Indices to open weak

Indices are precariously poised. The 8500 mark for the Nifty will be eyed keenly today. 

The little that we can know about the market for the day is that sentiment is weak globally.  Indices are precariously poised. The 8500 mark for the Nifty will be eyed keenly today. Huge positions have been built around these levels and bulls and bears will fight it out to gain an upper hand at expiry. The reported airstrikes in Yemen by Saudi-Arabia led coalition of Arab nations to push back Houthi rebels is adding to the tension. 

Some attention will be on the cricket field as India take on Australia but that will have no bearing on the market. After falling for six days in a row, the outlook is a weak start once again.

 The F&O expiry will ensure that volatility reigns supreme especially at close. US indices fell after technology and biotech shares triggered a sell off.  Dow lost 1.62% while S&P was down 1.46%. Nasdaq was most hit and dropped over 2%. The rupee movement will also be watched by investors. Finance minister Arun Jaitley said the government would like the rupee to reflect its real value amidst call from experts that the currency should be allowed to depreciate against the dollar to give some competitive edge to country's exports, says a report. 

Tech Mahindra could see some movement as it is looking at acquiring a multi-lingual captive BPO, says a report. Sun Pharmaceutical Industries, announced closure of its merger with Ranbaxy Laboratories and said the integration will deliver synergies worth $250mn (over Rs15bn) in three years.   India's reform drive and economic momentum could give plenty of growth opportunities to India's top corporates, according to three articles that Standard & Poor's Ratings Services published today as part of a special report, titled "India Credit Spotlight." But many corporates are waiting for the government to put policy into action before investing further.   However, in the article titled "India's Private Sector Companies Adopt A Wait-And-See Approach To Capital Spending," Standard & Poor's forecasts that capital spending will take 12 more months to start recovering.   

Sun Pharma ended 1% higher at Rs. 1,055, as the company is now all set to become the fifth largest pharma company in the world.     Shares of Deccan Gold Mines hit the 20% upper circuit at Rs. 33.65 on reports that the Reserve Bank of India (RBI) has allowed foreign institutional investors to invest up to 24 per cent of the paid up capital of company under the Portfolio Investment Scheme.   Godrej Properties ended 2% lower at Rs 245.The company has announced the launch of a large new residential project in Kolkata.    

NHC Foods stock ended 20% higher and has hit 20% upper circuit at Rs14.70.   Brazilian private equity firm 3G Capital Partners is in talks to acquire global foods giant Kraft Foods for an estimated $40 bn, according to reports.   Dynamatic Technologies continues its dream-run on the bourses. The stock scaled a fresh all-time at Rs. 3,742 and finally ended with a gain of 15 per cent at Rs. 3,841 on the back of frenzied buying at the counter.    IPCA Laboratories Ltd stock ended lower by 13% at Rs664 on reports that the company has received US FDA import alert at two manufacturing facilities.   

HCC Ltd stock ended 2% up at Rs 30.35 after has secured an arbitration award of Rs 217.18 crore for the extension of time (EOT) cost claim in Lucknow-Muzaffarpur National Highway Project- Package IV.    

SpiceJet clarified that that there is actually only one lessor - BBAM - with 5 aircraft; each one leased through a separate special purpose vehicles (SPVs). Further SpiceJet has not yet received any notice whatsoever, from the  Madras High Court on this matter; which is being reported in media only.Earlier report stated reported that five aircraft-leasing firms based out of Ireland have taken SpiceJet to court.    GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, on March 24, 2015 entered into an agreement to acquire 24,50,00,000 shares of face value of Rs.10 each, representing 10% equity stake in Delhi International Airport Private Limited (DIAL) from Malaysia Airports (Mauritius) Private Limited (Malaysia Airports) for a consideration of USD 79 million.    

Qatar Airways is looking for a possible joint venture with Indigo, according to reports.Qatar Airways CEO Akbar Al Baker reportedly said that the company is exploring a tie-up with Indigo.