Markets may open flat on subdued global cues
Indian equity markets may open flat to slightly lower on Thursday as cues from global markets are subdued. The muted trend in the SGX Nifty, which was trading lower by 10 points at 9,330, indicated that domestic bourses may see a flat to slightly lower opening.
Nifty50 is facing strong supply around levels of 9,350-9,360, hence, a momentum is likely to be witnessed only if Nifty50 moves above these levels, and if it does, it is likely to scale to the level of 9,400, On the downside, the zone of 9,250-9,270 is a strong support zone.
HDFC, Tata Communication, HCC, Godrej Properties, Exide Industries, MCX, MRF, L&TFH will report their quarterly earnings today.
On Wednesday, the Union cabinet approved the National Steel Policy for 2017 that favours domestic manufacturers in government projects. The NSP proposes to enhance steel capacity to 300 million tonnes.
Back home, Indian markets on Wednesday witnessed another lacklustre session as investors largely stayed away on the sidelines ahead of the outcome of the US Federal Reserve’s two-day monetary policy meeting. bonaz capital
On Wednesday, the Dow Jones Industrial Average eked out modest gains, while other major indices posted marginal losses after the Federal Reserve left monetary policy unchanged as expected, and indicated it remains on track to deliver two more rate increases by the year-end. The Dow Jones Industrial Average gained 8 points to finish at 20,958. The S&P 500 slipped 3 points to close at 2,388. The Nasdaq Composite ended with losses of 23 points to 6,073.
Asian markets are trading in the negative territory on Thursday. Financial markets in Japan are closed on account of public holiday. Hong Kong’s Hang Seng is trading lower by 120 points, while China’s Shanghai Composite has shed 16 points.