Expect another weak opening
Chirag Gothi / 29 Mar 2016
Most Asian markets were lower on Tuesday after downbeat U.S. economic data contributed to to lackluster session on Wall Street and amidst continued concerns over whether the U.S. Federal Reserve might hike interest rates at its April meeting. On domestic front, A SGX Nifty 50 index future for March series traded down 7.5 points at 7,650. Indian markets are likely to open flat to negative.
The Indian equities markets snapped a four-day winning streak on Monday, amid profit-booking in line with expectations of volatility on derivatives expiry and also owing to the release of US economic data and speeches by Federal Reserve officials this week, which may signal more-than-expected interest rate hikes. The Sensex closed 1.46% or 371.16 points lower, below the psychologically important 25,000-point mark at 24,966.40 points; while the Nifty shed 1.31% or 101.40 points to close at 7,615.10 points. The BSE Midcap and Smallcap indices too were caught in the bear's grip; falling 1.4% and 1.65% respectively. All sectoral indices closed lower. BSE Realty index and BSE Metal index led the losses with 4.35% and 3.92% decline respectively.
U.S. stock markets washed out initial gains and closed with very modest gains as investors braced on tepid monthly consumer spending data and amidht uncertainty towards the outcome of the next Federal Reserve meeting. The Dow Jones Industrial Average rose 19.66 points, or 0.1%, to 17535.39. The S&P 500 rose 1.11 points, or 0.1%, to 2037.05, and the Nasdaq Composite fell 6.72 points, or 0.1%, to 4766.79.
Many major exchanges in Europe, including those in London and Frankfurt, and some in Asia, including Hong Kong and Australia, remained closed for Easter Monday.
Most Asian markets were lower on Tuesday after downbeat U.S. economic data contributed to to lackluster session on Wall Street and amidst continued concerns over whether the U.S. Federal Reserve might hike interest rates at its April meeting. Japan's Nikkei 225 recovered from initial loss of 0.8% and is now trading flatly; while South Korea’s Kospi index rose 0.23%. Australia’s S&P/ASX 200 Index fell 0.86% after the Easter holiday on Friday and Monday; while New Zealand’s S&P/NZX 50 Index added 0.35%. Chinese markets were lower, with the Shanghai composite off by 0.27% and Hong Kong's Hang Seng index was down 0.22%.
On domestic front, A SGX Nifty 50 index future for March series traded down 7.5 points at 7,650. Indian markets are likely to open flat to negative.
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