INDIAN EQUITY MARKET OUTLOOK - 08 JUNE 2016

Bullish trend may continue at Dalal Street

Indian Indices:

Indian markets are poised to witness a gap up opening on Wednesday and extend a rally as the Reserve Bank of India’s (RBI) continued accommodative monetary policy stance bolsters risk taking appetite. SGX Nifty is trading at 0.50 points marginally lower.

Indian shares closed higher on Tuesday after the country's central bank kept key rates unchanged, but said it would remain 'accommodative' as it keeps a watch on inflation levels. The S&P BSE Sensex and CNX Nifty rose 0.87%-0.80% each.

Global Market:

Japan's Nikkei share average eased on Wednesday as the strong yen soured investors' mood, while energy shares continued to benefit from higher oil prices.

U.S. stocks advanced, even after the S&P 500 Index pared much of its gain in the final hour of trading, as rallies in energy producers and airline operators offset slumping health-care and bank shares.

European shares touched a one-week high on Tuesday after Federal Reserve Chair Janet Yellen pushed back expectations for a rate increase without raising concerns over the strength of the world's largest economy.

Major Headlines of the day:

·       Wipro proposals to revive Rajarhat SEZ in Bengal.

·       RCom-Aircel merger picks up pace, might conclude in July.

·       GMR Infra-led consortium bags Rs2,280 cr DFCC contract.

 Trend in FII flows: The FIIs were net buyers of Rs 499.73 Cr in the cash segment on Tuesday while the DIIs were net buyer of Rs 46.33 Cr, as per the provisional figures.

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