India : Markets may open positive; core sector data to leave its footprints
Tue Jan 03 2017
Rajesh Sharma (2003 articles)

India : Markets may open positive; core sector data to leave its footprints


Indian benchmark indices started the first trading day of 2017 on a positive note, but thereafter it failed to sustain at higher levels and kept losing steam, drifting to the lowest point in the session in early afternoon trade. Auto, Realty and Cement stocks came to the rescue and frontline indices recouped losses in the late afternoon trade, entering into positive terrain for a brief period. Some final hour profit booking ensured that the frontline indices ended the session below the neutral line. Finally the NSE’s 50-share broadly followed index – Nifty settled with trivial losses of six points above the psychological 8,150 levels; while Bombay Stock Exchange’s Sensitive Index – Sensex shed thirty one points and closed below the psychological 26,600 mark.European markets finished broadly higher on Monday with stocks in Germany leading in the region. The DAX is up 1.02 per cent; while France’s CAC 40 is up 0.41 per cent; and London’s FTSE 100 is up 0.32 per cent.The U.S. stocks on Monday remained closed on account of the New Year holiday.Asian equity markets started 2017 on a positive note with Shanghai Composite trading higher by 0.80 per cent and Hang Seng trading higher by 0.68 per cent. Markets in Japan remained shut on account of the New Year holiday.  At 8:02 am, SGX Nifty index is trading higher by 20 points at 8,204.5, indicating a positive start for Indian equities. Market participants will react to the country’s core sector data, which showed a decline in output to 4.9 per cent in November 2016 from 6.6 per cent in October. The figures, however, were healthy as compared to the 0.6 per cent registered in November 2015.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.


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