Nifty saw another day of dismal selling as it closed near 10700 having lost over 300 points this week.The foreign selling accentuated towards the lows as sentiment turned weak in the absence of credible reforms by the Government. The strength in the rupee was ignored by foreign institutions who sold relentlessly.
For today, a bounce seems on the cards as oversold conditions and technical levels could see an uptick in the second half of the day.
US Market: US stocks see profit booking in the last hour to end in the red. Dow Jones flirts within 100 points of all time highs. Bond yields drift as markets balance rate cut with higher oil prices as US$ sees weakness. Microsoft hits fresh all time highs as market cap crosses a trillion $.
Asian Market: Asian markets opened in the green this Friday with the Japanese Nikkei looking to end the week with a flourish as it closes well above 22000. The unrest in Hong Kong and slow growth in India is seeing foreign investors sell both the markets while others see traction. For today, expect a bounce in Chinese markets with banks leading the rally as US$ weakness bodes well for the yuan.