DSIJ Mindshare

Market Likely To Open Flat To Negative

Indian equities markets ended slightly up on Friday, but the market witnessed a third consecutive weekly fall on continued concerns over slowing reforms and weak monsoon. Additionally, factors like weak corporate earnings and chances of inclusion of Chinese ‘A’ shares in the MSCI emerging markets index added to the woes. The BSE Sensex gained 0.21% on Friday, but it fell 1.3% for the week. The Nifty rose 0.22% but fell 1.5% for the week. The BSE Mid-Cap index and Small-Cap index fell 2.24% and 2.56% respectively in last week.

Consumer price inflation (CPI) in India rose higher to 5.01% in May 2015 from 4.87% recorded in the previous month. Consumer Food Price Index stood at 4.80% in May 2015, down 0.31bps from 5.11% in April 2015. On the other hand, industrial production (IIP), witnessed a moderation in growth rate to 4.1% in April 2015 compared with 2.1% growth recorded in the previous month. During fiscal 2015, industrial production went up by 2%.

US stocks closed a choppy week on a down note on Friday, following European markets lower on fears of a Greek debt default and investors kept an eye on a calmer bond market ahead of Federal Reserve meeting this week. The S&P 500 closed 14.75 points, or 0.7%, lower at 2,094.11, finishing the week roughly where it started. The Dow Jones Industrial Average dropped 140.53 points, or 0.8%, to 17,898.84, but over the week it eked out a 0.3% gain. The Nasdaq Composite ended the day lower, shedding 31.41 points, or 0.6% to 5,051.10 and lost 0.3% over the week.

Oil prices slipped on Friday; with Brent crude trading 81 cents lower at USD 64.30 a barrel, while WTI crude was down 85 cents at USD 59.93 around the stock market close.

Euro stock markets fell on Friday amid reports that senior euro zone officials were for the first time actively considering a possible Greek default, despite Athens insisting that its bailout negotiations remained on track. The Stoxx Europe 600 Index slipped 0.9% to 389.38 at the close of trading, paring its weekly gain to 0.1%. Germany's Dax and France's Cac 40 were both sharply lower by 1.2% and 1.4% respectively. The main stock market index in Athens fell by 6%.

Asian stocks fell and the euro skidded in Asian trade on Monday, after the latest round of negotiations between Greece and its creditors fell apart. Wall Street logged losses ahead of a Federal Reserve meeting. Japan’s Topix index slipped 1.1% and South Korea’s Kospi index retreated 0.4%. Australia’s S&P/ASX 200 Index declined 0.37% and New Zealand’s NZX 50 Index lost 0.24%. China's benchmark Shanghai Composite index also opened down 0.7%.

Since SGX Nifty fell 12 points. Indian markets likely to open flat to negative on account of weak global cues.

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