Pre Session- Bears to strengthen grip on Dalal Street amid global sell-off
03/07/2015
Indian equity benchmarks are poised to retreat for a second straight day on Friday as worries over Greece’s fate unnerves investors across the globe while insipid US June payrolls data which showed stagnating wages and a slowdown in job creation signaled doubts over the health of the labour market in the world’s biggest economy, cutting the lure for risky bets. The 30-share Sensex, which snapped a two-day winning streak, shedding 75 points to 27,945.8 on Thursday amid fears that turmoil in Europe may hit earnings of software exporters, may fall prey to a global sell-off on Friday with Asian markets in the red tracking a bearish finish at Wall Street overnight as traders await the outcome of Sunday’s Greek referendum which will decide whether the country accepts European bailout terms that demand further steep spending cuts and budget hikes as a pre-condition to unlock new aid. Back home, investors will eye the Services PMI number for the month of June following a contraction in May when it came in at 49.6. However, warnings over another quarter of muted warnings growth may keep pressure on the domestic benchmarks today. Weakness in the SGX CNX Nifty Index futures for July delivery which fell by 0.14 per cent at 8,418.50 at 10:38 am Singapore time, signals a gap down opening at Dalal Street on Friday.
While the Greek government has urged voters to vote against creditor’s demands, a “no” vote could pave the way for Greece’s euro exit, an event which threatens to cause ripples across global financial markets. Greece’s which earlier this week defaulted on its 1.6 billion euro debt to the IMF, needs a cash injection of 36 billion euro over the next three years and easier bailout terms from the Euro area to make its debt sustainable, the Washington-based lender stressed. Opinion polls suggest that the July 5 referendum will be a close call, keeping investors jittery. Meanwhile, American employers added 223,000 jobs in June, compared to May’s downwardly revised 254,000 while the size of the workforce receded and monthly earnings at private employers stalled, a sign that the US job market is yet to completely heal. While shares in mainland China tumbled on Friday as the country’s services PMI fell to a five-month low at 51.8 in June from 53.5 in May, with a reading above 50 signaling expansion, markets in Hong Kong and Japan were also lower amid Greek caution and disappointing US jobs data.
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3.JuL.2015 - EQUITY NIFTY 50 STOCKS PIVOT LEVELS
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03.07.2015:INTRADAY AUROPHARMA CALLS
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