INDIAN BENCHMARKS edged lower in the week ended Friday, March 27, 2015. Indian markets declined the last week on weak global cues. The S&P BSE Sensex slipped below the psychological 28,000 mark. Global stocks fell as weak US durable goods data sparked concerns about the pace of economic recovery in the world's biggest economy. Geopolitical worries triggered by escalating conflict in Yemen also weighed on global stocks.
Further, The government today (March 27, 2015) lowered the price of domestically produced natural gas by over 10% to $5.02 per mmBtu from $5.6 per unit, the first ever reduction in the rates of the fuel.The new price will be effective from April 1.Natural gas price was raised from $4.2 per mmBtu to $5.61 per mmBtu effective November 1, 2014.
The INDIAN BENCHMARKS fell 802.44 points or 2.84% to settle at 27,458.64. The CNX Nifty dropped 229.50 points or 2.68% to settle at 8,341.40.
GLOBAL MARKET CHASE
ASIAN STOCKS were mostly lower as tensions in the Middle East and losses on Wall Street soured sentiment, while the dollar's Bull Run looked to have stalled for the time being.
U.S. STOCKS index futures poised for a lower opening at the Wall Street on Friday
EUROPEAN STOCKS crawled higher as upbeat U.S. economic data helped revive some risk appetite lost following air strikes on Houthi militants in Yemen, while the dollar rebounded.
WEEK AHAED
In the coming week, the trend in global markets, investment by foreign portfolio investors (FPIs), the movement of rupee against the dollar, and crude oil price movement will dictate
trend on the bourses in the absence of any major domestic macro economic data.
Next week is a truncated trading week. The stock market will remain shut on Thursday, (April 02, 2015), on account of Mahavir Jayanti and again on Friday, (April 03, 2015), on account of Good Friday.
Among micro economic data, The government will unveil Eight Core Infrastructure Industries data for February 2015 on Tuesday, (March 31, 2015).The government will also unveil fiscal deficit data for February 2015 on Tuesday, (March 31, 2015).Also, HSBC India Manufacturing Purchasing Managers' Index (PMI) for March 2015 is due on Thursday, (April 02, 2015).
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