Market Beeps - Market seen opening flat; HDFC Bank in focus
UAE Exchange Etrade
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Market is expected to open soft on Tuesday tracking mixed Asian markets, while investors will keep a close eye on HDFC Bank ahead of its quarterly results, which will be out later today.
The private sector bank, HDFC Bank is expected to report a 29.7 per cent YoY rise in its fourth quarter net profit to Rs 1885 crore from Rs 1453 crore reported in the year-ago period, according to ET NOW Poll.
The Nifty managed to hold its last week momentum and extended its pull back rally for the fifth day on Monday and is now trading well above the 200-DMA i.e. above 5660 levels on closing basis.
Overnight, US stocks climbed on value buying by investors after sharp loses last week.
The Dow Jones industrial average rose 19.66 points, or 0.14 percent, to 14,567.17 at the close. The Standard & Poor's 500 Index gained 7.25 points, or 0.47 percent, to 1,562.50. The Nasdaq Composite Index advanced 27.50 points, or 0.86 percent, to close at 3,233.55.
Asian shares were trading mixed after China's factory sector data dipped in April as new export orders shrank, suggesting the world's second-largest economy is showing signs of slowdown.
The flash HSBC Purchasing Managers' Index for April fell to 50.5 in April from 51.6 in March but was still stronger than February's reading of 50.4.