Indian benchmark indices are likely to open lower on Wednesday, tracking bearish trend in Nifty futures on the Singapore Stock Exchange and negative cues from the global markets. The rising crude oil prices, a hung House in Karnataka and sustained fund outflows by foreign investors will also weigh on market movement. Overseas, most of Asian markets were trading lower after Wall Street ended lower in overnight trade as investor sentiment were spooked by strong retail sales data which stoked inflation concerns. Back home, bearish trend in the SGX Nifty Index Futures for May delivery, which were trading at 10,752.00, down 73.50 points, or 0.68 per cent, at 10:52 AM Singapore time, also signaled a negative start for local bourses. The traders will keep a close eye on the political development in Karnataka as fortunes of BJP hung in balance as governor Vajubhai Vala will take a final call on who to invite first to form the government for a floor test. On the corporate front, shares of Punjab National Bank will remain in focus after the state-run bank reported highest-ever quarterly loss at Rs 13,416.91 crore in the January-March quarter, massively hit by the Rs 14,000 crore Nirav Modi scam. On the earning front, big names such as, ITC, JSW Steel, Tata Steel, Hindalco, TVS Motor, Zee Media and Birla Corporation, will release its March quarter results today.
On Tuesday, the Indian equities ended marginally lower in highly volatile trade after media report suggested that Congress party would form an alliance with the Janata Dal (Secular) party to form government in the Karnataka Assembly elections. In the early trade, the BSE Sensex surged 437 points in intra-day after results showed that BJP emerged as single largest party in terms of number of seats in the Assembly elections in the State. The 30-share benchmark index closed trade at 35543.94, down by 12.77 points or by 0.04 per cent, and the NSE Nifty was at 10801.85, down by 4.75 points or by 0.04 points per cent.
Top traded volumes on NSE Nifty were Power Grid Corporation of India Ltd. 31522977.00, State Bank of India 18026861.00, ICICI Bank Ltd. 16400700.00, Vedanta Ltd. 15412120.00, Tata Motors Ltd. 15323964.00.
On NSE, total number of shares traded was 154.29 Crore and total turnover stood at Rs. 33295.81 Crore.
On NSE Future and Options, total number of contracts traded in index futures was 324209 with a total turnover of Rs. 29693.95 Crore. Along with this total number of contracts traded in stock futures were 892801 with a total turnover of Rs. 57779.71 Crore. Total numbers of contracts for index options were 10233490 with a total turnover of Rs. 996801.89 Crore and total numbers of contracts for stock options were 694714 with a total turnover of Rs. 47212.90 Crore.
As on May 15, the FIIs stood as net buyer in equity segment, while net seller in debt market. Gross equity purchased stood at Rs. 4778.15 Crore and gross debt purchased stood at Rs. 759.93 Crore, while the gross equity sold stood at Rs. 3956.49 Crore and gross debt sold stood at Rs. 1093.53 Crore. Therefore, the net investment of equity and debt reported were Rs. 821.66 Crore and Rs. -333.60.