What is your trading view for the stock market on Tuesday 15 June?

It was a strange day of trading on Monday 14 June as the market opened like it was Black Monday but recouped all losses and closed the day in the positive. The fall in the stock markets was led by Adani group stocks after reports appeared of NSDL freezing demat accounts of 3 global funds holding Rs.40,000 crore of Adani shares between them.

Things settled down to saner levels after the management of the Adani group first denied the news and later even the NSDL came out and denied any such action on their part. However, Adani stocks did not recover on Monday and ended up losing nearly Rs.55,000 crore in market cap in a single day. Rest of the market looked business as usual.

Despite the thick and fast action in the markets, the overall FPI selling was just about Rs.505 crore which was more than offset by the domestic institutions buying equities worth Rs.544 crore. It looked like the big news surrounding 3 NSDL accounts being frozen, which was eventually denied by NSDL, has not had any significant impact on the FPI flows.

Global cues are flat to positive on Friday with the NASDAQ up by 75 bps even as the Dow Jones closed with losses on Monday. FTSE and the CAC were buoyant on Friday while the DAX ended up in losses. SGX Nifty is absolutely flat in early trades and we could see more cues based on how the Adani stocks react to the news flows.