Indian markets are likely to open flat with a negative bias tracking SGX Nifty and
global cues.
US markets remained closed on account of new year. While the first day of the year
was on Sunday the financial markets across US observed holiday on Monday. Most
of the European markets ended on a positive note on the first trading session of the
new year.
Indian markets traded on a weak note for the entire in range bound manner and
closed marginally negative. With sharp rate cuts by banks the credit growth for the
industry should revive. However it could take some time before the impact is felt.
However in the mean time investors are worried about the margins of banks and
competition to HFCs and hence we saw some selling in selective HFC and Banks
during the day. In the near term quarterly results and commentary by corporate as
to how 2017 looks forwards to them will be closely watched by Indian market
participants.
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