What will steer the market today: Lok Sabha Elections Phase 1 voting, IT results and other key things to watch out for

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Published: April 11, 2019 8:54:02 AM

The Indian headline indices- Sensex and Nifty, are likely to open positive tracking positive global cues on Thursday morning. Lok Sabha elections, IT results are among the key things to watch out for.

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The Indian headline indices- Sensex and Nifty, are likely to open positive tracking positive global cues on Thursday morning. Today, SGX Nifty closed at 11,643.50, 8 points lower than the previous close. Yesterday, while Sensex ended at 38,585.35 level, 0.91 per cent lower than the last close, Nifty settled at 11,584.30 mark, 87.65 points lower than the previous close. We take a look at the key factors which may steer the Sensex, Nifty today:

Lok Sabha Elections 2019 Phase 1 Voting: Today, the phase 1 voting will take place across  20 states and union territories in the world’s largest democracy for the 91 seats out of total of 543 Lok Sabha seats. More than 1.70 lakh polling booths have been set up across 20 states and Union Territories for the Lok Sabha polls.

Brexit Deadline Extended: British Prime Minister Theresa May  has been granted a new Brexit deadline of October 31by European Union to resolve Britain’s domestic  stand-off on the issue.

FII/DII: On Wednesday, while the foriengn institutional investors bought equities worth Rs 6,433.94, the domestic institutional investors invested around Rs 3,174.13crore. The net value of both the FII and DII on Wednesday was Rs 3,174.13 and Rs 461.29 respectively.

India-China Trade Deficit: India’s trade deficit with China fell by $10 billion to $53 billion in FY19 owing to lower imports, as per CNBC-TV18. The US-China trade spat also helped in narrowing down the trade deficit. According to a provisional figures for 2019, India’s exports to China grew 31 percent at $17 billion in FY19 while imports declined by 8 per cent to $70 billion in the year.

US-European Union conflict: US President Donald Trump on Tuesday threatened to impose US tariffs on European Union products. In a tweet, Trump said “the World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!.”

IT quarterly results: The investors will watch the quarterly results of major IT companies. IT major Infosys and TCS are likely to announce their results on the same day on April 12 this week. The IT sector is expected to post good results for Jan-Mar quarter.

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