Flat start seen on muted cues

Indian shares are likely to open on a flattish note as the global cues look muted with SGX Nifty trading 10 points higher.

Headlines for the day:

  • UPL to buy 40% stake in SinAgro Group agrochemical distributing company
  • Wipro, HCL in race for Sebi’s fraud detection system upgrade
  • Government seeds stronger IP protection with agrochemicals

Indian Indices:

Indian shares are likely to open on a flattish note as the global cues look muted with SGX Nifty trading 10 points higher.

Indian shares rose on Thursday, led by gains in exporters such as Tata Consultancy Services on bets that the rupee would weaken after the U.S. Federal Reserve on Wednesday moved a step closer to raising interest rates. The S&P BSE Se nsex and CNX Nifty ended 0.53%-0.59% lower each.

Further, the US central bank removed a reference to being ‘patient’ on rates from its policy statement, opening the door wider for a hike in the next couple of months while sounding a cautious note on the health of the economic recovery.

On Thursday (March 19, 2015), the 30-share Se nsex ended lower by 152.45 points at 28,469.67 and the 50-share CNX Nifty fell 51.25 points at 8,634.65. Both the indices had gained more than 1% in early trades after the US Federal Reserve’s outcome that it will wait for more reassuring cues from the economy before any hike in key rates.

Global Indices:

Asian stocks slipped on Friday as Federal Reserve-inspired gains petered out, while the dollar steadied after rebounding from the shock of a surprisingly dovish U.S. central bank.

U.S. stocks fell on Thursday as a stronger dollar weighed on oil and other commodity prices, sending energy and materials sectors lower.

A broad index of European shares hit its highest level in 15 years on Thursday, led by Italian stocks thanks to sharp gains in tyre maker Pirelli and utility Enel.

SGX Nifty

sgxnifty.org@imediaone.com

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