Domestic stock markets are likely to open in red today
The major European stock markets had also ended in red last week on Friday. DAX 30 of Germany was down 1.58%, UK’s FTSE 100 closed 0.95% lower, CAC 40 of France ended 0.9% down.
Indian stock market indices are likely to open slightly lower in red on weak global cues. Dow Jones of USA closed 1.29% down on Friday. In Asia, China’s Shanghai Composite ended 18 points or 0.63% lower, Hang Sang was up 0.55% while closing on Friday. Chinese markets will closed for a week to celebrate Lunar New Year, during this period India’s stock market will be mostly guided by US.
The major European stock markets had also ended in red last week on Friday. DAX 30 of Germany was down 1.58%, UK’s FTSE 100 closed 0.95% lower, CAC 40 of France ended 0.9% down.
In macro front, CSO will be releasing the GDP data on Monday and the IIP and the retail inflation data is expected to be released on Friday, February 12. The macroeconomic data and last round of Q3 results to be announced this week will dictate which direction the stock market will move in coming days.
Jet Airways, JK Cement are amongst the major results to be announced on Monday.
Steel stocks may get some buying interest after the government set floor price or minimum import price (MIP) on steel import to restrict cheap steel imports which has adversely affected the domestic steel industry.