Indian markets are likely to take back some of their losses clocked yesterday at open, as global equities rose thanks to risk-on sentiment.
The Nifty closed a shade below 7950 on Thursday, and technical analysts see resistance for the index in the 7950-8000 zone. The Sensex too is looking strong on the charts, having closed above 26000
This morning cues are quite good for the market at least the global cues and the SGX is indicating that we will have a gap-up but foreign institutional investors (FIIs) have been selling.
It looks like this morning is going to be a flat start for the market; the cues are not exactly great.
Cues are mixed this morning and it will test the mini breakout that we had in yesterday's trade says Anuj Singhal in his pre-market update.
Udayan Mukherjee, managing editor, CNBC-TV18, says that The Indian market has been underperforming from last couple of days due to various reasons like politics, disappointment on Reserve Bank of India (RBI) policy, Bharti scare and sometimes global markets. But net-net India has begun underperforming other markets.
Today is the last trading session of a pretty constructive week. There is no indication that the pullback has ended, and it continued for the third consecutive day yesterday
The BSE Sensex closed the day at 19484.77 on Friday, down 95.55 point. The Nifty too, is hovering near 5900 levels.
In the US markets ended largely unchanged after crawling along the flat line or most of the session as investors sat on the sidelines ahead of a busy week of corporate earnings and dragged down by weakness in Apple. The CBOE volatility index closed above 13.
Udayan Mukherjee, managing editor, CNBC-TV18, says that it is a big day for the market. The Nifty touched 6,000 after a period of two years and the market has been consolidating at that level.
The rupee is likely to move in a range on mixed cues from global equities, currency and crude, says Vikram Nanivadekar, Independent Analyst.
Udayan Mukherjee, managing editor, CNBC-TV18, says that these are strong rays on Dalal Street. Last two trading sessions have lit up the screen. We are trading at a new 2012 high this morning, nearly at 20-month high. Yesterday the volumes were also at an all-time high.
Gold prices today slipped from record high levels by losing Rs 35 to Rs 32,940 per 10 grams due to fresh selling by stockists sparked by sharp fall in overseas markets.
Rahul Chadha of Mirae Asset Global Investments, says that the central bank will have limited ability to revive the economy by cutting rates again aggressively. He also feels that the market will be in consolidation mode for next 2-3 months and the fair value for the rupee is between 53-55/dollar.
The rupee is expected to gain moderately amid mixed cues from global markets. However, negative equity market cues may restrict gains, says Ssharad D Pawaar, SPFX India.
Udayan Mukherjee, managing editor, CNBC-TV18, says that today the market has been a bit volatile.
The rupee is likely to strengthen amid positive global cues. The dollar sales by corporates and falling crude prices may support the currency further, says Ssharad D Pawaar, SPFX India.
The rupee is expected to come under pressure from overnight dollar gains. Weak equity market cues may add to the losses further, says Ssharad Pawaar, SPFX India.
The rupee continues to pare gains on weak domestic fundamentals and political logjam, says Pramit Brahmbhatt, CEO, Alpari India.
The rupee is likely to remain under pressure on soft equity market cues and month-end dollar demand, says Vikram Nanivadekar, Verity Analytics.
Udayan Mukherjee, managing editor, CNBC-TV18, say that it was a tight range-bound session today. The market started a bit lower in the morning on the back of weak global cues with most of Asia was down.
Positive global market cues and a flat dollar should support the rupee, says Manis Thanawala, Greenback Forex Services.
Markets are likely to be rangebound in the absence of any major global cues, says Sandeep Bagla, ICICI Securities.
Yesterday, the markets looked scary but today it is a better morning. Expiry was bad yesterday, but this morning the mood has been lifted because of some comments from Mario Draghi.
The rupee is likely to gain marginally amid mixed global market cues, says Ssharad D Pawaar, SPFX INDIA.