May 15, 2021

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Indian Shares Set To Open Lower

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VIXC Financial and Market News

Financial and Market News aggregator

Indian shares are seen opening sharply lower on Monday as investors react to the elections results of the five states and await key manufacturing and services data for direction.

Monthly auto sales numbers started pouring in, with Hero MotoCorp reporting a 35 percent fall in April sales due to the temporary closure of plant operations and the retail outlets across the country amid the second wave of the COVID-19 pandemic.

Major automobile manufacturers Maruti Suzuki, Hyundai Motor and Tata Motors have also reported a decline in passenger vehicle sales in April.

Daily COVID-19 deaths in India hit a record 3,689 on Sunday, while the number of cases slowed slightly after crossing the mark of 400,000 cases in a day.

Benchmark indexes Sensex and the Nifty rose about 2 percent last week on the back of upbeat earnings reports.

Asian markets are trading mixed this morning as inflation concerns resurfaced. Trading volumes remain thin amid holidays in China and Japan.

Gold inched higher on a subdued dollar while oil crept up toward $64 a barrel on optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year.

U.S. stocks fell from record highs on Friday but posted monthly gains after a slew of strong earnings reports.

Stocks failed to gain traction despite another batch of upbeat U.S. economic data, with personal incomes for Americans surging by a record 21.1 percent in March and a gauge of consumer sentiment improving by more than initially estimated in April.

The Dow dipped half a percent, the tech-heavy Nasdaq Composite index shed 0.9 percent and the S&P 500 slid 0.7 percent.

European markets ended Friday’s session mostly lower after Eurozone and Chinese economic data came in softer than expected. The pan European Stoxx 600 eased 0.3 percent.

The German DAX slipped 0.1 percent and France’s CAC 40 index gave up half a percent while the U.K.’s FTSE 100 inched up 0.1 percent.

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2021-05-02 23:05:56

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