News Pre-Session

Shares may slide on mixed Asian cues
23-May-18   07:52 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23 points at the opening bell, tracking mixed cues from other Asian shares.

On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka today, 23 May 2018, at 16:30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.

The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.

Overseas, Asian shares were mixed after President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week, but called them a start to working out the US trade imbalance with Beijing.

Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15% from as much as 25%. Tariffs on certain automotive parts would also be cut.

US stocks closed lower overnight as uncertainty over trade policy and other geopolitical issues remained high.

On the geopolitical front, Trump said Tuesday there was a substantial chance that a summit with North Korean leader Kim Jong Un may not work out. Trump's comments came as he met South Korean President Moon Jae-in ahead of a planned meeting, scheduled for 12 June 2018, with Kim.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1651.63 crore yesterday, 22 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1496.83 crore yesterday, 22 May 2018, as per provisional data.

Among corporate news, Godrej Industries, Grasim Industries and Tata Motors will announce January-March 2018 results today, 23 May 2018.

Local stocks logged small gains in a volatile session of trade yesterday, 22 May 2018, reversing a five-day losing trend. The barometer index, the S&P BSE Sensex, rose 35.11 points or 0.10% to settle at 34,651.24. The Nifty 50 index rose 20 points or 0.19% to settle at 10,536.70.

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