Indian benchmark indices got off to a positive start on Monday as investors were largely influenced by the supportive leads from Asian markets. Thereafter, the key indices capitalised on the momentum and touched intraday highs in the noon session, but the indices failed to hold onto the highs and receded to intraday lows in mid-afternoon trade. Yet, final hour buying ensured that the key indices do not close way below the intraday highs. Eventually, the NSE’s 50-share broadly followed index, Nifty convalesced by over half a per cent to settle above the crucial 8,800 support level, while Bombay Stock Exchange’s Sensitive Index, Sensex accumulated close to two hundred points and closed above the psychological 28,400 mark.The European markets fluctuated between small gains and losses early Monday, but turned definitively lower in the afternoon. Economic data proved a mixed bag at the start of the new trading week, with Eurozone Sentix Investor Confidence index declining slightly in February, while German factory orders rose the most in two and a half years in December. The DAX of Germany dropped 1.22 per cent and the CAC 40 of France fell 0.98 per cent. The FTSE 100 of the U.K. declined 0.22 per cent.The U.S. stocks slipped on Monday, led by energy sector as oil prices dropped, while investors awaited the next run of major earnings reports and sought further clarity on President, Donald Trump’s economic policies. The Dow Jones Industrial Average fell 19.04 points to 20,052.42, the S&P 500 lost 4.86 points to 2,292.56 and the Nasdaq Composite dropped 3.21 points to 5,663.55.Asian stocks are trading flat to negative on Tuesday, where Japan’s Nikkei 225 is trading in the negative zone with losses of 0.45 per cent. Whereas, Hong Kong’s index, Hang Seng is trading flat with gains of 8 points and Shanghai Composite is trading flat at 3,157.At 8:13 am, SGX Nifty index fell 8.50 points to 8,807, indicating a flat to negative start for Indian equities. Companies such as Tata Steel, BHEL, IDBI Bank and Punjab National Bank are scheduled to post their quarterly results later in the day.
Markets may open flat to negative in the wake of weak global sentiments, dampened by oil price drop
by SGX Nifty · February 7, 2017
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