Markets may begin on subdued note as Asian peers trade clueless

Karan Dsij
/ Categories: Trending, Pre Morning
Markets may begin on subdued note as Asian peers trade clueless

In the early action, the SGX Nifty is trading below the dotted line, down by 9 points at the 11,572 level. Hence, the outlook for the day is a subdued start as cues from Asian peers lack clear direction. Major results to watch out for include Infosys, Indusind Bank and Karnataka Bank. Further, market participants will keep a watch on CPI inflation and IIP data due to be released today, which will provide direction to the markets.  

Asian markets are lacking clear direction in the final trading session of the week with market participants turning cautious ahead of the release of Chinese trade data for the month of June. The Japanese stock index Nikkei 225 has dipped 0.02 per cent, China’s Shanghai Composite Index has slipped 0.15 per cent, while Hong Kong’s Hang Seng has added 0.08 per cent.

Back home, markets got off to a positive start and got stronger during the day and ended Thursday’s session with smart gains. The Nifty surged 0.73 per cent to 11,583 and the BSE Sensex rose 0.69 per cent to 38,823. The broader market indices also ended the session in the green, with the Nifty Midcap and Samllcap registering gains of 0.73 per cent and 0.33 per cent, respectively. Among the sectoral indices, healthy buying was seen across the board, with Nifty Media, Nifty Auto, Nifty Metal and Nifty PSU Bank being top gainers.

In the US, majority of the indices ended the day in the green with the Dow and the S&P 500 both closing at record highs on Thursday. The Dow passed the important psychological 27,000 mark first time ever in trading and ended higher by 228 points at 27,088 and the S&P 500 ended up by 7 points at 3000, while the tech-heavy Nasdaq shed 7 points. On the economic front, the consumer price index rose by 0.1 per cent in June, above the Bloomberg estimate of a flat reading.

The European equities ended lower on Thursday after the IMF said the Eurozone economy faces rising risks stemming from trade tensions, Brexit and Italy. Germany’s DAX lost 0.33 per cent, while France’s CAC 40 and UK’s FTSE 100 both dropped 0.28 per cent.

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