Weak Asian cues to weigh on markets; April F&O expiry eyed

Rise in the crude oil prices, sustained FII buying, good earnings and progress of monsoon will dicate the trend

Markets are likely to see a weak opening tracking weakness in Asian markets. However, rise in the crude oil prices, sustained FII buying, good earning results and progress of monsoon could cap further downside.

Meanwhile, traders will keenly watch out for the rollovers to the May series with April derivative contracts set to expire today.

GLOBAL MARKETS

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Asian equities have gained across the board after the US Federal Reserve kept key interest rates unchanged on Wednesday while keeping the doors open to a potential rate hike in June. Stability in oil prices helped. Meanwhile, the Bank of Japan (BOJ) maintained a steady monetary policy and the reserve deposit rate were kept unchanged. Japan’s Nikkei, Singapore’s Straits Times and Hong Kong’s Hang Seng have surged between 0.7%-1.5%.

STOCKS IN FOCUS

Bharti Airtel, the country’s largest telecom service provider, is likely to see an uptick after it posted a 2.8% increase in net income at Rs 1,290 crore for the quarter ended March, with high growth in mobile data revenue at Rs 4,434 crore, up 43.7% on a yearly basis.

JSW Energy’s is likely to see some pressure after its net for the March quarter dipped 6% to Rs 305 crore against Rs 325 crore during the corresponding quarter of the previous year due to higher interest and depreciation after the acquisition of hydro assets in Himachal Pradesh.

Shipping companies such as Shipping corporation of India, Essar Shipping, GE Shipping are likely to remain in focus. The rising trend in the Baltic Dry Index, the benchmark for dry bulk freight, has failed to enthuse Indian shipping companies because most see it as a blip that does not reflect the trade situation.

Infosys is likely to gain after it made one more investment out of its global innovation fund. The Bengaluru-based firm said it has invested an undisclosed amount in Trifacta, which develops productivity platforms for data analysis, management and manipulation.

Elder Pharma is likely to dip after the Company Law Board dismissed an application filed by Elder Pharmaceuticals seeking extension of time for repaying the dues to its fixed deposit holders.

Tata Motors, India's biggest automobile company, said on Wednesday that it will issue non-convertible debentures to raise Rs 300 crore.