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Market Outlook - 24th Jan 2017

Published on Jan 24th 2017

IT

Indian markets are likely to open flat with a positive bias tracking SGX Nifty. U.S. markets fell on concerns of President Trump’s protectionist posture. Trump signed an executive order to renegotiate NAFTA and is expected to withdraw from the Trans-Pacific Partnership. Trump also promised massive tax cuts for the middle class and companies. US markets also await key economic data regarding new and existing home sales, durable goods orders, and fourth quarter GDP. All of which will be released by the end of this week. European stocks lost ground in Monday's session in reaction to President Trump’s protectionist tone in his speech. Royal Dutch Shell fell 1.46 percent after agreeing to sell its 50 percent stake in a petrochemical joint venture for $820mln. Banks also lost ground with Royal Bank of Scotland falling by 2.26 percent. Barclays fell by 1.41 percent and HSBC also finished lower by 1.22 percent. Indian markets closed up on Monday as FMCG, PSU bank and metal stocks gained strongly during the session. This was inspite of weak cues from Europe as well as caution ahead of Wednesday’s F&O expiry. Most stock indices closed positive for the session with only the Pharma index closing down 0.91 percent.

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