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INDIAN EQUITY MARKET OUTLOOK-27 JUNE 2016

Sgx Nifty

Indian markets Brexit becomes scary, Dalal Street signals weak start.

Indian shares are likely to open on a bearish note as the global cues look subdued with SGX Nifty trading 30.50 points lower.

Indian Indices:

Indian equity benchmarks are likely to witness a significant gap down opening on Monday as the Brexit overhang continues to roil trading sentiment at Dalal Street. Losses in the CNX Nifty Index Futures for June delivery which fell by 0.80 per cent or by 64.5 points to 8,014 at 10:17 AM Singapore time signal that key Indian stock indices may open lower today.

UK’s shock exit from the European Union has exacerbated uncertainty surrounding the global economic outlook, curbing risk taking appetite. Volatility may remain high at the stock bourses this week while the rupee which tumbled the most in ten months on Friday may continue to remain under pressure with Brexit likely to prompt a shift away from risky assets including emerging market equities. Meanwhile, caution and volatility ahead of the Futures & Options (F&O) contract expiry for the month of June may also influence domestic bourses this week.

The progress of the monsoon rains and the release of the June auto sales numbers starting Friday will also be eyed this week. On Friday, the 30-share Sensex fell 604.51 points at 26,397.71 after tumbling as much as 1,091 points earlier as Brexit triggered a knee-jerk reaction.

Global Market:

Asian markets were trading mixed on Monday with investors awaiting more policy action from global central banks to quell the market turmoil by pumping liquidity into financial markets.

China’s Shanghai Composite rose after the People’s Bank of China weakened the yuan fixing by the most since August in response to the surge in the dollar. The country’s central bank set the reference rate 0.9 per cent weaker at 6.6375 per dollar.

Hang Seng fell but Japan’s Nikkei 225 rose by over 1.5 per cent, rebounding from the biggest drop since the aftermath of the 2011 earthquake as the yen steadied following its largest jump since 1998 and as Prime Minister Shinzo Abe issued instructions to calm markets following the UK’s stunning decision to quit EU.

On Friday, Wall Street suffered its biggest sell-off since August with the Dow, Nasdaq and S&P 500 sinking over 3 per cent, amid worries that UK’s decision to leave the EU may deal a further blow to an already fragile global economic recovery.

Meanwhile, a 2.2 per cent drop in US durable goods orders in May and a dip in US consumer sentiment in June signaled concerns over the health of the world’s biggest economy.

Major Headlines of the day:

•Bajaj Finserv likely to buy out Allianz’s stake in insurance joint ventures 
•Zuari avails unsecured inter corporate deposit of Rs100 Cr from Adventz finance 
•Crompton Greaves Consumer Electricals board approves raising NCDs worth Rs650 Cr.

 Trend in FII flows: The FIIs were net buyers of Rs -629.14 Cr in the cash segment on FRIDAY while the DIIs were net sellers of Rs 114.94 Cr, as per the provisional figures.

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