Daily Equity Market Trends

Market Snippet:

Benchmark indices consolidated on the very first trading session of the expiry week as investors remain cautious ahead of key quarterly results of Axis Bank and HDFC bank. However the firm global cues helped the market to end higher. The Nifty ended the session to close at 8708.95 i.e.15.90 points higher.

ONGC, BPCL and Coal India were the top gainers of the day IDEA, Wipro, Hcltech and Asian Paints were the top losers of the day.

Global Markets Update:

• JP Morgan Cazenove has downgraded its position on British stocks while upgrades euro zone equities, citing negative pressures on British equities from rising gilt yields as one of its main reasons.
• Japanese stocks edged up after investors bought drugmakers in hopes for strong mid-year earnings, offsetting weakness in such cyclical stocks as exporters which languished on profit-taking.

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