Indian Market Outlook For The Week - 24 To 28.09.2018
Benchmark equity indices are likely to fall further next week as investors continue to book profits following risk aversion caused by tight liquidity in the corporate commercial paper market. Yesterday, benchmark indices fell as much as 3% after when DSP Blackrock supposedly sold 3 bln rupees of commercial papers of Dewan Housing Finance Corp at a steep discount, causing panic among investors over the financial health of housing finance companies. A sharp rebound in benchmark indices is expected on Monday but traders will likely sell on gains to book profits as sentiment for equities remains cautious. Caution is also likely as investors await the outcome of the US Federal Reserve's two-day monetary policy meeting that begins on Tuesday. The central bank is likely to raise interest rates by 25 basis points, further tightening global liquidity as it attempts to stave off inflationary pressure at home. Volatility will remain high as traders await expiry of the September derivative series on Thursday. The India VIX index jumped 11% yesterday given the heightened uncertainty about liquidity in domestic money market.
Source : Cogencis Information Services Ltd.
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Benchmark equity indices are likely to fall further next week as investors continue to book profits following risk aversion caused by tight liquidity in the corporate commercial paper market. Yesterday, benchmark indices fell as much as 3% after when DSP Blackrock supposedly sold 3 bln rupees of commercial papers of Dewan Housing Finance Corp at a steep discount, causing panic among investors over the financial health of housing finance companies. A sharp rebound in benchmark indices is expected on Monday but traders will likely sell on gains to book profits as sentiment for equities remains cautious. Caution is also likely as investors await the outcome of the US Federal Reserve's two-day monetary policy meeting that begins on Tuesday. The central bank is likely to raise interest rates by 25 basis points, further tightening global liquidity as it attempts to stave off inflationary pressure at home. Volatility will remain high as traders await expiry of the September derivative series on Thursday. The India VIX index jumped 11% yesterday given the heightened uncertainty about liquidity in domestic money market.
Source : Cogencis Information Services Ltd.
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