You are here: Home » News-CM » Equities » Market Report
Business Standard

Market may slide on negative global cues

Capital Market 

Market is seen opening lower tracking negative leads from Asian markets and overnight fall on the Trading of 50 index futures on the stock exchange indicates that the could fall 18.50 points at the opening bell.

Overseas, Asian shares were trading lower, mirroring losses on the US stock ended lower Tuesday, driven by losses in utilities, telecoms and industrials sectors. The S&P 500 index fell 0.37%. The Nasdaq Composite ended 0.19% lower. The Dow Jones Industrial Average ended 0.45% lower.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1470.56 crore yesterday, 5 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1074.39 crore yesterday, 5 December 2017, as per provisional data.

Among corporate news, shares in interest-rate sensitive sectors such as real estate, banks and automobiles will be in focus as the Reserve Bank of India's (RBI) monetary policy committee (MPC) will conclude its two-day meeting today, 6 December 2017, for the fifth bi-monthly monetary policy decision for FY 2018. The resolution of the MPC will be placed on the RBI website at 14:30 IST today, 6 December 2017.

On the macro front, the government yesterday, 5 December 2017, announced incentives worth a total Rs 8450 crore to boost exports and employment in labour-intensive sectors in the mid-term review of the five-year foreign trade policy (FTP) that was rolled out in 2015.

Export incentives under Merchandise Exports from India (MEIS) have been increased by 2% across the board for labour intensive MSME sectors leading to additional annual incentive of Rs 4567 crore. This is in addition to the already announced increase in MEIS incentives from 2% to 4% for ready-made garments and made ups in the labour intensive textiles sector with an additional annual incentive of Rs 2743 crore.

Further, incentives under Services Exports from India Scheme (SEIS) have also been increases by 2% leading to additional annual incentive of Rs 1140 crore. The FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports, an official statement said.

Key benchmark indices logged small decline after a volatile session yesterday, 5 December 2017. The barometer index, the S&P BSE Sensex, fell 67.28 points or 0.2% to settle at 32,802.44. The 50 index fell 9.50 points or 0.09% to settle at 10,118.25. Both the Sensex and the settled at their lowest levels in almost three weeks.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 07:55 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU