Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 62 points at the opening bell. Investors will continue to monitor fourth-quarter corporate results. Bharti Airtel and ICICI Bank will announce January-March 2019 quarterly earnings today, 6 May 2019.
On the political front, the fifth phase of the Lok Sabha polls 2019 is underway today, 6 May 2019, with 51 Lok Sabha constituencies from 7 different states going to vote. The 2019 Indian general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019. It will conclude on 19 May 2019. The counting of votes will be conducted on 23 May 2019, and on the same day the results will be declared.
Overseas, Asian stocks were trading sharply lower as trade negotiations between China and the United States deteriorated suddenly. US President Donald Trump announced Sunday that tariffs on $200 billion of Chinese goods will increase next week to 25% from 10%. He also reportedly threatened that the U.S. will impose 25% tariffs on another $325 billion of Chinese goods.
US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates. The Nasdaq registered a record high close, while the S&P 500 ended just shy of a record high finish.
Back home, volatile trading session ended with minor losses on Friday, 3 May 2019. Weakness in IT shares put pressure on bourses, while gains in financial shares supported the indices at lower levels. The Sensex fell 18.17 points or 0.05% to settle at 38,963.26. The Nifty 50 index fell 12.50 points or 0.11% to settle at 11,712.25.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 400.68 crore on Friday, 3 May 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 57.07 crore on Friday, 3 May 2019, as per provisional data.
Among corporate news, Net profit of Hindustan Unilever (HUL) rose 13.84% to Rs 1538 crore on 8.95% rise in net sales to Rs 9809 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 3 May 2019.
Yes Bank announced that ratings agency ICRA has downgraded long-term ratings of the bank with a Negative outlook. Ratings were removed from 'Watch with Negative Implications'. The announcement was made on Saturday, 4 May 2019.
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