Market Likely To Open In Negative

Indian equity indices markets took a sudden downward turn in late trade and it fell for the first time in last nine sessions, amid profit taking in late trades on reports that the new proposal presented by Greece to avoid debt default was not acceptable to the creditors.  The Nifty ended 20.70 points down at 8,360.85 after reclaiming the crucial psychological level of 8400 in intraday trade. The Sensex ended lower by 74.70 points at 27,729.67. The Sensex has zoomed by 1,433 points during last eight days. In the broader markets, the BSE Mid-cap and Small-cap indices ended lower by 0.32% and 0.55% respectively.

Paving the way for the speedy delivery of goods across the country, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the revised cost estimate of Rs 81,459 crore (Rs. 73,392 crore of construction cost and Rs. 8,067 crore of acquisition cost) for the Eastern and Western Dedicated Freight Corridor (DFC) Project.  The Eastern DFC is expected to carry around 153 million tonnes of cargo by 2021-22. This is set to increase to 251 million tonnes by 2036-37. The Western DFC is projected to carry 161 million tonnes by 2021 and 284 million tonnes by 2036.

India's crude oil import bill is likely to fall by 21.7% this fiscal to USD 88 billion as against USD 112.748 billion (Rs Rs 687,369 crore) in FY15 on falling international oil prices, according to latest Petroleum Ministry estimates. For the current fiscal, the ministry's Petroleum Planning and Analysis Cell (PPAC) has estimated USD 88.203 billion (Rs 548,655 crore) spending on import of 188.23 million tonnes of crude oil.

U.S. stocks fell broadly halting a three-day rally, as the outcome of negotiations between Greece and its international creditors remained up in the air, prompting investors to drop riskier assets like equities. The Dow Jones industrial average fell 178 points, or 0.98%, to 17,966.07, the S&P 500 lost 15.62 points, or 0.74%, to 2,108.58 and the Nasdaq Composite dropped 37.68 points, or 0.73%, to 5,122.41.

European stocks finished lower Wednesday, hitting intraday lows after Greece’s latest economic reform proposal was rejected by creditors.  The pan-European Euro Stoxx 600 Index ended the day 0.4% lower, despite opening the session higher. The French CAC ended the day around 0.2% lower, while the German DAX closed 0.6% lower, after German IFO data was released. The London FTSE 100 index however bucked the trend, finishing the day 0.1 to 0.2% higher. Greece’s Athex Composite dropped by as much 4.6% before paring the loss, ending down 1.8% at 780.90.

Asian shares nursed modest losses early Thursday, following global equities lower, as negotiations between Greece and its creditors hit a stalemate overnight. Japan's Nikkei 225 index fell 0.1% after climbing Wednesday to its highest close since 1996. Australia’s S&P/ASX 200 Index dropped 0.72% and New Zealand’s NZX 50 Index slid 0.42%. South Korea’s Kospi index retreated 0.14%.

Since SGX Nifty fell 9 points. Indian markets likely to open in negative on account of weak global cues. Volatile movements are likely to rule the markets due to June month F&O expiry today.