Sensex, Nifty to open on a positive note
Monday’s trading session was clearly of consolidation as Indian equity
markets appeared a bit fatigued and remained in directionless trajectory
throughout the day. However, markets managed to end the session in
positive terrain on the back of bargain buying and short covering.
However, gains remained capped on the reports that India’s WPI firmed up
in December, led by higher inflation in non-food products. The market
breadth remained optimistic, with 1545 shares on the gaining side
against 1215 shares on the losing side, while 194 shares remained
unchanged. Finally, the BSE Sensex surged 50.11 points to 27288.17,
while the CNX Nifty rose 12.45 points to end above the psychological
level of 8400.
Asian markets opened mixed. The pound extended its drop against the
dollar, and the yen rose for a seventh day, its longest streak since the
run-up to the Brexit vote in June. Hong Kong’s Hang Seng is trading in
the positive territory with gains of 32 points, while the Japan’s Nikkei
225 and China’s Shanghai Composite is trading in the negative terrain.
The SGX Nifty index gained 6 points closing at 8439 level, indicating a
flattish start for Indian equities. Reports that IMF has cut the Indian
GDP estimates for FY-17 from 7.6 per cent to 6.6 per cent due to
demonetisation along with delay in GST may weigh on the domestic market.
European stocks closed lower on Monday as investors awaited more
details on UK’s Brexit plan and the inauguration of president-elect
Donald Trump in the U.S. later this week. The CAC ended the session with
losses of 0.82 per cent at 4882.18; the DAX shed 74.47 points to end at
11554.71, while UK’s FTSE ended the session lower by 0.15 per cent at
7327.13.
All US financial markets remained shut on Monday to commemorate Martin
Luther King Jr. Day, giving investors time to regroup ahead of the
fourth-quarter earnings season, which is expected to pick up pace after
the holiday.
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