Market Likely To Remain Under Pressure
Chirag Gothi / 05 Jun 2015
Asian shares were mostly lower on Friday, heading towards second week of losses, following a decline in U.S. equities as Greece asked for a deferral on its debt payments. Since SGX Nifty fell 44 points. Indian markets likely to remain under pressure.
Indian equities indices ended marginally lower amid volatility extending the fall for third straight day on the back of broad-based selling pressure. However, after 2:10 pm. We have seen strong comeback to wipe off most losses on value buying supported by gains in energy, capital goods and realty stocks. The Sensex closed lower by 23.78 points at 26,813.42 and the Nifty slipped 4.45 points at 8,130.65. The broader markets ended mixed- BSE Midcap index inched up by 0.17% and the Smallcap index closed down around 0.04%.
U.S. stocks closed lower as recent volatility in bonds and lack of resolution on Greece kept investors on edge ahead of Friday's employment report. Oil and gas stocks had some of the biggest losses as the price of crude sank 3%. The S&P 500 index lost 18.23 points, or 0.9%, to finish at 2,095.84. The Dow Jones industrial average fell 170.69 points, or 0.9%, to 17,905.58 and the Nasdaq composite lost 40.11 points, or 0.8%, to 5,059.12.
The price of oil fell nearly 3% on expectations that OPEC will decide to keep its output high at its Friday meeting in Vienna. WTI crude fell USD 1.64 to close at USD 58.00 a barrel in New York. Brent crude fell USD 1.77 to close at UDS 62.03 a barrel in London.
Major European markets closed sharply lower on Thursday, erasing gains made earlier in the week. The Stoxx Europe 600 index ended 0.8% lower at 392.65, extending its losing streak into a third straight day. Germany's DAX sank 0.7%, while the CAC-40 in France fell 0.9%. The FTSE 100 index lost 1.3%. Greece's main index slumped 1.3%.
Asian shares were mostly lower on Friday, heading towards second week of losses, following a decline in U.S. equities as Greece asked for a deferral on its debt payments. Japan’s Topix index slipped 0.7%. Australia’s S&P/ASX 200 Index climbed 0.1%. New Zealand’s NZX 50 Index fell 0.1% and South Korea’s Kospi index sank 0.37%. China's Shanghai Composite index opened up 1.4%, a day after going through a scary roller-coaster ride.
Since SGX Nifty fell 44 points. Indian markets likely to remain under pressure.
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