Markets To Remain In Consolidation Mood
Indian equities indices extended losses for the fifth straight session on Tuesday due to concerns over corporate earnings for the quarter ended March 2015. The Sensex fell 210.17 points to 27676.04 and the Nifty closed below the 8400-mark, down 70.35 points to 8377.75. However, the fall in broader markets was less compared to benchmarks; the BSE Midcap and Smallcap indices were down over 0.3%.
Meanwhile, the Maharashtra government yesterday scrapped the Mumbai Development Plan 2015-2034 and directed the BMC to submit a reworked plan in the next 4 months. Chief Minister, Devendra Fadnavis said the reworked development plan will be put up for public review.
U.S. stocks traded mixed Tuesday, with the Dow Jones Industrial Average dropping 85 points, as investors sifted through a series of quarterly-earnings reports that signaled a strong U.S. dollar is continuing to weigh on corporate results while oil fell on concerns about U.S. crude stockpiles and Saudi Arabia's announcement that it ended its military campaign in Yemen. However, the Nasdaq composite rallied above the psychologically important 5,000 level Tuesday, boosted by gains from biotechnology stocks. The Dow Jones industrial average fell 85.34 points, or 0.47%, to 17,949.59, the S&P 500 lost 3.11 points, or 0.15%, to 2,097.29 and the Nasdaq Composite added 19.50 points, or 0.39%, to 5,014.10.
European stock markets finished higher Tuesday, as investors assessed corporate earnings where as Greek government bonds are in free fall, but markets elsewhere in the eurozone barely reflect the stress. The Stoxx Europe 600 index SXXP climbed 0.6% to 409.12. Germany’s DAX 30 index DAX rose 0.4% to 11,939.58. France’s CAC 40 index gained 0.1% to 5,192.64, while the U.K.’s FTSE 100 index ended higher by 0.2% at 7,062.93.
Most Asian stocks rose, with Japanese stocks extended a seven-year high as a weaker yen buoyed Japanese equities. Japan’s Topix index rose 0.84%, trading at the highest since Nov. 1, 2007. The Kospi index in Seoul advanced 0.61% for its eighth climb in nine days. Australia’s S&P/ASX 200 Index slid 0.85% and New Zealand’s NZX 50 Index slipped 0.45%. China's Shanghai Composite index advanced 1.1 to another highest level since February 2008.
SGX Nifty is trading lower by 13 points. Indian market is likely to remain in consolidation mood due to domestic factors. Everest Ind, KSB Pump, Mastek, Rallis and Yes Bank would be reporting fourth quarter earnings today.