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Market Outlook - 04th Jan 2017

Published on Jan 04th 2017

IT

Indian markets are likely to open flat with a positive bias tracking SGX Nifty and global cues. After a long holiday period the US markets opened on strong note on Tuesday and moved up sharply. While major indices came off from days high they closed with a positive note for the day. A positive economic data by Institute for Supply Management showed that PMI for December increased to 54.7 from 53.2% showing strength in the economy and this could have helped the sentiment. Most of the European markets also ended on a positive note on the back of positive economic data from UK. Further positive data points both from US and China also played a role in yesterday’s trade. Indian markets traded in a narrow range on Tuesday. While banking stocks which had been weak in the previous trading session saw some buying interest on the other hand oil marketing companies recovered on the news of hikes in petrol and diesel prices.

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