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INDIAN EQUITY MARKET OUTLOOK-11 MAY 2016

Sgx Nifty

INDIAN BENCHMARKS Bearish opening on Dalal Street
The key Indian equity benchmarks are poised to witness a negative opening on Wednesday as the government late Tuesday announced that starting next year, a capital gains tax on investments coming from Mauritius will be imposed as it seeks to curb black money. SGX Nifty is trading 124 points lower.

Focus will be on Kotak Mahindra Bank, Havells India, Apollo Tyres and Asian Paints as they unveil their March quarter earnings today. Caution ahead of key macro data to be released on Thursday including March industrial output and April consumer inflation 

Indian shares bounced back from earlier losses to close higher on Tuesday, posting their second consecutive session of gains, as a rebound in crude oil prices and global stocks continued to favour riskier assets. The S&P BSE Sensex and CNX Nifty ended 0.33%-0.28% higher each.

Global Markets:

Asian stocks pulled away from eight-week lows on Wednesday, a day after solid corporate earnings sparked a rally in global equities while the yen struggled amid intervention warnings from Tokyo in the wake of the currency's rapid rise. 

A surge in US stocks overnight after a rise in US job openings to the second highest level on record in March signaled a strengthening labour market recovery in the world’s biggest economy. 

European shares rose on Tuesday, lifted by news of progress on Greek debt talks, with Danish jeweller Pandora surging after strong results and Credit Suisse gaining after a smaller-than-expected loss.

Major Headlines of the day:

Tata Steel gets SEZ status for Gopalpur project. 
EID Parry Q4 net up 59% at Rs267 cr. 
JSW enters race for Tata Steel's UK business.

Trend in FII flows:   The FIIs were net  sellers of  Rs -328.59 Cr in the cash segment on Tuesday  while the DIIs were net buyers of  Rs 68.20 Cr, as per the provisional figures.

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