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Market Outlook - 16th Jun 2016

Published on Jun 16th 2016

IT

Indian markets are expected to open in red tracking SGX Nifty. U.S. stocks gave up their gains as the close neared to end lower Wednesday after the conclusion of Janet Yellens press conference and Fed meeting. Dow industrial average and SP 500 posted their first 5day losing streak since the one ending Feb 11. Nasdaq had its first 5day losing streak since late April. Fed kept rates unchanged at its June meeting. 6 members projected only 1 hike this year although median expectation remained 2 hikes this year. FTSE 100 in London ended in red amidst concerns over Brexit vote. Recent opinion polls suggest there may be growing support for Brexit vote in 23 June referendum. Equity indices snapped 4day fall on Wednesday with Sensex rallying over 300 points after the cabinet cleared aviation policy SBI merger and ahead of the outcome of Feds 2day policy meeting. Banking shares led the rally followed by Infra FMCG and IT stocks.

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