Expect a flat opening ahead of BOJ, Fed meet
Chirag Gothi / 15 Mar 2016
Asian stock markets were cautious on Tuesday before Bank of Japan, U.S. Fed verdicts. While on domestic front, A SGX Nifty 50 index future for March series traded up 8.5 points at 7,555. Indian markets are likely to open flat.
The Indian equity markets extended gains for the second straight session in the wake of sustained foreign fund inflows and fall in inflation numbers renewing hopes of a rate cut by the RBI. Investors are especially awaiting the U.S. Fed's comments for cues about possible rate hikes in 2016. The Sensex closed at 24,804.28 points, up 0.4%, or 86.29 points and the Nifty closed 28.55 points higher, or 0.38%, at 7,538.75. While, on the broader markets front, the BSE Mid-Cap index rose 0.31% and the BSE Small-Cap index rose 0.41%.
On the macro front, industrial production contracted (IIP) by 1.5% in January -- its third straight month of drop -- due to poor performance of manufacturing sector and lower offtake of capital goods, while WPI inflation remained in the negative zone for a 16th straight month at (-)0.91% in February.
US stocks end nearly unchanged on Monday, mostly shaking off a decline in oil prices ahead of the Federal Reserve's meeting later in the week. The Dow Jones industrial average rose 15 points or 0.1% to close at 17,229. The S&P 500 index fell 2 points or 0.1% to close at 2,019. The Nasdaq composite rose 1 point to close at 4,750.
Oil extended losses as hopes of a coordinated production freeze faded. U.S. crude oil futures settled down USD 1.32 or 3.43% at USD 37.18 a barrel, after briefly dipping below USD 37 earlier in the session. while Brent finished down 2% at USD 39.53.
European markets rallied across the board, as investors digested an aggressive round of easing measures announced last week by the European Central Bank. The Stoxx Europe 600 was up 0.7%, Germany's DAX jumped 1.6% and the CAC 40 in Paris rose 0.3%.
Asian stock markets were cautious on Tuesday before Bank of Japan, U.S. Fed verdicts. Japan's Nikkei 225 index lost 0.1%. South Korea’s Kospi added 0.1%. Australia’s S&P/ASX 200 Index slipped 1.23% and New Zealand’s S&P/NZX 50 Index rose 0.36%.
While on domestic front, A SGX Nifty 50 index future for March series traded up 8.5 points at 7,555. Indian markets are likely to open flat.
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