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Negative start likely on weak global cues

Karan DSIJ
/ Categories: Mindshare, Pre Morning, Markets
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The benchmarks indices are likely to make a pessimistic start on weak global cues. The SGX Nifty indicates that the Nifty may open significantly lower at 10,931 with losses of 117 points.  

Bajaj Auto, BSE, Godrej Properties, Gujarat Gas, Info Edge, Hindalco Industries, Inox Wind, MRPL and Whirlpool are some of the key companies to announce their results today.  

The stock markets in Asia are headed south on Friday after Wall Street closed mixed and the rising US bond yields dented investor sentiments. The Japanese benchmark Nikkei 225 Index has lost over 300 points followed by China’s Shanghai Composite and Hong Kong’s Hang Seng, which have lost 0.55% and 0.17%, respectively.  

Back home, the Union Budget 2018 triggered huge volatility in the stock markets on Thursday with the frontline indices registering modest losses. After a jubilant opening on the back of positive global cues, the markets extended their gains. However, as Finance Minister Arun Jaitely began his much-awaited Budget speech, the market swung between positive and negative terrain as he announced different proposals.  

In the US, the major averages oscillated for much of the day bouncing back and forth across the neutral line. Finally, the major indices ended the Thursday’s session on a mixed note. The Dow added 37 points to settle at 26,187, while the Nasdaq slipped 26 points to close at 7,386 and the S&P 500 dipped 2 points to finish at 2,822. The cause of concern on Wall Street was the bond yield as the rate of the 30-year treasury bond touched 3%, marking its highest level since May, while the 10-year treasury note yield climbed 2.78% marking a fresh three-year high. Going forward, traders will take cues from the monthly job report which will be released on Friday.  

The European stocks started the month on a dismal note. The euro and the British pound also strengthened further against the dollar, putting additional pressure on stocks of European exporters. Germany’s DAX plunged 1.41%, CAC 40 of France dropped 0.50% and the FTSE 100 of the UK fell 0.57%.

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