Will Fitch boost help Nifty shrug off bad global cues?

The Sensex ended the day at 19041, down 102 points over its previous close, after touching a low of 18969. The Nifty finished at 5760, down 29 points over its close. In a big vote of confidence, ratings agency Fitch raised India's economic outlook to ‘stable’ from ‘negative’. The Indian benchmark indices extended its losing streak on Wednesday bogged down by macro economic data of April industrial output and May inflation numbers. The market ended in red despite a mild recovery seen in the rupee

The Sensex ended the day at 19041, down 102 points over its previous close, after touching a low of 18969. The Nifty finished at 5760, down 29 points over its close. In a big vote of confidence, ratings agency Fitch raised India's economic outlook to ‘stable’ from ‘negative’ .It has given a thumbs up to the government's fiscal consolidation drive and expects inflation to ease further. stock market technical analysis technical analysis of stocks

US Markets

Wall Street ended yet again in red in choppy trading. The CBOE VIX, the volatility index, spiked 9 percent. The Dow posted its first three day losing streak, amid concerns of Fed tapering its quantitative easing (QE) The Dow Jones Industrial Average tumbled 126.79 points, to close at 14,995.23The important data to be released from the US today are the weekly jobless claims. Estimates peg it slightly higher at 350000 compared to 346000 the previous week.

European Markets

European markets closed lower mirroring losses in US markets, on continuing concerns about an imminent scaling back of ultra-loose monetary policies by central banks. The European FTS Eurofirst 300 closed down 0.3 percent at 1,176.14 points, extending the previous session's decline.In the debt market - Italy sold 7 billion euros in 12-month bonds. The Italian treasury paid an average yield of 0.96 percent for the bonds, slightly up from a record low of 0.73 percent at the last such auction in may. The demand was 1.49 times the amount on offer. technical analysis best trading software charting software

In Greece, the government has shutdown its public broadcaster and has laid off all 2,700 employees, as part of cost cuts demanded by international creditors. The greek government has said it would reopen its broadcasting department with a smaller workforce later. The decision has triggered widespread protests in the country. Meanwhile, the European Commission has said that it did not seek the closure of Greece's national broadcaster.

This development comes on a day when the MSCI cut Greece's status to emerging markets, booting the country from its index of developed countries. This is the first time the index provider has demoted a country from its developed to emerging-market category. 

Asian Markets

Asian stocks stumbled earlier thursday after the uncertainty over US monetary policy led to more losses on Wall Street, with Japanese shares plunging toward their sixth loss in seven sessions as a strengthening yen hurt exporters. Japan's benchmark Nikkei trimmed its losses after plunging as much as 6 percent on Thursday in a vicious sell-off after the yen rallied over 1 percent against the greenback.

Other asset classes

In other asset classes, the euro is holding firm above 1.33 to the dollar. The dollar index has slipped below the 81 mark. Meanwhile, the yen strengthened, currently sub 96. In commodities, Brent Crude hovers around 103 dollars per barrel. From precious metals space, gold is continuing to trade around 1385 dollars an ounce.

Source : .Money Control