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A brewing Italian political crisis has financial markets acr..

A brewing Italian political crisis has financial markets across the globe on tentethooks and threatens to disrupt Dalal Street as well. A gap-down start is all likely.

Lets check out what all might matter to Dalal Street through the day:

Singapore trading sets stage for gap-down start
Nifty futures on the Singapore Stock Exchange were trading 61 points, or 0.57 per cent, lower at 10,565.50, indicating a negative start for the Nifty50.

Tech view: Nifty has support at 10,620
Mondays bullish gap zone between 10,640 and 10,628 levels may act as a critical support, a close below which may weaken the ongoing bullish momentum. The index can extend the recent gains towards 10,735 and at best to 10,800, said Chandan Taparia of Motilal Oswal Securities. Downside supports are seen at 10,620 and 10,550 levels, he said.

Market-wide F&O rollovers at 42%
Market-wide rollovers on till Monday stood at 42 per cent, which is higher than the average rollovers of 37 per cent seen in the last three series. Nifty futures rollover at 30 per cent though were lower than average rollovers of 33x per cent in the last three series.

Italian worries spook Asian shares
Asian shares extended a global sell-off in early trading Wednesday as Italys political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome, Reuters reported. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 per cent, while Japan's Nikkei average shed 1.7 per cent to hit a six-week low. South Korea's KOSPI and the Australian stock benchmark slipped 1.6 per cent and 0.7 per cent, respectively.

US stocks take a beating
The Dow Jones Industrial Average index fell 1.58 percent to 24,361.45, the S&P 500 index lost 1.16 percent to 2,689.86 and the Nasdaq Composite index dropped 0.5 percent to 7,396.59.

Key Q4 earnings today
A total of 1500-odd companies will announce their quarterly results on Wednesday. The list included Anant Raj, Aptech, Bharat Dynamics, Canara Bank, Fortis Healthcare and Unitech, among others.

FPIs sold Rs 407 cr worth of equities
Foreign portfolio investors (FPIs) sold Rs 407.33 crore worth of domestic stocks on Tuesday, provisional data available with BSE suggested. DIIs were net buyers to the tune of Rs 578.38 crore, data suggested.

SGX defers derivative rollout
Singapore Exchange (SGX) will continue listing Nifty derivatives contracts on its platform till August after the Bombay High Court on Tuesday referred the dispute between it and National Stock Exchange to arbitration. The exchange said it will reschedule the launch of its India derivatives products after the decision of the arbitration is announced by June 16.

Funds take hit with Manpasand's slide
Mutual funds have suffered losses to the tune of Rs 165 crore in the recent rout in shares of fruit juice maker Manpasand Beverages, with Motilal Oswal Asset Management Company taking the biggest hit.

Original Article


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