Sensex edges lower, opens in red; Cairn India down 2% after earnings - Firstpost

Would you like to make Firstpost your default homepage?   Yes | No The Indian equity markets opened in the red today tracking global cues and lack of domestic economic triggers. Sensex opened at 19144.92, down 0.13 percent and the Nifty opened at 5821.35, down 0.22 percent. Globally, Asian shares and other riskier assets lost ground on Tuesday after a preliminary reading showed manufacturing growth in China slowed in April, highlighting recent market concerns about global growth prospects. Thirty-seven of 42 analysts polled last week expect the RBI to cut the repo rate by 25 basis points. Reuters Growth in China's vast factory sector dipped in April as new export orders shrank, a preliminary survey of factory managers showed on Tuesday, suggesting the world's second-largest economy still faces formidable global headwinds into the second quarter. Domestically, The Reserve Bank of India (RBI) is likely to cut interest rates next week for a third time this year, drawing comfort from a fall in inflation as it seeks to help lift the economy from its lowest growth in a decade, according to a Reuters poll. Thirty-seven of 42 analysts polled last week expect the RBI to cut the repo rate by 25 basis points to a two-year low of 7.25 percent when it holds its policy review on May 3. Stocks in news HDFC Bank  opened 1 percent down ahead of its results today. The private sector 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 polls. Cairn India opened 2 percent down after its fourth quarter net profit fell by 23.4 percent quarter-on-quarter to Rs 2,563 crore, but rose 17.2 percent year-on-year. Jet Airways opened up 3 percent as the company prepares for the Etihad deal and increased flights  via Abu Dhabi, a report in Mint said.   Firstpost encourages open discussion and debate, but please adhere to the rules below, before posting. Comments that are found to be in violation of any one or more of the guidelines will be automatically deleted: Personal attacks/name calling will not be tolerated. This applies to comments directed at the author, other commenters and other politicians/public figures Please do not post comments that target a specific community, caste, nationality or religion. While you do not have to use your real name, any commenters using any Firstpost writer's name will be deleted, and the commenter banned from participating in any future discussions. Comments will be moderated for abusive and offensive language. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHz5wAoWJHgOr_kiGvyrxUwCVp4CQ&url=http://www.firstpost.com/investing/sensex-edges-lower-opens-in-red-cairn-india-down-2-after-earnings-720185.html

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