Stock Market Today

[RaahiShah]

It is World Environment Day and the trading screens will also see more green than red, at least at start. It’s a fight for survival out there in the market and thankfully ‘Green’ seems to be the flavour of the day.Asian markets are trading with a positive bias. US markets closed flat. Barring Germany, most big European indices finished higher.

RBI’s deputy governor, Subir Gokarn has hinted at a possibility of a rate cut on June 18 citing dismal GDP data and softening crude prices. Meanwhile, the PM and the FM see the current slowdown as just a blip and continue to believe in India’s long-term potential. The PM has called a meeting of infrastructure ministries while the FM is said to review FDI in Pharma space.

Globally, things continue to be uncertain. The eurozone is the epicenter of rising global anxiety. Within the euro area, Spain and Greece are the trouble spots. A few important events are lined up this month that could have a bearing on global markets. Greek election on June 17 is the biggest event of them all.

The Union Commerce Ministry is expected to announce some incentives for the struggling labour intensive export sectors such as textiles when it unveils the annual supplement of the Foreign Trade Policy (FTP) today.

Separately, reports say that even as rains have hit the west coast of Kerala, the India Meteorological Department (IMD) will take at least another 24 hours to officially declare the onset of southwest monsoon.

Investors will also be hoping for some action from the G-7 policy meeting later today to stem the global growth concerns. Finance ministers and central bank governors from G-7 countries will hold a call today to discuss the European debt crisis.

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