Markets may open positive but remain subdued

India Infoline News Service | Mumbai | March 21, 2017 08:23 IST

Indian equity markets are likely to open flat to positive on Tuesday as most of the Asian markets are trading in the green.

People in a business meeting checking the market behaviour
Indian equity markets are likely to open flat to positive on Tuesday as most of the Asian markets are trading in the green. The SGX Nifty, which was trading at 9,186, up by 22 points or 0.24%, also signalled a subdued opening.
 
Nifty50 opened the day around the level of 9,167, and thereafter, selling pressure emerged and the index registered a low of 9,116. The opening upside gap which was formed as on March 16, 2017 has been filled partially. Now, going forward, the range between 9,060-9,100 levels is likely to act as a support level. On the upside, 9,200-9,220 is likely to act as a resistance level.
 
One of the most popular supermarket retail chains in the country D-Mart’s parent company, Avenue Supermarts Limited will make its debut on the stock exchanges today. The IPO of Avenue Supermarts received robust response from the investors and was oversubscribed marginally over 104 times.
 
Back home, Indian markets began the week on a sluggish note and traded in the negative terrain right through the session on Monday as markets participants chose to take profits home after the decent run-up in recent times.
 
On Monday, the Union cabinet cleared four crucial bills pertaining to the GST; namely, Central GST (CGST) Bill, Integrated GST (IGST) Bill, Union Territory (UTGST) Bill and Compensation Bill.
 
The main US stock indices closed marginally lower on Monday for the third straight day of losses, as market participants were reluctant to make big bets in the absence of any positive trigger. The Dow Jones Industrial Average ended lower by 9 points at 20,906, the S&P 500 index closed 5 points lower at 2,374, while the Nasdaq Composite Index finished unchanged.
 
Most of the Asian stocks are trading in the green on Tuesday. Hong Kong’s Hang Seng is trading with gains of 82 points and the Shanghai Composite gained 7 points, while Japan’s Nikkei 225 bucking the positive trend slid 66 points after the yen rose for the sixth day against the dollar.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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