Market Likely To Open In Negative

Indian equities market ended in red during the week on reform worries following disruption of Parliament. On Friday, the Sensex fell 258 points to close at 28,112.31 wiping out Wednesday’s gains on a weak close of Asian markets and a complete washout in the first week of the monsoon session of Parliament. During the week, the Sensex fell 351 points or 1.23% to close at 28,112.31 and the Nifty closed at 8,521.55, down 88.30 points or 1.02%. In the broader market the BSE mid-cap index rose to life-time high of 11,288.61 on Thursday but finally closed lower at 11,147.99 on Friday, losing 0.65% the week. The BSE small-cap index fell 0.41% outperforming the Sensex and the Nifty.

U.S. stocks fell for the fourth straight session on Friday, leaving indexes with the biggest weekly losses in months. During the past five week, energy and industrials companies after a dramatic slide in oil and gold prices as well as disappointing earnings results from companies such as Caterpillar and Freeport McMoran Inc. The S&P 500 closed 22.50 points, or 1.1%, lower at 2,079.65, booking a 2.2% weekly loss. The Nasdaq Composite dropped 57.78 points, or 1.1%, to 5,088.63, ending the week with a 2.3% weekly loss. The Dow Jones Industrial Average dropped 163.39 points, or 0.9%, to 17,568.53, recording a 2.9% weekly loss.

U.S. oil futures fell to the lowest level in almost four months on Friday, after data showed that rigs drilling for oil in the U.S. rose last week, underlining concerns over robust domestic production. On the week, New York-traded oil futures tumbled USD 2.97, or 5.99%, the sixth consecutive weekly loss, as worries over high domestic U.S. oil production weighed. Whereas Brent futures lost USD 2.50, or 4.34%, the fourth straight weekly decline, largely as a result of a supply glut and growth concerns in China, the world’s second-largest consumer of oil.

European stocks fell Friday on a fresh tumble in commodity prices and another batch of lackluster earnings on both sides of the Atlantic. The Stoxx Europe 600 ended the session 0.9% lower, taking losses this week to more than 2.5%. Germany’s DAX 30 closed down 1.4% at 11,347.45, and France’s CAC 40 fell 0.6% to 5,057.36. The indexes marked weekly declines of 2.8% and 1.3%, respectively. The U.K.’s the FTSE 100 fell 1.1%, ending the week with a 2.9% weekly loss.

Asian stocks market opened lower on Monday on the back of offshore declines and as the fall in commodity prices continues to sap risk appetite. Japan’s NIKKEI 225 index fell 0.7%. South Korea’s Kospi index dropped 0.26%. Australia’s S&P/ASX 200 Index lost 0.2% and New Zealand’s NZX 50 Index slipped 0.3%. China's benchmark Shanghai Composite index slide 1.2%.

A SGX CNX Nifty Index future for July delivery was down 51 points at 8,500. Indian markets likely to open in negative. The market is likely to stay volatile this week ahead of F&O expiry on Thursday. Ambuja Cements, Century Enka, Century Textiles, Coromandel International, Geometric, Inox Wind, Ion Exchange, Jagran Prakashan, Just Dial, Kec International, Kirloskar Brothers, K.P.R.Mill, Mrf, Info Edge, Subros, Ortel Communications, Tech Mahindra, Torrent Pharma, Trident and Ucal Fuel would be reporting first quarter earnings today.