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Market Ahead, May 29: All you need to know before the opening bell

Today, a total of 31 companies including Voltas, Jubilant Life Sciences, and Metropolis Healthcare, are scheduled to announce their March quarter results

Topics
Market Ahead | Markets | Lockdown

BS Web Team  |  New Delhi 

The Indian is likely to begin the June series with a gap-down, as indicated by the SGX Nifty, which slipped over 70 points after weakness in other global amid escalating US-China tensions.

Wall Street ended lower on Thursday after President said he would hold a conference on China on Friday. The fell 0.58 per cent, the lost 0.2 per cent, and the Composite dropped 0.46 per cent.

Meanwhile, the US economy shrank fell at an annual rate of 5 per cent in the first quarter, a bigger decline than the 4.8 per cent drop first estimated a month ago.

also dipped in early trade. South Korea's Kospi and Japan's Nikkei both slipped 0.7 per cent while Australia's ASX200 was down 1.1 per cent. All eyes are now Trump's press conference where he will address his response to China after Beijing proceeded with a national security law for Hong Kong that critics fear would erode the city’s freedoms.

gave up some of their gains overnight. Brent was last down 1.47 per cent at $34.77 a barrel.

Moreover, the expectation of a somber for January-March quarter will also keep sentiment in check. The numbers, which are likely to come in post-market hours, are expected to show growth contracting with some analysts penciling in a 5 per cent dip.

Data released by the government yesterday showed that FDI in 2019-20 grew by 14 per cent, a four-year high, to a record $49.8 billion.

Meanwhile, India saw another record daily jump in cases, taking the tally to over 1.65 lakh with more than 4,600 deaths. Investors will also keep track of any regarding the lockdown, which is to end on May 31. Any further extension is likely to be taken negatively by the stock market.

According to sources, the government is considering additional policy measures for NBFCs, and regulatory changes to ensure the stability of the financial system. This comes after Finance Minister interacted with the country’s top regulators on Thursday.

Further, the on-going earning season would induce stock-specific moves. yesterday reported a decline of 47.13 per cent in profit before tax at Rs 115 crore for the March quarter while total income declined 16.9 per cent YoY to Rs 4,129 crore.

Today, a total of 31 companies including Voltas, Jubilant Life Sciences, and Metropolis Healthcare, are scheduled to announce their March quarter results.

will be in focus today after The Financial Times reported that Google is in talks to buy a 5 per cent stake in the company.

In another development, sources have told Business Standard that Abu Dhabi state fund Mubadala Investment Company is in talks to invest about $1 billion in Reliance Industries' digital unit platforms. Besides, today is the final trading day for Reliance Industries' Rights Entitlement.

Read by Kanishka Gupta

First Published: Fri, May 29 2020. 07:38 IST
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