Global market Update:
The ongoing economic slowdown and sub-normal monsoon are unlikely to generate much optimism and several large companies have started talking down the already low earnings expectations. The earnings outlook for sectors with large index weights like financial services, oil & gas, information technology, automobiles and engineering & capital goods are decidedly downbeat, on the back of looming recession in the developed world and a slowing domestic economy. Markets have opened lower in trades today tracking the weakness in the global markets and lower than expected US jobs data.
Trading strategy for the day:
Metal stocks are worst hit in the opening deals. All metal sector is down trend for the day and at the same time, FMCG and IT indices are trading marginally higher.
The ongoing economic slowdown and sub-normal monsoon are unlikely to generate much optimism and several large companies have started talking down the already low earnings expectations. The earnings outlook for sectors with large index weights like financial services, oil & gas, information technology, automobiles and engineering & capital goods are decidedly downbeat, on the back of looming recession in the developed world and a slowing domestic economy. Markets have opened lower in trades today tracking the weakness in the global markets and lower than expected US jobs data.
Trading strategy for the day:
Metal stocks are worst hit in the opening deals. All metal sector is down trend for the day and at the same time, FMCG and IT indices are trading marginally higher.
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