 "Stock market: A roller coaster ride for Indian equities")
Markets are likely to open on a flat note as participants remain cautious in the ongoing earning season. Some of the notable companies including RIL, HDFC Banka and Cairn India are likely to announce the fourth quarter results today.
On the global end, Asian equities are having a muted trading session tracking losses in the US equities after weak earnings from US. blue chip companies snapped the four day rally. Japan’s Nikkei, Singapore’s Straits Times and Hong Kong’s Hang Seng have dropped between 0.2%-1%. US Dow Jones Industrial Average and the S&P 500 have lost over 0.5% each.
Meanwhile, oil prices also fell 3% on Thursday after scaling five-month high, pausing from a two-day rally as producers from Russia to Saudi Arabia and Iran to Libya hinted at more output, and on growing US crude stocks.
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STOCKS IN ACTION
Among the major bluchips, RIL, HDFC Bank and Cairn India are slated to announce their results today.
Supreme Industries: Plastic products maker Supreme Industries has reported 12.06% rise in consolidated profit to Rs 114.56 crore for its third quarter ended March.
The UK government is ready to take a minority stake of as much as 25% in Tata Steel's UK business to support the sale and offer hundreds of millions of pounds in debt relief, as it makes an urgent bid to stop the Britain's largest steelmaker from shutting down.
IndusInd Bank has reported a 25% rise in net profit to Rs 620 crore in the January-March quarter; it was Rs 495 crore in the same quarter a year before. The rise was on the back of higher net interest and other income.
Steel stocks like Tata Steel, SAIL and JSW Steel are likely to remain in focus on reports stating that the Indian steel producers are considering raising prices by Rs 1,500-2,000 a tonne for May, to cover a part of the sudden spike in the cost of inputs.
Glenmark Pharmaceuticals says it has addressed concerns raised by the US Food and Drug Administration (FDA) in February, following the latter’s inspection of its manufacturing unit at Pithampur, in the Dhar district of Madhya Pradesh, 30 km from Indore.
The government is planning to sell 10% of its stake in iron ore mining company NMDC Ltd through an offer for sale, according to a notification on the website of the department of divestment, said a media report.
