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Pre - Session Commentary
Shares may decline on mixed Asian cues
09-May-18   07:52 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 42.50 points at the opening bell on mixed Asian cues.

Overseas, most Asian shares were trading lower following President Donald Trump's announcement that the US would pull out of the Iran nuclear deal.

US stocks came off their lows on Tuesday to end a choppy session little changed, after Trump announced the US was abandoning the 2015 Iran nuclear deal, which was forged by former President Barack Obama three years ago. The president also said he planned to ramp up penalties against Tehran, including the highest level of economic sanctions.

In US, an index of small-business optimism from the National Federation of Independent Businesses ticked up 0.1 point to 104.8 in April. Separately, a report on US job openings, known as the Job Openings and Labor Turnover Survey, or JOLTS, showed a record 6.6 million job openings in March.

Meanwhile, US Fed Chairman Jerome Powell reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.

Crude oil prices surged as Trump walking away from an international nuclear deal with Iran could curb the OPEC-member's crude exports in an already tight market. In the global commodities markets, Brent crude oil futures for July 2018 settlement was up $1.74 at $76.59 a barrel.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 97.15 crore yesterday, 8 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 923.25 crore yesterday, 8 May 2018, as per provisional data.

Among corporate news, Eicher Motors and Jindal Steel & Power will announce January-March 2018 quarterly results today, 9 May 2018.

Key benchmark indices ended a tad higher after a volatile session yesterday, 8 May 2018. The barometer index, the S&P BSE Sensex, rose 8.18 points or 0.02% to settle at 35,216.32. The Nifty 50 index rose 2.30 points or 0.02% to settle at 10,717.80.

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