Market may slide on weak Asian stocks; Tata Steel in focus

The market may fall on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 39.50 points at the opening bell. Foreign institutional investors (FIIs) bought shares worth Rs 188.16 crore and domestic funds bought shares worth Rs 32.95 crore on Tuesday, 24 May 2011 as per provisional figures released by the stock exchanges.

Volatility may heighten in the near term as traders roll over positions in the derivatives segment from the near-month May 2011 series to June 2011 series, ahead of the expiry of the May 2011 derivatives contracts on Thursday, 26 May 2011.



Cairn India and Tata Steel are set to announce January-March 2011 quarter results today, 25 May 2011.

DLF announced before market hours today that net profit fell 19.19% to Rs 344.54 crore on 34.53% rise in total income to Rs 2683.09 crore in Q4 March 2011 over Q4 March 2011.

Infosys said after market hours on Tuesday it received a subpoena from a grand jury in a U.S. district court that requires the company to provide certain documents and records related to B1 business visas. B1 business visas allow companies to send their employees to the United States for short-term business purposes. Infosys said it intended to comply with the subpoena and to cooperate with the investigation.

The Q4 March 2011 results announced so far have been a mixed bag. The combined net profit of a total of 2446 companies rose 17.6% to Rs 73081 crore on 23.3% rise in sales to Rs 770636 crore in Q4 March 2011 over Q4 March 2010.

Asian stocks fell on Wednesday as investors continued to worry about the euro zone debt crisis and a slowdown in the U.S. economy, The key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan fell by between 0.25% to 1.06%. China's Shanghai Composite rose 0.03%.

U.S. stocks dipped in light volume on Tuesday as lingering concerns about a slowdown in growth more than offset gains in energy shares. Richmond Fed survey showed on Tuesday that manufacturing in the central Atlantic region stalled in May after expanding for seven months.