Market Likely To Open Flat
Indian equities market fell for fourth straight day on Tuesday on concerns of capital outflows after the special investigation team proposed stringent norms for P-notes. The Sensex slipped 102 points to close at 27,459 and the Nifty ended 24 points lower at 8,337, below its crucial psychological level of 8,350. The broader markets also declined marginally.
US stocks snapped a five-day losing streak on Tuesday, as investors looked past China's equities sell-off and took buying cues from earnings and mergers news. The S&P 500 index added 25.61 points, or 1.2%, to 2,093.25, following a bounce in oil prices, which settled higher for the first time in five sessions. The Dow Jones Industrial Average gained 189.68 points, or 1.1%, to 17,630.27. The tech-heavy Nasdaq Composite Index added 49.43 points, or 1%, to 5,089.21. The U.S. will be back in focus later this week, with the Federal Reserve reporting its latest monetary policy decision on Wednesday.
Oil prices steadied, with U.S. crude rising more than 1% as bets for a drop in U.S. crude stockpiles offset worries about a global supply glut and China's market meltdown. Brent futures settled down 17 cents, or 0.3%, at USD 53.30 a barrel. WTI crude futures settled up 59 cents, or 1.2%, at USD 47.98 a barrel.
European markets ended their five-day retreat due to a solid performance in the corporate sector, resisting the shockwaves created in mainland China. The Stoxx Europe 600 Index ended 1.1% higher, recovering partly from Monday’s 2.2% drop. In Frankfurt, the DAX Index rose 0.5%, while in Paris, the CAC 40 Index, and the FTSE 100 Index in London also added some 0.5%.
Asian stocks rose for the first time in six days, following U.S. and European shares higher, as investors awaited an update on monetary policy from the Federal Reserve. Japan’s NIKKEI 225 index gained 0.5%. Australia’s S&P/ASX 200 Index advanced 0.91% and South Korea’s Kospi index added 0.58%. New Zealand’s NZX 50 Index added 0.44%. China’s Shanghai Composite index was little changed.
A SGX CNX Nifty Index future for July delivery was down 9 points at 8,335. Indian markets likely to open flat. The market is likely to stay volatile this week ahead of F&O expiry on Thursday. Advanta, Allahabad Bank, Blue Dart, Castrol India, Dabur India, Essar Oil, Excel Crop, Godrej Consumer, HEG, HIKAL, IFB Agro, Lakshmi Mills Co, Mphasis, Nestle India, NHPC, SKM Egg Products, UPL, Wabco India, Yes Bank and Zydus Wellness would be reporting first quarter earnings today.