Pre-market: Choppy trades seen
Ashok Leyland, Thermax to be in focus
The markets could remain range-bound and choppy this week on the back of weak global and domestic cues. Inflation numbers for April 2012 due later today will also impact sentiment.
The markets ended lower for the third straight week, amid global economic worries. The Sensex finally settled with a loss of 538 points at 16,293. “The BSE benchmark is testing the quarterly support around 16,235. If the index is able to sustain above it, we could see a counter-rally to 16,730-16,900 odd levels,” technical analysts suggest.
China has cut the amount of cash that banks must set aside as reserves for the third time in six months, pumping money into the financial system to support lending. Reserve ratios will fall 50 basis points, effective May 18, the People's Bank of China said.
Asian shares eased on Monday as investors saw more reasons to cut risk after talks in Greece to form a new government failed. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1%, while Japan's Nikkei share average opened up 0.4%.
Back home, among individual stocks, Thermax has reported a 6% rise in net profit for 2011-12 to Rs 407 crore.
Ashok Leyland has reduced the prices of its commercial vehicles by 1% with immediate effect.
Cipla and Sun Pharma have asserted they have not violated any drug approval norms even as Health Ministry has appointed a committee to look into alleged irregularities.
Essar Oilhas reported its third straight quarterly loss due to a decline in gross refining margin and reduced throughput because of a 35-day planned shutdown.
Also keep a tab on Adani Power, L&T, JSW Steel that will declare their respective March quarter results today.