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Market Outlook - 24th Aug 2016

Published on Aug 24th 2016

IT

Indian markets are likely to open on a negative note tracking SGX Nifty. After moving higher in the session US markets gave up some of their gains to close slightly positive on Tuesday. Housing stocks were a strong driver for the rally after housing starts data came in much better than expectations. Energy stocks rallied as well with gold stocks continuing their decline from the last session. European markets ended higher on Tuesday on strong economic data that suggested a revival in economic activity. The FTSE was helped by advances in mining and financial services stocks. Among the gainers was BHP Billiton PLC which rallied 4% after a ratings upgrade due to improving industry fundamentals. The Indian market ended Tuesdays session on a flat note. Markets initially moved downwards on strong selling but a strong performance from the IT stocks pulled the indices up and the markets closed flat. Sentiment was also muted due to upcoming expiry on Thursday.

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