Market to open flat with a positive bias

Indian Indices:

The Indian equity market is likely to open flat with a slight positive bias. SGX Nifty is trading 1.00 points higher.

Indian bourses that closed on a flat note yesterday after a massive sell-off are likely to stage a recovery in opening. However, the upside seems limited amid lack of any major trigger today.

Meanwhile the Inter-Ministerial Group (IMG) will meet today to discuss the issue of bank guarantees related to 61 mines allocated to firms such as Arcelor Mittal, Tata Steel and JSPL will take place tomorrow in order to discuss the issue of Bank Guarantee in respect of the coal blocks which were reviewed in 24th IMG meeting. Shares of these companies might hog limelight for today.

Also the shares of Railway companies will stay in focus after an increase in the earnings staged by the Railways.

Indian shares ended flat on Tuesday after hitting record highs for the third consecutive session on the back of gains in defensive stocks such as healthcare and technology firms, while profit-taking weighed on the broader market. The BSE Sensex gained 0.01% and NSE Nifty rose 0.02% for the day.

On Tuesday (June 10, 2014) Sensex closed at 25583.69, up by 3.48 points, while the Nifty rose 1.80 points to close at 7656.40.

Global Market

The euro came under mounting pressure on Wednesday as the European Central Bank’s liquidity package encouraged flows out of the zone, while Asian shares consolidated near recent highs following a flat finish on Wall Street.

The U.S. stock market picked up steam in late trading on Tuesday and finished the session marginally higher.

European stocks inched up on Tuesday, extending a three-week rally, led by gains in defensive Swiss blue-chips such as pharma group Novartis and food giant Nestle.

Major Headlines of the day

Unity Infra in talks with developers to sell Mumbai land.

NTPC-NPCIL joint venture facing issues.

Spicejet launches another round of low fares for flyers

SGX Nifty

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