Global Markets All In Red

The Indian markets have been following the same trend it has since opening, range bound and negative. The Sensex is currently at 17850.99, lower by 0.19% while the Nifty is trading at 5414.35, lower by 0.12%.

Among the biggest losers stands Bharti Airtel, which has fallen as much as 3.79% after Credit Suisse downgraded the stock. Following disappointing quarterly results, Bharti Airtel has seen a series of downgrades, earlier from Goldman Sachs and Standard Chartered.

Europe today opened negative ahead of the meeting in Greece. The Greek Prime Minister today is scheduled to meet Eurogroup chief Jean-Claude Juncker. According to a German media report, the Greek Prime Minister is speculated to ask for more time to implement austerity measures required by international creditors. What also took a major toll on European markets was the widened trade deficit announced by Japan.

This has resulted in an overall sore sentiment among investors worldwide. It has caused Asian stocks to go lower with the Hang Seng, Nikkei and Shanghai trading lower by 0.85%, 0.27% and 0.5%. European markets have been weighed down post opening. They are trading lower in the range of 0.62% and 0.78% and are expected to go lower on the back of the negative sentiment.

Brent crude, though, is very close to touching USD 115 per barrel. It had reached a high of USD 114.68 per barrel. This upward move has come after the crude touched this year’s low of USD 88.49 per barrel.

The Indian markets have been suppressed due to the same reasons and the Nifty has been holding the 5400 level. The rupee had gained earlier but this has been lost today. It is now seen trading at 55.43 per dollar on selling of dollars from banks on the back of lower dollar in the overseas markets, media reports said. The dollar has lost ground in the market after the Euro rose by about 1% on growing optimism about reforms from the European leaders.

7 of the 13 sectors are trading positive with the highest gains seen in Healthcare, IT and Auto, trading higher by 0.83%, 0.39% and 0.28% respectively.

Aurobindo Pharma is up by 3.29% and Strides Arcolab by 3.36%. The IT sector uptrend is being supported by midcap IT firms like Hexaware and Mphasis. Infosys has been gaining ever since the Alabama district court dismissed the harassment case filed against the company.

Overall, we expect the market to continue lacking lustre. It is expected to continue a tad above 5400 through the rest of the trading session.