India : Markets may open flat in the midst of mixed global cues, and caution ahead of the domestic election drama
Thu Feb 16 2017
Rajesh Sharma (2002 articles)

India : Markets may open flat in the midst of mixed global cues, and caution ahead of the domestic election drama

MUMBAI :

Indian benchmark indices got off to a soft start on Wednesday, and thereafter, the key indices failed to show any kind of momentum on the upside due to lack of any positive cues. The selling pressure heightened in the noon trades as investors took to across the board risk aversion. However, the bourses recovered from the lows of the day, but could not succeed in minimising the huge losses by the end of the trading session. Eventually, the NSE’s 50-share broadly followed index, Nifty, took a cut of over half a per cent to settle below the crucial 8,750 support level, while Bombay Stock Exchange’s Sensitive index, Sensex slipped by one hundred and fifty points and closed below the psychological 28,200 mark.The majority of the European markets ended Wednesday’s session with modest gains. Bank stocks were among the top performing stocks in Europe on Wednesday. The DAX of Germany climbed 0.19 per cent and the CAC 40 of France rose 0.59 per cent. The FTSE 100 of the U.K. gained 0.47 per cent.The Nasdaq Composite has finished at a record high for the seventh straight session as of Wednesday’s close, matching a streak that ended on December 27, 1999, according to Dow Jones data. The tech-heavy stock gauge is not the only major benchmark that has been on a tear. The S&P 500 also notched a seventh straight win, its longest winning stretch since the seven-session period ended September 11, 2013.Asian shares are trading with mixed sentiments, where Japan’s Nikkei 225 lost 119 points, on the other hand, Hang Seng and Shanghai Composite gained 0.21 and 0.12 per cent respectively.At 8:19 am, SGX Nifty index has gained 5 points to 8,759, indicating a flat start for Indian equities.

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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