The key domestic indices are likely to witness a negative opening, as most of the major Asian indices were seen trading on a weak note amidst decline in prices of commodity stocks due to fall in oil and metal prices after the Fed Chairman Bernanke confirmed that the central bank has no immediate plans to extend fresh stimulus into the US economy.
The MSCI Asia Pacific Index was little changed at 135.77. The Shanghai Composite decreased by 0.39% at 2,799.58. However, the Nikkei225 advanced by 0.27% at 9,963.11. The Japanese stocks rallied as electronics retailer stocks were boosted by reports stating the government might revive subsidies to encourage consumers to buy energy-saving appliances. Further, the Hang Seng and Straits Times declined by 0.37% and 0.03%, respectively. In the domestic arena, the markets are likely to follow the route of its global peers and witness a negative opening. The Realty, Banking, Healthcare and IT space will be in focus during today"s trade.
On Thursday, the domestic bourses ended the dramatic session on a flat to positive note after a significant recovery from initial fall. The sentiments turned bearish following the announcement from Finance Minister Pranab Mukherjee that the inflation is a matter of concern Government is working together with RBI to take appropriate steps to reduce inflation to more comfortable level.
This spooked the concern that RBI will go for further rate hike in its credit policy meet later this month. Soon after opening on the lower side, the benchmark indices were seen plunging further and the benchmark Nifty was dragged near the 5,540 mark. However, the market recovered smartly thereon as hefty buying interest emerged among the Realty, Banking and Metal space. The benchmark Nifty surged above the 5,600 mark post mid-session and tasted the 5,650 levels. The market breadth, which was weak during morning trade, also improved and turned positive. However, during the final thirty minutes, the market faced hefty sell-off from the IT space. Tech major TCS led the downward rally, declining by 2.23%, followed by Infosys, which declined by 1.55%. The benchmark Nifty was seen swinging 200 points during the session. Finally, the market settled in the positive terrain.
The MSCI Asia Pacific Index was little changed at 135.77. The Shanghai Composite decreased by 0.39% at 2,799.58. However, the Nikkei225 advanced by 0.27% at 9,963.11. The Japanese stocks rallied as electronics retailer stocks were boosted by reports stating the government might revive subsidies to encourage consumers to buy energy-saving appliances. Further, the Hang Seng and Straits Times declined by 0.37% and 0.03%, respectively. In the domestic arena, the markets are likely to follow the route of its global peers and witness a negative opening. The Realty, Banking, Healthcare and IT space will be in focus during today"s trade.
On Thursday, the domestic bourses ended the dramatic session on a flat to positive note after a significant recovery from initial fall. The sentiments turned bearish following the announcement from Finance Minister Pranab Mukherjee that the inflation is a matter of concern Government is working together with RBI to take appropriate steps to reduce inflation to more comfortable level.
This spooked the concern that RBI will go for further rate hike in its credit policy meet later this month. Soon after opening on the lower side, the benchmark indices were seen plunging further and the benchmark Nifty was dragged near the 5,540 mark. However, the market recovered smartly thereon as hefty buying interest emerged among the Realty, Banking and Metal space. The benchmark Nifty surged above the 5,600 mark post mid-session and tasted the 5,650 levels. The market breadth, which was weak during morning trade, also improved and turned positive. However, during the final thirty minutes, the market faced hefty sell-off from the IT space. Tech major TCS led the downward rally, declining by 2.23%, followed by Infosys, which declined by 1.55%. The benchmark Nifty was seen swinging 200 points during the session. Finally, the market settled in the positive terrain.