Sensex, Nifty Seen Lower On Global Cues

Indian shares may open a tad lower on Monday, tracking weak Asian markets after North Korea failed in its attempt to test another missile and the U.S. said it is working with China and other allies to develop a “range of options” against the country’s “provocative and destabilizing” behavior.

The dollar hit a five-month low versus the Japanese yen while the lira jumped after Turkish President Recep Tayyip Erdogan claimed victory in a referendum on Sunday to grant him sweeping new powers. Gold extended last week’s rally while oil prices fell below the $53 mark.

In economic releases, China’s economy grew a better-than-expected 6.9 percent in the March quarter compared to last year, official data showed today.

The benchmark index BSE Sensex dropped 245 points last week and the Nifty finished below the 9,200-level, with geopolitical tensions, a slew of disappointing macro data and lower revenue guidance from IT major Infosys keeping underlying sentiment cautious.

ACC, IndusInd Bank, HDFC Bank, Hindustan Zinc, MindTree and Yes Bank are among the prominent companies due to announce their quarterly results this week. On the macroeconomic front, the government will release wholesale inflation numbers for March later today.

U.S. stocks fell on Thursday to extend losses for the third straight session as flaring tensions in North Korea, Russia and Syria helped fuel demand for safe-haven assets.

Traders also reacted to a slew of economic reports and earnings news from financial giants JPMorgan Chase, Citigroup and Wells Fargo.

The Dow and the S&P 500 dropped around 0.7 percent to hit their lowest levels in two months, while the Nasdaq Composite shed half a percent.

European stocks ended Thursday’s session modestly lower as investors digested U.S. President Donald Trump’s comments about the dollar and interest rates. The pan-European Stoxx Europe 600 index slid 0.4 percent.

by RTT Staff Writer

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