Markets to extend the weakness on feeble global cues

07 Jan 2016 Evaluate

The Indian markets losing their momentum in late hours ended weak by over half a percent in last session. Traders remained worried about the global developments and ignored the services PMI’s better than expected performance. Today, the start is likely to remain weak on somber global cues and Nifty may even retest the 7700 crucial mark. Some support can come in latter trade with the World Bank expectations of India's growth picking up to 7.8% in the next financial year, projecting it to be the fastest growing economy in the world for the next three years by a distance. Meanwhile, industry has backed Finance Minister’s plan to raise infra spending, even if it results in the government’s failure to meet the fiscal deficit target; saying that this would be more productive in the long run to prop up economic growth. The auto stocks will see some action, as the government ignoring protests from car makers -who will have to invest heavily and raise prices steeply, has decided to adopt Bharat Stage VI norms all over India by April 1, 2020.

The US markets plunged once again and closed at their lowest level since early October in last session, on geo-political worries and global growth concern. Fed’s minutes from the last policy meeting showed policymakers decided to raise interest rates after almost all of them gained confidence inflation was poised to rise, but some voiced worries inflation getting stuck at dangerously low levels. The Asian markets have made sharply lower start tailing the US markets amid anxiety over China’s management of its economic slowdown.

Back home, Indian benchmark indices continued their struggle for the third consecutive session of trade as they went home with over half a percent of loss. Sentiments got undermined after North Korea said it has successfully conducted a test of a miniaturised hydrogen nuclear device on Wednesday morning, marking a significant advance in the isolated state's strike capabilities and raising alarm bells in Japan and South Korea. The fifty shares nifty slipped over half a percent to settle a tad below the psychological 7,750 mark while BSE’s 30-share sensitive index, Sensex registered over a hundred and fifty points cut to settle above the crucial 25,400 level. Risk sentiment was also dampened with the report that corporate earnings growth is expected to fall around 2% for the December quarter owing to a plunge in commodity prices coupled with weaker investment demand. The much-anticipated turnaround in earnings of India Inc is unlikely to take place in the December quarter season. Investors failed to draw any solace from report that India's services sector rebounded from flat activity in November and showed an encouraging growth in December, with the Nikkei Services Purchasing Managers' Index (PMI) climbing to a ten-month high of 53.6, compared with 50.1 last month. Earlier on Dalal Street, the benchmark got off to a sedate opening tracking the dismal leads prevailing in Asian markets. Thereafter, the indices traded on a lackluster note for most part of the morning deals. The key gauges suffered a setback in afternoon trades as sudden bouts of profit booking emerged in the local markets immediately after a somber European market opening. Though the bourses recovered from the lows of the day but could not succeed in minimizing the huge losses by the end of trading session. Moreover, the broader markets succumbed to the selling pressure despite showing positive moves early on and settled with cuts of over quarter a percent. Finally, the BSE Sensex declined by 174.01 points or 0.68% to 25406.33, while the CNX Nifty lost 43.65 points or 0.56% to 7,741.00.

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