Markets may get some breather; SGX Nifty up 10 pts;

Indian Indices:

Indian shares are likely to witness a flat to positive start on Wednesday morning as the global markets look slightly supportive with SGX Nifty trading 10 points higher @9635. Indian equities are likely to continue with cautious trade on Wednesday, tracking muted cues from Nifty futures on the Singapore Stock Exchange and weak trading across Asian markets.

Back home, muted trend in the SGX Nifty Index Futures for July delivery, which were trading at 9,633.50, up by 8.50 points or 0.09 per cent, at 10:52 AM Singapore time, also signaled a flat opening for local bourses. In absence of any major trigger, investors keenly eyed the June quarter corporate earnings which will begin next week.

The market is also anticipating rate cut by the Reserve Bank in its next meeting as June CPI inflation is expected to be around 1.5 per cent, says a media report.

On the corporate front, Essar Steel shares will remain in focus after the company moved the Gujarat High Court against insolvency proceedings initiated by the banks on the direction of the Reserve Bank (RBI).

Rail related stocks will also see some movement as Adventz Group, which owns listed forms like Texmaco Rail, Texmaco Infra and Kalindee Rail, signed a USD 2 billion agreement with Israel’s Lesico group. On Tuesday, the Indian equities ended on flat note with negative bias in choppy trade on Tuesday, tracking mixed cues from Asian peers, as investors booked profits after strong rally in the previous session.

The 30-share barometer SENSEX closed at 31209.79, down by 11.83 points or by 0.04 per cent, and the NSE Nifty ended at 9613.3, down by 1.7 points or by 0.02 per cent.

Global Market:

Asian share markets got off to a subdued start on Wednesday as simmering tensions on the Korean peninsula supported safe-harbors including the yen and gold. The stocks retreated amid escalating geo-political tensions after North Korea launched a long-range ballistic missile which landed in Japan's exclusive economic zone (EEZ), Reuters said.

The US markets remained closed on Tuesday on the eve of Independence Day. U.S. President Donald Trump's protectionist approach to trade has the potential to ignite a trade war, the German DIHK Chambers of Commerce warned on Tuesday, adding that German companies were among the biggest job creators in America.

The European Union has approved a 5.4 billion euro ($6.1 billion) state bailout of Italy's fourth-largest lender, Monte dei Paschi di Siena , taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros.

Major Headlines of the day:

NTPC to invest $10 bn in coal power plants despite surplus, green concerns.

ABG Shipyard in 'deep crisis', posts Rs 822 cr loss in Q3.

Infosys Finacle ties up with Singapore firm for AI in banking services.

Trend in FII flows: The FIIs were net buyers of Rs -834.36 the cash segment on Tuesday while the DIIs were net sellers of Rs 294.88 as per the provisional figures.

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1.JPASSOCIAT

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