Market Likely To Consolidate
Chirag Gothi / 24 Jul 2015
Asian stock markets fell at the open on Friday extending its weekly decline, as the commodities rout deepened with oil entering a bear market. A SGX CNX Nifty Index future for July delivery was down 21 points at 8,584. Indian markets likely to consolidate. Key earnings today: Reliance Industries, Axis Bank, M&M Finance.
Indian equities market traded lower on Thursday, as heavy profit-booking in key counters of Infra, IT, Metal, Pharma, Financials, Banks led the benchmark Nifty to close below the important 8,600-level, losing 43.70 points at 8589.80. The Sensex is down 134.09 points or 0.5 percent at 28370.84. The broader markets slide, The BSE Mid-Cap index shed 18.37 points or 0.16% to settle at 11,216.19 and Small-Cap index rose 59.97 points or 0.51% to settle at 11,736.13.
US stocks fell for a third day, as results from 3M and Caterpillar disappointed investors and commodities continued to slide. The S&P 500 SPX lost 12 points, or 0.6%, to 2,102.15. The Dow Jones Industrial Average dropped 119.09 points, or 0.7%, to 17,731.92, turning negative for the year. Meanwhile, the Nasdaq Composite fell 25.36 points, or 0.5%, to 5,146.41.
Gold prices broke their 10-day losing streak and settled 0.2% higher at USD 1,094.10 an ounce. On Thursday, WTI crude oil futures fell into bear market territory and ended lower more than 1% to settle near USD 48.55 per barrel in New York. Brent crude fell 86 cents to settle at USD 55.27, the lowest since April 2.
European stocks ended largely lower on Thursday, after a mixed bag of earnings from some of Europe's largest companies. The pan-European STOXX 600 finished the day in the red, down by around 0.5%. The CAC 40 in Paris closed up 0.08% at 5,086.74 points, while Frankfurt's DAX 30 slipped 0.07% to 11,512.11 points. The FTSE 100 Index ended 12.3 points lower at 6655.
Asian stock markets fell at the open on Friday extending its weekly decline, as the commodities rout deepened with oil entering a bear market. China's benchmark Shanghai Composite index edged down 0.23% as the preliminary China Caixin PMI fell to 48.2, well below the street estimate of 49.7. The data also marked a 15-month low. Japan’s NIKKEI 225 index slid 0.68% and South Korea’s Kospi index dropped 1.1%. Australia’s S&P/ASX 200 Index fell 0.4%. New Zealand’s NZX 50 Index slipped 0.24%.
A SGX CNX Nifty Index future for July delivery was down 21 points at 8,584. Indian markets likely to consolidate. ABB, Atul, Axis Bank, Bharat Bijlee, BEL, Crompton Greaves, Eveready Industries, Excel Ind, Hitachi Home, Kolte-Patil, KSB Pumps, Lumax Industries, M&M Finance, Reliance Industries, SBBJ, Supreme Industries, Tata Elxsi, TVS Motor and VIP Industries would be reporting first quarter earnings today.
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