India : Markets may open flat to negative owing to weak global cues
Mon Mar 27 2017
Rajesh Sharma (2002 articles)

India : Markets may open flat to negative owing to weak global cues


Indian benchmark indices got off to a firm start, and thereafter the indices soon capitalised on the momentum, scaling intraday highs in the late morning session. However, profit booking emerged at higher levels, and indices failed to hold onto the high, thereby retreating in afternoon trades. Finally, the NSE’s 50-share broadly followed index, Nifty, got strengthened by around quarter per cent to settle above the crucial 9100 support level, while Bombay Stock Exchange’s Sensitive Index-Sensex advanced around hundred points and closed above the psychological 29400 mark.The majority of the European markets ended Friday’s session with small losses. The markets were locked in a narrow sideways trend throughout the session. Investors were reluctant to make any major moves ahead of a crucial vote on U.S. healthcare reform. The DAX of Germany climbed 0.20 per cent, but the CAC 40 of France fell 0.24 per cent. The FTSE 100 of the U.K. declined 0.05 per centThe U.S stocks ended mostly lower on Friday, after House of Republicans withdrew the American Health Care Act after determining that they did not have enough votes to pass the Bill. The withdrawal is a major setback for President, Donald Trump, who had made the repeal and the replacement of the existing Affordable Care Act one of his main campaign pledges. The Dow Jones Industrial Average fell 57 points to end at 20,599. The S&P 500 dropped 2 point at 2,344. The Nasdaq Composite bucked the trend, gaining 11 points and ended at 5,828.Asian stocks are trading mixed. Japan’s Nikkei 225 declined as much as 1.47 per cent; whereas, Hong Kong’s Hang Seng is trading flat; and the Shanghai Composite is trading with gains of 10 points.  At 8:03 am, SGX Nifty Index was trading lower by 5.50 points at 9106, indicating a flat to negative 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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