Market may open lower on mixed Asian cues

Market may decline at opening bell as other Asian shares displayed mixed cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 14 points at the opening bell.

Overseas, Asian shares were mixed. US stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports. The closely watched yield on the 10-year Treasury note climbed, settling just below the psychologically important 3% level.

The Chicago Fed national activity index for March declined to 0.10 from 0.98 in February.

Preliminary readings of the manufacturing and services purchasing managers' indexes for April showed that IHS Markit flash manufacturing PMI rose to 56.5 in April from 55.6, while the flash reading for services showed a climb to 54.4 in April from 54.

Meanwhile, existing-home sales in the US increased 1.1% in March from the previous month to a seasonally annual rate of 5.60 million.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 259.08 crore yesterday, 23 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 387.26 crore yesterday, 23 April 2018, as per provisional data.

Among corporate news, Bharti Airtel and IDFC Bank will announce Q4 results today, 24 April 2018.

The domestic market ended the volatile session with small gains yesterday, 23 April 2018. The barometer index, the S&P BSE Sensex, rose 35.19 points or 0.10% to 34,450.77. The Nifty 50 index rose 20.65 points or 0.20% to 10,584.70. Trading was volatile due to negative global cues and derivatives expiry later this week.

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