The Indian benchmark Indices are expected to open on a subdued note on account of global cues. US stock fell yesterday with equity-market investors caught in a clash, as upbeat corporate results and expectations for a booming economic expansion in the wake of the COVID-19 pandemic competed with worries about lofty valuations and signs of accelerating inflationary pressures, said Mohit Nigam, Head - PMS, Hem Securities. Both Dow Jones and S&P 500 declined 0.8 percent each mainly led by telecom shares.
Asian stocks tracked US declines as concern about faster inflation outlined the economic recovery from the pandemic. Indian market still has a positive sentiment on account of decline in COVID-19 daily caseload, strong quarterly results and improving prospects of faster economic recovery encourages investors. Both FIIs and DIIs were net buyers Rs 618 crore and Rs450cr in yesterday's session.
Key companies announcing their quarterly results today include Indian Oil Corporation, Indiabulls Housing Finance, Angel Fibers, Clariant Chemicals, Endurance Technologies, JK Tyre & Industries etc. Support and resistance for Nifty 50 are 14,800 and 15,200 respectively.