Indian Market Likely To Open In Negative

After two days of rise, Indian equities markets slipped from its two and half months high on late sell-off in metal and IT stocks as investors preferred to stay on the sidelines amid uncertainty over Greece situation. The Sensex closes 0.27%, or 75.07 points, lower at 27,945.80, while the Nifty ends 0.10%, or 8.15 points, down at 8,444.90. However, the broader markets consistently outperformed benchmarks for the third consecutive session. The BSE Midcap and Smallcap indices rose 0.5% each. The Indian rupee closed at 63.51 against the US dollar, up 0.15% from its previous close of 63.61.

U.S. stocks closed little changed on Thursday, the last day of trade for the week, as investors eyed a soft jobs report and were on edge ahead of Greece's Sunday referendum. US stock markets will be closed on Friday to observe U.S.’s Independence Day. The S&P 500 ended one point lower at 2,076.27 and recorded a 1.2% loss over the week, its second weekly loss in a row. The Dow Jones Industrial Average slipped 27.80 points, or 0.2%, to 17,730.11 and fell 1.2% over the week. The Nasdaq Composite closed 3.91 points, or 0.1% lower at 5,009.21 and booked a 1.4% loss over the week.

The US Labor Department said 223,000 jobs were added to the US economy in June, while the unemployment rate fell to 5.3% from 5.5%. The number of new jobs created came in just below expectations for 233,000, while wages remained flat and job creation in the spring was weaker than initially estimated, the Labor Department said.

In Europe, the main stock markets closed mixed on the US jobs news, and ahead of Sunday’s Greek bailout referendum. The Stoxx Europe 600 SXXP closed down 0.4% to 385.46, retreating slightly after the previous session’s strong gains. In Frankfurt, DAX 30 fell 0.7% to 11,099.35. In Paris, the CAC 40 lost 1% to 4,835.56. In London, the FTSE 100 rose 0.3% to 6,630.47.

Asian equity markets witnessed a selloff on Friday, as investors awaited Greece’s referendum and weighed U.S. jobs data. Chinese stocks were the hardest-hit, with the Shanghai Composite index down as much as 6.3% in the first hour of trade. Japan’s NIKKEI 225 index fell 0.4%. Australia’s S&P/ASX 200 Index slipped 1.6% and New Zealand’s NZX 50 Index added 0.36%. South Korea’s Kospi index fell 0.6%.

Since SGX Nifty fell 10 points. Indian markets likely to open in negative following other Asian market. The key inflation and IIP data due for release next week would be closely watched for consistency, and signals towards potential rate cut. From next week onwards, the first-quarter earnings season start with IT companies.