Market to See Volatile Session

Market seems to continue its winning streak on seventh trading session. Though earlier during yesterday’s trading session, the market seems to be breaking this upward movement; however the market gained late in yesterday’s trading session. The market was supported by metal, capital goods and reality stocks and their respective indices were up by 3.82, 1.36 and 1.06 per cent respectively. The banking stocks remained under pressure yesterday also.

European stocks closed higher on Thursday, however, the Greece debt drama continues as Germany rejects the Greek request and said that the request doesn’t meet the bailout requirements. CAC 40 and DAX were up by 0.71 and 0.37 per cent respectively during the yesterday’s trading session. The UK FTSE closed marginal down by 0.13 per cent at 6889 yesterday.

US stock market too worried on the Greece deadlock and closed negative on yesterday’s trading session. Again on US domestic front, Fed doesn’t seem to be cutting policy rates in near future. Further, the crude oil prices too showed downward trend rather than correcting from their low, expecting to breach further its recent low. The S&P 500 was marginal down at 2098 on Thursday and closed lower by 0.11 per cent. The Nasdaq Composite Index marginally advanced by 0.37 per cent to 4925. The Dow Jones Industrial Average was down by 0.24 per cent to 17986.

On Friday morning, the Japanese stocks were trading in green over lower easing of yen. The Japanese Nikkei 225 was trading at 18319, up by 0.29 per cent. The Australian markets remained in pressure taking negative cues on domestic earning seasons. The Australian ASX 200 was trading at 5874, down by 0.52 per cent. The Chinese market was closed on holiday for Lunar New Year.

The Indian pre-market barometer SGX Nifty was trading in negative with 13 points down at 8912. We too expect market will open flattish and may see volatile trading session on Friday.