). The announcement was made after market hours yesterday, 25 April 2017.

Positive Asian stocks pushed the key benchmark indices higher for third day in a row yesterday, 26 April 2017. The barometer index, the S&P BSE Sensex, rose 190.11 points or 0.63% to settle at 30,133.35. The 50 index rose 45.25 points or 0.49% to settle at 9,351.85. The Sensex and the Nifty, both, hit record high in intraday day as well as closing basis. Sentiment was also boosted after the ruling party at the Centre, BJP’s massive win in the Delhi civic elections.

The BJP yesterday, 26 April 2017, returned to power in all three municipal corporations of Delhi, winning 183 of 270 wards that went to the polls on Sunday, 23 April 2017. Its main opponent AAP, which rules the capital but contested municipal polls for the first time, came a distant second with 47 wards. The Congress, the main Opposition party in the outgoing civic bodies, was reduced to 29 from 77 wards. In 2012, the BJP had won 138 wards.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)