Markets may open flat to negative in the backdrop of feeble global cues

Indian benchmark indices extended losses for the sixth consecutive session on Wednesday. The market traded in a narrow range with a positive bias for most part of the trading session. However, in the closing hours, market gave up its entire gains and ended the day of trade in red zone. On the BSE sectoral space, FMCG index remained the top laggard in the space and settled with around a per cent slash, followed by the Information Technology and Capital Goods stocks which went home with around half a per cent slash. On the flipside, Realty, Consumer Durables and Power stocks managed to go home with moderate gains. Finally, the NSE’s 50-share broadly followed index Nifty, declined by over quarter per cent to settle below the crucial 8,100 support level, while Bombay Stock Exchange’s Sensitive Index Sensex deposed over sixty points and closed below the psychological 26,300 mark.European markets finished in the mix on Wednesday. The DAX gained 0.03 per cent, while the CAC 40 fell by 0.33 per cent and FTSE 100 lost 0.04 per cent.  The U.S. stocks finished modestly lower on Wednesday, with Dow Jones Industrial Average and Nasdaq Composite retreating from all-time highs, set a day earlier. The Dow Jones Industrial Average ended 32.66 points lower at 19,941.96, as the 20,000 milestone dodged the benchmark for yet another session. The S&P 500 index lost 5.58 points to 2,265.18 with 8 of its 11 main sectors finishing in negative territory. The Nasdaq Composite index declined by 12.51 points to 5,471.43, weighed down by a decline in biotechnology shares.  Asian shares are struggling on Thursday, taking their cues from a subdued day on Wall Street. Hang Seng is trading with losses of 0.62 per cent,  followed by Nikkei 225, which is trading with losses of 0.38 per cent, while Shanghai Composite is trading flat with gains of 1.29 points at 3,138.72.  At 7:55 am, SGX Nifty Index fell 0.31 per cent to 8,052, indicating a negative start for Indian equities. The GST Council will begin its two-day meeting today to consider the model GST laws and to reach an agreement with state governments on sharing the power to scrutinise assesses-an agreement that is needed to roll out the goods and service tax (GST) on its original target date of April 1, 2017. 

SGX Nifty

sgxnifty.org@imediaone.com

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