Market Likely To Open In Negative
![]()
Indian equities market extended its winning streak to third consecutive week, on the back of strong buying by domestic investors, buoyed by progress of the monsoon, strengthening Indian currency, upbeat macro-economic data and hopes of easing of interest rates. The Sensex on Friday added 147 points, or 0.53%, to 28,092.79 and the Nifty gained 40 points, or 0.47%, to touch 8,4857; taking the week’s gain to 1% and 1.23% respectively. Broader market depicted strength at weekly. The BSE Mid-Cap index rose 183.89 points or 1.72% to settle at 10,870. The Small-Cap index rose 179.09 points or 1.6% to settle at 11,303.58. Both these indices outperformed the Sensex.
US stock markets were closed on Friday in the run-up to Independence Day on Saturday. All three of the main US indexes posted losses for the week, with the S&P recorded a 1.2% loss over the week, the Dow Jones Industrial Average fell 1.2% and the Nasdaq Composite booked a 1.4% loss over the week. US Markit PMI Composite index for the month of June is due on Monday, 6 July 2015.
European stocks fell Friday, closing out their worst week so far this year with with all eyes on Greece's weekend referendum on its bailout and future place in the eurozone. The Stoxx Europe 600 SXXP fell 0.5% to 383.42, with weekly fell 3.4%. Germany’s DAX lost 0.3% to 11,058.39, and France’s CAC 40 fell 0.6% to 4,808.22. For the week, the DAX and the CAC fell 3.8% and 5%, respectively. Portugal’s PSI fell 0.7% to 5,579.38, marking a 4.3% weekly decline. Spain’s IBEX 35 gave up 0.6% to 10,779.80, locking a weekly fall of 5.2%. Italy’s FTSE MIB ended 0.5% lower at 22,508.13 on Friday. It ended the week down by 5.3%. In London, the U.K.’s FTSE 100 lost 0.7% at 6,585.78. The FTSE 100 notched a weekly drop of 2.5%.
Greece's finance minister says Greek people have said 'no more' to continued austerity. Athens' central square as official figures showed 61% of Greeks had rejected a deal that would have imposed more austerity measures on an already ravaged economy.
Asian stocks fell, with the regional benchmark index heading for an almost four-month low, as Greece voted against accepting further austerity. While China stock market rallied after posting their biggest three-week slump since 1992. Japan’s Topix index sank 1.44% as the yen gained 0.7% against the euro. Australia’s S&P/ASX 200 Index and South Korea’s Kospi index each lost at least 1.2%. Taiwan’s Taiex slid 0.4%. New Zealand’s NZX 50 Index slipped 0.8%. Singapore’s Straits Times Index fell 0.74%. Hong Kong’s Hang Seng Index declined 2.7%. Shanghai Composite Index currently up by 3.2% to 3,805, after Beijing enacted an unprecedented series of policy moves to support the market over the weekend.
SGX CNX Nifty Index futures for July delivery retreated 0.7% to 8,431. Indian markets likely to open in negative following other Asian market. The key inflation and IIP data due on Friday, 10 July 2015 would be closely watched for consistency, and signals towards potential rate cut. The first-quarter earnings season start with TCS on 9th July 2015.