Today’s Prediction on Stock Market

Market Snippet
Domestic equities openend lower traded in narrow range throughout the day but firmed up as the session progressed in late trade. The key indices settled higher backed by gains in IT and select bank shares. Though, the benchmark indices lose some shine in the final hour of trading as Nifty is trading below 10,750 and Sensex is trading around 35,300.
IT sectors were the major gainers of the day while PSU Banks were the major losers of the day.

Global Markets Update
Toyota Motor Corp forecast a 4.2 % fall in operating profit for the current financial year, as stronger yen to offset slightly higher global vehicle sales and cost reductions.
The European STOXX 600 index settled 0.1% higher after spending most of the day in negative territory. Italy’s FTSE MIB closed 1.6% lower amid worries about political turmoil in the euro zone’s third largest economy.

Stock Snippets

New drug application for Etanercept Biosimilar in Japan, submitted by Lupin which is used to treat arthritis and psoriasis.

On May 11, Tata Global Beverages board meeting to consider issue of NCD/debt securities on private placement basis.

On May 16, Tata Steel has filed an appeal in the National Company Law Appellate Tribunal, challenging the National Company Law Tribunal’s (NCLT) order asking lenders to consider a late bid by the UK’s Liberty House Group for bankrupt Bhushan Power & Steel.

Quess Corp
has completed acquisition of 90 percent equity in Greenpiece Landscapes India.
In Binani Cement Case, Dalmia Bharat likely to move Supreme Court reported by CNBC-TV18.
On Tuesday, Maruti Suzuki announced a service campaign to inspect 52,686 units of the new Swift and Baleno for a “possible fault” in the brake vacuum hose.

Strides Shasun
has agreed with Apotex, in principle, to merge their respective Australian business operations.

Global Markets

Japan stocks were lower after the close on Wednesday, as losses in the Paper & Pulp, Chemical, Petroleum & Plastic and Mining sectors led shares lower.At the close in Tokyo, the Nikkei 225 lost 0.44%.

Philippines stocks were lower after the close on Wednesday, as losses in the Banking & Financials, Services and Holding Firms sectors led shares lower.At the close in Philippines, the PSEi Composite lost 0.29%.

Taiwan stocks were higher after the close on Wednesday, as gainsin the Electricity, Electronic Parts/Components and Machinery sectors led shares higher.At the close in Taiwan, the Taiwan Weighted gained 0.11%

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