Market may slide on profit booking

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 11 points at the opening bell. Investors may book profits after gains in past three sessions.

Overseas, Asian shares were mixed and the dollar extended its overnight gains today, 31 March 2017, on signs of strong US economic growth.

Activity in China's manufacturing sector expanded to 51.8 in March, an official survey showed, beating expectations for 51.6. The services sector rose to 55.1 from 54.2 in February. The 50-point mark separates growth from contraction.

Japanese core consumer prices rose 0.2% in February. While that is the fastest annual pace in nearly two years, it is still distant from the central bank's 2% target.

US stocks closed higher yesterday, 30 March 2017, as financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.

The US economy, as measured by gross domestic product, expanded at a 2.1% annualized pace in the fourth quarter, slightly faster than the previously reported 1.9% rate. Separately, jobless claims fell by 3,000 to 258,000 in the latest week, near their lowest level in decades.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 67.97 crore yesterday, 30 March 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,701.79 crore yesterday, 30 March 2017, as per provisional data.

Key benchmark indices posted modest gains yesterday, 30 March 2017, after the Lok Sabha approved four legislations to give shape to the historic Goods and Services Tax (GST) bill. The barometer index, the S&P BSE Sensex, rose 115.99 points or 0.39% to settle at 29,647.42. The Nifty 50 index rose 29.95 points or 0.33% to 9,173.75. Trading was volatile in view of March series expiry.

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