Nifty April futures trade at modest premium

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U.S. stocks fell last Friday as weakness in shares of banks and finance firms added to the political and trade tensions weighing on the market.

According to official data released on Monday, India's WPI inflation softened to 2.47 per cent in March from a rise of 2.48 per cent reported for February and an acceleration of 5.11 per cent in the corresponding month of a year ago.

Shares of Infosys, the country's second-largest IT services company, closed 3.3 percent lower after declining as much as 6 percent.

The index had risen 1,173.88 points in the past seven sessions.

Losses in the market were led by IT stocks which fell tracking selloff in Infosys shares.

SGX Nifty is now trading in the red down 50 points at 10,452.

Buys 5196 Shares of Bank of America (NYSE:BAC)
In Q1, analysts expected the S&P 500 to show profit growth of 17% year-over-year (YOY ), while banks were projected to jump 28%. The stock of Bank of America Corporation (NYSE: BAC ) earned "Neutral" rating by UBS on Monday, October 16.

On Friday, both the indices ended in the green due to healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks.

The 30-share index was trading lower by 77.41 points, or 0.23 per cent, at 34,115.24 at 1200 hrs, led by selling on IT, energy, consumer durables, telecom, auto, banking, oil & gas counters.

India's exports dipped by 0.66 per cent to Dollars 29.11 billion in March, even as they increased by 9.78 per cent for the full 2017-18 fiscal.

Market breadth was negative with 1,253 stocks closing higher against 1416 stocks ending lower on BSE.

Other major losers were Tata Motors, Wipro, Axis Bank, ONGC, NTPC, RIL, Dr Reddy's SBI, Bharti Airtel, ICICI Bank, Maruti Suzuki, Asian Paint and Tata Steel, falling by up to 1.54 per cent.

Hero MotoCorp (2.02%), Kotak Mahindra Bank (1.88%) and Adani Ports (1.85%) were the top gainers on Sensex.

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