Cues: Market likely to be weak on lack of triggers

Moneycontrol Bureau

The BSE Sensex ended flat on Monday, holding just above 19500. The market witnessed a lacklustre trading session throughout the day. Today, cues from the global markets are not very supportive as Asian market showed mixed trading trend. There was no trading in the US on account of President's day, while the European markets too closed on a mixed note. On back of global factors and not much domestic support, equity market too is likely to show downtrend today.

Asian markets traded mixed. China's Shanghai Composite shed 0.34% or 8.12 points at 2,413.44. Hong Kong's Hang Seng was flat at 23,366.97. Japan's Nikkei was down 0.22% or 25.02 points at 11,382.85. Singapore's Straits Times was up 0.50% or 16.37 points at 3,304.51. South Korea's Seoul Composite gained 0.33% or 6.54 points at 1,988.45. Taiwan's Taiwan Weighted rose 0.32% or 25.05 points at 7,968.58.

Investors took comfort from a G-20 meeting, which urged action to address a weak global economy.

Mario Draghi, chief, ECB, dismissed the talk of currency war but said he is watching the euro. Speaking at the European Parliament, he said that he expected the eurozone economy to recover this year although downside risks remain. He also warned that exchange rate is important for growth and stability.

The euro remained unchanged above 1.33 to the dollar. The dollar index held above 80.50 levels. The yen continued to remain under pressure.

In commodities, Brent crude was steady around USD 117 levels.

In the precious metals space, gold prices continued to remain weak at USD 1612 levels.

shadab.khan@network18online.com