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Last Updated : Jan 16, 2017 09:19 AM IST | Source: Moneycontrol.com

Sensex, Nifty may trend lower; IT stocks, Reliance in focus

Analysts said that Q3 FY17 earnings from blue-chip companies are set to be the next big trigger for the markets.Among major earnings this week, Reliance Industries, Axis Bank and Adani Power would announce quarterly results.

 
 
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The market may trend lower with the SGX Nifty indicating a minor gap down. Asian markets are lower as the British pound fell more than 1 percent on fears preparing the United Kingdom is ready for a hard exit from the European Union.


The British pound tumbled from levels above USD 1.2176 to about USD 1.2036 Monday morning during Asian hours. The euro gained against the pound, climbing to 0.8824, from levels near 0.8720. The Shanghai Composite and Shenzhen Composite dropped over 1 percent, while Hong Kong’s Hang Seng declined 0.7 percent.


Back home, the Indian market snapped its 3-day gaining streak on January 13, with the Sensex ending flat at 27238.06 while the Nifty closed at 8400.35. 

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Analysts said that Q3 FY17 earnings from blue-chip companies are set to be the next big trigger for the markets.Among major earnings this week, Reliance Industries, Axis Bank and Adani Power would announce quarterly results.


Asia's oldest bourse BSE will launch its much-awaited Rs 1,500 crore initial public offering (IPO) on January 23.

On macro front, inflation data based on wholesale price index (WPI) for December 2016 is scheduled to be announced on Monday.


Meanwhile international energy agency says that global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented.


Gold prices traded above 1200 dollars an ounce.



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First Published on Jan 16, 2017 08:33 am
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