Negative start likely amid weak global cues
Indian equity benchmarks are likely to start the session on negative note on back of weak global cues. However, traders will get some support from the report of World Bank which has projected India’s GDP to grow at 7.3% in FY19, driven by private consumption, investment and exports. The SGX Nifty is indicating that the Nifty could open with a marginal loss of 27 points around 10,403 at the opening bell.
Asian markets are trading weak on Thursday. Japan’s benchmark index Nikkei 225 is down 103 points at 21,674, Hong Kong’s Hang Seng has slipped 67 points to 31,368 and China’s Shanghai Composite has dipped 2 points to 3,289.
Back home, Indian equity benchmarks started the session on a dismal note, with traders reacting to negative global cues and, thereafter, the benchmarks continued to trade in the negative terrain. However, markets took a U-turn in the final hour of trade from the low point of the day as banking stocks managed to lift the sentiments. The broader indices traded mixed as Nifty Mid-cap added 0.40%, while Nifty Small-cap slipped marginally by 0.04%. Nifty ended the day above the 10,400-mark with a modest loss of 16 points and Sensex slipped 21 points to close at 33,835.
The US stock markets ended lower on Wednesday, with the Dow Industrial and S&P 500 finishing with losses for a third straight session as market participants continued to worry over potential change in trade policy. The Dow Jones Industrial Average lost 245 points to close at 24,762, the S&P 500 slipped 16 points to finish at 2,750 and the Nasdaq Composite Index dipped 14 points to end the day at 7,497.
The European equities got off to a cautious start on Wednesday, but quickly recovered and entered into positive terrain on the back of strength of the mining sector, following release of the Chinese industrial production report and comments from ECB President Mario Draghi which improved market sentiments. However, market took a U-turn and ended the day on a mixed note. Germany’s DAX climbed 0.14%, CAC 40 of France fell 0.18% and the UK FTSE 100 lost 0.13%.