The Indian equity markets commenced the week on a lazy note as the frontline indices showcased a subdued performance on Monday and settled with moderate cuts. Market participants remained on the side-lines and refrained from any buying activity, after the US payrolls data released on Friday indicated strong underlying wage growth, strengthening the case for more rate increases in 2017. The top gaining sectoral indices on the BSE were Realty up by 0.62 per cent, Information Technology up by 0.59 per cent, FMCG up by 0.58 per cent; while Oil & Gas down by 0.93 per cent, Power down by 0.51 per cent, PSU down by 0.43 per cent, Metal down by 0.23 per cent and Consumer Durables down by 0.17 per cent, which were the top losing indices on BSE. Eventually the NSE’s 50-share broadly followed index Nifty, suffered a moderate cut of around 10 bps to settle above the crucial 8,200 support level while Bombay Stock Exchange’s Sensitive Index-Sensex- slipped over thirty points and closed above the psychological 26,700 mark.European stocks closed in the mix on Monday with banking and oil stocks leading the declines. DAX shed 35 points to 11,563.99 and CAC lost 22.27 points to 4887.57. Meanwhile, the U.K’s FTSE 100 rose more than 0.38 per cent to a new record high, aided by fall in the U.K. pound following “hard Brexit” comments made by Prime Minister, Theresa May over the weekend. The Nasdaq Composite closed at a record high on Monday after modest gains, but broader market retreated, led by declines in energy and so-called defensive sectors. The tech-heavy index Nasdaq gained 10.76 points to 5,531.82. The Dow Jones Industrial Average closed down 75.60 points at 19,888.20, further retreating from the psychologically significant 20,000 level. The S&P 500 declined 8.06 points to 2,268.92.Asian equity markets retreated tracking weak cues from U.S. The Shanghai Composite is trading with losses of 0.22 per cent at 3,165 and Hang Seng is trading flat. At 7:52 am, SGX Nifty index has gained 15 points to 8,263, indicating a steady start on D-Street.
Markets may open slightly positive as global cues lack fervour, and will gain direction from results’ outcome
by SGX Nifty · January 10, 2017
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