DSIJ Mindshare

Markets may open positive but lack sustenance

Indian markets got a breakthrough from one month of consolidation where the benchmarks closed with fresh 52 week highs post a gap-up opening. Nifty hit its 16 month high at 8751 levels. Broader markets soared to hit new all time highs. PSU Banks led the move with 2 per cent plus sectoral gains.
 
European markets remained buoyant from the beginning and ended on a positive note driven by the banking stocks. The move came despite of not so good economic data that indicated a pinch post BREXIT. DAX rose 1%, and the CAC-40 surged 0.75%. However, FTSE 100 dropped 0.25 per cent with fall in mortgage approvals to 60900 in July as against 64800 in June that indicated easing of UK’s housing market. Mining stocks too fell amid fall in precious metals.
 
US markets retreated from the highs to close marginally lower. The frontliner Apple slipped 1 per cent after it was imposed with a big tax bill in Europe. Dow Jones, S&P500 and Nasdaq declined 0.26, 0.20 and 0.18 per cent respectively.
 
Asian markets are mixed where Nikkei 225 has bounced back with 0.75 per cent gains as weaker Yen has offset the negative closing in the US markets. Hang Seng is trading flat. Shanghai composite has tumbled marginally with 0.25 per cent losses. Australia’s S&P/ASX 200 is 0.97 per cent down; while New Zealand’s S&P/NZX 50 is flat. South Korea’s KOSPI is 0.32 per cent down.
 
Indian markets may open on a positive note but may see a retreat amid lacklustre movement in the Wall Street and mixed sentiments in Asian markets. SGX Nifty is trading flat at 8800 levels. 



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