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INDIAN EQUITY MARKET OUTLOOK-16 JUNE 2016


INDIAN BENCHMARKS Muted start likely on weak global markets.

Indian shares are likely to open on a bearish note as the global cues look subdued with SGX Nifty trading 25.50 points lower.

Indian Indices:

Indian benchmark indices are likely to open flat on Thursday tracking muted cues from Asian peers after the Federal Reserve Chair Janet Yellen refrained from hiking interest rates citing concerns over UK’s upcoming referendum on exiting the European Union. The caution may prevail ahead of policy decision by the Bank of Japan (BoJ) and Bank of England (BoE). Losses in the CNX Nifty Index Futures for June delivery which rose by 0.5 points to 8,212.50 at 10:34 AM Singapore time also signal that Dalal Street may open flat today. Oil companies will remain in focus after petrol price was hiked by 5 paise a litre and diesel by Rs 1.26 a litre on Wednesday.

On Wednesday, the Indian benchmark indices rebounded strongly amid value buying by investors tracking firm cues from other Asian markets. Support also came with recovery in rupee and Cabinet approval to new civil aviation policy and merger of five associaties with SBI. However, uncertainty over Fed decision on interest rates and the Bank of Japan’s policy decision capped up move. The BSE SENSEX closed at 26726.34, up by 330.63 points, or by 1.25 per cent, and the NSE Nifty ended at 8206.6, up by 97.75 points, or by 1.21 per cent.

Trend in FII flows:   The FIIs were net  sellers of  Rs – 108.23 Cr in the cash segment on Wednesday while the DIIs were net buyers of  Rs 234.10 Cr, as per the provisional figures.

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