INDIAN BENCHMARKS : Bearish start seen on global chaos

INDIAN BENCHMARKS Bearish start seen on global chaos.

Indian Indices:

Indian shares are likely to open on a bearish note as the global cues look subdued with SGX Nifty trading 71 points lower. Indian benchmark indices are likely to kick-off week on bearish note on Monday tracking weak cues from US and Asian stock amid lingering concerns about UK referendum and US Fed decision. Slower-than-expected growth in factory output numbers released post market hours of Friday may also weigh on market sentiments. Losses in the CNX Nifty Index Futures for June delivery which declined by 81 points to 8,116 at 10:34 AM Singapore time also signal that Dalal Street may open lower today.

The Index of Industrial Production (IIP) data for the month of April came in at a disappointing (-) 0.8 per cent, dragged down primarily by the manufacturing sector, which contracted by 3.1 per cent over the same month in 2015. On Friday, the Indian benchmark indices extended their loosing spree led by sharp losses in realty and auto stocks as caution prevailed in the market ahead of IIP data for April which is scheduled to be released later in the day. Investors also maintained cautious amid lingering concerns about UK referendum and US Fed decision. The BSE SENSEX closed at 26635.75, down by 127.71 points or by 0.48 per cent, and the NSE Nifty ended at 8170.05, down by 33.55 points or by 0.41 per cent.

Trend in FII flows:   The FIIs were net  sellers of  Rs - 201.32 Cr in the cash segment on Friday while the DIIs were net buyers of  Rs 165.62 Cr, as per the provisional figures.

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