Pre Market Report, May 5, 2017 | Stocks and Commodities

May 5, 2017
Time: 8.45 am

Pre Market Report:

1. US markets closed almost flat.
2. Asian markets are generally flat with negative bias.
3. SGX Nifty is down by about 30 points.
4. Yesterday it was the day of ICICI Bank.
5. ICICI Bank contributed about 40 points to Nifty and about 350 points to Bank Nifty.
6. If you take out ICICI Bank, Axis Bank and SBI, then both Nifty and Bank Nifty would have fallen yesterday.
7. Today commodities are falling and in particular Crude is down.
8. That is having some impact in world markets.
9. Despite such a huge rally in few banking stocks, FIIs were net sellers in Cash market.
10. In F&O also, there were not buyers considerably.
11. These two factors, soft commodity prices and FII selling, contribute to the negativity in SGX Nifty.
12. For the last 7 sessions, Nifty closed between 9300 and 9360.
13. Today will be no different.
14. French election on Sunday, US jobs data today evening will keep markets edgy.
15. PSU banks may continue to do well due to NPA ordinance and results expectation.
16. SBI, BoB and PNB are yet to declare the results.
17. Except few stocks like ICICI bank, Axis Bank and SBI which were up mainly due to short covering, overall market was not bullish yesterday.
18. On top of out performance by few banking stocks, expiry related issues played out yesterday due to Bank Nifty weekly expiry.
19. Today Nifty future may trade between 9320 and 9380, a small range.
20. There may be some sharp move, most probabily on the higher side, towards the end of the day.