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Weak global cues may drag shares lower
25-Apr-18   07:49 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 69 points at the opening bell due to weak global cues.

Overseas, Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields also worried investors.

US stocks tumbled overnight, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years. Caterpillar, an industrial heavyweight, beat earnings estimates due to strong global demand but its shares slumped after management warned their results could cool in the near term.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 680.99 crore yesterday, 24 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 508.55 crore yesterday, 24 April 2018, as per provisional data.

Among corporate news, Ultratech Cement and Wipro will announce Q4 results today, 25 April 2018.

Hero MotoCorp has made an upward revision in the ex-showroom prices of its motorcycles and scooters, with immediate effect. The upward revision in the prices has been done to partially off-set the consistently rising input costs, including the prices of commodities. The increase in the prices of the two-wheelers is up to Rs 625. The exact quantum of the increase will vary, basis the model and the specific market. The announcement was made after market hours yesterday, 24 April 2018.

Key benchmark indices settled with modest gains in volatile session of trade yesterday, 24 April 2018. The barometer index, the S&P BSE Sensex, gained 165.87 points or 0.48% to settle at 34,616.64. The Nifty 50 index rose 29.65 points or 0.28% to settle at 10,614.35.

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