DSIJ Mindshare

Indian Market Likely To Open In Positive

Indian equities markets extended gains Wednesday on media reports that Greece Prime Minister Alexis Tsipras is ready to accept most bailout conditions set by European Union. The Sensex jumped 240 points and reclaiming the 28,000-mark to end at 28,021. The Nifty topping psychological levels of 8400 and advanced 84 points to settle at 8,453 on the back of broad-based buying. Brokers said the confidence of companies to file for IPOs showed that there were enough investors willing to put money into India amid the ongoing volatility in global markets. Another three companies--Cafe Coffee Day, Matrix Cellular and RBL Bank -- had approached the regulator last week.

It has majorly been a weak showing for the auto sales in June. Maruti has just managed to post a marginal rise in its June numbers, with total sales growing 1.8% to come in at 1,14,756 units, compared to 1,12,773 units it sold in the same period last year, or M&M, which reported marginal fall in sales at just 36,134 units as against 38,466 units in the same month last year.

U.S. stocks closed higher on Wednesday as remained optimistic on resolution between Greece and its creditors and better-than-expected data of the jobs market. US private employers added 237,000 jobs in June, the biggest gain since December, while construction spending rose in May to its highest level in just over 6-1/2 years. The Dow Jones industrial average rose 139.53 points, or 0.79%, at 17,759.04. The S&P 500 Index was up 14.42 points, or 0.70%, at 2,077.53. The Nasdaq Composite Index was up 26.26 points, or 0.53%, at 5,013.12.

European stock markets rebounded on Wednesday, with Greece proposing a reworked deal closer to the position of its creditors as Athens continued to seek a bailout that would keep it in the eurozone. The euro zone's blue-chip Euro STOXX 50 index closed up 2.1% after falling 1.3% a day earlier and slumping more than 4% on Monday on alarm about Greece. The CAC 40 in Paris climbed 1.94% to 4,883.19 points and Frankfurt's DAX 30 jumped 2.15% to 11,180.50 points. Madrid won 1.32% and Milan gained 2.21%, while the Athens stock markets remained shut. Britain's FTSE 100 rose 1.3%.

US crude prices tank after oil supply added nearly 2 million barrels. U.S. crude futures closed down 4.2%, at USD 56.96 a barrel—the lowest since April 22. Front-month Brent crude futures were trading at USD 62 per barrel at, down USD 1.60 or 2.6%.

Asian stocks outside China advanced early Thursday, following gains in Europe and America, but lingering uncertainty over Greece's debt situation may cap gains. Chinese shares held losses after regulators moved to stem a sell-off, while oil traded near a two-month low. Japan’s NIKKEI 225 index advanced 1.16% after the yen slid 0.5% Wednesday. Australia’s S&P/ASX 200 Index and South Korea’s Kospi index rose 1.14% and 0.4% respectively. New Zealand’s NZX 50 Index advanced 0.53%. China's Shanghai Composite index slipped 0.8%, with news of easier margin rules doing little to lift trading sentiment.

Since SGX Nifty fell 12 points. Indian markets likely to open in positive following other Asian market. Next week onwards the first-quarter earnings season start with IT companies.

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