Markets to make a mildly positive start after two days of decline

06 Jan 2016 Evaluate

The Indian markets continued their decline for the second day in a row, though mid caps outperformed but the major averages made another close in red. Today, the start is likely to be mildly in green and recovery can be seen in later trade. Traders will also be eyeing the Services PMI data for further cues. Meanwhile, ahead of Finance Minister Arun Jaitley’s pre-Budget consultations with India Inc. Confederation of Indian Industry (CII) has said that government must focus on demand creation and that private sector is not investing because there is a lack of demand. The iron and steel stocks will be in action, as the government meeting yet another demand of the domestic steel and mining sector reeling under low demand and weak price, has scrapped a 5% export duty imposed on iron ore pellets. The step is expected to benefit pellet makers, which include top miners, as well as leading steel players. There will be some buzz in the oil & gas stocks too, as the Prime Minister Narendra Modi has stressed on taking a "fresh look" at the petroleum sector during a meeting with global oil and gas experts, to bring in investment, technological upgradation and development of human resource. The auto component stocks too will be in action, as the government has initiated a probe into alleged dumping of an automobile component - Axle for Trailers - by China in the domestic market in order to protect domestic players in the automobile sector against cheap imports.

The US markets ended the choppy trade on a flat note, traders preferred to remain on sideline and there was not much movement in the markets ahead of some important economic reports later in the week. The Asian markets have made a mixed start, with some of the indices still trading in red. Japanese market too was trading cautiously, as yen held near a two-month high.

Back home, Indian markets were unable to make any recovery after plunging in previous session and witnessed a volatile day of trade, finally closing in red with marginal losses, extending the declining trend for yet another session. Sentiments remained down-beat with retail inflation for farm labourers and rural workers in November rising to 4.92 percent and 5.02 percent, respectively, due to increase in prices of food items. Besides, caution continues to envelop the D-Street as investors eagerly await the upcoming macro-data on industrial output, retail inflation and the third-quarter earnings results which start from January 14, 2016. However, losses remained capped with the Finance Minister, Arun Jaitley’s statement that the public investments would continue to ‘remain stepped up’ in the Indian economy, which has emerged as a stable force in the midst of global slowdown. Earlier on Dalal Street, the benchmark got off to a positive start in the morning trade as investors were largely influenced by the supportive leads from Asian markets. However, the indices dropped into the red terrain sooner than later, lacking any significant upside cues. Thereafter, the key indices failed to show any kind of eagerness to regain those levels as they oscillated around the neutral line for most part of morning trades and drifted deeper into the red terrain in afternoon session. Finally some short covering in the dying hours of trade ensured that the bourses snap the session with moderate cuts. However, the broader markets showed some resilience and settled on a positive note, outperforming their larger peers by quite a margin. On the BSE sectoral space, the IT index remained the top laggard in the space and settled with about half percent cuts followed by the TECK pocket which too went home with similar losses. On the other hand, the Metal pocket remained the top gainer in the space following stability in China after its central bank infused capital into the financial system. Stocks related to power counter surged as the power ministry Piyush Goyal has said that fifteen states have joined the debt recast scheme for power distribution companies covering 90% of the losses accumulated with the utilities. Finally, the BSE Sensex declined by 43.01 points or 0.17% to 25580.34, while the CNX Nifty lost 6.65 points or 0.09% to 7,784.65.

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