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Market Outlook - 23rd Aug 2016

Published on Aug 23rd 2016

IT

Indian markets are likely to open on a flat note tracking SGX Nifty. US markets showed a lack of direction and closed flat on Monday. This lack of direction was due to investors confusion over the possible direction of interest rates. Oil stocks closed significantly lower due to weakness in crude oil price acted as a drag on the indices. European markets drifted lower as investors awaited decisions by central bankers by the end of the week. The FTSE was dragged significantly lower due to weakness in mining and oil stocks. This was due to overall weakness in commodity prices in metals and oil. Indian markets continued their losses from Friday to close lower on Monday. Fears over a delay in reduction of interest rates and cautious global sentiment over the last session were the primary sources of investor bearishness. IT stocks were the major losers along with PSU banks and the auto sector while FMCG stocks closed positive.

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