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Today on Market Ahead: 1. Markets are likely to be driven by several macroeconomic numbers including the WPI and CPI inflation and factory output data this week 2. Sebi may delay extending trading hours at derivatives markets till 11.55 pm 3. A fifth of top 500 stocks down 30% in 2018 even as indices chart new highs
Markets are expected to be driven by several macroeconomic numbers including the WPI and CPI inflation and factory output data this week. The bourses, however, will remain closed on Thursday on account of Ganesh Chaturthi.
Investors will also keep an eye on wobbly rupee, rising global crude oil prices amid worries of trade war.
Indian rupee has seen sharp depreciation to hit a historic low of 72.10 against the US dollar last week, but managed to recover on Friday to close the week at 71.74. Year-to-date fall in currency was 12.32 per cent due to persistent global headwinds and concerns on macroeconomic front.
Among macro data, July industrial production and August CPI inflation due on Wednesday. WPI inflation data for August will be announced on Friday. Industrial production rose to a five-month high of 7 percent in June while CPI inflation fell to 4.17 percent in July, lowest in nine months, driven by cheaper food items.
Globally, Asian shares started the week in the red again on Monday, faltering for the eighth straight day and the dollar climbed against major currencies after US President Donald Trump raised the stakes in the heated trade dispute with China.
MSCI’s broadest index of Asia-Pacific shares outside Japan were last down 0.2 per cent after dropping 3.5 per cent last week for their worst weekly showing since mid-March.
Japan's Nikkei opened lower but quickly pared losses after revised second quarter gross domestic product data showed the world's third biggest economy grew at its fastest pace since 2016. Australia's benchmark share index slipped 0.2 per cent, while South Korea's KOSPI index eased 0.1 per cent.
The Securities and Exchange Board of India (Sebi) may delay extending the trading hours at the derivatives markets till 11.55 pm because it hasn’t been able to resolve a few issues, according to sources.
Starting October 1, the derivatives markets were supposed to remain open till 11.55 pm.
“The detailed framework for the settlement process, risk management systems, monitoring trade positions, and surveillance mechanism is yet to finalised,” said a person privy to the development, adding it was unlikely the exchanges would be able to extend the trading hours from October 1.
Senior officials of the stock exchanges said while they had submitted proposals to extend the trading hours, the regulator had not given the green signal.
Sebi and the exchanges are evaluating aspects of the settlement mechanism,
The divergence between the performance of the broader market and benchmark indices has been stark this year. Even as key indices chart new highs, shares of smaller companies are gliding down.
Of the top 500 stocks, 104 have lost over a third of their market value this year.
Further, nearly 70 per cent of the BSE 500 constituents have given negative returns this year. This lacklustre performance of mid-cap stocks comes even as the benchmark Sensex is up over 13 per cent year to date.
Market participants say the mid- and small-cap stocks are losing favour among investors, especially the institutional ones, on account of expensive valuations and dim earnings outlook.