Market likely to open weak; eye on BOJ policy
Chirag Gothi / 16 Jun 2016
Mostly Asian markets opened in red on Thursday, with Japanese stocks falling behind due to renewed yen strengthening against the dollar owing to the Fed's rates call. On the domestic front, A SGX Nifty 50 index future for June series is trading up by 37.5 points at 8,174.50. Indian markets are likely to open weak.
Indian equities indices snapped their four-day losing streak on Wednesday after cabinet cleared aviation policy & SBI merger, and ahead of outcome of Federal Reserve's two-day policy meeting. Sentiment also improved following Finance Minister Arun Jaitley's statement that the draft of the model Goods and Services Tax (GST) bill is supported by most states except Tamil Nadu, which has expressed some reservations. The Sensex surged 330.63 points or 1.25% to 26726.34 and the Nifty rallied 97.75 points or 1.21% to 8206.60. The broader markets underperformed the benchmark indices. The BSE mid-cap and BSE small-cap indices gained 0.58% and 0.8% respectively.
The US stock market fell for a fifth straight day Wednesday as the Federal Reserve’s decision to delay rate increases weighed down on the investors' sentiments. The Dow Jones Industrial Average ended the day down 34.65 points, or 0.2%, at 17640.17. The S&P 500 slipped 3.82 points, or 0.2%, to 2071.50, while the Nasdaq Composite fell 8.62 points, or 0.2%, to 4834.93.
The European markets closed higher Wednesday, ending four straight losing trading sessions, as U.K. unemployment hit an 11-year low. London's benchmark FTSE 100 index closed 0.73% higher, while in the eurozone Frankfurt's DAX 30 gained 0.92% and the Paris CAC 40 gained 1.0%.
Crude oil front, WTI oil fell 48 cents to close at USD 48.01 a barrel in New York. The price has fallen 6.3% over the last five days. Brent crude, used to price international oils, fell 86 cents to close at USD 48.97 a barrel in London.
Mostly Asian markets opened in red on Thursday, with Japanese stocks falling behind due to renewed yen strengthening against the dollar owing to the Fed's rates call. Investors will be keeping an eye on the Bank of Japan monetary policy due on Thursday. Japan, the Nikkei 225 was down 1.1%, and the Kospi index slid 0.55%. New Zealand’s S&P/NZX 50 and Australia’s S&P/ASX 200 index were up 0.35% each. Chinese markets were down, with the Shanghai composite lower 0.44%.
On the domestic front, A SGX Nifty 50 index future for June series is trading up by 37.5 points at 8,174.50. Indian markets are likely to open weak.
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