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Market Outlook - 03rd Jan 2017

Published on Jan 03rd 2017

IT

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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