Market may open flat

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 4 points at the opening bell on mixed cues from other Asian indices.

Overseas, Asian shares were mixed after US President Donald Trump canceled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on 12 June 2018. Trump said participating in the summit would be inappropriate given the tremendous anger and open hostility displayed by North Korea, which had reportedly suspended direct communication with the US this week.

US stocks finished lower Thursday as a sharp decline in energy-related shares pressured the broader market lower. On the data front, initial jobless claims rose by 11,000 to 234,000 in the week ended 19 May 2018. Separately, existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 701.93 crore yesterday, 24 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1480.51 crore yesterday, 24 May 2018, as per provisional data.

Among corporate news, Bank of Baroda, BEML, Cadila Healthcare, Engineers India, Hindustan Copper, NBCC (India), Sun Pharmaceutical Industries and Tech Mahindra will announce January-March 2018 results today, 25 May 2018.

Key benchmark indices posted strong gains yesterday, 24 May 2018, on broad-based buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 318.20 points or 0.93% to settle at 34,663.11. The Nifty 50 index rose 83.50 points or 0.8% to settle at 10,513.85.

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