Market may start day's trade with mild losses

Key indices may drop as data after market hours yesterday, 12 April 2017 showed that industrial production contracted in February. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23.75 points at the opening bell.

Overseas, Asian stocks were mixed. Industrial and materials companies led US stocks modestly lower yesterday, 12 April 2017 on another day of subdued trading ahead of the long Easter holiday weekend.

China's exports rose 14.8% in the first quarter from a year earlier in yuan terms, extending an 11% increase in the first two months, official data showed. Imports in the January to March period increased 31.1% in yuan terms from a year earlier, compared with a 34.2% rise in the first two months, the General Administration of Customs said in a release.

US Secretary of State Rex Tillerson met with the Russian counterpart Sergei Lavrov to discuss the civil war in Syria and nuclear capabilities of North Korea. In recent days, the trading mood has been dented by heightened geopolitical tensions.

Crude oil futures slid for a second session, moving away from a one-month high touched briefly in the last session as rising US production stoked worries about global oversupply. In the global commodities markets, Brent for June 2017 settlement was down 5 cents at $55.81 a barrel. The contract had fallen 37 cents, to settle at $55.86 a barrel during the previous trading session.

Among corporate news back home, Infosys will announce its Q4 results today, 13 April 2017.

JSW Steel said it has raised $500 million by allotment of fixed rate senior unsecured notes in accordance with Regulation S of the US Securities Act, 1933 and applicable Indian regulations. The notes will be listed on Singapore Exchange Securities Trading. The announcement was made after market hours yesterday, 12 April 2017.

Cipla announced that its wholly-owned subsidiary, Cipla Medpro South Africa, completed acquisition of Anmaraton 12 April 2017. The announcement was made after market hours yesterday, 12 April 2017.

On macroeconomic data front, India's industrial production declined 1.2% in February 2017 over February 2016, snapping 3.3% growth recorded in January 2017. The manufacturing sector's production dipped 2% in February 2017, mainly contributing to the dip in industrial production.

The all-India general CPI inflation increased to 3.81% in March 2017 (new base 2012=100), compared with 3.65% in February 2017. The corresponding provisional inflation rate for rural area was 3.75% and urban area 3.88% in March 2017 as against 3.67% and 3.55% in February 2017. The core CPI inflation rose marginally to 4.79% in March 2017 from 4.75% in February 2017. The CPI and IIP data was announced after market hours yesterday, 12 April 2017.

Meanwhile, key benchmark indices suffered modest losses amid volatile session of trade yesterday, 12 April 2017 ahead of the release of key domestic economic data. The Sensex fell 144.87 points or 0.49% to settle at 29,643.48, its lowest closing level since 10 April 2017.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 580.70 crore yesterday, 12 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 701.12 crore yesterday, 12 April 2017, as per provisional data.

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