Market may open positive
Chirag Gothi / 22 Mar 2016
Markets in Asia opened mostly marginally lower on Tuesday, except Japan as the yen weakened. While on domestic front, A SGX Nifty 50 index future for March series traded up 7 points at 7,718. Indian markets are likely to open in the positive.
Indian equities market surged more than 1% on Monday on hopes that the Reserve Bank of India could cut rates by as much as 50 basis points next month after the government slashed savings rates on Friday. Upcoming RBI monetary policy meet will be held on April 5, 2016. The Sensex spiked 332.63 points or 1.33% to 25285.37 and the Nifty rose 99.90 points or 1.31% to 7704.25. The Mid-cap and Small-cap indices closed in-line with the benchmark indices, up 1.4% each.
U.S. stock market eked out modest gains on Monday, extending the market's winning streak into a fourth day. The S&P 500 closed up 2.02 points, or 0.1%, to 2,051.60. The Dow Jones Industrial Average gained 21.57 points, or 0.1%, to 17,623.87, extending its winning streak to the seventh straight session. Meanwhile, the Nasdaq Composite ended up 13.23 points, or 0.3%, to 4,808.87.
Oil prices are moving higher again as data showed a drawdown at the Cushing, Oklahoma, delivery hub for U.S. crude; and ahead of front-month contract expiry in the U.S. crude futures. WTI crude rose 47 cents or 1.2% to close at USD 39.91 a barrel in New York. Brent crude oil gained 34 cents to close at USD 41.54 a barrel in London.
European markets ended slightly lower as weaker commodity shares proved a drag on the markets; metal prices steadied after recent gains; and oil drifted lower before turning higher again after comments from Opec. The Stoxx Europe 600 finished lower 0.3% at 340.82. Germany’s DAX 30 closed down less than 0.1% at 9,948.64. France’s CAC 40 shed 0.8% to 4,427.80, while the U.K’s FTSE 100 finished 0.1% lower at 6,148.58.
Markets in Asia opened mostly marginally lower on Tuesday, except Japan as the yen weakened. Japan's Nikkei 225 index advanced 2% while South Korea’s Kospi, Australia’s S&P/ASX 200, New Zealand’s S&P/NZX 50, Shanghai Composite Indices traded in the range of -.10% to 0.1%.
While on domestic front, A SGX Nifty 50 index future for March series traded up 7 points at 7,718. Indian markets are likely to open in the positive.
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