India markets closed

Market may open slightly higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell. State Bank of India and Larsen & Toubro will declare their Q4 March 2020 results today, 4 June 2020.

Overseas, Asian stocks were trading mixed as investors awaited key U.S. jobs data.

In US, the S&P 500 lost ground on Thursday as investors took profits in advance of Friday's jobs report, ending a four-day rally driven by rising economic sentiment. The Nasdaq joined the S&P 500 in negative territory, while the blue-chip Dow posted a nominal gain.

The Dow Jones Industrial Average rose 11.93 points, or 0.05%, to 26,281.82, the S&P 500 lost 10.52 points, or 0.34%, to 3,112.35 and the Nasdaq Composite dropped 67.10 points, or 0.69%, to 9,615.81. Shares of Boeing Co. closed 6.4% higher as more airlines resumed flying. Shares of American Airlines Group Inc. soared more than 41%, notching a record gain Thursday, to lead a broad rally in the airline sector, after the carrier said it was boosting capacity amid increasing signs that the worst of the COVID-19-related crisis was over.

The US trade deficit surged in April as the COVID-19 pandemic upended the global flow of goods and services, pushing exports to a 10-year low. The Commerce Department said on Thursday the trade deficit jumped 16.7 percent to $49.4 billion.

In April, exports dropped a record 20.5 percent to $151.3 billion, the lowest since April 2010. Goods exports plunged 25.2 percent to $95.5 billion, the lowest since September 2009. Exports of motor vehicles and parts fell to $3.8 billion, the lowest since March 1992. Shipments of consumer goods dropped to $10.4 billion, the lowest since April 2006.

In Europe, the European Central Bank has boosted its pandemic emergency support program by an unexpectedly large 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. The central bank also said it would extend the program until June 2021, and reinvest maturing PEPP securities until at least the end of 2022.

Back home, barometers ended with small losses on Thursday, snapping a six-day rising streak. Selling in banks stocks put pressure on bourses. Banks corrected after the Supreme Court (SC) raised concerns over levying of interests on loans during the six-month moratorium period. The barometer S&P BSE Sensex lost 128.84 points or 0.38% at 33,980.70. The Nifty 50 index fell 32.45 points or 0.32% at 10,029.10. Both these indices rallied over 11% in previous six trading sessions.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,905.04 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 847.31 crore in the Indian equity market on 4 June, provisional data showed.



Source: Capitalmarket.com