Monday, 30 January 2017

Opening Bell - Markets open flat with a negative bias; IT stocks drag

BSE Sensex opened down by 23.98 points at 27861.3, while the Nifty50 opened down by 8.95 points at the 8632 mark. 

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The BSE Sensex opened down by 23.98 points at 27861.3, while the Nifty50 opened down by 8.95 points at the 8632 mark.

Rupee opened at 68.06 per dollar down by 2 paise.

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The majority of European markets ended Friday’s session in the red. The DAX of Germany declined to 11,814.27 level by 34.36 points or 0.29% and the CAX 40 of France fell to 4839.38 level by 27.26 points or 0.56%. However, FTSE 100 of the UK gained 23 points or 0.32% to 7184.49 level.

The US markets ended mostly lower on Friday, pressured by a disappointing read on economic growth, as well as key corporate results. The Dow Jones Industrial Average fell 8.8 points to close at 20,092.60. The S&P 500 Index slipped 2.1 points to end at 2,295. However, the Nasdaq Composite Index rose marginally by 5.6 points to close at 5,660.8.

The Asian market languished, Japan’s Nikkei was trading lower by 0.78%, after data showed that December retail sales rose 0.6% from the previous year, which was disappointing as market forecast was for a 1.3% increase. The markets in Hong Kong and China are closed for holidays. 

The SGX Nifty index is trading in the negative territory with half a percent drop at 8,630, indicating a jittery start for the Indian markets. The stock of Larsen & Toubro will be in the limelight as the engineering giant reported a 38.85% rise in net profit, but it has cut its guidance for the rest of the financial year.

Tech Mahindra, Grasim Industries and Bajaj Finance are some of the major companies reporting their earnings today.

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