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Nik's Diary The Indian market opened on a negative note following weak start to SGX Nifty and major Asian Indices amid concerns of the deepening Europe’s debt crisis and after decline in pending US home sales which are expected to dampen earnings prospects for Asian exporters. The US markets staged a significant recovery over the course of the trading day on Wednesday, after coming under pressure in early trading. The early weakness on Wall Street was partly due to profit taking, as some traders cashed on the recent strength witnessed in the markets. Most of the European bourses finished the trading session on Wednesday in the negative territory. The situation in Cyprus continues to weigh on investor sentiment and political developments in Italy added further pressure. In Italy, the political situation has become uncertain, after Pier Luigi Bersani has announced that he will not attempt to put together a coalition government. Meanwhile, Indian markets remained closed on Wedn...

Nik's Diary The Indian market opened in the red following negative start to SGX Nifty and major Asian Indices amid concerns that Cyprus’s bank restructuring plan will be used as a template for other European nations, imperiling bondholders and depositors. The US markets failed to sustain an early upward move and turned lower over the course of the trading day on Monday. The downturn came as traders digested news of a new bailout agreement for Cyprus and its potential ramifications for other debt plagued nations. The global markets reversed direction following comments made by Jeroen Dijsselbloem, the Dutch Finance Minister, who stated that the Cyprus deal could become a template for resolving euro zone banking problems going forward. As a part of the bailout package, Cyprus has secured a EUR10bn bailout from the European Union, the European Central Bank and the International Monetary Fund. The terms of the bailout call for major reforms of the Cypriot banking system, including...

Nik's Diary Indian markets open in the green, tracking positive opening trades in SGX Nifty and most of the Asian markets. The US markets witnessed upside during trading on Friday, benefited from optimism about the situation in Cyprus, although trading activity was relatively subdued. Some positive sentiment was generated by news that Cyprus managed to clinch a deal with Greece to spin off the Greek units of ailing Cypriot banks. European stocks were broadly lower after Standard & Poor's cut Cyprus' long-term foreign currency credit rating deeper into junk status, citing "acute problems" in its banking sector and rising risks of a default. Indian shares ended yet another volatile session lower on Friday, extending losses for the sixth straight session. There are increasing concerns about the fate of government's reforms and Cyprus' worries are keeping investors nervous. Traders are likely to keep an eye on a batch of key US economic data, includ...

Nik's Diary Indian markets opened in the red tracking negative opening trades in SGX Nifty and most of the Asian markets. The US markets moved mostly lower on Thursday, offsetting the gains posted in the previous session. The correction came as worries about the situation in Cyprus overshadowed a batch of largely upbeat US economic data. The major averages ended the day in negative territory but off their lowest levels of the session. Meanwhile the European markets also finished in negative territory on Thursday. Uncertainty surrounding Cyprus continued to weigh on investor sentiment after the country's lawmakers blocked a bank tax and the ECB gave the country an ultimatum. Weaker-than-expected European economic data also contributed to the negative mood Indian shares ended a volatile session lower on Thursday amid worries that the ongoing political uncertainty may derail reforms. Investors fear that the government may resort to populist measures with an eye on elections...

Nik's Diary Indian markets opened flat to positive tracking positive opening in most of the Asian markets, backed by better than expected manufacturing data from China with its PMI index for March coming in at 51.7 from 50.4 in February. US stocks ended higher over the course of the day yesterday after the Federal Reserve said it would continue to support the US economy. The FOMC decided to keep the target range for the federal funds rate at zero to 0.25% and said it would continue its asset purchase program at a pace of US$85bn a month. In his subsequent press conference, Federal Reserve Chairman Ben Bernanke expressed confidence in the economic recovery but indicated that the central bank would maintain its quantitative easing program for the foreseeable future. Also, market gained early strength as Cyprus' parliament rejected a proposed Cyprus European Union bailout plan that would tax bank deposits. Indian markets extended losses yesterday on continued political unce...

Nik's Diary Indian markets opened flat to negative tracking mixed positive opening in the Asian markets, with a rejection by the Cypriot parliament of a European bailout plan fueling some uncertainty. US stocks ended mixed over the course of the day yesterday as the market was weighed by concerns about the situation in Cyprus against upbeat US housing data. In the latter part of the trading day, Cyprus's parliament voted to reject a proposed European Union bailout plan that would tax bank deposits at a rate of up to 9.9%. Meanwhile, the US Commerce Department released a report showing that housing starts edged up by 0.8% to a seasonally adjusted annual rate of 917,000 (Estimate – 915,000) in February from the revised January estimate of 910,000. Indian markets fell yesterday, as worries of political instability overshadowed hopes that Cyprus could revise a deal to contribute to its bailout. In a dramatic development, the DMK withdrew its support to the UPA Government on ...

Nik's Diary The Indian markets opened in the green today, tracking positive opening in most of the Asian markets as stocks moved higher to take back some losses made yesterday, when investors reacted to news that a bailout for Cyprus would include a tax on bank deposits. A bailout of Cyprus announced over the weekend included a controversial proposal to levy tax of up to 10% on all the country's bank accounts, sparking widespread public anger and fears of a run on some banks in the region. US stocks moved lower over the course of the day yesterday as markets responded to news of a bailout agreement for Cyprus that raised concerns about a run on the Mediterranean island's banks. Cyprus' parliament has postponed a vote on the proposed bailout, which has generated significant opposition, as it is seen to unnecessarily tax deposit holders. Meanwhile, the National Association of Home Builders released a report showing an unexpected drop in US homebuilder confidence in t...