Markets likely to stay choppy ahead of exit polls, Bajaj Auto in focus
Bajaj Auto, Dr. Reddy's Laboratories and Indian Oil Corporation, among others, will announce Q4 numbers todayAsian markets trying to bounce off a 15-week trough
Indian markets are expected to stay volatile today as investors are likely to remain cautious ahead of the exit poll results of general election that will be out on Sunday. The final phase of voting ends on Sunday. Final outcome of the general elections will be declared on 23 May.
Among global markets, Asian shares were trying to end a bleak week in the black on Friday as upbeat US economic news and solid company earnings offered a respite from the interminable China-US trade saga.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1% and off a 15-week trough, but was still down 1.8% for the week. Japan’s Nikkei bounced 0.7% in early trade, while the main Australian index added 0.5%.
Sentiment had been bolstered by better US economic news, with US housing starts surprisingly strong and a welcome pickup in the Philadelphia Federal Reserve’s manufacturing survey. The Dow ended Thursday with gains of 0.84%, while the S&P 500 added 0.89% and the Nasdaq 0.97%.
Back home, major companies to declare their March quarter results today include Bajaj Auto, Dr. Reddy's Laboratories and Indian Oil Corporation (IOC).
Among currencies, the dollar regained a little lost ground on the safe-haven yen to stand at 109.85, while the euro eased to $1.1171 and was off 0.5% for the week so far.
Sterling was one of the worst performers as Britain’s Prime Minister Theresa May battled to keep her Brexit deal, and her premiership, intact amid growing fears of a disorderly departure from the European Union. The pound touched a three-month low of $1.2785 and was down a hefty 1.6% for the week so far.
In commodity markets, spot gold dropped off to $1,286.37 per ounce as risk sentiment improved. Oil futures firmed as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its crude infrastructure. US crude was last up 31 cents at $63.18 a barrel, while Brent crude futures rose 13 cents to $72.75.
(Reuters contributed to the story)
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!