Market may open on a weak note; IMF cuts global growth forecast
Chirag Gothi / 20 Jan 2016
Asian share markets slipped early Wednesday as U.S. crude oil dipped below USD 28 a barrel, and the International Monetary Fund (IMF) cut its global growth forecasts for the third time in less than a year. While on domestic front, A SGX Nifty 50 index future for January Series traded down 69 points at 7,367. Indian markets may open in the negative following other Asian markets.
Indian equities market surged in a relief rally, snapped three-day losing streak by advancing over 1% on Tuesday, in the tracks of some stability in global markets on the hopes of fresh stimulus by the policymakers in China. The Sensex closed up 291.47 points or 1.2% at 24479.84. The Nifty reclaimed the key 7,400 mark and was up by 84.10 points or 1.1% at 7435.10. Even the mid-cap and the small-cap stocks participated in today’s rally, which ended higher 1.75% each. All the sectoral indices closed in the green.
U.S. stock markets closed basically flat on Tuesday despite another plunge in oil prices as U.S. benchmark crude dropped more than 3% to below USD 29 a barrel. The Dow Jones industrial average rose 27.94 points, or 0.2%, to close at 16,016.02. The S&P 500 gained 1 point to 1881.33, while Nasdaq composite fell 11.47 points, or 0.3%, to 4476.95.
Brent crude closed a touch higher, while WTI crude oil further declined as the U.S. contract did not settle on Monday, a U.S. holiday. Brent crude rose 0.74% to settle at USD 28.76 a barrel, and WTI crude fell 3.26% to settle at USD 28.46.
European stocks rose the most in three weeks, on Tuesday. Global investors also key on to hopes that China would offer fresh stimulus to get its economy going again. The Stoxx Europe 600 was driven up by 1.3% to end at 332.93. In Frankfurt, the DAX 30 gained 1.5% to end at 9,664.21; and France’s CAC 40 notched a 2% rise to 4,272.26. FTSE 100 in London was up 1.7% to 5,876.80.
Asian share markets slipped early Wednesday as U.S. crude oil dipped below USD 28 a barrel, and the International Monetary Fund (IMF) cut its global growth forecasts for the third time in less than a year. Japan's Nikkei 225 fell 1.78%; while Australia’s S&P/ASX 200 Index lost 0.61%. South Korea’s Kospi index lost 1.23%; while New Zealand’s S&P/NZX 50 Index increased 0.17%. Shanghai Composite index traded flatly.
While on domestic front, A SGX Nifty 50 index future for January Series traded down 69 points at 7,367. Indian markets may open in the negative following other Asian markets.
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