Indian markets are expected to open flat tracking marginally negative opening in SGX Nifty and most of the Asian markets.
US stock markets ended lower showing a substantial downturn over the course of the trading session on Tuesday, after moving mostly higher in morning trading. The negative sentiments were largely attributed to concerns about the escalating conflict in Iraq, which inspired some traders to cash in on the recent strength in the markets. Additionally, Syrian warplanes which struck targets in western Iraq indicated the broader regional conflict as reported Wall Street Journal added to the worries. Meanwhile, European stocks inched higher on Tuesday, taking back losses from the previous session despite some mixed economic data.
Back home, Indian shares rebounded sharply on Tuesday from two and a half weeks lows hit on Monday as a decline in crude prices eased concerns that inflation will quicken. Investors were also encouraged by media reports that Iraqi Prime Minister Nuri al-Maliki was under pressure to step down to help form an inclusive government by July 1.
Markets Today
The trend deciding level for the day is 25,300 / 7,563 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,484 - 25,599 / 7,611 - 7,641 levels. However, if NIFTY trades below 25,300 / 7,563 levels for the first half-an-hour of trade then it may correct 25,185 - 25,001 / 7,532 - 7,485 levels.
Road Ministry approves over Rs.40,000cr highway projects
In a boost to the infrastructure sector, Ministry of Road Transport and Highways has approved highway projects worth over Rs.40,000cr to be implemented in the next couple of years. The projects are to be implemented in the states of Jammu & Kashmir, Himachal Pradesh, Uttarakhand and the Northeastern region which is expected to encourage tourism.
Economic and Political News
- India accounted for 5% of global steel production in May
- Give details of 14 projects awaiting clearances: CoalMin to CCL
- Railway fare hike may add up to 50 bps to inflation
- Oil output drops marginally in May, gas production dips
Corporate News
- Essar Oil board approves delisting from BSE and NSE
- Flipkart to launch tablet under private label on Jun 26
- Airtel signs definitive agreement with Loop Mobile
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