Market Likely To Open In Green

Indian equities market fell for a third consecutive session on Yesterday led by the IT sector retreated on caution ahead of TCS results, shrugging off a rebound in global markets, including China. The Sensex fell 114 points to settle at 27,573 and the Nifty slipped 34 points to shut shop at 8,328. Broader markets also came under selling pressure. The BSE mid-cap and small-cap indices slipped 0.3% each.

An early-morning rally on Wall Street lost steam toward the end of the session as investors remained cautious on China and Greece and the main indexes closing only modestly higher on Thursday. The S&P 500 SPX closed 4.61 points, or 0.2%, higher at 2,051.31. The Dow Jones Industrial Average relinquished most of a 260-point gain, ending 33.20 points, or 0.2%, higher at 17,548.62. The Nasdaq Composite ended the day with a gain of 12.64 points, or 0.3% at 4,922.40.

WTI crude oil broke a five-session losing streak and rose 2.2%, to settle at USD 52.78 a barrel. Brent crude, a benchmark for international oils used by many U.S. refineries, rose USD 1.56 to close at USD 58.61 in London.

Prices of European stocks surged on Thursday, as investors sensed a glimmer of hope that Greece could strike a last-ditch deal with creditors to keep it in the eurozone. The Stoxx Europe 600 index ended the session 2.2% higher, building on Wednesday’s small gain. Germany’s DAX rose 2.3%, France’s CAC finished 2.5% higher and the U.K.’s FTSE 100 climbed 1.4%. Gains in the periphery were even more pronounced, with Italy’s FTSE Mib up 3.5% and Spain’s IBEX 35 up 2.8%.

Asian stocks rose, following gains in global equities, after Greece submitted a bailout proposal similar to that proposed by its creditors and Chinese equities rebounded a second day. Japan’s NIKKEI 225 index added 0.41% as the yen weakened. New Zealand’s NZX 50 Index also gained 0.11% and Australia’s S&P/ASX 200 Index rose 0.82%. South Korea’s Kospi index climbed 0.3%. The Shanghai Composite rose 6%, extending Thursday’s 5.8% gain, but remains 34.85% off its peak on June 12.

A SGX CNX Nifty Index future for July delivery was up 20 points at 8,366. Indian markets likely to open in green. IIP for the month of May will be released today. It is seen modestly higher on the back of strong core sector data. Gruh Finance and I G Petrochemicals would be reporting third quarter earnings today.