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Home » News » Markets » Market Cues

Jan 11, 2017, 09.30 AM | Source: Moneycontrol.com

Sensex, Nifty may be on back foot; market eyes Trump’s speech

Asian shares stood near two-month highs. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early Wednesday trade.

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Sensex, Nifty may be on back foot; market eyes Trump’s speech

Asian shares stood near two-month highs. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early Wednesday trade.

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Indian market may remain on back foot ahead of key corporate earnings this week. The market will also take cues as investors looked to President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies.

Asian shares stood near two-month highs. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early Wednesday trade.

It stood at its two-month highs, essentially coming back to where it was just before the US election after recovering from their losses of over five percent. Japan's Nikkei ticked up 0.2 percent.

The S&P 500 ended the day unchanged on Tuesday as lower oil prices hurt energy stocks, offsetting advances in healthcare and financial sectors, while the Nasdaq ended at another record high.

Traders were holding fire ahead of the upcoming corporate earnings season and the January 20 inauguration after which they expect a better sense as to whether President-elect Donald Trump will fulfil campaign promises of fiscal stimulus, lower tax and lighter regulation.

The Dow Jones Industrial Average ended down 31.85 points, or 0.16 percent, at 19,855.53, the S&P 500 was unchanged at 2,268.9 and the Nasdaq Composite added 20.00 points, or 0.36 percent, to 5,551.82.

The World Bank is forecasting modest global growth this year. The world economy is expected to expand 2.7 percent from a post-financial crisis low of 2.3 percent last year. 

It forecasts 2017 US growth at 2.2 percent versus 1.6 percent in 2016. The report added that tax cut proposals by US President Elect Donald Trump could boost US and global growth but it also warned that Trump's protectionist talk could trigger retaliation.

Back home, the 30-share BSE Sensex surged 173.01 points to 26899.56 and the 50-share NSE Nifty jumped 52.55 points to 8288.60.

SpiceJet chairman Ajay Singh tells the aviation regulator that IndiGo's complaint of faulty on-time-performance calculations should not be entertained. He reasoned that IndiGo had no problems with the methodology as long as it topped the charts.

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Sensex, Nifty may be on back foot; market eyes Trump’s speech

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