The Indian market is expected to open in green Monday, taking cues from the global markets, with the SGX Nifty, an indicator of pre-market opening, trading 9 points up to 8337 at around 7: 45 hrs.
Among global markets, in the US, earnings from Microsoft and Amazon continued to lift spirits with the Nasdaq setting another record for the second day in a row.
The S&P 500 also finished at a new all-time high, Dow Jones though ended just barely in the green. Among big movers, Microsoft rallied 10 percent after posting earnings of 61 cents per share on USD 21.73 billion on revenue that beat estimates.
European equities finished slightly higher as investors reacted to a slew of corporate earnings news. Germany’s IFO survey of business sentiment showed a rise in April and came in close to market expectations.
And Asia was trading mixed in morning trade with Kospi hovering around four-year highs.
In the currency space, the dollar started the week on defensive after more disappointing US economic data reinforced expectations that the US Federal Reserve will not hike interest rates any time soon.
Among commodities, Nymex crude holds above USD 57 a barrel, close to a 2015 high as fights in Yemen intensified creating more tensions over the security of West Asia oil supplies.
From precious metals space, gold hit its lowest level in more than a month on Friday, falling for the third straight week as strength in global equities diverted interest from the precious metal, although uncertainty over the timing of a US rate rise kept prices in a tight range.
Back home, foreign institutional investors (FII) minimum alternate tax (MAT) issue has been blown out of proportion. Government sources say total tax demand may not exceed Rs 7,000 crore – minister of state for finance Jayant Sinha tells Parliament Centre has issued notices to 68 entities for Rs 603 crore where assessment is complete.
In key earnings today, Maruti and ICICI Bank will be reporting their Q4 earnings. Maruti may see a good quarter. A CNBC-TV18 poll indicates a 43 percent rise in profits, big gains in margins expected due to currency tailwinds. For ICICI Bank, net interest income (NII) growth is expected to be similar to Q3 at 13 percent and net interest margins (NIMs) are expected to be flat.
And Ultratech Cement reported numbers in-line with estimates. Total income rose 4 percent to Rs 6,213 crore and profit declined 27 percent impacted by higher taxes and lower other income.