Markets to Experience Volatile Session
It seems that bears etely in control of the domestic markets and dragging the markets on every high. As the Indian corporate started declaring their quarterly and annual results, the market participants too started booking profits due to concerns over corporate earnings. On last Friday the domestic market touched three month low after Infosys declaring its disappointing results. The Indian barometers Sensex and Nifty slipped more than 1 per cent in a single day. The Nifty managed to close above 8300 levels after hitting an intraday low of 8273, down 93 points to 8305.25 - the lowest level since January 14, 2015.
On Friday, the European markets pared its gains after meeting on Geece’s debt troubles. The euro zone finance ministers finished the meeting without any agreement related to economic reforms needed for Greece to receive more bailout funds. However, the European markets managed to close in the green on Friday. The German stock index DAX and French stock index CAC managed to closed up by 0.74 and 0.44 per cent respectively. the UK stock index FTSE 100 closed up by 0.24 per cent.
Though the US stocks inched little on Friday, the stocks rather markets closed at record highs after unexpected good earnings numbers. The Nasdaq Composite and S&P 500 closed at all-time highs on Friday. The Nasdaq Composite advanced for five straight sessions, posting the biggest weekly gain since October 2014. Further, the US markets are expected to keep upmove during coming week too over good earning seasons despite of concerns over oil prices and Greek debt issue. The US stock indices, Dow Jones, S&P 500 and Nasdaq closed 0.12, 0.23 and 0.71 per cent respectively.
Today morning, the Asian markets showed mixed back start. The Chinese and Australian shares surged in the morning, while the Japanese markets were trading over weak auto companies’ earnings numbers. The Indian market pre-market barometer SGX Nifty was up marginally with gains of just 0.14 per cent.
We too expect markets to open flat with expected volatile session over earnings season and derivatives expiry.