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Published on 22/05/2020 12:09:18 PM | Source: HDFC Securities Ltd

Markets could open mildly lower in line with most other Asian markets - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Markets could open mildly lower in line with most other Asian markets -  HDFC Securities

Markets could open mildly lower in line with most other Asian markets but react later to RBI Governor’s announcements …

Indian markets could open mildly lower today following largely neagtive Asian markets today and negative US markets on Thursday.

U.S. stocks finished lower Thursday, with investors pointing to elevated tensions between Washington and Beijing and a stream of poor economic data, including another 2.44 million job losses last week, as contributors to a lackluster buying mood on Wall Street. This brought the total number of Americans out of work during the COVID-19 pandemic to nearly 40 million, or nearly 20% of the labor force, on a seasonally adjusted basis.

U.S. senators introduced a bipartisan bill that would sanction Chinese officials and entities who enforce the new nationalsecurity laws in Hong Kong. Those events come a day after the Senate passed legislation that would effectively bar some Chinese companies from listing on U.S. stock exchanges. Those tensions rippled over Thursday, as Reuters reported that Baidu Inc. is considering delisting from the Nasdaq.

Sales of previously owned homes tumbled nearly 18% to a 10- year low. The Philadelphia Fed’s monthly release showed manufacturing was worse than economists had expected in May, at a reading of -43. The IHS Markit flash PMIs showed another steep decline in services and manufacturing activity for May.

Stocks in Asia Pacific were lower in Friday morning trade as tensions between the U.S. and China rise.

Reliance Industries Limited has announced that global private equity firm KKR will be investing Rs 11,367 crore for 2.32% stake in Jio Platforms. This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Over the last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of Rs. 78,562 crore into Jio Platforms.

Reserve Bank of India (RBI) governor Shaktikanta Das will address a press conference today at 10 am. This will be third presser of the governor in the context of COVID-19 related measures in last two months.

Investors will look ahead to a key policy gathering in China that may yield more economic stimulus, the start of the annual parliament meeting on Friday where the Premier is expected to announce key economic targets and details on fiscal stimulus plans.

Indian benchmark indices managed to close in positive territory on May 21 for the third straight session despite profit booking post 1330 Hrs erasing some of the intraday gains. At close, the Nifty was up 39.70 points or 0.44% at 9106.25.

 

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