Expect a relief rally on D-Street
Chirag Gothi / 19 Jan 2016
Asian stock markets opened in the mix on Tuesday, with China reporting fourth quarter growth that met expectations. GDP expanded 6.8% for the quarter and 6.9% for the year. While on domestic front, A SGX Nifty 50 index future for January Series traded up 10 points at 7,370. Indian markets may open flat or in the positive. Investors keep an eye on Reliance Industries stock which will be declaring its financial results for the December quarter today.
Indian equities markets are extending last week’s declines and both the benchmarking indices touched 52-week low in intra-day trade on Monday. The Sensex ended the day at 24.188.37, down 266.67 points, or 1.09%. Nifty50 index closed at 7,351, down 86.8 points or 1.17%. Broader markets also witnessed selling pressure with the BSE Mid-cap index dropping by 2.72%; while the Small-cap index was down by 4.05%.
India's merchandise exports fell for the 13th straight month in December due to a steep fall in shipment of petroleum products and were valued at USD 22.29 billion against USD 26.15 billion in the same month in the previous year, as per official trade data released on Monday. Imports also fell during the month by 3.88% to USD 33.96 billion from USD 35.33 billion, even as the trade deficit went up to USD 11.66 billion from USD 9.18 billion.
U.S. stock markets were closed on Monday for the Martin Luther King Jr. holiday. European stock market closed mostly lower on Monday, due to concerns over slowdown of global economy and also volatility in oil prices kept investors cautious. The Stoxx Europe 600 closed down 0.36%, after swinging between small gains and losses throughout the day. In London, the FTSE 100 ended the day down 0.42%, while Germany's DAX was down 0.25% and France's CAC-40 was 0.49% lower.
Brent crude sank to USD 28.59 a barrel and WTI hovered near USD 30 a barrel due to fears of increased supply, after the sanctions on Iran were lifted.
Asian stock markets opened in the mix on Tuesday, with China reporting fourth quarter growth that met expectations. GDP expanded 6.8% for the quarter and 6.9% for the year. Japan’s Nikkei 225 index fell 0.46% while South Korea’s Kospi index dropped 0.30%. Australia’s S&P/ASX 200 Index advanced 0.54%. New Zealand’s S&P/NZX 50 Index was up 02%. Shanghai Composite index traded flatly.
While on domestic front, A SGX Nifty 50 index future for January Series traded up 10 points at 7,370. Indian markets may open flat or in the positive. Investors keep an eye on Reliance Industries stock which will be declaring its financial results for the December quarter today.
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